Fifteen observations and conjectures that the NFT trading market is quietly evolving over the past year

Before 2007, the author was in charge of computer anti-virus products and digital entertainment divisions in Kingsoft Software, and then founded Langang Interactive to focus on game design, production and distribution, from PC games, web games to mobile games, until 2014 in Hong Kong. listed. Entered the crypto space in early 2018, founded Consensus Labs and Marsbit. In 2021, join the Element NFT trading platform product team and promote the incubation of the Metaverse platform PlayerOne.

This article briefly summarizes fifteen aspects of the current NFT market, transaction protocols, community governance, aggregators and public chain ecology. If you read it patiently, you will understand the key intention of my article, the changes that may or are taking place in the NFT market.

1. The Road to Encrypted Ebay

Let’s review the growth of OpenSea again. Eighteen months ago, few outsiders heard about OpenSea. Today, its market value has skyrocketed 10 times, making it among the upstarts in the $10 billion club. Crypto investors have often pitted Coinbase and Binance for their dominance in the cryptocurrency market.

Choice is more important than hard work, but sticking to the original choice is harder, especially in the tempting crypto market. The development process of OpenSea seems to be “the fantasy drifting of encryption”. In September 2017, the ERC721 protocol and the encrypted cat project just came out, but due to the high concurrency of the game on the chain at that time, the Ethereum network was paralyzed, the project failed, and the imitators died. OpenSea was born, but did not thrive. Until September 2021, the NFT market has been in a state of hibernation for a long time. The adventurers who set off on the big voyage may not have thought that they thought they had reached at least the Cape of Good Hope, the southernmost tip of the African continent, but they sang “all the way north” and came to Greenland. It’s hard to imagine how insensitive their team is to external stimuli. Walking on a market path that seemed to be very narrow at the time, how did they survive the past five years of the crypto market?

-The concept of Blockchain public chain is hotly hyped

– Bitcoin fork farce

-Dapp illusion of beings

– Trading platform spot and contract wars

– Suffocating crypto bear market

-Filecoin starts mining again

-The rise of Uniswap

-DeFi Summer

– Algorithmic Stablecoin

-Axie with Fire GameFi Marketplace

In the past five years, you have sang and I have appeared. In the encryption theater, only NFTs occupy the C position. OpenSea maintains development and operation with a small investment, and is gradually favored by investors until it is popular. The two core founders are ordinary engineers from Silicon Valley factories. They have no experience in cryptocurrency before, but they are in encryption. In the grand vision of the version of Ebay, all the way, avoid interference and temptation, and persevere like a long march.

2. List of Contributors

Social platforms have played a huge role, greatly promoting NFTs out of the circle, allowing more people to participate, voice on social platforms, and show works. In terms of global social and search popularity, the layers of broken NFTs still occupy the top hot word list in the encryption field, and their influence exceeds that of blockchain and Bitcoin.

In this way, I subjectively give a list of NFT market contributors in 2021. I did not mention Axie Infinity because NFT did not appear in the NFT trading market of mainstream public chains. Exactly the following ten:

-Jack Dosy, and the Twitter he founded, I’ve always thought the market was underestimating someone as unruly as Elon Musk.

-Beeple, The First 5000 Days, and the guy who paid $69 million.

-CryptoPunk before the ERC721 protocol, in fact they originally inspired Dapper Labs to design the ERC721 protocol. I still have a few avatars that cost me 400 ETH.

-Boring Ape and Yuga Labs, my experience is, whether in Web2.0 or Web3.0, never underestimate any ugly and peculiar face, in the era of technology-changing computer graphics, it was originally will become scarce.

-Dapper Labs, ERC721 protocol and CryptoKitties, the founder of their NFT world, Flow public chain is the game public chain created by their team.

– The great moments of the great NBA and Topshot, the brand status of the NBA is unparalleled, and their entry into the NFT market is bound to have a huge effect.

-OpenSea, the navigator of the trading platform, has become the infrastructure, standardized the product logic of the trading platform, and they have obtained the largest dividend in the NFT market.

