did you know? The people who fry shoes are now frying digital collections

“The trend of frying shoes and frying figures has long been less popular, and now the circle is full of frying digital collections.” The sneaker player Lao Liu introduced.

In September 2019, the news that Supreme 19 FW’s season-opening paratrooper toy was fired to more than 2,000 yuan in the secondary market exploded the shoe circle, and the limited-edition sneakers and trendy items were hyped wildly, creating countless wealth myths . However, with the later regulatory restrictions on “wearing shoes without speculation”, the current sneaker market has long lost its fiery scene, and is even a bit bleak. In addition to occasionally staring at the release of limited-edition sneakers, shoe circle players usually turn their attention to another market – digital collections.

“I’ll show you how profitable this thing is,” Lao Liu sent a screenshot of a quote from the secondary market for digital collections, “These pictures, which were originally only a few dollars or even free, can now be sold for tens of thousands of dollars, can you believe it? ?”

did you know? The people who fry shoes are now frying digital collections

Quotation diagram of the secondary market of digital collections circulating in the circle of friends

The name of NFT has spread all over the world, and in the application of blockchain, it has become a more out-of-the-circle species than Bitcoin. While entertainment and sports luxury goods have driven the current market value of more than 17 billion US dollars, the concept of digital collections has also become popular.

Under the layout of major domestic companies such as Tencent and Baidu, this concept has risen rapidly. The secondary market performance of A-share related concepts has been amazing, and in another private trading market, an even more exaggerated wealth effect has been staged. NFTs and digital collections, two seemingly interchangeable terms, have completely separated markets and players.

Young people’s new dream of getting rich

“Digital collections can earn 70,000 times, but can NFTs?” When talking about digital collections and NFTs, Xiao Wang, a post-00s digital collection enthusiast, asked.

On September 24, 2021, Ant Group stated that after receiving reports from netizens, Ant Chain and Ali Auction jointly removed a transaction suspected of online fraud. A user with an ID named “Hip-hop Geek” posted relevant bidding information for the “Asian Games Torch” on the auction platform. Ant Chain stated that “Hip-hop geeks” attached detailed pictures of digital torch collections on the auction page, confusing the differences between digital collections and physical torches, misleading buyers and suspected of fraud. The user shall deal with the violation accordingly. The Hangzhou Asian Games Torch NFT was limited to 21,000 copies, priced at 39 yuan, but it was hyped up to 3 million yuan outside the venue at that time, and the number of onlookers exceeded 15,000.

did you know? The people who fry shoes are now frying digital collections

Asian Games Torch NFT

This limited Asian Games torch NFT is exactly the digital collection that Xiao Wang said “can earn 70,000 times”. Although the transaction was not finalized, the players did not think so. “If it wasn’t for the official interference of Ant, everyone felt that it was very likely that the transaction would be completed at this price.” Xiao Wang said.

The exaggerated 70,000 times did not appear, but hundreds of times still existed.

As early as June 23, 2021, Alipay’s Ant Chain fan particle launched its first digital collection “Dunhuang Feitian and Nine-colored Deer”. This series of collections was designed and issued by the Dunhuang Research Institute. The sale price is 9.9 yuan + Alipay 10 points. Subsequently, tens of thousands of yuan were fired on Xianyu, and the highest price was 1.5 million yuan. However, after less than a day, Xianyu hurriedly removed all related products.

The disappearance of the public trading platform has further stimulated the players’ fighting spirit. Players have formed an OTC trading group. The digital collection of “Flying Sky” has increased from several thousand to tens of thousands, and different numbers have different bidding prices. “Yesterday I sold 7,500, and today it’s 10,000, making more than 2,000 less.” A player who has made a profit of 750 times has some regrets.

did you know? The people who fry shoes are now frying digital collections

“Dunhuang Flying Sky and Nine-colored Deer” Digital Collection

“Most digital collections are priced at tens of dollars or even a few dollars. Even if you lose, you can’t lose much. I have learned about NFTs. It’s too expensive, and I can’t afford to lose.” Xiao Wang said that he was a little frustrated. It is true that after most NFT projects have obtained the whitelist qualifications to participate in the pre-sale through various methods, the pre-sale price of about 0.1ETH (about 2100 RMB) is already very cheap. For ordinary college student Xiao Wang, who only has 2,000 yuan in living expenses per month, he seems to be very stretched. Digital collections are undoubtedly an excellent “NFT replacement” for him, which can not only enjoy the fun of buying and collecting digital artworks, but also invest and manage money at a relatively low cost.

did you know? The people who fry shoes are now frying digital collections

Screenshot of Xiao Wang’s recent sales of digital collections

Xiao Wang shared a screenshot of the profit of the recently sold digital collection, “Going for a bike to become a motorcycle, what if you get rich?” He said that this may represent the dream of getting rich for many young people like him in the circle.

