Since the NFT broke the circle in February this year, there have been countless reports about it. In the writing of many media, NFT is magical, full of technological aura, and transcendence. And after actually participating in it, I learned that it is actually like all products under late capitalism: it is full of scams and black transactions; it only sells regardless of after-sales; it only has today and no tomorrow.
One night four months ago, I entered the crypto circle for the first time because of FOMO.
FOMO is a word that does not originate in the encryption circle but is commonly used in the circle. Fear Of Missing Out, which means “be afraid of being left behind when something good happens.” For example, if you have a group of enchanting friends who are going to a party, you knowingly or unconsciously did not inform you, you know this thing in your heart when you were a little bit, and then the first time you start to wonder how to remind others without dignity to call you It’s not obtrusive. Those moments of restlessness while holding a mobile phone are when FOMO is psychologically troubled.
It can be said that all the gimmicks in the encryption circle are due to FOMO, from the early speculation of coins, to the recent DeFi, to the rise of artistic NFT six months ago. Maybe it’s because the poor mass-produced paintings of artists who have been chasing Tumblr for many years have sold tens of millions of dollars in the form of NFT, maybe because the ecology in the encryption circle has become more and more abundant in the past two years, except for speculation. Coins have also given birth to many interesting forms. Anyway, I’m FOMO, and I don’t think I can be indifferent to things in the encryption circle. So, after spending two days and reading countless tutorials, I finally understood the basic operations of how to set up a wallet, how to transfer money, and how to buy and sell coins.
In this way, I hurriedly jumped into the hurried NFT space.
Welcome to NFT space
Having been a pop culture consumer for so many years, I also want to be a pop culture creator. Art NFT is the biggest motivation that drove me into the encryption circle, because I want to put my own GIF broken pictures on the blockchain to sell. Before entering the encryption circle, I read a lot of articles that reported or promoted NFT, but after reading the full text, I often didn’t know which blockchain the NFT mentioned in the article used. Later, I learned that the author of the report article didn’t understand it himself and was too lazy to check it; while the writer of the propaganda article did not want you to know.
Maintaining this ambiguity is very important, because there are hundreds of blockchains in the world, and there are already more than 1,000 dead cryptocurrencies. The rubbish chains that many people engage in may not survive for half a year, but they are not allowed to stay in these six. Within a month, their operators will be able to use various means to draw momentum, and then slaughter the fools who blindly follow up.
Closer to home, at first I didn’t know where this amazing NFT was. I mistakenly thought that NFT was only available on Ethereum (Ethereum Blockchain) . So I am learning to use it now, set up a wallet for Ethereum, and connected to the most popular art NFT market: Rarible and Foundation.
Rarible is relatively close to the people, everyone can sell it, the interface is cool and stylish, and the street feels full; Foundation uses the invitation system to join, I am a grassroots who can’t get in, looking at it, it is as pure and minimal as the statue of Venus. The super-high price tags of hot works on the interface and platform can only drool.
Rarible and Foundation interface comparison
Then let’s start with the people, I prepared the works that will be on the chain, and clicked “coin” on Rarible. At this time, I discovered that NFT is not a “big profit”, and it actually costs 50 US dollars of ether to mint the work into NFT.
Too expensive, can’t afford it
If you are a well-known artist, this fee is nothing at all, because their works can often be sold for thousands of dollars in Ether. If it is not a well-known artist, there are many people who will not leave, because once they are selected by Bole, it is really possible to sell their works at a high price once and for all, so many people would rather lose money for a while and stick to the platform on the Ethereum.
But if you are an unknown person, you have to weigh it in your heart: You paid to hang things on the chain. Is anyone really buying it?
Does anyone really buy it?
So I weighed it up, thinking about the virtue of breaking the picture that I had done, maybe I just sold it for $10, which is not enough for the handling fee. So let’s leave Ethereum for the time being, and change to the NFT market on the BSC chain. Let’s call it Market B. BSC is a centralized chain with fast transaction processing speed and very low handling fees. It only costs a few cents to mint coins in market B. Accordingly, the average selling price of NFTs on the market is also very low. Works equivalent to a few dollars are everywhere. When I watched my first artistic NFT hit the market, a joy of success emerged spontaneously, as if I had the first successful dial-up in 1998.
