How should we look at the NFT fire today?

In 2021, NFT, as the new representative of blockchain breaking the circle, suddenly entered the public eye. In March of this year, artist Beeple sold his NFT work for $69 million, making it the third most expensive work ever. A few weeks later, Twitter CEO Jack Dorsey sold his first tweet in 2006 for $3 million. Events like this have aroused people’s strong interest in NFT, and more and more creators, artists, celebrities and investors have entered this ecosystem.

The cryptocurrency market has experienced turmoil and reshuffle since May, but the popularity of the NFT market continues. Not only major auction houses have sold various works, but also various athletes, fashion singers, and brands are vying to launch themselves NFT. Every day, there are news of major brands entering the NFT first. Brands such as Louis Vuitton, Burberry, Audi, Porsche, Coca-Cola, etc. have all released their NFT collections this summer.

Different from general homogenized digital currencies like Bitcoin and Ethereum, NFT uses non-homogeneous currency. Each NFT can be permanently stored in the blockchain, with the characteristics of indivisibility and tampering, and various collections. The bundling of products realizes the confirmation of rights, which prevents the possibility of piracy while ensuring the scarcity of collectibles. Therefore, it has attracted the participation of many artists and blossomed first in the art field. The block cat, which was popular on Ethereum in 2017, is also a prototype of the NFT project.

How should we look at the NFT fire today?

NFT has brought a lot of dividends to creators, which can enable them to sell their works and avoid intermediary agency commissions. NFT also has many application scenarios. Not only real assets can be borrowed from NFT to be issued on the blockchain, but more native works in the digital world are also emerging. There are many young artists, and they are NFT artists when they debut. At present, the NFT market is in its infancy. What are the possible gameplay and application prospects? What is the value of NFT? Why do I need to spend money to buy NFT works that can be saved by right-clicking? Before jumping into the NFT boom, there are many fogs that need to be lifted urgently.

Recently, Tencent Research Institute held an online roundtable forum “Is NFT the beginning of digital assets?” , inviting three model developers, practitioners, and observers in the field of NFT to interpret the advancing NFT. The following are highlights and roundtable review.

How should we look at the NFT fire today?Chen Xu: The value composition of NFT,

Transmission and realization

To understand the market of NFT, it is necessary to establish the value analysis of NFT. What is NFT, how is it formed, how is it transmitted, and what is the final realization path. If we can clarify these, we can truly understand NFT. The power of the world, and where it has changed the whole world.

First of all, about the value composition of NFT. NFT is a standardized agreement, or a standardized format contract, a smart contract format contract. Since our border cost is zero in the digital world, there is no need to bear the relatively high cost of a first trial. However, Internet 1.0 and 2.0 bring another problem. Reducing the cost of copying cannot prevent everyone from pirating, and it cannot guarantee the uniqueness of each copy or the production of each digital idea. Now that we have a non-copyable token, we can finally lock in the uniqueness, that is, what NFT brings to us is this unique, non-copyable asset that can be copied in large quantities. This is the true value of NFT.

The core value of NFT is empathy

If the form of NFT that everyone is more familiar with-often digital currency, is regarded as a consensus on the blockchain, I think the core of its value in NFT is empathy. What is the difference between consensus and empathy? Consensus You must understand this matter to have a consensus. If you don’t understand Satoshi Nakamoto’s white paper, if you don’t have a basic understanding of double spending and hashing, it’s impossible to have a common understanding and understanding of this matter. Consensus. But if you buy an NFT, buy a token work, everyone’s imagination of it is obviously different, but there is a common emotion in the middle that affects it and organizes it. This is empathy.

So FT is consensus, and NFT is empathy. Empathy is the fundamental value of NFT, an irrational network effect. There are some video clips circulating. On the way everyone is sitting in the park, a person stands up and dances. At this time, most people look strange and no one moves. When the second one stood up and danced like him, The third person will stand up quickly, and when three people start to do one thing together, the next 100 people may be able to take the same behavior within a few minutes. This effect, known as the animal spirit in the financial market, exists everywhere in the NFT market. Because its core value is empathy, with strong irrational factors, this animal spirit performance will be stronger than ordinary animals.

