Los Angeles, dubbed as the “City of Angels,” has recently been ranked as the fourth top crypto hub in the United States, following behind Wyoming, Silicon Valley, and Austin, Texas. However, when considering the global ranking, LA falls on the uth place. The rankings were measured on a national basis, where the US hubs were collectively held back by a middling crypto regulatory score, which accounted for the main factor in the driver’s category, comprising 50% of the total weight. Despite this, the city has a strong opportunities score, which measures per-capita crypto jobs, companies, and events.
The quality-of-life score in LA was lower than average due to the high cost of living, pollution, and traffic congestion, making it the second-worst, with the only territory of Puerto Rico scoring lower. LA’s strength lies in its creative potential. There is no place like LA when it comes to sheer creativity per capita. The city’s vibe is daring, fresh, and a little on the outer edge, making it home to the latest trends in art, fashion, music, or design.
The city’s overlooked importance in technology dates back to the late ’60s, where the rudimentary predecessor to the internet, ARPANET, got its start at the University of California, Los Angeles (UCLA). The Jet Propulsion Laboratory, a federally-funded program that sought ways for computers to communicate with each other, was founded by CalTech researchers in Pasadena in the ’30s, which led to the birth of modern rocketry and space exploration.
Today, crypto communities are sprouting around NFTs, Web, and other protocols, riffing on the city’s larger-than-life entertainment industry. From the revitalized Downtown Arts District to neighborhoods hugging the coast and various points in between, crypto enthusiasts are part of the LA landscape.
Major movie studios, music labels, and talent agencies that have defined LA’s image remain steadfast in their commitment to creating virtual worlds and blockchain-based projects. Fox Entertainment, known for being the home of The Simpsons, pumped $100 million into its Blockchain Creative Labs to create, manage, and sell NFTs and other digital assets tied to new and existing shows and content.
UTA, a leading agency powerhouse, added the creator of Crypto Punks, Larva Labs, to its roster of clients in 2021. And while the Walt Disney Company recently dismantled its much-ballyhooed NFT initiative, other studios and agencies have inked deals in recent years with NFT platforms, indicating that much more is to come for the industry.
This year’s Outer Edge LA Conference, formerly known as NFT LA, featured more than 50 speakers from the crypto sports and entertainment world, including Yat Siu, co-founder and chairman of Web game developer and investment firm Animoca Brands, former NBA All-Star-turned-producer entrepreneur Baron Davis, and Nadya Tolokonnikova, a founding member of the Russian feminist performance and art group Pussy Riot.
In conclusion, LA may not be on the top of the global crypto hub ranking, but it is making headway in the US, with its creative potential and strong opportunities score. This city is the epitome of fresh, daring, and on the outer edge of anything that has been previously contemplated, leading the way in the entertainment and technology industry.