After the joy of technology faded away, the more practical question came: how can the work be sold? This is a much harder problem than the above technical problems. It’s like you hated exams when you were a child, and only discovered after work how wonderful things like exams are so solvable without needing to deal with people. Compared with the basic operations on the chain, how to sell your own art NFT is a fundamentally unsolvable problem. Most of the time, you can only rely on waiting, and you have to go to Twitter and slam the label while selling it-no matter which market you are in. , This is the only way for unknown people to sell their things.
There are countless accounts of cheating fans on social media, 24/7 online saying that they are going to spend more than N for more than NFT, creating false hopes for artists
There is also that I have an invitation to a certain expensive NFT market, and I get countless replies as soon as I push it.
In this way, I waited nervously, and vigorously promoted it on Twitter with only a dozen followers for a day or two. When I got up in the morning, I took a look at my wallet and found that the amount of currency increased. I went to the market and saw, oh, I sold a few works, and I felt a little unbelievable when I was satisfied, but I speeded up the pace and put more works on it. Soon they were all sold out one after another. For about two weeks, I can sell one or two works every day. Forget it for a month, if you can continue to do this, you can cover the monthly living expenses.
It’s a pity that the good times didn’t last long. After two weeks, my work suddenly couldn’t be sold. I didn’t sell any of my works for the next two weeks (it’s been more than two months, and I haven’t sold a single one). . All transactions and operations on the blockchain are transparent. As long as the buyer or buyer’s wallet address and transaction serial number are known, everyone can view all transactions. But this check does not matter, I found that a buyer on market B bought nearly 2,000 works! Take a closer look, holy s**t, 90% of the works I sell are bought by this person.
One person bought nearly two thousand works. Is it the artist’s savior or the platform’s activeness maker?
I still haven’t figured out whether this NFT whale is an avid fan of small pictures or a nursery hired by the platform.
Childcare and counterfeiting, a small wave machine after the NFT wave
Beginning at the end of last year, NFT transactions began to break the circle and entered the mainstream people’s attention, followed by various sky-high NFT auctions on the front page of the mainstream media. The builders on various blockchains didn’t want to miss this wave of traffic, and started to engage in NFTs. For example, my earliest BSC chain had produced no less than five open market platforms in less than half a year. The degree of competition is self-evident.
Since mid-March, the search popularity of NFT has mostly been a downward trend.
It seems that the two-week novice period given by the B market has passed for me, and I have also begun to have some doubts about NFT trading. After bidding farewell to market B, I went to market A. This is a market that just opened at the end of March. Its main selling point is the negligible minting fee, claiming to be the top NFT on the BSC chain. (As a result, by June, its AMA online consultation meeting was not enough. People come to participate…) .
Lower minting fee is a common method to attract artists/sellers to use a platform. In addition, there are also favorable activities such as airdropping platform coins (basically rubbish coins that quickly fall into *) , lucky draws, and so on. Of course, in addition to these open play methods, there are also some hidden play methods. In this market A, all methods are used.
Platform fraud, self-buying and self-selling to make transaction volume waves
Judging the pros and cons of a market blockchain application platform mainly depends on the transaction volume and the number of active wallets. But these two things are indicators of easy fraud, and do not require high technology. For example, to get an “art” picture, the platform allows two “people” (presumably written scripts) to buy it with $3,000 worth of cryptocurrency, which is the most common way to create a total transaction volume out of thin air.
In addition, there are star-making activities, which are generally played on platforms with public sales rankings. Every day you see those sellers who dominate the list, with thousands of daily sales, but they are all uncheckable dummies. The names and avatars are high-end and elegant, with little verification stars hanging, and the works are not good at first glance. , And some even steal other people’s directly, and not remove the altar until other users report it.
In addition to fake sellers, there are fake buyers. I have seen buyers on more than one platform with the avatars and names of Elon Musk or Zhao Changpeng, and their daily purchases exceed all of your belongings. Then there are people (or robots) tweeting “Look, xxx is shopping spree in this NFT market”… There are thousands of platforms like this, who believes who is a fool.
