From Pop Culture to Metaverse Metaverse In-depth Analysis of NFT’s Crossover Value

The application of NFT technology and industrial development has opened a new era of digitalization of goods, industry and governance, bringing us unprecedented value and experience in many fields.

Since July 2020, the trading volume of NFT has continuously increased exponentially. According to analytics platform CryptoArt.io, as of March 18, a total of 133,000 crypto artworks have been sold, and the total market value of crypto art has exceeded $369 million. Although the market volume is still small, it has a very high growth rate, from $200 million in 2019 to $300 million in 2020, a rapid growth of nearly 50%. With the support of DeFi ecology, the NFT market still has a huge growth space, and professionals believe that the NFT market size will easily exceed $1 billion in 2021.

NFT Market Overview

For the past decade, the cryptocurrency world has been dominated by the homogenized token FT (Fungible Token), and the vast majority of tokens on the market today are FT, whose main characteristic is fungibility, which is one of the characteristics of legal tender in the traditional financial system. Substitutable currencies have no special meaning other than their general equivalence, then currencies of equal value are interchangeable, for example $100 can be exchanged for another $100 bill, or two $50 bills; a bitcoin can be exchanged for another bitcoin. Tokens and currencies used as a means of payment gain utility value through substitutability, and Bitcoin and other homogenized tokens have certainly found a unique application scenario for blockchain technology in the payments space.

NFT Empowers Fan Economy, Pop Culture to Become DeFi’s Next Main Battleground

With the upgrading and iteration of the Internet and social media and the booming of the cultural and entertainment industry, the “fan economy”, featuring the purchase of celebrities’ albums and endorsed products and the promotion of traffic for celebrities, is becoming a new highlight in economic life in recent years. According to the “Research Report on Business Patterns and Trends of China’s Celebrity Economy”, the market size of fan economy-related industries will exceed 4.1 trillion yuan in 2020, and this figure is expected to exceed 6 trillion yuan in 2023.

The current fan economy is centered on capital, which spawns brokerage companies, operates fan communities, extracts the highest dividends, and holds the traffic entrance. Under a highly centralized system, capitalists are able to enjoy a sense of most of the profits from fan economy revenues. According to the Communication University of China’s “Survey and Research Report on the Current Situation of Musicians’ Survival and Copyright Awareness,” nearly 30 percent of musicians have never earned a penny from their music, and 70 percent of musicians have to work part-time. According to Digital Music News, more than 90 percent of artists are unknown, and those who are successful often take only 12 percent of the money earned by the music industry. The centralized management model also allows for much less interaction between stars and their large fan bases. Due to various restrictions on privacy, security, sponsorship, etc., the possibility of direct interaction between celebrities and fans is almost nil, and in most scenarios fans can only interact as consumers and cannot participate in the growth of their idols.

Previously, some blockchain projects have tried to reshape the fan economy through FT tokens, and to a certain extent, the disadvantages of the decentralized model have been improved, but FT tokens cannot well reflect the different values created by the same author/idol. At this point, NFT value has a good space to play.

Recently, Bondly, the NFT industry leader who has received investments from several exchanges, has reached a strategic cooperation with the head trading platform Binance (Coinan) to release new NFTs on the soon to be opened Binance NFT marketplace. two-time winner of the All British Music Award Lewis Capaldi (Lewis Capaldi) will launch the “Big Fat Sex” on the Binance NFT The news that the sequel to the “Big Fat Sexy NFT” series of digital collectibles will be released on the marketplace has generated a lot of attention among music lovers and the NFT market.

From Pop Culture to Metaverse Metaverse In-depth Analysis of NFT's Crossover Value

Binance NFT by Bondly courtesy of the creator

Big Fat Sexy NFT” is Lewis Capaldi’s first NFT series of digital collectibles released exclusively through Bondly minting, which went on sale on the capaldi.digital platform on May 1. 3,030 digital collectibles sold out within four and a half hours after the sale started. big fat sexy NFT series The digital collection is divided into five levels, with different levels offering different benefits, including access to Lewis Capaldi’s digital library, tickets to offline concerts and a limited edition of five copies of the debut album on vinyl worldwide, a unique digital collection with the theme “Lewis’ Self-Portrait”, and access to the band’s concert. The album has been well received by fans and music lovers alike.

