From casting to circulation, comprehensively comb the NFT industry value chain

Use the NFT value chain to straighten out the investment logic in this field.

Written: Jasmine Zhang and Fiona He are partners and investment managers of A&T Capital, respectively.

In late June, we published a study in the field of NFT track and explained the investment opportunities in the field of NFT that we focused on. After a lapse of time, NFT is in the ascendant, and we have seen more industry leaders dabble in NFT. We hope to share our methodology for the NFT industry value chain through the following article.

On June 21st, Alipay released a limited number of two “Dunhuang Feitian, Nine Color Deer” payment code NFT skins on the “AntChain Fandian” applet, and they were quickly sold out immediately after they went online.

On June 24, Reddit , a US social network characterized by news aggregation and comments, known as the “Internet front page,” issued NFT CryptoSnoo for a seven-day auction. Users can purchase  CryptoSnoo NFT and link it to a Reddit account as a Reddit avatar, and a bookmarkable NFT card will appear in the profile.

On June 25, Marvel announced the launch of official NFT digital products, 3D figurines and digital comic books in cooperation with  VeVe Digital Collectibles APP. 

On July 1, CNN launched two collectible news historical moments NFT, namely “June 1, 1980, the birth of the world’s first 24-hour television news network CNN” and “1991 In January, CNN reporter’s exclusive report on the outbreak of the Iraq War.”

On July 6, blockchain game and NFT developer Animoca Brands announced that it has received an investment from Jack Ma, Cai Chongxin’s family management fund Blue Pool Capital .

In the past month, although the market has remained sluggish, the exploration of NFT has continued outside the “circle”. The reason, of course, is that the value of NFT is gradually recognized. We believe that the innovation of NFT is that it provides a way to mark the ownership of native digital assets (that is, assets that exist in the digital world or originate in the digital world), and this ownership can exist outside of centralized services.

The value of NFT lies in its expansion of the types of assets on the chain, making it possible for assets that were previously unrepresentable. At the same time, the expanded asset classes are closely related to the masses and are easier to spread, which makes the logic and business model behind NFTs easier to understand and accept.

We believe that the NFT track still has huge potential, and the NFT map has just begun to be pieced together. Therefore, we have sorted out the NFT industry value chain from the casting to the circulation of the NFT. On the one hand, we will use this chain to help straighten out the investment logic; on the other hand, we also welcome colleagues or project parties to exchange ideas with us.

The layering logic of the NFT industry value chain in the figure below is as follows: The overall NFT flow is divided into three layers, from bottom to top, they are the infrastructure layer , the protocol layer, and the application layer .

1. Infrastructure layer , which mainly covers the underlying public chain, side chain/Layer2, development tools, token standards, storage and wallets. This layer of capture value is based on the casting of NFT, such as the underlying public chain and sidechain/Layer 2 capture the gas fee generated by the casting. The greater the number of NFTs, the greater the value of this layer of capture.

2. Protocol layer , including:

  • NFT casting agreement (Mint & Launch) and primary circulation market (Sell & Trade) , most agreements take into account the above two in order to further capture value. The capture value is based on the primary transaction of NFT, because the secondary transaction is more based on platform traffic, and currently OpenSea is the secondary platform with the largest traffic, so this layer of casting agreement can only rely on the primary transaction to capture value, which is also Why does Mintable introduce the concept of Gasless item to attract users to cast and conduct subsequent transactions on the same platform, and only after the transaction, the NFT will be on the chain to capture the value of the first-level transaction.
  • Liquidity agreements are mainly used for value discovery of NFTs. This type of agreement does not cast NFTs, but price NFTs in various ways. The value capture in the future is likely to be similar to DEX and oracles, based on the provision of liquidity-based financial services.
  • DeFi+NFT , which is mainly NFT forged by DeFi activities, is different from other casting protocols and mainly captures value through casting activities.

3. The application layer is mainly composed of applications derived from tokens generated based on the protocol layer. For example, the NFT traded in OpenSea, a representative project of the pan-secondary market, is mainly composed of various casting protocol platforms at the protocol layer. Value capture at this level is mainly based on traffic and demand realization, such as social interaction and curation. How to gather traffic and realize the value is the core value point.

From casting to circulation, comprehensively comb the NFT industry value chain

Below we will introduce the protocol layer and application layer projects that we focus on one by one.