-Animoca Brand, this company was originally a mobile game developer similar to our Langang Interactive. After 2017, the company completely transferred the company to the encryption field, but its main interest is still game-related blockchain assets. In April last year, we also talked to Yat Siu about how to buy the IP in their hands. In the second half of the year, I think the distance between us is farther than before in the game industry.

-A16Z Capital, which is widely praised by the crypto industry today and sharply criticized by some, should be noted.

-Elon Musk and his mother, how am I getting more and more annoyed with him lately.

From the first half of last year, the DeFi market combination composed of DEX, decentralized lending and a variety of algorithm Stablecoin platters began to give way to the colorful and strange PFP market. Knowing that it can’t catch up, just like this, in the season that some people call NFT Summer, OpenSea found a new continent with dense forests and became the biggest market winner. The bored ape opened his mouth, which almost took up half of his face, and sucked the marijuana in his mouth, helping Yoga Labs to build the dream of an encrypted next-generation entertainment empire.

And the reason why I put Jack Dosy and Twitter at the top of the list of contributors in the top column is because I believe that Twitter is the biggest pusher in the NFT market.

3. The attack and ambition of the product company

By the fourth quarter of last year, OpenSea had occupied 97% of the Ethereum NFT market, which made many digital asset trading platforms envious and shocked, eager to send troops to the enemy with products that seemed to be made overnight. Mainstream cryptocurrency trading platforms such as Binance, Huobi, FTX have entered the market successively, and even Coinbase has entered the market with a high profile, but it has not achieved the expected results.

There is a big market misunderstanding here. Many investors believe that resources and traffic are the key capabilities to enter the NFT market. These resources are only the capabilities of the primary market. No matter how good Launchpad’s performance is, it is temporary and even troublesome in word of mouth. If the products of a platform cannot support the secondary market well, the traffic and resources obtained at any cost will eventually become the liquid sand in the open sea of ​​OpenSea.

Compared with the giants, new product companies are very active, and they have seen many ambitious start-ups from their continuous product innovation. According to my observation, except for a few of these product teams who have explored the DeFi field, more come from the Web2 field. product development accumulation.

-On the Solana public chain, the market Magic Eden quickly became the leader

-Transaction aggregator, first Geine, then GEM, then Element, catching up

– Support multi-chain trading market, Tofu, Element and NFTtrade

-Token trading reward platform Looksrare and X2Y2

-Data dashboard, Nansen dominates the professional market, followed by NFTGo, NFTtrack and TwitterScan with some new data indicators

-Wallet Market, Bitkeep NFT Market with built-in NFT aggregation market

-Vertical platforms for games are gradually emerging

However, it should also be seen that a multi-path and diversified NFT trading market is gradually developing. Almost there are many platforms such as Yunbi, Binance, OKex, Huobi, Kucoin, etc., who love each other and kill each other. We put aside operational capabilities, just in terms of product iteration, the trading platform has evolved in this way.

– Currency trading

-Spot Trading

– Futures and Contracts

– Quantize and grid

-Documentary system

-financial management and loans

NFT trading market, focus on trading today, expand lending tomorrow. Today is a battle of tools and data. Next, I believe that the composability of the DeFi market will be migrated sooner or later. What I believe more is that this market will sooner or later face a complex competitive situation similar to the CEX trading platform. , operation and capital, one cannot be less.

The three active forces

We do not consider the interference of the bear market. If we look at the team that continues to iterate products in the bear market, this trend is relatively positive. At present, in the user spillover from the OpenSea market or the newly participating user market, the next most active market players may develop and derive from the following three paths:

– Tool flow for aggregated transactions

– Operational flow of transaction rewards

– Track data flow on the chain

Judging by my personal intuition, the three powers that have just begun to take shape will gain more and more market share, and these three-party products and operation teams will absorb each other and learn from each other in aggregated transactions, token-driven governance and data tracking services. Strengths.According to this product and operation iteration, the NFT market will gradually grow into a new paradigm, which may be completely different from today’s platform products.

Of course, the above assertions are relatively narrowly defined, and there is still a lot of room for improvement within the current mainstream protocols. In addition, product design is insufficient in guiding liquidity. It is also very possible to cut in from a new angle and completely break it.