From Pop Culture to Metaverse Metaverse In-depth Analysis of NFT's Crossover Value

Big Fat Sexy NFT Series Digital Collectibles

With the release of the sequel to Big Fat Sexy NFT, fans will also have access to unique collections and rights, and can trade or pledge their NFT ownership on the new Binance NFT marketplace, allowing fans of the two-day marketplace to access their digital collections.

In addition to Lewis Capaldi, many celebrities and artists are actively embracing the NFT ecosystem, providing their fans with diverse channels of interaction and exclusive benefits. Tory Lanez, a multi-platinum record-selling artist, has released three never-before-released and publicly performed songs in NFT format through a partnership with Bondly; world-renowned singer, songwriter and actor PelleK released a digital version of his new album on Bondswap and provided PelleK NFT holders with exclusive rewards such as behind-the-scenes footage of the album’s recording, bonus tracks and more; and two-time Grammy Award winner Morgan Heritage released limited edition new music and digitally remastered music through Bondly as an NFT and offered free VIP access to the Legacy Live Stream virtual concert for fan holders who met the criteria.

In February, YouTube personality Logan Paul, who has 22.8 million followers, partnered with Bondly to auction off 36 rare and 22-year-old “Pokemon 1st Edition Enhancement Packs” with a unique Pokemon style Logan Paul hologram NFT deck featuring Logan Paul’s cartoon image.

From Pop Culture to Metaverse Metaverse In-depth Analysis of NFT's Crossover Value

Logan Paul’s auction

Without the involvement of traditional capitalists, the NFTized fan economy gives stars and fans more room for interaction, and the benefits in the industry chain return to the two themselves to the greatest extent. It is understood that the digital version of the new album released by PelleK sold out within seconds of its launch, earning as much as $45,000, almost a year’s worth of PelleK’s revenue on the Patreon platform.

On the other hand, NFT works not only provide fans with exclusive rewards that cannot be copied, but also provide fans with a direct channel to participate in the growth of the star. According to data related to Bondly, the selling price of PelleK NFT tokens is 0.4ETH, and the highest resale price reached 0.94ETH, with an ROI (return on investment) of about 1.4 times; Tory Lanez and Logan Paul’s NFT prices also rose from 0.5ETH and 1ETH to 1.1ETH and 2ETH respectively, with returns of 120% and 100%. By participating in the NFTized fan economy, fans transform from consumers to investors, greatly enhancing the interactability between celebrities and fans, and enjoying the dividends brought by the idol economy and digital economy together.

Ignite digital artwork and create independent virtual digital worlds

In addition to the upgrade and transformation applied to the fan economy, NFT’s innovation in the art field is equally wonderful. In the art field, the authenticity of works, copyright disputes have been plagued by the development of the industry, the scale of the pain points, NFT unique and irreproducible characteristics, just to solve these thorny problems. nft artworks with irreproducible digital signature, buyers can easily distinguish whether they buy the original. At the same time, encrypted artworks issued in the form of NFT are also free from the inherent form of traditional artworks, and can be circulated in the network in a new form such as pictures, videos and audios, and allow artists to enjoy the copyright revenue of their works in perpetuity, providing a broader space for the development of digital artworks that are difficult to form a wide market due to copyright issues.

On March 13, Everydays: The First 5000 Days by crypto artist Beeple was successfully sold at Christie’s for approximately $69.3 million, setting an industry record and placing Beeple among the third most expensive living artists.