Secondly, the value transmission of NFT. If the core of its value is empathy, then value transmission is through identification. The concept of identity is actually about a person’s identification of one’s social and psychological identity. Many philosophers and political scholars have discussed the issue of identity in the discussions on modernity, pre-modernity, and ultra-modernity. In the NFT market, an identity will become very obvious.

The realization of the value of NFT points to the meta universe

Finally, how to realize the value of NFT and where the path will eventually go is the topic of super-universe or meta-universe. Through the identity empowerment and transaction of the super universe, if there is no huge new worldview and organized scene, it can be settled down, and the business model cannot be sustainable, nor can it point to a truly visionary one.

To establish a true meta-universe, there must be three important infrastructures. NFT is one of them. Call it a hyperlink global proof. With a global proof, your assets can be used in different universes, different worldviews, and different applications. The scene transmission is not limited to a certain game or a certain social application field. The second thing we need to have is HSTP. With the hyperspace transmission protocol, all the digital counterparts of our own identities in the application scenario can be transmitted in different meta-universes, which are visualized and perceptible as defined by us. Digital assets can also be circulated. Finally, a super-sensory perception interface is needed, that is, the familiar AR/VR, virtual reality, augmented reality, and MR mixed reality. These technologies help to establish a perceptual world beyond the senses, so that the meta-universe can not only be produced in our imagination , Can also be truly felt in perception.

Therefore, we should understand the core value of NFT empathy, the value transmission it establishes through identification, and the ultimate ultimate value that can be realized through the meta-universe.

Qin Qing: From copyright to NFT

Preliminary Study on Service Mode

The product I am responsible for in Tencent Cloud Blockchain is called Zhixin Chain, which I initially explored in the copyright field. Zhixin Chain has a very deep accumulation in the field of copyright protection. At present, there are more than 300,000 deposits and a large number of authoritative precedents every day. When Zhixin Chain was immersed in the copyright field, we found that there were also many cases in the NFT industry.

The interpretation of NFT by CCTV 2 News Channel emphasized that NFT is a digital asset, and its authenticity and ownership have reliable proof. If NFT is used to carry copyright, the original author of each copyright can obtain 10% to 15% of permanent income during the NFT transfer process. In the traditional case, the resale income cannot be obtained by the original author when reselling after the purchase is completed, and it can be achieved based on NFT and smart contracts.

I was fortunate enough to participate in a very interesting event. After purchasing the NFT works purchased on a certain website, I found that the process from delivery to acceptance and delivery is different from the traditional purchase on the public chain. Before the purchase, I expected it to be an NFT, but after the purchase, it was found that it was first an original work in the form of PSD, and the second gave me a certificate of collection, and the third gave me a contract called copyright. Copyright transfer contract; finally gave me the metadata of a work. I have discussed with them many times, back and forth. I admit that what I am giving you is not an NFT in essence, but an auction item based on some of the thinking of NFT. Is this a transfer of copyright or an NFT?

NFT is the process of spiritual capitalization

There are also some iconic events, such as the first tweet released by Jack Dorsy, which was minted into NFT and auctioned for 2.9 million US dollars. In addition, the source code files of the World Wide Web are also planned to be auctioned recently, starting at 1,000 US dollars. Why would anyone be willing to pay such a high price for a sentence or a snippet of code?

When I talked to NFT artist Song Ting, I mentioned a very good term “spiritual capitalization”. Let me give an example. Back then, Zhang Xiaolong might have written WeChat or email code. If the code of the first version of WeChat is cast into NFT, if it is a code, these codes are copied infinitely without any communication meaning, because the code It’s just code. When we have the NFT and the means to solidify, we can solidify the original spiritual assets or a symbolic spirit and make it transferable. This is a very interesting value that NFT brings, and in the past there has never been any carrier that can do this.