The seller is fraudulent, selling your own is worse than selling other people’s
It’s not easy to engage in art, and it may be a loss of life
Before I entered the NFT space, I saw some lesser-known artists saying that their paintings were sold by others on the chain-minting NFT, and the thief hadn’t made much money yet. Such things are not uncommon on various NFT platforms. This kind of scammer is called “copyminter”, which is not uncommon in various open NFT markets. Most of the time, they fake the real information of the artist and then steal the artist’s work.
This kind of forgery is difficult to identify at first glance, because all kinds of information such as the avatar or the filled-in Twitter, ins, etc. are the artist himself, and it is easy to be fooled. If you want to avoid it, it is very simple, that is, two-way verification, go to the homepage of the artist’s own social platform to see if he has posted his art NFT market page. Some platforms will also have two-way identity verification for sellers.
Of course, it was far more than grassroots artists who were stolen. At the beginning of April, Hatano Yui announced on Twitter that he was going to make a strong landing in the NFT space. In order to take care of the Chinese audience (pronounced: more Chinese leeks) , he also specially found some Chinese currency circle KOLs to help build momentum, various NFT information platforms This has been rushed to report and reprint. It is estimated that at the time her agent was still discussing how to divide the money with many markets, and did not announce which market to land on at all, but someone in the comment section of the original tweet pointed the way: “The teacher’s selfie is sold on the O market. Come grab it!”
Naturally, there are people who are deceived, but because the market is not well-known and there are less than 100 daily active users, it does not cause more harm to the feelings of the masses.
This is a photo in a later genuine NFT blind box, the quality is actually similar to the pirated version
In addition to self-portraits of celebrities and idols, there are also some works that are particularly in line with the attributes of NFT CIMC cards, such as pirated Pokémon:
The enthusiastic users on market B, regardless of the danger of eating a lawyer’s letter, moved the Pokémon into the NFT space in advance, and the image format was not unified.
A variety of collectible NFTs with card attributes are another superb view in the NFT space.
The perfect contradiction between mass production and rarity: Collective NFT generated programmatically
In the process of breaking the NFT circle, CryptoPunks contributed a lot. This generated pixel avatar series, which was born in 2017, is arguably the most famous collection NFT. Collectibles NFT (Collectibles NFT) probably has the following characteristics:
Most of them are produced by groups rather than individuals, and have their own unique trading platform;
The works are generated by programs and formatted in style. Although they are different from one individual to another, it can be seen that they all come out of the same model;
Only 1/1 part of each image is minted to ensure the rarity of each piece.
As long as such NFT can successfully capture traffic, the price will go up in a short period of time. Are they worth their millions of bids? Maybe it’s not worth it, but the people who rushed to buy it broke their heads.
CryptoPunks: Ten thousand 24×24 pixel avatars that use the same template but are different
The production team Larva Labs launched Meebits after the success of CryptoPunks: 20,000 “unique” voxel models
Collective NFT has another characteristic, that is, it is too much, because it can be done very quickly. After seeing business opportunities, the collective NFTs that followed in the footsteps of CryptoPunks became more rushed and more unwilling. Most of them are poorly drawn pixel or voxel art, such as this:
One of the imitations of CryptoPunks
Chrome dinosaurs can’t escape piracy
Since there is no condition to set up its own platform, the above-mentioned unreliable collection NFTs are blooming in various open NFT markets, and a new series of similarities and differences will pop up, just like deleting unclean spam emails. .
Putting aside the mass-produced pixel art that is flying all over the sky, I continue to explore an NFT platform that is worth mixing.
Found the organization, a reliable civilian NFT trading platform
At the end of April, an artist friend introduced me to the NFT platform hicetnunc on the Tezos chain. After a casual look, I quickly discovered its extraordinary temperament: Compared with the masterpieces of Blender and C4D model works commonly seen in other markets, there are more interesting gadgets full of Internet cult temperament. . The temperament of the whole platform gives people the feeling of a little painter next door, artistic rather than artsy…well, except for the name of the website: “hic et nunc” means “here and now” in Latin, don’t read it, thief It’s better to be abbreviated as HEN.
