BitKeep founder’s interpretation of NFT: All skyrocketing NFTs have done these 7 major dimensions

This year, the NFT market has entered a lot of new and old faces. The “blood-sucking attack” of LooksRare and X2Y2, which was born out of nowhere, once surpassed OpenSea in transaction volume; Uniswap acquired the aggregator Genie and began to enter the NFT track; the multi-chain coexistence market represented by Solana has divided up 17% of Ethereum’s market share .

Competition is breathing new life into this young market. The market has grown and the transaction scale has continued to grow. In May this year, the single-day sales of NFTs on the Ethereum chain exceeded 600 million US dollars for the first time; trading tools are iterating step by step in the competition, batch listing and trading, “listing NFTs is mining” .. .Evolving gameplay and functions have activated a larger user scale; at the same time, the number of NFT projects has also exploded, and players have been dazzled by the endless types and works.

Since the launch of the NFT market section last year, the Web3.0 multi-chain wallet BitKeep has included more than 60,000 NFT projects. It took founder Kevin a year to understand the seven dimensions of all skyrocketing NFT projects. This article comes from Kevin’s summary.

1. Builder

The target users to be attracted by NFT projects should be builders, not wool parties and short-term arbitrageurs. This is particularly important and the biggest test for the team. Speculators are common, but builders are rare.

Builders gather together because of their resonance and sense of identity. For example, mfers, which represent post-modern mourning culture, attract millennials who feel powerless in the face of work pressure and social difficulties. The highly reductive NFT characters impress and empathize.

From this, a very spontaneous community was born. Different from projects that need to be announced by the team, NFT projects with builders also have members who voluntarily maintain and publicize the ideas and spirit of the community. The builders of mfers contribute to the project like bitcoin miners, and the success of bitcoin today is not driven by speculators, but by countless miners and preachers. Builders expand the radiation range of projects in Web3.0 through their own construction. That sincere attitude and belief, that kind of mentality that is not driven by profit, has spawned phenomenal products.

BitKeep founder's interpretation of NFT: All skyrocketing NFTs have done these 7 major dimensions

mfer #6148 (Photo taken by Kevin)

2. Innovation

Every blue chip project is unique.

Many people think that innovation is to create something new that did not exist before. This understanding is actually not accurate. Innovation is more common to change a way of thinking and perspective. The reason why most people can’t innovate is that they only have one perspective or stick to one mode of thinking.There are countless imitation disks on the market. Homogeneous imitation will only make users aesthetically tired. If the product features are lackluster, it can basically be declared dead as soon as it goes online.

Web3 is an industry that encourages innovation. Entrepreneurs need to keep the cup empty at all times, throw away the old-fashioned thinking framework, and shape the unique selling point of their products. In Web3, there will never be the next CryptoPunks, there will never be the next Boring Ape, there will never be the next Azuki, there will never be the next STEPN…because every work that can be remembered is exactly the same as the last Different. No one will pay for the next monkey because people only need one monkey, but there will be no end to innovative projects.

Just like the recently popular Strxngers, its unique point is to reveal a new contemporary social relationship: the turn of likes, expressing a state between people with perfunctory likes, which is very in line with the atmosphere of the NFT circle. This concept has a strong meme cultural attribute. In the Metaverse, everyone is a stranger.

BitKeep founder's interpretation of NFT: All skyrocketing NFTs have done these 7 major dimensions

Strxngers Score: 70/100

3. Team

Behind a successful NFT is a team with a deep understanding of finance, consensus, community and art.

When evaluating NFT projects, the overall strength of the team is an indicator that BitKeep focuses on. Past successful cases, credit endorsements, network influence, excellent work creation ability, and community development ability are all plus points. I roughly divide NFT teams into four categories:

1. Design type: have strong artistic ability and originality, and are relatively weak in the direction of commercialization. The specific representatives are Azuki, a two-dimensional Japanese comic with exquisite style and low co-creation, and animal anthropomorphic works with different emotions of boring apes, which have high requirements for team aesthetics and originality.

2. Marketing type: Most of the core team have a background in advertising and have strong storytelling and marketing capabilities. It is suitable for some works with low threshold for art creation, such as Beans and doodles in cartoon style, and pays more attention to the business planning and execution of the team.

3. Resource type: The team has a wide network of contacts in the Web3 circle and has strong financial strength. Such as the early aborigines Cryptopunks in the NFT market, and Moonbirds launched by Crypto whales, are all of this type.