Let’s talk about the recent popularity of NFT. Usually our blockchain practitioners say that this is a broken circle, or the first time the blockchain is out of the circle. After chatting with many people, I found that only by “entering the circle” can I describe this matter more appropriately. Modern young people begin to use pure technical logic to understand a handicraft technology that has been passed down for thousands of years. It is true young people entering the circle and starting to buy digitally and consumption methods. Song Ting used the blockchain method to understand tie-dyeing in the process of learning the traditional craftsmanship of tie-dyeing in Yunnan, and described that the tie-dyeing process never tied the cloth up and soaked it in the blue water of Isatis indigotica. Through the formation of patterns in different shades, I see that this photo is actually a t-shirt. At that time, Song Ting’s words that touched me the most was that I thought the cloth was pierced with a needle. When it was tied up, it was like you were creating a private key. When the cloth was dyed, the painting was like a public key. The process of creating a private key. This is how modern young people begin to use pure technical logic to understand a craftsmanship that has been passed down for thousands of years. This is a very interesting fusion.

Secondly, creators are entering the circle. A large number of traditional artists didn’t understand what a blockchain is. Since the occurrence of Beeple, they have begun to flood in and ask how to issue NFTs. Recently, a large number of artists or agencies have appeared, and 300 RMB can help you distribute your creations on Opensea. This is the emerging demand on the market. This is a very good thing, and it is also worrying. If there is no better, compliant and healthy NFT industry foundation, it is likely to force excellent creators to go to the public chain or to get some illegal coins, Create on non-compliant channels.

From 2018 to 2019, Tencent made an attempt in the field of blockchain games. At that time, it did “Catch the Demon Together”. You can imagine that in addition to games, NPA derivatives, equity certificates, tickets, etc., can already be issued accordingly. We are very looking forward to the application of NFT in the blockchain and in the future industry.

Compliance NFT based on alliance chain

Issuing your own NFT on the public chain, such as Ethereum, ETH, and token, are all necessary infrastructure for issuing NFTs. In the alliance chain, we have in-depth thinking, what kind of compliance should be the payment method of the alliance chain, it should be legal currency, and what exchanges are there on the alliance chain. At Zhixin Chain, we have cooperated with two qualified partners who have in-depth thinking about NFTs, one is Anhui Cultural Exchange, and the other is Hainan Digital Market Management Co., Ltd. where Mr. Chen Xu is located. Whether the NFT issued by the consortium chain counts or not, it is essentially an NFT issued by us, does it have sufficient power and credibility endorsement, and whether our NFT will continue to belong to us after 10 or 50 years. This proposition deserves to be further developed in depth, but our inference is possible and can be issued in compliance with regulations.

At the same time, there is a lot of hype, whether the supply is based on scarcity or the already functional demand, whether the demand falls in the currency circle or the traditional circle has begun to flock, and even the creative circle has begun to follow the trend. The gameplay may be drumming to pass flowers, and we should finally think about who pays for the NFT and who is willing to pay. These are all very important parts. The last step is the first thing to think about how to comply. Comprehensive analysis, we believe that the issuance of NFT on the consortium chain has some characteristics, for example, the property of currency can be truly removed, and the financial property of NFT should be lowered, because financial stability is the current regulatory focus.

In terms of macro policies, our country has given sufficient support and attention to the industrial blockchain. In the direction of regulatory policies, the focus is mainly on combating financial stability, and it is possible to explore the parts that can truly support industry. Therefore, we are very certain that Zhixin Chain is building a way for NFT compliance in China. NFT has been fired before, just like coins, it will return to zero. In the future, we will see a large number of NFTs will return to zero. If you truly recognize this matter and feel that it will bring changes in the industry, we need to think sincerely about how to do it well and how to do it well. I think only love can pass through the bulls and bears and truly resist the long years. .