In the next step, there are many problems that need to be verified and unlocked in the interpretation of market changes. Like the fog of battle in the strategy game Heroes of Might and Magic I played when I was young, it is difficult to imagine the actual appearance of the next step without activating the new map.Perhaps, today’s NFT market is likely only in the preschool competition stage, and the big test is far from coming.

5. Slow and drastic changes in transaction agreements

We focus on the transaction protocols on the Ethereum L1 market. “To adapt to change, change is a dying body.” From the perspective of decentralized transaction protocols, it is full of variables. The semi-centralization problem, which has been criticized by Web3 nativeism believers, is like the sword of Damocles hanging behind OpenSea.

For example, whether it is the Seaport protocol that Base migrated recently or the previous Wyvern, OpenSea’s orders are implemented in the Offchain mechanism. Is it possible that we can fully implement OnChain in Ethereum L2, like Magic Eden on Solana, which is completely based on on-chain order matching, which is more efficient for asset transaction aggregation and better achieves DeFi-like composability.

Let’s review how several decentralized exchange protocols in history have evolved.

-OpenSea’s Wyvern has been in use until the end of May this year, and is regarded as the NFT protocol layer retired player with the longest fighting time. It should be noted that the protocol change in the decentralized encryption market is not the logic of operating system and application upgrades, and is either deprecated or used in parallel.

-The Seaport protocol, which was migrated and deployed by OpenSea not long ago, greatly reduces the gas fee. It is the most important protocol in the entire encryption market at present. The destroyed gas has exceeded the Uniswap protocol. OpenSea is migrating most of its business to this protocol. superior.

-Looksrare uses its own protocol

The -0x protocol released V4 in March this year and was directly deployed and used by Coinbase. Unfortunately, the Coinbase NFT market has done too badly.

-ElementEx, which reduces gas further than Seaport, passed the Certik audit not long ago. Protocol extension application toolkit, API has been opened.

In the next step, there are already some NFT fragmentation and loan agreements on the market, which are in the stage of professional investors’ research and judgment. They are only at the application level, but they have not caused a positive response from the mass market.

All of the above are slow and dull changes, and larger changes may come from the following conjectures.

Better support for trading and financial derivatives, more robust protocols come out, whether the composability effect between NFT and DeFi occurs, there is still a lack of a new bull market.

At present, the ecology on Ethereum L2 is basically not up, but what’s the next step?

Don’t forget, the protocol is the heart and operating system of decentralized applications, AMD and Intel, Apple iOS, Google Android and Huawei Hongmeng in mobile phones. Protocol change is not a simple upgrade. It’s as simple as adding a Patch to a Web2 application. Let’s wait for V2, V3 and V4 from various trading platforms.

6. Why is the aggregator?

Today, it is not a few heavyweight cryptocurrency trading platforms that change the market position of NFTs, nor Rarible, which started the Token mechanism very early. Their product design has entered a dead end from the very beginning (many entrepreneurial teams who followed their product design last year) are completely silent), nor are the art markets Superare and Foundation, although they still have good potential, their target market is relatively small.

What really started to shake the OpenSea market was the team that implemented Aggregator with tools and boldly tried the Tolen Incentive mechanism, namely aggregators like GEM and transaction reward mechanisms like Looksrare.

Here, let’s talk about why NFT aggregators are? First of all, we can also see the inevitability of mainstream NFT trading platforms to completely open their trading APIs. Many people think that aggregators have taken OpenSea’s market share. In fact, the relationship between aggregators and trading platforms should be a win-win situation.

The market is moving forward, and looking back suddenly, the former northern beauty has changed beyond recognition, and I can’t bear to look at it again. Twenty years ago, the Internet started, Yahoo’s decline, and Google’s miracle took us by surprise. Twenty years later, in the blockchain era aimed at the financial revolution, we look at the relationship between Uniswap, Sushiswap and 1Inch on the DeFi stage, is it somewhat similar?

However, comparing the DEX and NFT trading markets, there is a big difference in the nature of decentralization. Uniswap is a completely decentralized pure protocol-based trading platform; for OpenSea, although the trading protocol itself is a smart contract on the chain, most of the business processes are grafted on OffChain, relying on off-chain operations as order processing efficiency platform. Because of this, many people in the industry believe that OpenSea has a high threshold moat.