Protocol layer-NFT casting agreement and primary market-“comprehensive”

This category represents a comprehensive trading market in which various types of physical objects can be traded . The mainstream of NFT is closely related to the NFT casting platform and the primary market, because the platform directly connects creators and users. On the one hand, the platform needs to further lower the user’s acceptance threshold, enhance the user’s sense of use, and increase user stickiness and participation. You can refer to the Xianyu APP; on the other hand, the platform needs to provide creators with an easy-to-use NFT creation experience to create The threshold of NFT is lowered enough to attract more diverse creators to showcase.

  • Mintable ( Provide users with a trading platform including private messaging, promotion, scoring and other functions, and introduce ERC-721 as a voting governance token, and introduce gasless item to attract users to stay on the platform after casting.
  • Mintbase ( Based on the NEAR ecological trading market, users can create and sell music, artwork, tickets, photography and other NFTs.
  • VIV3 ( The first Flow-based trading market.
  • Zora ( Established by the former product manager of Coinbase, the main product is a platform for creators or artists to distribute works. The product form is mainly media including video, audio, files, etc.
  • Cargo ( Allow users to forge, buy and sell NFT on the platform, support Ethereum, xDai and Polygon
  • TerraVirtua ( A casting trading platform for art, collectibles, and game IP. The operating environment is highly compatible, enabling users to display, trade and interact with NFTs in an immersive manner; at the same time, its virtual interface based on 3D Fancave, Terradome and Galleries and mobile AR applications provide a good user experience and strong IP resources.

Protocol layer-NFT casting protocol and primary market-“Art/Collection”

This category represents casting and the primary market focusing on art/collection . Art projects value strong IP resources and artistic taste, while collection projects value future threading and easter eggs. Among them, most of the art projects have a high threshold, requiring creators with a certain artistic background or enough fans on social platforms to gain access to the platform, which is contrary to the inaccuracy advocated by the crypto world. Incoming, the concept of equality contradicts.

  • SuperRare ( Established in 2018 , the earliest NFT artwork casting platform has a certain threshold for artworks and artists.
  • CryptoKitties ( ): A digital cat collection and breeding game based on blockchain technology that was launched in 2017, once occupied more than 16% of the Ethereum network’s transaction traffic, causing the Ethereum network to become unbearable Heavy burdens, severe congestion, delays in transfer transactions, and inability to transfer funds.
  • Makersplace ( Rare art casting trading platform.
  • CryptoPunks ( NFT built on Ethereum established in 2017 and inspired the ERC721 standard. It issued tokens by transforming the ERC20 contract and generated 10,000 completely different 24×24, 8-bit style pixel art images.
  • Rarible ( Established at the end of 2019 , focusing on interesting works of art, founded by serial entrepreneurs of Russian origin, is the first NFT trading platform to launch governance tokens.
  • HashMasks ( 16,384 unique portraits created by more than 70 artists around the world in 2021 , in the form of a blind box and the user can name each painting, enhancing user participation and giving its generation Currency is more valuable.
  • NBA Top Shot ( A collectible game based on the flow public chain. NBA Top Shot has reached an official IP authorization cooperation with the NBA, so that collectors can obtain genuine NBA star highlights through gamification, and can trade in the market on the platform.
  • Nifty Gateway ( A regulated NFT currency market, acquired by the “Bitcoin billionaire” twins Tyler and Cameron Winklevoss in 2019. This is also the exchange’s first acquisition. The platform uses Gemini’s back-end infrastructure to establish a USD exchange platform, allowing users to purchase NFTs with credit cards, which can be cashed directly into bank accounts when they are sold.
  • Bored Ape Yacht Club ( NFT Trendy Play + Member Club.
  • Autoglyphs ( CryptoPunks development team Larva Labs’ second NFT project, Generative Art platform.
  • Meebits ( The third NFT project of Larva Labs, the CryptoPunks development team, consists of 20,000 unique 3D voxel characters, which can be used by developers. The owner can access the package containing the complete 3D model, freely render Meebit and set up animation for it, so that it can be used in any game engine, 3D studio or as an avatar in Metaverse. At the same time, Meebits can exchange Meebit directly.
  • Foundation ( Community-driven, high-threshold casting trading platform.
  • Async Art ( Programmable art (main), music casting trading platform.
  • KnownOrigin ( High-end art casting trading (level one, level two) platform.
  • Avastas : Generative artwork trading platform.
  • Art Blocks ( Generative Art casting trading platform.