Jiang Hongbo: NFT and digital finance

The next tipping point

We all say NFT, what is F, refers to replaceability, non-homogeneity, the concept of F comes from traditional finance. The last big financial explosion was in the 1970s. The reform of the financial industry was very slow, completely different from the Internet economy. When the Chicago Board of Trade was established in 1974, I was in order to deliver soybeans and let farmers produce soybeans with certainty. Whether it’s this kind of soybean or that kind of soybean, as long as you meet certain quality standards, you can be a kind of delivery. Variety. In fact, the idiosyncrasy is obliterated and its commonality is realized. At that stage, the commonality is the main realization. Only with standardization can there be scale, and with scale, can there be efficiency in resource allocation. We see that F plays a very important role in the connection of products and finance.

NFT is a new process technology product

Why do we return to NF (non fungible) later, and remove the idiosyncrasies, we should have our own investigation, why do we need NFT? Do we need a new type of investment? No, there are already too many assets in the world. We have more than one trillion U.S. dollars in stocks and over 120 trillion global bond markets. We don’t need to use codes anymore. Make up some more things for everyone to invest. This is not the main motivation for NFT or as an application on the blockchain. It is more about the possibility of creating a new type of network-based flattened infrastructure to achieve a transaction, waiting for you from A When you get to B, you don’t need to prove that you are what you own, including the digital assets that you just mentioned are directly owned and point-to-point.

So if we understand it, the biggest innovation of NFT does not appear as a certain asset class. It appears as a product of a brand-new process technology. We can deeply understand what impact it will have on our future economy and business. .

Simply put, in the Internet economy, in fact, it is to make rapid replication and homogeneity, and make it possible to copy without any difference; NFT is to restore each snowflake, telling us that each snowflake is different in the economy. , Cannot be copied and repeated, and is related to history, making every work and every number a unique digital right. In the virtual space, the Internet is not traceable to each other, and it is impossible to know where the data comes from. In China and the United States, laws and regulations on data property rights and other aspects have just been passed. For data contributors and platform operators in virtual space, the sharing of benefits in data confirmation transactions will become a very important issue. Only by separating each piece of snowflakes can we realize the possibility of realizing value. This is a brand new beginning for art as an era.

NFT is the core economic element of the next-generation digital economy

From a financial perspective, NFT transcends artworks and is an inevitable core economic element for the development of our next-generation digital economy. The ftization of the previous 30 years is now, our asset side has become more and more virtualized, and NFT provides a possibility. The emerging economy and the asset-light economy will be a very fast and active part in the future, but this part of the company cannot get financing from the traditional financial concept at all, because it has no collateral, which can be called tangible in the physical world. , Visible and valuable things. However, the existence of blockchain or NFT as a form of value confirmation and transaction makes these a possibility.

There are many challenges in this, including global coordination and cooperation supervision, etc., NFT also has many security incidents, which can be seen from a development perspective. China and the United States have adopted relatively different priorities in the development of the blockchain industry in the past. The financial environment in the United States is more open. Therefore, the current blockchain practice is very focused on financial resources. All financial supervision, including the Supporting exchanges for various digital assets. China’s blockchain policy is more certain that the blockchain should serve the real economy, and we must solidify the real economy. In terms of path selection, there may be differences between the past and the next one or two years.

The International Monetary Fund summarized the evolution of currency: in the past it was cash, followed by credit cards, Tencent Pay, Ali Pay, debit and credit cards are based on traditional payment tools, and WeChat, Alipay, and foreign M-pesa are part of this part. , Is now happening in investment currencies, commercial currencies and various decentralized practices including central bank digital currencies and pro-chain currencies. Similarly, the International Monetary Fund released the latest report. Basically, more than 80% of central banks in the world have done research on central bank digital currencies, and then passed 2/3 of the proof of concept and entered the experimental stage of implementation. Including DCEP switching to China. In fact, most of the central bank’s digital currencies play a role more in the existing monetary policy framework as a substitute, a digital substitute, for a service demand for the digital economy in the future.