In fact, when more trading platforms began to rise, NFT market aggregators had more significant efficiency advantages. For example, with the successive efforts of Looksrare and X2Y2 to adopt the transaction incentive mechanism, each got some shares, and the market was torn apart. Although the performance of their pending orders on the entire chain of assets is not perfect, it has also found sufficient rationality for the existence of NFT aggregation trading platforms such as GEM and Genie. Just imagine, without the participation of more NFT trading platforms, GEM can only be a tool experiment field for OpenSea’s tool innovation and user experience.

When it comes to tools, let’s take a look back. How did GEMs first aggregate, and then use many excellent product manager capabilities similar to Web2.0 to gradually erode the OpenSea market with leading product design?

-Buy Carts in bulk

– Wholesale and retail pending orders

– Cross-market pending orders

-Collection Offer

-Sweep

– Enter the primary market with embedded Mintlist

-To make the product work well, there are still many things to do. The revolution has not yet succeeded, and developers still need to work hard.

To tell the truth, if we look at the idea that we have seen that the Internet giants have advocated for many years and are very effective in benchmarking and rapid iteration, OpenSea can be fully realized on its own platform sooner or later, although I don’t think doing so is necessarily OpenSea’s product view or values. , it is undeniable that their product upgrade speed is too slow. But they bought GEM today, which is a smart and decent explanation.

7. If you don’t open the API, you will be driving backwards

Some people once wanted to enter the market in a social way, or use resources to occupy the upper reaches, but in terms of the liquidity of products that traders are more concerned about, they are far from quenching their thirst.

Aggregation has become an important gene for the next NFT market, and is no longer an independent product concept. In the era of Microsoft’s dominance, one of the most commonly used and key words was integration, which was later criticized as evidence that the monopoly was bullying the small. Today, Andsen, the founding partner of A16Z, lost the leadership that Netscape initially established in the Internet market and died prematurely. In the era of Google and Facebook, the aggregation of information has been emphasized, and keywords have become aggregations.

In the Web3.0 era, the composability that we often mentioned in the DeFi era is very much in line with today’s asset and order aggregation. In order for the aggregation to fully share the market growth dividend, it is necessary to propose an Open API.

OpenAPI is about to face A/B choices – opportunities and challenges. Third parties can call your order data and use it freely to improve the efficiency of the platform, but those who do not open it will be isolated and become a distant island sooner or later. Unlike encrypted asset trading platforms in the centralized era, any NFT trading platform actively opens up APIs. From a political point of view, in the era of Web 3.0 voyages, whoever does not open up APIs will engage in the mountain-top doctrine of Web 2.0. In the sense of game theory in economics, facing the prisoner’s dilemma, based on the premise of “rational economic man”, the choice of two prisoners that suits their own interests is to confess. Open APIs, share and manage the liquidity in the entire ecosystem, and all parties remain rational, in order to get out of the prisoner’s dilemma and achieve the Nash equilibrium point.

In the heyday of Web2.0, WeChat adopted an open platform strategy, and Alipay and Paypal opened payments one after another, which was also based on this consideration. It is because of the entry of more NFT trading platforms that the aggregator can become a natural price comparison system, providing traders with cross-market markets and the opportunity to provide the best Floor Price (floor price) in all markets. So, in a certain sense. The entry of Lookrare, X2Y2 and more resource platforms is also a mutual achievement with GEM.

8. Design transaction rewards and DAO community governance model

Similarly, the NFT trading market that adopts Tokenize in operation proves that it can exist and obtain sustainable development opportunities. Let us take two interesting cases and make a comparison in operation design:

-Looksrare, from the overseas community, the brand attaches importance to the top-down first to open the situation, and the market action is most like a vampire attack. To admire their team’s courage and means.First of all, I rushed to do trading and mining at the tail of the bull market. It was once criticized as a few big assets to be self-purchasing. Later, I began to pay attention to the Listing Reward of blue-chip NFTs. Their approach has always been shrewd.