From Pop Culture to Metaverse Metaverse In-depth Analysis of NFT's Crossover Value

Since April, Globe Photos, Inc., one of the world’s largest collectors of iconic photography and pop culture imagery, has unveiled a wide range of NFT works through its partnership with Bondly, including Thomas Hussung, an artist known for his Andy Warhol-style self-portraits; Carly Anne Amos, an American digital artist highly sought after by contemporary mainstream art collectors Carly Anne Amos, American photographer Frank Worth, who took one of Marilyn Monroe’s historic photographs, Thomas Hussung, known for his Andy Warhol-style portraits and the vibrant colors in his contemporary works, and Thomas Hussung, known for his work in the art world. Thomas Hussung and Nicholas Miller. With works and collections from Nicholas Miller, Globe Photos has seen its NFT price increase approximately five times since going live on Bondly, from a launch price of 0.3 ETH to a maximum of 1.5 ETH.

From Pop Culture to Metaverse Metaverse In-depth Analysis of NFT's Crossover Value

Marilyn Monroe” by Globe Photos and Bondly Auction

In addition, NFT has plenty of room for imagination in the field of gaming, known as the ninth art, and in the construction of the Metaverse metaverse, a concept from the novels of American author Neal Stephenson, in which the Metaverse is described as a virtual world that is born out of the real world, but is parallel to, interacts with, and is always online. In Neal’s description, the Metaverse is a virtual world that is born out of the real world, but is parallel to, interacts with, and is always online, which is lifelike and immersive. People can do anything in this virtual world, except eat and sleep.

Realistically, the virtual space constructed by the game may be the fastest entrance to the Metaverse. With the maturity and perfection of virtual technology, the boundary between games and life is dissolving, 12.3 million gamers worldwide attended the virtual concert held by the famous American singer Travis Scott in the game “Fortnite”; the University of California, Berkeley, held a virtual concert in the Minecraft” reappeared on campus, and graduates participated in the graduation ceremony with virtual image online scenes; ACAI, the top AI academic conference, held a 20-year symposium on Nintendo’s “Animal Mori Friendship Club”, and speakers played PPT speeches in the game.

Roblox, known as the number one metaverse, is a children’s version of the “metaverse” on which kids and teens can create their 3D worlds and games. The company went public on the New York Stock Exchange on March 10, 2021, with a market capitalization of more than $40 billion on its first day of trading. This compares to a valuation of $4 billion 11 months ago.

Roblox CEO gave several characteristics he had in mind for Metaverse: identity, friends, immersion, low latency, diversity, anytime, anywhere, economic system and civilization. The game meets these characteristics to a large extent, where the maturity of NFT technology and application plays a crucial role in the construction of the economic system of the Metaverse, and more and more game developers try to integrate NFT technology into their game ecology.

Doug Ferguson, who served as senior vice president of product development for Pokémon, is now a member of the Bondly NFT Council, and with his help, Bondly has launched PolkaPets, a digital collectible card game. Each PolkaPet collectible card is tied to a non-homogenized token (NFT), and each polkapet is created in conjunction with a project in the Polka ecosystem, with the backing of an actual project providing a unique usage scenario. The purchase of any polkapet card will result in an embedded benefit that corresponds to it.

From Pop Culture to Metaverse Metaverse In-depth Analysis of NFT's Crossover Value

Photo: Boca Pet World

Veteran and well-known interactive entertainment company Atari®, also a strategic partner of Bondly, which has been one of the entertainment industry’s most innovative and iconic brands since 1971, is now actively embracing the crypto market, creating its own cryptocurrency ($ATRI), and looking to join forces with Bondly to launch the Atari Metaverse gaming platform, combining the strengths of traditional gaming properties and the most popular creators of music and gaming entertainment, with digital collectibles and NFT as the core components of the entire Metaverse gaming platform experience.

NFT technology application and industry development has opened a new era of digitalized goods, digitalized industry and digitalized governance in many areas to bring us unprecedented value and experience. At the same time, NFT is also the closest to our lives and the most grounded blockchain product. Perhaps soon, NFT will become as much a part of our daily lives as the Internet.

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