In the next 5 to 10 years, the payment scenarios of the entire world will be more abundant. The next tipping point and combination of NFT and digital finance is DECO, decentralized business or distributed business. In the past, when transactions were to be made, there had to be a bank or an intermediary in the middle. Under the blockchain, NFT transactions are perfectly realized and can be exchanged directly. Think of the transaction of goods in ancient times. This kind of transaction can be carried out under the global network. It does not need to know the other party or the bank account of the other party to realize such an exchange of commercial products or services. .

Of course, a nine-story platform starts from the soil; a journey of a thousand miles starts with a single step. There are a lot of technical issues, legal issues, and compliance issues that need to be resolved. We can actually look at it from a dynamic point of view, after all, this wave will not change. The combination of NFT and decentralized finance is also a very interesting market for development.

Round table sharing

Art NFT and IP operation NFT, which one is more representative of the development direction of NFT?

Chen Xu: In fact, for the entire NFT market, the basic core value lies in empathy, and the method of value communication is based on recognition. The creation of artists is a very small piece in the entire NFT market, because the scale of artists is limited, which is completely different from the promotion of large organizations and the operation of IP by large companies. Therefore, the art market is a very fragmented market, which is more obvious in the NFT market. But the long tail effect and medium head effect will be obvious, because more creators who use digital art for original digital technology creation and encrypted art creation can get a certain return faster and more directly online, or To start the first step and get in touch with your fans, this NFT market can help the entire art circle or the pan-art circle very much. So it is efficient enough to spread, but the commercial return is relatively small.

Is the biggest IP market driven by institutionalization? The institutionalized IP market is just a little bit stronger than artists in terms of scale, but it still can’t keep up with the larger range of digital goods and digital assets, or the concept of creative digital products. None of the industrial products we use has no creative background. The water and beverages we drink, the mobile phones we use-of course there are all kinds of mobile phones, as well as the glasses we wear, including the T-shirts we wear. , There will be a variety of creative designs in it. In these sectors or industries, the original method was to first have concentrated industrialized production, which became a core of the entire ecological chain, and then intensive capital intervention, making capital the most important in the entire chain. The driving force and behind the scenes. When the NFT market matures, creativity will become the forerunner. Before all creative designs are produced on a large scale, they can already lock in their fans, users and generate empathy.

In this case, as long as enough recognition is generated, large-scale demand can be formed, so the demand will lead to the full-scale industrial production, rather than the other way around. In the future, whether it is a famous artist like Beeple or other small artists, they will be able to gain their own fans first. A certain luxury or fashion brand or sports brand needs to reach out to consumers and all need to attract fans. Therefore, the brand will go the other way. The artist creates a collaboration between the idea and himself, and finally forms a production. This will be the real relationship between creative workers and industrialization in the market, and I believe it will greatly change the entire industry.

Qin Qing: I just thought about two levels. The first level is that the artwork that is on fire now has a typical feature: high-quality low-frequency, high price, and the use of it in the future will be very low-frequency. Many people are asking about the value of NFT to Tencent. Tencent has produced a large number of network native assets, and these native assets may be issued first in the form of NFT in the future. Now NFT is not well known to the public. Just like we didn’t know about cloud computing ten years ago, in the next ten years, we may find that there are a large number of works with digital content around us. This is a part of the evolution of history. inevitable.

The second level is that people who do blockchain or currency investment know a word called currency standard, so let’s transition, what would it look like if it were NFT standard. There are already people who are doing NFT, and they are standard. During the Philippines epidemic, a man went home to play games after being unemployed. In a completely blockchain game, the money he earns can support his real-world life. This is a typical NFT standard thinking. Way.

So in the future, I think that B2C or B2C will take a step forward. Just as Xu always talked about a production relationship that is demand-oriented and in turn customizing the production side, there will be a large number of products. They all appear in the form of NFT, so NFT is just a means or a noun. But let’s imagine the current community delivery of food. After this incident, the trading market is no longer important, but this powerful set of Meituan’s operating mechanism. In the back-end distribution as a whole, it is based on information. Drive the realization of the entire process.