-X2Y2 started with the domestic community, started from the bottom up, and gradually came up from the top. First, it made the reward for pending orders, but it did not directly promote the transaction at first, and then adjusted the operation several times. You can go to see the operation adjustment process of X2Y2, and you will know how to go all the way. is not easy. I noticed that today X2Y2 also puts the more direct Trading Reward in the first place.

– Clearly feel that they are learning from each other in competition.

From an observer’s point of view, I found that their attempts to operate user growth and user retention based on the Token governance logic were originally mirrors of each other, criticizing and absorbing each other, which also provided the next market entrants. Very valuable experience, which reminds me of the operation of the platform currency compared to the trading platform, the former is even more complex, so that I found that I had no experience before.

There are many problems that cannot be avoided, such as:

– Who will be rewarded? Trader/Order Provider/Recommender/Sharer

– Reward Trader? Then you may not be actively placing orders

– Reward Listing, how to design? So be careful, a lot of prostitutes

– Referrer and Sharer Rewards

– If everyone pays attention to the embedded primary market in the next step, will the lister be rewarded?

-Should there be a community-governed DAO reward fund, open to potential collaborators such as creators, artists, GameFi, etc., in the form of DAO governance?

The above, reminds me of my memories of the era of participating in game production. More headaches than server stability and third-party plug-ins when dealing with large-scale concurrent events is how to do system planning and numerical planning, and at the same time, keep Lua language operation event planning scripts for the operation team, which requires a lot of economic model and Work hard on operational capabilities.

9. Aggregators are not equal to aggregated trading markets

More platforms emerge, and aggregation follows the general trend. Even the aggregation mode will be in the NFT market of various paths. No one can underestimate the market value of a powerful aggregated transaction traffic portal.

In June, OpenSea acquired GEM.

In July, Uniswap acquired Genie.

NFT and DeFi faucets both took down aggregators. It’s not hard for us to guess what their next thoughts are.

However, GEM and Genie’s models also have headaches. In fact, they are not an NFT trading platform in the standard sense, and none of them provide their own trading protocol. As a pure transaction aggregator, all its orders come from third-party orders being aggregated. For example, the business logic in their contract is equivalent to adding a layer of composite function called shopping cart to the original transaction function.

In addition, they have to abide by the trading commission ratios written by different trading markets, without offering premiums, in order to please users. For example, OpenSea2.5%. Looksrare is 2%, and X2Y2 currently gives a 0.5% condition. It is difficult for GEM to place a premium on it as an explicit benefit for matching transactions. Their rankings on Net Revenue and Dapprader are not comparable, because they have no transaction fees as revenue, and their business model may be questioned.

10. The three-stage rocket of Elememt 2.0

Last July, Sequoia Capital, SIG and Drangonfly Capital invested in Element. In September, Element released its first version, which didn’t make much of a splash until we recently saw Element 2.0.

For the previous products, whether to issue coins or not, or to do their own transaction protocols or to focus on pure aggregation? Element 2.0 doesn’t do this, but uses a Web3 design mechanism similar to a three-stage rocket. In fact, it is a three-layer structure.

Although this three-tier structure is based on the mixed technology stack and tools of Web3 and Web2, it is indeed a commercial three-tier design, and I hope not to think about physics.

– The first layer is to use an aggregator for cross-market buying and selling to solve the basic ability of product and service liquidity. This first layer is very important. I see many NFT teams entering the market, first looking for assets and issuing them, but users cannot stay. If the liquidity of the secondary market is not solved, the primary market will be busy in vain.

– The second layer, using tasks such as transaction, pending order, and sharing, to support the creator ecology, combined with community recommendation rewards to solve user activity and sense of identity.

-The third layer, with a more robust transaction protocol, provides professional users with preferential prices, combined with better utility based on the upward realization of the protocol layer to improve the transaction experience. With the third layer, business data and processing tools such as orders and offers are fully open to partners through APIs and SDKs to further participate in the market cycle of shared liquidity.

Such a design organizes the deep coupling of the three technology stacks of aggregators, transaction incentives and tool data, and establishes a DeFi-like mechanism with a new architecture of Web3 products.At the product level, the intention is very clear, one-stop solution to NFT asset liquidity and platform user traffic problems. This product design path is different from OpenSea, Looksrare, and GEM’s pure aggregator model.