Protocol layer-NFT casting protocol and primary market-“Game” 

This category of applications enumerates the current cases where chain game developers use NFT to empower in-game players economically. In the past, the strategy for NFT game projects to attract players is still in the P2E (Play-to-earn) mode, which mainly uses the unique and tradable characteristics of NFT items to create a suitable game economy, but lacks attention in the design of the game itself, and Can not attract long-term players in the currency circle, let alone attract players outside the currency circle to abandon centralized games to join the chain game. After the precipitation in recent years, developers have gradually realized that a successful chain game requires a solid gaming experience to support it, plus the blessing of P2E to fully unlock the potential of chain games.

  • Axie Infinity ( Axie Infinity is a chain game that collects and raises all kinds of strange and weird creatures. In addition to the normal collection attributes, Axie has also added unique combat attributes, becoming one of the earliest NFT pets that can fight. The Axie team also launched a customized Ethereum sidechain Ronin for the game in February, using POA consensus to increase the verification speed to alleviate the pressure on the Ethereum network and players’ gas fees. At present, Axie has become a representative of chain games. Sales in June exceeded US$121 million, a month-on-month increase of 351%, which was nearly three times the sales of the second NBA Top Shot (US$45.43 million).
  • Gods Unchained ( The first e-sports card game on the Ethereum-based chain, similar to Hearthstone, where users can freely trade and sell their cards and own cards Ownership.
  • Zed ( The first AR horse racing game on the blockchain based on the Ethereum Layer 2 has formed a one-stop NFT horse racing that can be used to recharge horses, horse racing, and watching games. Experience. Atari, the driving force behind it, has authorized Zed Run for multiple game IP content such as “Asteroids”, “Centipede”, “Missile Command”, and “Pong”. In the future, as more horse racing game players continue to join, the gameplay and content boundaries will also continue to expand.
  • Skyweaver ( Similar to Gods Unchained, it is a digital trading card game with actual transaction functions. Players control the economy and the value of NFT cards based on the number of cards they forged in different game modes, the demand for certain cards in the store, and the number of players offering card sales in the store.
  • Alien Worlds ( Based on WAX public chain DeFi games, players can earn Trilium (TLM) through mining, and there is a certain chance of mining NFT every time they mine. Trilium can be used to pledge to one or more of the six planets in the game. After signing up as a candidate for planetary directors, players will have the possibility to rule the planet. NFT game cards will introduce innovative gameplay over time, including upgrading cards through “shining” and fighting in fighting games
  • Sorare ( A fantasy football game based on Ethereum and developed by the startup Sorare. Players can purchase and trade NFT player cards certified by the club or league to form their own team, and each has its scarcity and uniqueness level. The score of each player card is based on their actual performance in the game. After matching the complete lineup, players can participate in fantasy football matches on the platform and receive card and token rewards.
  • Mega Crypto Polis ( A city management game based on Ethereum and TRON. Players can start to acquire a piece of land on a decentralized city map and build a series of building types. Every piece of land and buildings under construction exist as NFTs and can be transferred or traded in the market. Every action in the game needs to collect some taxes for the regional and federal budgets, and then distribute them to all players according to their share of the total influence points generated during the game cycle (24 hours).

Protocol layer-NFT casting protocol and primary market-“Meta Universe”

This type of application represents the current case of Metaverse using NFT as a method of confirming digital assets . Compared with early applications such as art and collectibles, the meta-universe ecology in the current NFT still has considerable room for development. The current problems that need to be solved are as follows:

1. The application hardware threshold is high , and the optimization is not perfect. The user’s computer needs to reach a certain configuration to be able to run the open world rendering screen smoothly. In the future, the project team still needs to make a trade-off between screen performance and smooth play experience.

2. Compared with other blockchain fields, Metaverse currently lacks gameplay and wealth-making effects that fit its own advantages . At the moment, most of the content in the metaverse ecology is still built around NFT collections. Collectors exhibit their collections in every corner of the metaverse, just like a 3D Opensea, which attracts few open world players.

3. The player group is still limited to the users in the circle, and it ca n’t reach the masses who don’t pay attention to the blockchain . This requires powerful IP + smooth user experience + innovative NFT meta-universe gameplay to combine out of the circle.