What changes will NFT bring to the art field?

Jiang Hongbo: Actually, I have done a lot of work at Harvard University’s Chinese Art Laboratory, and I have also experienced very personal pain. It is difficult for young people working and studying, artists and creators to support themselves in the current economic environment. Many very good young people work in laboratories and go to work as entrepreneurs during the day. If a person cannot rely on his own expertise or artistic expertise, hobbies and his own works to support himself, it shows whether the consideration of the product itself and the return given by the society are fair. There is no way for artists to support themselves, and there is no way for creating works to carry out very concise and accurate empowerment and trading. I think this phenomenon is worth changing from the most basic level.

Second, I actually want to add that the blockchain is not just a trading platform, it is also a collaboration mechanism. Many of the stories we mentioned earlier are artists working alone. In fact, every work is a cooperation of a very complex industrial chain. In the current environment, this kind of collaboration mechanism is very fragile and depends entirely on everyone’s subjective initiative. With NFT, at least I think the relative equity can be confirmed, and this is permanent.

After the Beeple incident, I organized some activities in CAMLab, and the artists came to share. The biggest change for them was to permanently change the relationship between the artist and the work. I used to paint a painting and sold it, but now I don’t. Now that I paint a painting, it is equivalent to being a shareholder of the painting. In the future, the product can enjoy benefits from its appreciation during the circulation process. This is a very peculiar thing. Experience and concepts.

How does NFT fall within the legal framework?

Wu Pingping (Tencent Legal Director): Regarding compliance issues, if we have good assets on hand, we want to develop in the direction of NFT and how to avoid compliance risks. I will give some supplementary answers to this question.

First of all, from the perspective of macro policies, the Ministry of Industry and Information Technology and the Office of the Cyberspace Administration of China jointly issued a “Guiding Opinions on Accelerating the Application of Blockchain Technology and Industrial Development” last week. We see that the regulators or supervisors are not across the board. Oppose, but encourage the valuable.

Second, the NFT project has a very basic premise in terms of compliance. If we understand NFT as BTC or ETH tokens, if we use it for trading, it is not allowed by the policy and the risk is extremely high. According to our research on the nature of NFT and the plan of Zhixin Chain to do NFT projects, we believe that NFT cannot be understood as a virtual token, but a virtual digital commodity. In other words, before you bought a physical penguin around Tencent, it was a furry entity. Now you digitize the penguin. The digitalization through NFT technology is a unique digital penguin. It is no different from the furry penguin you bought. A commodity is just a digital commodity. From this perspective, there is no legal risk related to virtual tokens. We must have a very correct characterization of NFT. Of course, this qualitative is our understanding under the current legal framework. According to the “Civil Code” and a series of other laws, we make this understanding. Although this understanding says that no law or current judicial practice recognizes this point, There is no other explanation. It is still feasible for us to guide in this direction in product design. This is the first point.

In terms of business compliance, Zhixin Chain has done a lot of foreshadowing work. As an open consortium chain, it has legally filed with the Cyberspace Administration of China. It also has a complete KYC real-name authentication mechanism. We also have a chain like Gongxin. Consensus nodes such as the judicial appraisal office and the notary office come to make a consensus on the chain, so we have done a lot of work on its credibility and chain compliance. When Mr. Qin talked about the first link just now, he also mentioned that the evidence on our chain has been recognized by a large number of judicial practices, which also proves that our chain is in compliance.

In addition, we have done a few very compliant data in the model. In the business model, it is a complete legal currency transaction, which is traded through RMB, which solves the risk of cross-border funds or anti-money laundering. Secondly, there is actually a very important aspect of NFT. We say that it is a non-homogeneous token. Homogenization is very important. We have also noticed that there are some NFT projects that once again split the rights and interests of the NFT. This kind of equity splitting has some risks in our opinion. It is possible to develop NFT in the direction of securitization and pan-financialization. We have strict restrictions on the NFT projects on our Zhixin chain, and we are not allowed to do this. This kind of NFT’s secondary equity split.