To be more precise, the aggregation market is not the same as the aggregator. If the aggregator is tool-oriented, there are only developers. However, the market platform will definitely provide Launchpad, and there must be a transaction protocol that can support the business. Collaborate closely.

11. A new round of challenger conjectures

In the next step, I am more concerned about two markets and one entry, one is the next-generation comprehensive market, which is based on data and driven by algorithms. One is to verticalize the game market, and to do subdivided transaction scenarios, specifically. The entry refers to the wallet.

-Is there an algorithmic recommendation market similar to how Tiktok distributes content? To ask more accurately, since the NFT market is not a centralized financial scene, but a gradually decentralized e-commerce-like full-category market.

-Will there be a fully decentralized NFT market driven by precise algorithm matching?

– Has the decentralized wallet on the mobile terminal become the entrance to the NFT market? If this proposition is true, what are Imtoken and TokenPocket waiting for?

-In addition, are the mobile crypto asset management platforms and media platforms more actively involved?

– Existing major trading platforms come back?

12. The progress and loss of the public chain ecology

It can be said that the strong consensus foundation of Ethereum is the value anchor of today’s NFT market.As for the so-called digital collections, I still don’t talk about it.

NFTs should not be just a marketplace for Ethereum. Because there is no public chain that does not pay attention to the NFT ecology. But the loneliness outside of Ethereum surprised me a bit. At present, the biggest winner in the market is Solana. This ecology has made the Magic Eden trading platform and many NFT creation teams live and nourished. NFT has given the Solana public chain more space for discourse. On this stage, future Meteverse and Web3 projects are expected.

– Contrasting with Solana’s performance, there is a significant gap in the progress of several major Ethereum virtual machine ecosystems such as Polygon, BSC, and Avalance. Although they each let go of harsh words, this is somewhat surprising.

– The NFT market and GameFi on BNBChain have a lot of room for imagination. In theory, Binance has a very good GameFI resource base. However, compared with the potential energy of Binance CEX and DeFi ecology, it is still far below the market expectations of most people. Although there are still many users and project parties participating, the transaction volume of star assets is still far from rising. The only problem with the Binance ecosystem today is not that it is too big, the gate is already hanging high, but that there are too many things to do directly.

-Polygon. I think they missed the best opportunity to make a move in the first half of last year, when their coin price was booming, they were too conservative. In the DeFi era, they are built by telling ecological stories. Their opportunity, or the next big story, may lie in the ZK Rollup zero-knowledge proof technology team they acquired.

-Filecoin. NFT requires decentralized storage, such as IPFS, Filecoin, and AR, for media file storage. After all, the Image element in the NFT metadata must be written in a decentralized storage address in the code. Image files in various formats will become larger and larger in the future, but it seems that Filecoin has not made good use of this grand narrative category. The market value of the largest storage public chain in circulation has unexpectedly evaporated by 95% in the last month.

-NEAR Protocol. I had roast duck once with their co-founder Illia Polosukhin. We call him Yilong. At that time, he had just taken a lot of money from big funds and was very ambitious, but Mintbase, which was backed by NEAR, was launched very early and has not seen much progress yet.

-Justin Sun is also very early in contact with NFTs and invested heavily in art NFTs. What I admire most about Justin is his ability to dare to toss. We drink in Singapore until 3am. He wants to be an NFT fund and also supports Tron’s NFT trading platform, but how does the Tron public chain ecology drive NFT Creator to join in?

-Polkdot Polkadot. In the fall of last year, at a restaurant near the Wudaokou of Tsinghua University, I had the honor to chat with Gavin Wood face to face for nearly a morning. He was actually the earliest proposer of the concept of Web3. We had an issue about the trend of the Web3 technology stack. dialogue. He is an entrepreneur who is as happy as a child when I talk about technology in the currency circle. He is also an active blockchain evangelist. He is also very optimistic about NFT. However, two years later, Polkadot has not shown a bit of the right to speak in the NFT market that matches its position in the industry?

