TheGrill 2022: “Because now the ecosystem is very archaic,” says Attila Csutak, vice president of City National Bank

As the NFT market collapsed, industry experts gathered at TheWrap’s annual industry conference, TheGrill, to talk about the long-term NFT.

“It’s actually a key,” Sarah Early, UTA’s director of cultural and entertainment marketing, told panel moderator and host of TheWrap’s “Tech vs Media” podcast, Richard Wolpert, on Wednesday’s panel.

Early continued, “So, as I move away from collectibles, I see it as the hotspot for a long-term app to access the community, to enter those new realms, maybe one day universal identification, but still fix this key that unlocks everything to come. “

The panel, titled “Revolutionizing the Future of Entertainment with NFT,” which was presented through City National Bank, moved on to the definitions of NFT (units of knowledge stored in a virtual ledger, called a blockchain, which certifies that a virtual asset is exclusive and non-exchangeable).

“I see this as a virtual asset that will really be the foundation for true monetization on the web,” said Melody Hildebrandt, head of data security supply at Fox and president of Blockchain Creative Labs. “Like the sense of asset rights that can exist in an online sense that I think can facilitate what the new style of what a new web deserves to be and help with the right monetization framework so that creators and communities can monetize and own things in a genuine way.

Attila Csutak, Vice President of Faster Payments at City National Bank, completed the responses by introducing the topic of NFT as part of the broader world of “emerging payments. “

“It’s the generation we’re really interested in,” Czutak said. “How can we integrate existing payment ecosystems and position them in this environment?Because right now, the ecosystem is very archaic. We have many other models that we have to deal with. We seek to simplify, we seek to make it more transparent, less difficult for everyone to use, and end the spectrum that usually starts with the retail aspect and then moves on to the advertising aspect.

Wolpert then referred to the ongoing crypto winter, in which some NFTs have lost more than 90% of their value. He also talked about how many other young people feel they have been scammed through NFTs. Each panelist described their reasoning for proceeding to invest in these generation notes.

Early explained why he believes this concept is more than just a seizure of money, and Hildebrandt noted that ownership of an NFT differs from ownership of physical assets or other virtual assets because they are not “infinitely replicable,” nor are they “zero-repeatable. “rated because you can right-click to save it or not because you uploaded it to YouTube and lost your property.

Both Early and Hildebrandt expressed confidence in the passage through the “first wave” of NFT, based on the concept that the concept has been shown to the public as lucrative and accessible.

“It’s come this far in the last five years, but it will continue down the same path so we can embrace this generation and use it to gain advantage from the consumers we serve and from us as a bank because it takes so long to monitor and close the deal,” Czutak said. “We have this style of check printing dispersion collection built into our DNA. We need to simplify that, we need to move everyone, consumers and commercial consumers, from this virtual-style style. For starters, no one needs to touch anything; The pandemic has surely accelerated it. Whether it’s checks or cards, you no longer need to touch them. Therefore, we must be frank when we introduce these new emerging payments.

The panel also revealed concrete and more practical examples of NFT, such as a sweatshirt embedded with an NFT to bring Truth enthusiasts to concerts with acquisition, and questions and considerations on how to engage average consumers in the marketplace. as well as the environmental effects of NFT.

Look at the highlights from the panel above.

About TheGrill

For more than a decade, WrapPRO’s Grill event series has led the verbal exchange on the convergence of entertainment, media and technology, bringing news lovers together to talk about the demanding situations and opportunities facing content in the virtual age. Innovative and forward-thinking suite and attendees, the occasion features an exclusive series of curated talks, industry panels, and virtual network activations that explore the ever-changing media landscape. For more information about TheGrill, thegrill. thewrap. com.

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The full videos of the panels and can be viewed here.

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At a time of unprecedented conversion and replacement business models, the entertainment industry is hungry for thought leadership. TheWrap believes that the verbal replacement for where and how entertainment will meet the challenge of the virtual age should be Hollywood-centric.

Designed to create a high-level forum to discuss the transformative forces of our evolving entertainment industry, TheGrill has combined a network of leaders from across the entertainment economy in disciplines such as media, entertainment, finance and technology.