4. Deep cultivation type: Have solid and profound thinking in the field of NFT, and aim to operate sustainable commercialization projects for a long time. It can be said that most of the outstanding and market-proven projects basically belong to this type.

4. KOL

After completing the entrepreneurial team research, I often ask: Has this project gained widespread attention from KOLs? Has it become a work favored by community opinion leaders?

Whether it is a giant whale or a KOL, it is the way for this NFT community to communicate with the entire Web3 industry from an explicit point of view.

The innovation and team strength we mentioned earlier, all these efforts will definitely be affirmed by KOLs. This is the way to confirm the feasibility of the project. If no matter how good a project is, but no influential person expresses goodwill, goodwill to them, or holds their NFT, then it is almost impossible for the project to gain audience recognition, establish connections in the user circle, and prove the value of the work. possible thing.

Like the builder mentioned above, to determine whether a community user is a builder, a basic indicator is whether he is willing to use an NFT image as an avatar and hang it on Twitter, Facebook or Telegram. So in the same way, judging whether a KOL approves the project also depends on whether he actually uses the NFT. Recognition by KOL is also the successful password of BAYC.

BitKeep founder's interpretation of NFT: All skyrocketing NFTs have done these 7 major dimensions

BAYC Rating: 93/100

5. Economic

We used to think that NFT was just NFT, but gradually we found that from AXS, to MANA and SAND, to APE, to GMT, there is a complete token economic system behind the skyrocketing NFT.

To impress the audience, NFT projects rely on substantive content, but the content is not just a picture or an art design. What NFT sells is a commitment to investors’ future rights and interests, including potential increases, holdings There are bonuses or other derivative benefits.

It is quite difficult to do a complete set of token economic system, and the issuer needs to be able to look at the overall situation and plan the entire ecology from scratch. It can be said that the economic system dominates the success or failure of the entire project. The more the project is headed, the more perfect the design of the economic system will be. If the economic system is not well designed, it is difficult for NFTs to go a long way.

For example, when we look at YGG’s first-year financial report, the income of gold members exceeds 10 million US dollars, the monthly income of Axie’s senior players is 10 times that of ordinary blue-collar players in the Philippines, and GMT’s 20-day online increase is 5 times. The advanced economic system is helping investors While bringing tangible benefits, it also promotes the NFT project to become a legend.

6. Evolution

Crypto itself is constantly evolving, with smart contracts in 2017, DAPP trend in 2018, and the C position of exchange stations in 2019. After 20 years, DeFi will open a new era, expanding from Ethereum to a multi-chain ecosystem, and today superimposing Layer2, GameFi, NFT, Metaverse… product iteration, project evolution, and continuous exploration to become the most suitable work for the moment.

Iterating means starting from scratch, maintaining a zeroing mentality, and throwing away existing successes and progress at any time. A project itself can continue to evolve, this is not a willingness to innovate, but in the process you become not yourself.

The reason why “the most expensive TXT” Loot is exciting lies in its arbitrary composability and usage, everyone can cast and distribute it by themselves, and everyone can recreate around simple texts, interact with protocols, and make music. , making peripherals… Just like the building blocks played in childhood, this feeling of creativity being ignited has a great meme effect.

7. Price

The core of the NFT project is price and liquidity. No matter how beautiful the packaging of a work idea is, the price has no narrative and no communication power. Therefore, whether the trend of the secondary market is strong and whether it is in a growth trend is also an important factor for us to measure. index.

In this regard, the INO sector of the BitKeep NFT market has achieved outstanding results.

BitKeep INO (Initial NFT Offering) is the BitKeep wallet NFT issuance platform. By providing users within the platform with priority Mint rights for high-quality applications, NFT applications can benefit a wider range of NFT enthusiasts and creators. There have been many good market performances in the launch of several issues. The most recent issue of OutSad has increased by 330% compared with the issue price, and has been in the top 30 of OpenSea’s 24-hour hot list.

The above seven words are the seven dimensions that can best reflect the value and evaluation criteria of NFT. At the same time, the initials of these seven words Builder, Innovation, Team, KOL, Economic, Evolution, and Price are connected to form BitKeep.

BitKeep founder's interpretation of NFT: All skyrocketing NFTs have done these 7 major dimensions

When a fast-growing project or blue-chip project emerges, it must be that the consensus of this project overwhelms most other projects in the market, and it must be that this project is more comprehensive in these seven key dimensions.

Posted by:CoinYuppie,Reprinted with attribution to:
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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