  • Cryptovoxels ( Build a virtual world on Ethereum . Building, developing and selling real estate parcels on encrypted pixel blocks, users will own their own land in the form of NFT, and can hang different NFT collections in the building.
  • Decentraland ( A virtual world built on Ethereum, similar to cryptovoxel, providing land in the form of NFT, avatar outfits, and content servers. In addition, Decentraland uses its exclusive cryptocurrency, MANA, to provide subsidies for various operations and plans of Metaverse, and as a currency for transactions between users.
  • The Sandbox ( Similar to Minecraft and Roblox pixel sandbox games, players can create digital assets in the form of NFT in The Sandbox VoxEdit and upload them to the store, through Game Maker’s simple drag-and-drop method to create games on your own real estate to attract other players to participate.
  • Somnium Space ( Somnium Space VR is a VR social application based on Ethereum. Users can buy land, build or import objects to create a shared virtual world. Provide native NFT integration, and support mainstream head-mounted headsets to explore in the form of complete VR, using CUBE as an in-app interactive token.

Protocol layer-NFT casting protocol and primary market-“fan economy”

Under the traditional fan economy, neither fans nor idols are the biggest beneficiaries of this ecology. Instead, the centralized social platform serves as a medium for creators and fans to establish connections, and obtain most of the income by inserting advertisements and algorithm recommendations between creators and users. On the other hand, the interaction between idols and fans is often monotonous and one-way. The advantage of NFT lies in connecting fans and idols more efficiently and encouraging two-way interaction between idols and fans. The fan economic platform surrounding the NFT ecology needs to set up appropriate economic incentives and mechanisms for both fans and creators to facilitate “civilians” to become idols and encourage more originality.

  • BitClout ( Allows users to use cryptocurrency to hype Creator Coin. It is an NFT based on celebrity reputation. It is built on its own custom blockchain and supports complex social network activities, such as posting, introduction, following, and other speculative functions. It is a POW blockchain designed for running social media. Everyone can have their own Creator Coin and can buy and sell at will.
  • Rally ( allows creators to launch their own social tokens. Rally is managed by its local token RLY. Fans can purchase creator tokens to support their favorite creators and receive special benefits determined by the creators. Developers can share the economy with fans based on their own social token-driven business model. The platform can also combine its native governance token RLY with the creator’s social token and mint it into a new token. At the same time, it has designed a Layer 2 solution that allows instant transactions, dollar purchases, and the use of the inherent value acquisition mechanism of the glue curve.
  • Roll ( Create ERC-20 tokens on behalf of users, while providing storage and trading venues. The distribution model is that the supply of each social token is 10 million, of which 2 million are directly distributed to content creators, 1.2 million belong to the Roll platform, and the remaining part will be linearly unlocked every month for three years. After the social tokens are issued, creators can sell them, or distribute them to fans through the Roll app, to list them for sale or strictly conduct peer-to-peer transactions, or exchange other tokens on Uniswap.
  • Mirror ( Mirror ’s platform token $WRITE (ERC-20) represents the author’s right to publish content on the platform. Content creators need to destroy $WRITE to open their own column. Mirror The team selected a group of creators as the first writers of the platform and held the $WRITE Race every week. The authors voted by community users were given tokens for them to open the column. The authors can distribute their works to fans in the early stage of the work. Coins are crowdfunded. After the work is completed, it will be listed in the form of NFT. The income from article reprinting, rewards, and auctions will be divided according to the fans’ contributions in the crowdfunding.
  • Chiliz ( The token used by the fan website provides sports and e-sports fans with the right to jointly manage teams, tournaments, leagues and other activities in the form of voting, and participate Into team management and strategic decision-making. Various organizations such as sports and e-sports teams and leagues can also realize fan economics by giving fans certain decision-making power.

Application layer-Finance-“Liquidity Agreement”

This category mainly represents NFT as the underlying asset and provides an agreement for NFT pricing . There are currently three solutions: one is buyer pricing , such as TopBidder pricing through auctions; the second is seller pricing , such as NiftEx/NFT20/NFTX through sellers pledge NFT and generate ERC-20 to provide initial liquidity to generate pricing; third, third-party pricing , For example, Upshot generates pricing through the predictive behavior of random users. These liquidity agreements are necessary financial infrastructures and provide NFT value discovery for upper-level complex applications.