The third is that the risk is that there may be some risk of asset speculation in the NFT project. If a mediocre item is sold at a sky-high price, will there be a risk of money laundering or asset speculation. In this regard, the current preliminary compliance plan of Zhixin Chain is actually a hierarchical design of the business. That is to say, on the side of the first-level issuance, we are letting go, and there is no problem. But for C2C secondary transactions, we actually understand that we need a different entity from primary transactions to create an isolated financial operation model. Because if the first and second levels are done by the same subject, it is easier to introduce the direction of asset speculation in terms of supervision. This is because we have made some plans in the business model and design.

What kind of problems are starting a business in the NFT field trying to solve?

Chen Xu: I am currently promoting and founding Hainan Digital Market Management Co., Ltd. with a few investors. It is actually a platform to do this project, because this thinking is a reflection on the company’s future development and product development. In this regard, we have a lot of cooperation with Zhixin Chain. We are committed to building a fully compliant digital asset and NFT asset trading platform in the Chinese market.

We attach great importance to the secondary market for two reasons. The first reason is that we believe that the core value of NFT is empathy, and the way it is transmitted and the way it is traded is dependent on the psychology of human identity, which is the identity of hypermodernity in the psychology of identity. We believe that the NFT secondary market will also lose the centralized secondary market, which represents the organization of this identity, because in our opinion, this platform is not a simple e-commerce platform, although it is traded on it NFT. Just as the legal experts of Zhixin Chain said, it is a digital virtual commodity, but it is different from a simple digital virtual e-commerce. On the platform, empathy and recognition will be built up on Taobao,, and Pinduoduo. This kind of empathy and recognition can be imagined as a platform where transactions are taking place and at the same time a very strong social nature. Such a platform is only possible in the decentralized NFT secondary market. If it happens, the primary market will encounter the characteristics of centralized issuance and pre-modernity empowerment. So it can’t arouse the greatest empathy. Therefore, in some of the more successful cases in the world before, the first-level issuance was not issued at a very high price, but in the first-level issuance, it can spread faster and distribute these NFTs to the collectors. In the secondary market, let them truly discover the value of empathy and recognition that these NFTs may ultimately have. And this value evolves over time, with the proliferation of the population and the expansion of the community of enthusiasts, an ideal result will eventually be reached. This is also mentioned in the sharing by Ms. Hongbo just now. In this process, it can be considered that the artist has become a shareholder of the creation of NFT to some extent, not in the legal sense, so he also shared it in the secondary market. Among the benefits.

As Wu Pingping mentioned, when the primary market and the secondary market are too closely integrated or completely driven by the first level, there will be a series of regulations and the current legal supervision policies of my country, and the legal system will conflict. Aspect. Then we have done a very sufficient forecast analysis and avoidance in advance. So next we are likely to be launched in July and August among the products, you can see the results of our practice in this area, and we hope that the initial stage we introduced will be temporarily kept secret, and some very exciting IP assets can be obtained. Welcome everyone.

In addition to the Zhixin Chain at the platform level for Tencent’s NFT platform, what are the directions for cooperation at the business level? (The goose factory doll can’t be put down anymore. Will the penguin wind up in the future? Will there be NFT?)

Qin Qing: The latter issue was discussed with several teachers from the Corporate Culture Department of our company. What can be foreseen is that the NFT goose can be owned by everyone in the future. This is the first thing that can be expected very much.

Nowadays, there are a lot of IP-focused services, such as music, games, sports, novels, and animation. There are various services to communicate, to discuss what form and what should be posted. These issues are more important. important. For example, the QQ show is actually the first feature of our company’s spiritual capitalization. How to send the skin, the skin of the King of Glory is also the skin, if you use it to send it, how to send it. When we discuss these things in-depth with the business line, we have to repeatedly confirm, including what you post, in what way do you send it, and whether you sell it all at once or how. Because what Chen Xu just mentioned is the important point of paying more attention to the secondary market. In fact, the primary market is something that all asset owners will take very seriously, and they are already going to pass it on.

