How popular is the sale of 3000 Jay Chou-backed NFTs in 5 minutes?

In the first week of 2022, NFT became popular again.

After Samsung, Nike and other companies entered the game, Jay Chou also joined this “dispute.”

On January 1, Metaverse platform Ezek and Jay Chou’s brand PHANTACi launched the first limited sale of the NFT project Phanta Bear (phantom bear), with a maximum issuance of 10,000, a unit price of 0.26 ether (about RMB 6,200), and a total price of over 6,200 Ten thousand yuan.

Thanks to Jay Chou’s blessing, a large number of users flooded in the platform sales channel as soon as it was opened. The webpage was once stuck. 3000 units were sold within 5 minutes and all sold in about 40 minutes.

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NFT explosion

The full name of NFT is Non-Fungible Tokens, which is often translated as “non-fungible tokens/non-fungible tokens” in Chinese. Simply put, NFT is an entry in the blockchain, and the blockchain is a decentralized digital ledger technology similar to cryptocurrencies such as Bitcoin. Because of the irreplaceable nature of NFT, it means that it can be used to represent unique things, such as the original Mona Lisa painting in a museum, or the ownership of a piece of land.

When you buy an NFT token, it means that you have obtained its indelible ownership record and the right to use the actual assets. For example, if you buy a piece of art, it can be displayed and copied, but only you are the actual owner.

At present, most of them are digital art works or trading cards, some are virtual goods, and some are packaged in common formats such as JPEG and PDF. Only a few NFT tokens are digital records of physical ownership.

2021 is the year when the NFT market takes off.

‍‍Nanyacat’s picture was sold for 5.9 million US dollars; the NFT works of artist Beeple sold for 60 million US dollars at Christie’s, becoming the third most expensive artist among living artists, exceeding Monet’s classic “Water Lilies” by more than 15 million US dollars; Cai Guoqiang launched one of his self-portraits 99 limited-edition NFTs of “Fried Yourself”; Wong Kar-wai made an unreleased one-and-a-half pieces of the classic “In the Mood for Love” into an NFT and sold 4.2 million Hong Kong dollars… The NFT market ushered in explosive growth. Especially since the second half of the year, NFT trading has surged. As of early December 2021, the cumulative trading volume of OpenSea 2021, the world’s leading NFT trading platform, reached US$12.91 billion.

A group of creators, speculators, and collectors, including Takashi Murakami, Stephen Curry, Musk, etc., couldn’t help but no longer wait, and actively try future-oriented digital assets.

Data shows that in 2021, the total value of NFTs on the Ethereum blockchain will reach 14 billion U.S. dollars, while in 2020 it will only be 340 million U.S. dollars. In 2025, the total NFT value is expected to exceed 80 billion U.S. dollars.

According to statistics, from 2020 to 2021, the online auction volume of NFT artworks has steadily increased, and the domestic market is no exception.

In June 2021, Alibaba launched the NFT trading platform AntChain Fandian on the self-developed alliance chain “AntChain”. In August 2021, Tencent launched the NFT trading platform Huanhe APP on the self-developed alliance chain “Zhixin Chain”. The above-mentioned two Internet giants’ deployment of NFTs is mainly limited to the primary trading market of digital collections.

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Is NFT the best vocabulary of the year?

NFT technology ensures that the circulation process of works can be traced and cannot be tampered with, and its transaction collection order will be confirmed. A song, a tweet, a moment of movement, an avatar, etc. can all be wound on the chain.

But in this wave of NFT for everything, what changes have been brought about? As an unregulated virtual asset, NFT has also spawned some speculation. There are more and more high-priced NFT projects that the outside world does not understand: a pair of Musk’s same virtual sneakers sold for $110,000, and a rainbow cat animated picture sold At $560,000, there are still up to $91.56 million pixel avatars for sale.

When we put aside the reason lost by the wind, we might as well think calmly, why is NFT?

In fact, NFT is not a new thing. As early as 2017, the NFT market took shape, with the first project-CryptoKitties. In the following years, although there have been many NFT projects, such as OpenSea, SuperRare and other trading platforms, Nike and F1 have also entered this market. But the market has always been in a tepid stage. In this way, the sudden popularity of the NFT market in 2021 seems intriguing.

The reason is not because NFT has changed the trading methods of works of art, music and other works, and strengthened the protection of the property rights of digital works, but because Bitcoin and other virtual currencies are getting colder in the world, and they are also facing more changes in some countries and regions. In order to strictly review and threshold, for the currency circle, there is undoubtedly a need for a new outlet. As a result, NFT took advantage of the arrival of dividends and became popular. From the outside world, there are endless stories of NFT making wealth, but in fact it is only because NFT needs to be fired up.

In this regard, many people in the industry also said that because the concept of NFT is still relatively advanced and the business model is not clear, they are faced with policy or regulatory risks due to imperfect legal systems, as well as unpredictable development risks in the future.

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How long can the NFT wind blow?

In this most brain-burning wealth adventure, some people have made a lot of money, while others have lost more than half.

A blockchain practitioner once said that in June and July of 2021, the NFT circle will mainly speculate on avatars, and then in November, the main focus will be on games, and the blockchain game publisher will let users buy The equipment or props in the game, and these equipment and props also belong to the NFT, and can go to the corresponding trading platform.

In this relay process of drumming and spreading flowers, who really recognizes the value of NFT?

In fact, regarding the development of NFT, even in the circle of blockchain, everyone’s opinions have not yet been unified.Whether it is Bitcoin or NFT, its value largely depends on people’s consensus. The more people who recognize them, the more stable the concept itself, and the expansion of the market, but compared with the craze caused by cryptocurrency, NFTs are not popular enough.

The current status of the NFT market is also slightly embarrassing. Some investors are indeed optimistic about the prospects of NFT, while others are purely speculative. Even in the art world, there are disagreements on NFTs. The former Christie’s auctioneer once advised that there is no point in buying NFTs.

After all, some people only see celebrities and entrepreneurs spending tens of millions of dollars to buy NFT avatars, but they never thought that their investment is just a social experiment that the rich can afford, and for ordinary people , NFT is more like a wealth gambling that suppresses all.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/how-popular-is-the-sale-of-3000-jay-chou-backed-nfts-in-5-minutes/
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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