  • NiftEx ( Go online in May 2020 , allowing pledged NFTs and dividing their ownership into ERC-20 to promote liquidity. As of July 7, the market value of all pledged NFTs $4.4M.
  • Upshot ( Open Beta will be launched in May 2021 , using the prediction market to provide NFT price discovery, no need to enter the exact price, just complete a series of simple multiple-choice questions, choose between two random pictures You think the value is higher.
  • NFT20 ( Go online in November 2020 , allowing NFT to be pledged and generating its ERC-20 token derivatives, which can be traded in dex such as Uniswap to promote liquidity. As of July 7, the market value of all pledged NFTs was $1.4M.
  • NFTX ( Launched in January 2021 , allowing pledged NFTs and dividing their ownership into ERC-20. As of July 7, the market value of all pledged NFTs is $3.2M.
  • TopBidder ( Launched in April 2021 , it is an encrypted art and collectible bidding agreement that brings price discovery to NFT.

Application layer-Finance-“DeFi+NFT”

This category mainly represents agreements that use NFT as an asset representation tool . NFT can be seen as the evolution of Token, from only representing indifferent assets to being able to define more unique values. This category will produce “DeFi” NFTs , such as Uniswap LP token and yinsure insurance policies. Compared with NFTs cast by art and collectibles casting agreements, these NFTs are mainly reflected in the different casting methods, which are cast through financial activities.

  • Uniswap V3 ( Launched in May 2021, denoting LP Token as NFT, defining the liquidity value under different market-making strategies. As of July 7, the total locked position is $1.8B.
  • Aavegotchi ( Go online in March 2021, obtained by mortgage of the interest payment deposit certificate aToken on the Aave lending platform, expanding the use of NFT to the game scene.
  • Dego ( Go live in September 2020 , the project will airdrop NFT GEGO with different rarities through the blind box method, and get DEGO token rewards after pledge, and you can also participate in the community by holding NFT Governance. In the future, users can also mint NFT through DEGO tokens. As of July 7, the market value of all pledged NFTs was $9M.
  • ( Tokenize a unique insurance policy with NFT, which can flow in the secondary market, increasing the liquidity of the policy.
  • Meme ( Go online in September 2020, through the combination of DeFi and NFT (Stake Meme to a specific mortgage pool to get the corresponding score, use this score to exchange for NFT).

Application layer-Finance-“Mortgage Lending”

This category mainly represents the agreement of NFT as the underlying asset to realize mortgage lending . At present, due to the lack of NFT liquidity and pricing issues, mortgage lending can only be realized in the form of P2P. But referring to the DeFi iteration path, from ETHLend to Aave, P2Pool may be the next upgrade path.

  • NFTfi ( launched in February 2020 , in the form of P2P, borrowers put their NFT assets on the market as collateral, and then the lenders in the market will quote. As of July 7, the loan amount was $4.8m.
  • Pawnhouse ( The beta version will be launched in July 2021. It is also in the form of P2P. Borrowers put their NFT assets on the market as collateral, and then the lenders in the market will quote .
  • Taker Protocol ( Not online yet. It is also in the form of P2P, introducing ERC-20 token Tai as an interest-paying deposit certificate, creating a lending pool to become a bridge between DeFi and NFT.

Application layer-finance-“asset management tools”

This category is mainly the upper-level asset management tools of the NFT industry chain , similar to asset management platforms such as Zapper and DeBank in DeFi. There are currently fewer projects.

  • NFT Bank ( Launched in June 2020, an asset management platform for NFT.

Application layer-pan-secondary market

This type is mainly the secondary market formed after NFT is cast. Unlike the primary market, this type of platform will assume the responsibilities of the secondary market, mostly including NFTs produced by the main casting platform.

  • OpenSea ( Launched in December 2017, it is currently the largest NFT trading platform. Sales in June were nearly $150m.
  • Auctionity ( The beta version was launched in January 2018. It is an on-chain auction house for encrypted collectibles.
  • TokenTrove ( Go live in October 2019 . Mainly for games, especially the secondary market of Gods Unchained.

Application layer-vertical field-“data”

There has not yet been a comprehensive data provider in the NFT data field . The existing data is either not comprehensive enough in NFT coverage, or incomplete in data dimensions. In addition, there is also a lack of a full-featured NFT search engine, which is an important traffic entry in the future.