Common styles on HEN (Author: ↖hiteko, ↗computereveryday, ↙MaxVorax, ↘Erphan Malek)
At a high level, HEN is like a Tumblr with a “collect” button.
HEN’s minting fee is very low, a few cents, and the platform service fee is only 2.5% (the service fee for the Golden Foundation market is 15%) . When the work is sold twice, the original author’s share can be set up to 25%, which can be said to be very conscientious. Up. Users on HEN often buy and sell with each other, and it is a platform dominated by artists rather than collectors. This is in stark contrast to the temperament of many artists in the NFT market, where artists have to send 180 tweets a day to lick collectors.
There are often a variety of community activities on HEN, such as a 100/100 work by everyone, priced at 0.01 tez (3 cents, almost free) “Exchange of goods” activities; and regional-themed activities Activities to help artists from third world countries speak up; photography NFT activities for photographers (because photography is the most unpopular art medium in the entire NFT space) , etc. etc…These are all spontaneous folk Organized, very original.
NFT platforms like HEN, where everyone can participate, are not entirely focused on rarity, but on helping each other among artists. It’s almost the opposite of platforms (such as Foundation) that only sell 1/1 and are hostile and can only join by invitation . Many independent artists from South America and Southeast Asia have completely relied on HEN’s sales income to cover all living expenses.
Even after getting an invitation from a friend from the Foundation, I still stayed in HEN. Although my personal sales are not very high, so far, HEN is my favorite and most invested NFT platform. Before logging in to HEN, I never thought I would buy many other people’s NFTs.
Some of the works I sold on HEN
Some of the works of different artists I collected on HEN were matched and placed in the online 3D gallery specially designed to show art NFT
Of course, where there are people, there are rivers and lakes. Because of the sharp increase in minting fees on major platforms (only several hundred dollars when the chain fee is the highest) , and inactive temperament (read: the works have not been sold for a few months) , many artists on Ethereum have been in 5 A large number of immigrants to HEN every month led to a corresponding increase in competition and hostility on the platform.
In addition, the well-known artists/sellers native on HEN will say some strange words or launch some suspicious activities after gaining KOL status intentionally or unintentionally. Many lesser-known artists will also try to gain more exposure and sales in order to gain more exposure and sales. Can only follow. Moreover, HEN’s community activities have been a bit too frequent in the past month, which has caused dissatisfaction and disdain from some users. In the context of the currency market depression and the overall decline in NFT popularity, these activities have also failed to generate more sales for most of the artists participating in the activities, causing many people to have doubts and unconfidence.
Ultimately, it was a technical problem that broke the beautiful shell of HEN. Every day in the NFT space, a variety of new platforms and new services appear like mushrooms after the rain. However, the smart contracts behind many of these services (the core of various blockchain applications) are written in haste. The vulnerability was not discovered when it went online. But smart contracts are different from ordinary software programs in that they can only be replaced and cannot be modified. The result of this is that a slight neglect of the loopholes in the contract will lead to catastrophe.
On June 28th, HEN was attacked by hackers. A hacker named HEN-exploiter took advantage of the loopholes in the HEN transaction contract and wrote a smart contract that would allow one purchased NFT to become multiple, and then sold second-hand to earn income. The loophole in his application has been exploited a few weeks ago (I have an NFT and it was stolen) , but the development team has insufficient manpower and poor management, and has not been resolved.
The hacker minted the smart contract he used for sabotage on HEN and sold it on NFT, which was very provocative
For a while, HEN fryed on Twitter and on the Discord channel, and everyone rushed off the shelves to prevent others from misusing this open loophole that everyone can use. Fortunately, the hacker was only engaged in experimental destruction. He only got the works of a few well-known sellers. He was still discussing vulnerabilities in the group with devs in the community. Devs also began to carry out emergency contract moves (abandoned For vulnerable contracts, write new contracts) .