New plaything for young people

“When I click on it, it will show that this thing belongs to me.” This kind of “proof” gave her the same pleasure as collecting real cultural relics. It originated from the most primitive possessiveness of human beings. I have owned it through thousands of years, and I have established a connection with it and the ancient civilization, heroic stories, and magnificent history behind it.” Speaking of her digital collection, digital collection enthusiast Jessica’s words are full of restraint. Excited to live, it is a digital collection of “The Sword of the King of Yue” authorized by the Hubei Provincial Museum.

did you know? The people who fry shoes are now frying digital collections

“The King of Yue’s Sword” digital collection launched by Hubei Provincial Museum

And this is just one of the more than 50 collections she owns. In her spare time, she will open the digital collection platform and zoom in and out to carefully watch the details on the collection. If it is a 3D work, you can also rotate it to watch. Through 3D technology, people can see the lines, gems, and lettering on a 3D “Yuewang Sword” at a very close distance. “The gap is just that it cannot be touched.”

did you know? The people who fry shoes are now frying digital collections

Whale Scout releases digital collection of “Zodiac Relics”

It is not difficult to see that the issuance of digital collections is endorsed by many authoritative institutions and supported by top IPs. Previously, CCTV and the statutory media of the China Securities Regulatory Commission “Shanghai Securities News” entered the digital collection, which enhanced consumers’ investment confidence. Later, during the Spring Festival, Ant Chain’s digital collection platform Whale Quest teamed up with 24 museums (academies) to issue 3D digital collections such as “Tiger Relics”, “Zodiac Relics”, and “Treasures of the Town Hall”. The Chinese New Year and the Winter Olympics meet double happiness. As a new form of Hershey, digital collections have accelerated to enter the public’s field of vision, and their influence has continued to expand. The value of digital collections has begun to be discussed by the public. On January 19, the digital collection ranked tenth in Baidu’s hot search, and then the Baidu index of digital collections soared. “I just went to draw lots for Feng Zikai’s digital collection yesterday. It is difficult for the IP of this kind of cultural relic to appear on foreign NFTs, right?” Jessica introduced the advantages of domestic digital collections.

did you know? The people who fry shoes are now frying digital collections

Baidu Index Keyword “Digital Collection” Search Trend

When it comes to asset confirmation, because NFT is deployed on public chains such as Ethereum, it has the advantage of decentralization. The blockchain is a distributed ledger. All data is open and transparent. Once written into the block, it cannot be modified. Therefore, personal NFT assets are guaranteed in terms of right confirmation. The vast majority of domestic digital collection platforms, such as Whale Scouting (Ant Chain) and Magic Core (Zhixin Chain), use alliance chain technology. An open system like a public chain allows anyone to verify blocks. The shortcomings of the alliance chain are obvious. The transaction rules and asset ownership are not actually controlled by users, but by these digital collection platforms.

“Whether it is a public chain, a consortium chain or a private chain, there are so many authoritative organizations endorsed, and big manufacturers can’t run away like some NFT projects.” Jessica said that most investors in digital collections are like her. , does not care whether the digital collection really belongs to itself or the platform in the end. There are big platforms and authoritative organizations to endorse, and they are more willing to believe that digital collections are safer than NFT projects that sometimes have fraud problems.

The huge consumer group has created this new market, and BlockBeats found in the community that the new project releases of digital collections have been counted on an hourly basis. On April 1 alone, 33 new digital collections were released, with unit prices ranging from RMB 10 to RMB 30,000. Some platforms have even made a detailed timetable for new products with a recommendation index. The game of stock trading and shoes is reproduced on the digital collection.

did you know? The people who fry shoes are now frying digital collections

Source: Forty Scenes

The fragmented market of NFTs and digital collections

“It’s easy to grab digital collections. I also taught my parents to grab them with me, but I haven’t figured out how to buy NFTs until now.” Kevin in 1990 seemed to complain.