  • ( A data platform focusing on the field of cryptographic art. Provide information about encrypted artworks, encrypted artists, and macro-encrypted art data analysis.
  • Nonfungible ( A data platform covering Ethereum NFT, including mainstream NFT projects in the market, historical and real-time NFT industry data, and NFT-related industry research.
  • NFTGuru ( Use Opensea APIs to track data, which is characterized by a comprehensive search function.
  • CryptoSlam! ( Contains historical data such as the transaction volume of mainstream NFT collections on different chains such as NBA Top Shot. However, there is little data in the art field.

Application Layer-Vertical Field-“Curatorial and Community”

The community is driven by internal values ​​(such as social status) and external values ​​(such as future development). The curator’s job is to create a harmonious life ecosystem for these two motivations. For the average NFT creator, one of the pain points is the inability to obtain initial traffic for their work. We now see curators building deeper relationships with their super fans by bundling high-quality services. Therefore, curatorial projects can help NFT creators self-market while discovering more potential value for users.

  • Whale DAO ( The curatorial community, through the issuance of a community token, the FT token Whale is issued based on the pledge of “valuable” NFT. As of July 7, Whale asset pool valuation It is $4.5m.
  • Flamingo ( Flamingo is a DAO organization focused on crypto art investment. Its members have the right to jointly decide the NFT artwork to be purchased, and can split the NFT purchased by the DAO, borrow, and Mortgage, curation and other activities. There are certain threshold requirements to become a Flamingo DAO, and some ETH must be donated as a condition for joining the conference. Secondly, the maximum number of members is 100.
  • MetaPurse ( MetaPurse is a crypto community native venture capital fund funded by MetaKoven that focuses on investing in crypto art, virtual assets and funding early projects. Different from other ROI-driven crypto funds, MetaPurse takes the promotion of NFT ecology as its main goal. It recently curated the NFT VR exhibition to display the encrypted artwork it purchased.
  • Friends with benefits ( FWB is a private social platform based on Discord’s private server, gathering a group of creators and thinkers in the encryption field. Participants need to hold a certain amount of native token $FWB to join this social circle. $FWB has a constant supply of 1 million.
  • ( is a solution based on Telegram Bot to help crypto start-up projects build early communities. For NFT creators, will assist them in curating the exhibition, and participants at different levels in the creator’s community will display exclusive content.
  • Ark ( Ark is an investment-oriented DAO organization for Cryptopunk. Members can create an ARK to convene other members to buy a specific Cryptopunk, or participate in an ARK to get a joint effort. Cryptopunk’s share.

Application layer-vertical field-“social”

In the previous article mentioned at the beginning of the article, we introduced in detail our expectations for social platforms. We believe that social platforms are an important medium for NFT to get out of the circle.

  • Nifty’s ( Nifty’s is a social media platform focused on NFTs that connects high-quality publishers, brands and creators with collectors, curators and fan communities around them Together. This innovative platform provides an easy-to-use interface that allows members to create, collect, discover and curate digital art and other collections in the NFT world. Using the technology of the MEME protocol, Nifty’s will provide creators with a high-quality, powerful, flexible and secure platform to launch their NFT.
  • Showtime ( Showtime provides a social platform for crypto art creators to show their works, helping creators and crypto art investors find value.
  • Nafter ( Nafter is a social platform that transforms short content into NFT. Similar to Instagram, creators can convert the created post into NFT and profit from selling the right to view the post. At the same time, users can pledge the platform’s native token NAFT or the content creator’s revenue share by staking the personal account of the favorite content creation.
  • Only1 ( Only1 is a social media platform that focuses on NFT content. Unlike content creators on Nafter who can sell one NFT content to multiple people at the same time, Only1 allows only one person to obtain the ownership of this NFT through auction. And users who have obtained the ownership of this NFT form content through auction can release the right to view the content by charging the native token $LIKE.

The reason why we have conducted frequent research on the NFT track recently is because we have seen the potential of NFT from the increase in transactions of the project side, the increase in users, or the exploration of NFT by various industries outside the circle.

In the future, almost everything can be tokenized, and NFT can be regarded as an open API interface. Developers and users can release their creativity through access to create an infinite future. We look forward to becoming an important part of constructing this future.

Acknowledgements: Thanks to Jeffrey and Steven, interns of A&T Capital, for their practice in Meitu and Game Track.

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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