Some new forms of transactions in these processes may bring about different opportunities, such as seeing the auction form brought by Beeple, or others we are discussing. In the entire process of publishing and selecting partners, we are very cautious at this stage, and we also respect our partners’ willingness to do this, because after all, the students of the IP side have a tone of their own IP There is a clear time limit with the planner. In fact, to put it plainly, the first part that the Zhixin chain team is best at and understands is compliance, and the second is copyright protection. Some students asked what if a picture was posted on another chain, and then posted on our chain, or whether it can be posted on multiple chains, or if it has been infringed. A very good question, Zhixin Chain has been resolved, because it does copyright protection itself, a series of related copyrights, whether the matter of Quanchuang has been solved through the original technical service, and it is also the best NFT undertaking by Zhixin Chain. Grasp the hand, and do the corresponding circulation on the Zhixin chain through the part of the right confirmation. At this time, your gameplay, your price protection in the secondary market, and the pricing anchors in the primary market can come out.

What specific plans does Harvard CAMLab have in the NFT field next?

Jiang Hongbo: NFT is a very new thing. There are still many areas to be explored in terms of technology and legal definitions, but we are particularly confident in this. The Harvard University Chinese Art Laboratory hopes that such a platform can make young artists stand out, because becoming famous is a very difficult process, but if works stand out on this platform, I think it can bring more opportunities for exposure and recognition. More friends, so in fact, the works we want to create basically exist in virtual space. We hope that all kinds of young artists will have this opportunity to display his works on the platform. We also hope that NFT can confirm his works, creative rights and even exchange them with others. This is a great promotion.

Everyone tells us an example, which is also a case we are landing recently. If you are interested, you can also share your thoughts with us. The ancient capital of Luoyang in the Northern Wei Dynasty in China may have very few of us. China was the world’s Buddhist capital around 500 AD. There were more than 3,000 Buddhist temples in Luoyang, more than today’s gas stations. Based on the existing monuments and research and development, Harvard basically copied the entire Luoyang Buddha at that time as it should have appeared, including the avenues and various temples. What we want to create is a kind of virtual space. We put all the raw materials and the creative materials. Of course, we are also cooperating with many world-class museums, including some technology companies. We can put this material on the platform and then Creative artists are welcome to do what he imagined the temple in the middle would look like.

Our platform was launched in February, and there are many Chinese friends overseas. When more than 4,000 pagodas start to ring the bells at the same time in the morning, what a magnificent scene of layer upon layer. We wanted to do this at the time because we hoped that all kinds of young artists would have the opportunity to display his works on the platform. We also hope that NFT can confirm his works, creative rights and even exchange them with others.

Please use two or three words to answer the three most important things in the process of developing NFT.

Jiang Hongbo: The most important foundation is the law. All things we do must comply with regulations, but I think the most important meaning of it lies in hope, compliance and hope. These are my two words.

Qin Qing: It is still very similar to my last sentence. At this stage of NFT, there must be a lot of savage things. Whether it is bubble or fear or greed, I think the important thing is sincerity is very important. How do we look at it? It, and what kind of attitude to do it for a long time. So just use one word, sincerely, and give it to everyone.

Chen Xu: The three words I said when I was sharing, empathy, identification, and meta-universe. Empathy Everyone has understood the difference between it and consensus, and why it is so important in the NFT market. Since identification has the value of empathy, it can only be truly transmitted through identification to organize the market, and the meta-universe must be the ultimate value realization path of NFT. And I hope that everyone will not explain it from a purely noun point of view. I hope to understand it as a gerund, and at the same time pay attention to the progress of each step of the meta-universe. If you imagine and discuss it, I believe that in the next 10 or 15 years, you will become on the earth. Standing at the forefront is the most able to see the future and practice the future, these three words are for everyone.


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