Compared with digital collections, the threshold for NFTs is too high. Participating in NFT requires a lot of relevant knowledge to pave the way: learning concepts such as wallet, private key, address, whitelist, mint, etc., but also scientifically surfing the Internet, transferring money, distinguishing between various public chains, and beware of various scams and phishing links in Crypto World , and even English is one of the important reasons to dissuade many investors.

did you know? The people who fry shoes are now frying digital collections

The domestic digital collection platform is easy to operate

Taking a domestic digital collection platform as an example, it only takes three steps to participate in the sale of a digital collection: enter the website, click on the draw, and get qualified for payment. For many digital collection enthusiasts, digital collections bring them a more accessible collection opportunity, and the learning cost of purchasing NFTs is too high.

did you know? The people who fry shoes are now frying digital collections

Information on the sale of digital collections on a sneaker information platform

“Digital collections are basically paid by young people.” According to Kevin, in the digital collections exchange group he joined, he rarely saw anyone over the age of 35, and more than half of them were post-95s. Talking about the reasons why young people are so enthusiastic about digital collections, Kevin said that some young people use this as a way to manage money. It’s a digital collection. At present, many sneaker information platforms have also added digital collection interfaces. In addition to monitoring the sale of sneakers and other sales, various digital collection platforms have also been included in their monitoring lists.

The major digital collection platforms have the advantage of being simple to operate, which lowers the threshold for new players who have just joined the digital collection market. At the same time, the entry of some trendy information platforms allows players to keep abreast of the release information of digital collections, which is more for this market. The fiery momentum fueled the flames.

 The Despise Chain and Supervision of Digital Collections

“Is it illegal for you to engage in NFTs?” asked Alex, who had just been exposed to digital collections for a month.

This question may seem a bit ridiculous at first glance, but it is indeed the doubt of many digital collection enthusiasts, and it is precisely the “Sword of Damocles” in the hearts of many NFT practitioners.

The domestic regulation of virtual currency has always been very strict. As early as last year, 11 departments including the National Development and Reform Commission announced that virtual currency “mining” activities would be officially listed as an out-of-class industry; at the same time, 10 departments including the central bank made it clear that virtual currency does not have the same legal status as legal tender, and related business activities are illegal. financial activity. Although NFT is not the same as virtual currency, in view of the similar blockchain technology foundation of NFT and homogeneous token applications, and NFT has risks such as speculation and financial productization, with the promotion and popularity of NFT applications, the future of NFT There may be regulatory intervention in minting, distribution, sales, and circulation.

The development path of digital collections in China follows a different business model from overseas markets, exploring and establishing Chinese rules and standards in terms of distribution, sales, and circulation. First, domestic mainstream digital collection platforms such as WhaleTalk emphasize that digital collections are supported by the actual value of specific artworks, and do not have any monetary attributes such as payment functions. Second, different from overseas that use virtual currency as the price and transaction currency, domestic digital collections use RMB as the price and transaction currency, which largely ensures the stability of the value of digital collections. Third, the domestic mainstream platforms are all built on the alliance chain, and the blockchain technology provider can design its usage and transaction rules, and the digital collections issued on the platform can be non-transferable from the source design (that is, secondary transactions are not open for the time being) market), so that domestic digital collections can be truly “de-monetized”.

From the actual effect, the strict “limited transfer to increase” has reduced the occurrence of speculation to a certain extent, but it has also caused a large number of chaos in OTC transactions. The gray-black industry has grown darkly, and OTC transactions have become a high-incidence area of ​​fraud. Frauds similar to “fake guarantors” occur from time to time, and the amount of fraud varies from a few hundred yuan to tens of thousands of yuan. In response to problems such as the 180-day gift-giving period of WhaleTrack, some players also made profits by selling in advance by drawing up trading contracts, and then transferring the products after the transfer restrictions were lifted. But whether this kind of contract really has legal effect is a big question mark. “The validity of the contract is based on the law. Although the contract will stipulate a clause of triple compensation, the platform does not support resale and has no legal effect. , everything is waste paper.”

In response, WhaleTalk customer service responded: “WhaleTrack does not support any form of resale, please beware of fraud risks.”

The wealth effect created by NFTs and digital collections is quite similar, but they are actually two very divided markets. For various reasons, they are full of prejudice and contempt. It is true that Lao Liu, Xiao Wang, Kevin, Jessica, Alex are a group of speculators, a group of young people who have a strong curiosity for new things. After 180 days, the transfer will be officially released, and it is impossible to predict what will happen – but what can be known is that this experience of snapping up digital collections has brought them not only monetary profit, but more importantly, Collecting brings them the simple and primitive joy – like stamp collecting.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/did-you-know-the-people-who-fry-shoes-are-now-frying-digital-collections/
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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