In this way, the incident broke out, fermented, deteriorated, and subsided in just one day, as if everything had calmed down again. But this kind of bug has made people suspect one of the core attributes of NFT from the root-its “artificial rarity”, which is a value preservation mechanism advocated by many people ( I personally think it is a dog*) , and buy one like this Many loopholes completely extinguished the aura of artificial rarity in NFT, making people reflect on the nature of this crazy movement.
Amidst the wailing in the community, I found the hacker and talked a few words. He said that the biggest problem with HEN is “the smart contract writing technology is too poor, only one person has the power to govern the website, and the site and the community lack communication.” Although he is hated by many people, the above evaluation is indeed true. There are many talented people in the HEN community who make third-party tools, but only one person has the key to the HEN main site code and contract.
This hacking incident has caused many artists and programmers who love this platform to point their fingers at the webmaster, but the webmaster has still been ambiguous and hesitating, unable to manage this platform by himself, and reluctant to manage more. Power is distributed to an extremely enthusiastic community. This is the case in the Web 3.0 era, which is blessed by the blockchain. Once you create something online, you can’t control which direction it will go. Everyone is talking about decentralization, but when it comes to decentralization, not everyone is willing.
The third-party tool objkt.bid developed by HEN enthusiasts, in addition to basic pricing transactions, it also adds auctions, “please bid” and other functions, as well as a more practical interface. Compared with it, HEN’s website is a battle with five scum……
At present, the HEN platform is in a state of semi-paralysis. It only relies on third-party tools to maintain its operation. Most buyers and sellers have temporarily stopped their activities. Many artists who rely solely on HEN for their livelihoods have encountered difficulties after months of ecstasy. Circumstances, I still remember that some artists scolded the company while resigning in a high-profile manner after getting the first pot of NFT gold a few months ago, and began to live full-time by selling NFT…Will the most reliable and friendly platform in the NFT space be in operation? It fell four months later, and now no one can tell.
Tomorrow of Art NFT
NFT gimmicks come and go fast, and they are most obvious in the open market. The small collapse of the currency market in May caused many people’s confidence in all encrypted things to drop greatly, and many “NFT IS DEAD” speeches began to become popular on social media.
The total amount of transactions in some popular NFT open markets has dropped sharply since reaching the top in March (cryptoart.io statistics)
On the other hand, NFT seems to be moving in a more mainstream direction. On June 30th, Twitter started selling its own official NFT, and people naturally scrambled. What’s more disgusting is that during the period of late June, artists in the open market have discovered that when they use #NFT and related hashtags to tweet on Twitter, Twitter will secretly reduce the visibility of the tweet.
This is obviously to give shadowban to the people who use the #NFT tag, and then indirectly increase the propaganda of their own NFT, showing their insidious style. Although the popularity of the art NFT open market has declined for months, I predict that such “official boutique” NFT sales of evil giant companies may increase, and the traffic generated by independent artists, Internet practitioners and the media will only increase. This was relentlessly harvested by big companies.
Looking at the current open market, the art NFT transaction is just a century-old sale for a few well-known artists and groups. It has nothing to do with art itself. It is more about the number of fans and traffic. Perhaps, the art NFT open market will continue to maintain this form until the gimmick is gone, leaving only a bunch of uninterested JPG images lying on the distributed storage network.
There are a lot of “how many NFTs did you sell?” polls on the Internet, and half of them have never sold a single one.
This is the most boring ending I can think of for Art NFT. However, if open NFT trading continues to survive and become more mainstream, what will it become? Leaving aside its technical weaknesses, will it lead to a super large “Power Generation with Love” project in which every artist can easily participate and benefit each other? Is it possible to create a decentralized payment ecosystem that benefits all content creators?
NFT should not be a goal, but a method. It stimulates a sense of “artificial possession” through the application of “artificial rarity” to digital content, allowing people to open their wallets generously to digital content; its goal should be Let all those who make a living by creating content have a meal (I want to sing the Internationale in my heart) .
I clicked on the wallet and looked at the balance of the encrypted wallet that hadn’t changed for several days. I put on my headphones, clicked on Sale of the Century from the Sleeper band, and closed my eyes.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/chronicle-of-art-nft-open-market/
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