-Flow public chain, the creator of the encrypted cat and the maker of the ERC721 protocol, has been silent since NBATopSho entered the peak. However, I still hope GameFi is their chance.

13. The power of community

The NFT.NYC conference in New York in June was much better than I expected. Although the cryptocurrency market continues to bear bears, it has not weakened the popularity of NFT curation and Party activities. The emotions here not only dilute the worry that something bad is about to happen, but also make us temporarily forget that Bitcoin has fallen 70% from its historical high, and that the complete collapse of LUNA and Three Arrows Capital has caused market consensus. tragic destruction. In contrast, the consensus conference in Austin in May, the top blockchain industry summit that has been run by CoinDesk for many years, is slightly deserted.

Today, the NFT community begins to move from online to offline. At more and more NFT gatherings, I have Punk, you have Ape Golden Monkey, they are core members of the Azuki community, and they have also become new identities to quickly cut topics and establish connections, and this identity is easier to participate. NFT has become an encrypted business card. One’s status as a well-known NFT holder in the Web3 world means that we heard the meaning of the game guild elders in Legend 1 District 1 Server and Warcraft US Server during the enlightenment period of online games. Yes, today’s NFT Whales With NFT KOLs on social platforms, it has the status of attracting NFT communities and platforms to win over.

The cultural attributes of NFTs are very important. Community activity, member cohesion, and brand influence are necessary conditions for the success of the project. I also noticed that more and more people in China are organizing Mfer meetups, and I can guess that many new NFT projects are emerging from this community. Many people expected its price to break through 10 ETH, the price of Mfer did not rise, and the floor price of 1 to 4 ETH fluctuated. But it gave more people the opportunity to participate.

14. Asian faces open their eyes

NFT has financial attributes, but there must be cultural differences in essence, and there must be regional preferences. The judgment of many investors about the discrepancy was nearly falsified last year. From the beginning of this year, this phenomenon was broken. NFT is no longer a monopoly of American culture. Asian stars, animation and many IPs have also joined in.

– Sunflowers by Japanese modern artist Takashi Murakami

– The first Chinese emoji cold rabbit series to enter the market

– Jay Chou’s PhantaBear Collection

– Edison Chen’s Nvlpe series

– Shawn Yue’s Zoobie series

-Theirsverse led by Yi Nengjing.

I met Yi Nengjing two or three times in Silicon Valley, and she plans to combine NFT brands with offline beauty products. I am amazed at her hands-on effort, which has infected many people to participate. I think their holders will laugh once the market turns bullish.

This situation has just begun. Asian faces continue to appear on the NFT stage. I predict that in the next year, seven to eight of the top ten global NFT trading markets will be occupied by Chinese overseas teams or Asian companies.

15. The group of mature traders moving towards

Last year, I introduced NFT to Renjiao. I have to talk about the boring vocabulary of non-homogenization. For example, ERC721 is different from ERC20. Metadata is stored in JSON files, and there is a substantial difference between on-chain and off-chain. Nobody cares now. After the Internet became widespread, no one asked where HTTP and URLs were. One thing, as the number of participants increases, the cognitive threshold will disappear, such as the window paper will be broken.

It is not difficult to find the easiest way to track the floor price of a blue-chip NFT with appropriate psychological price expectations. This is the same as watching the trend of BTC and ETH price fluctuations, starting from practice purchases and pending orders.

To communicate with active players, join their communities, and attend their offline meetups. Active players of NFTs today are very good at using a lot of tools. They will tell you:

-Freemint is hot

– How to save more Gas Fee

-Where to go Listing for fast shipping

-What tool do you use to scan goods with one click Sweep

– How to identify the scarcity Rarity in a collection

– How to track Whales address

– Who Twitter to follow

-Which Youtubers can subscribe

– What characteristics of NFT sites may be phishing scams

These problems are far from being handled by an OpenSea. Is the market mature, my answer is no. But users are getting more and more sophisticated, and if you don’t answer at least five of the above questions, you’re not even getting started.

Don’t be too poisoned.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/fifteen-observations-and-conjectures-that-the-nft-trading-market-is-quietly-evolving-over-the-past-year/
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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