I bought an NFT avatar for more than 10 million U.S. dollars

I bought an NFT avatar for more than 10 million U.S. dollars

Justin Sun spent tens of millions of dollars to buy the NFT avatar

30 seconds quick reading

To buy a “crazy stone” for $12.7 million and a social media avatar for $10.5 million, the founder of Twitter sold his first tweet for $2.9 million.

2. It is not uncommon for artworks to be auctioned at sky-high prices, but 12-year-olds can easily use the NFT works produced by the program, JPG pictures, and electronic pets. Why can they contract for the sky-high auction in the summer of 2021? ?

3. “A lot of illegal profit-making players operate in this way, using A address to hang high prices, and B address to take pictures, creating a false prosperity to hype the project.” According to some players in the circle or outsiders, this summer This NFT craze is like the “tulip fever” 400 years ago, cutting the leeks of large households.

In the past, a subculture youth grabbed a virtual butterfly GIF picture in the WeChat group, and the publishing artist used GAN to confront the neural network algorithm to generate a steady stream of butterflies. The driving force of this social activity comes from these virtual butterflies, which will become valuable NFTs in the future. , They expect that the “butterfly effect” of NFT will trigger a revolution in the art world.

Later, a buyer grabbed a JPG picture of a tulip on Opensea, the world’s largest NFT trading platform. The most expensive transaction price was US$22,500. After turning around, it was sold for more than US$3 million.

I bought an NFT avatar for more than 10 million U.S. dollars

I bought an NFT avatar for more than 10 million U.S. dollars

NFT Tulips

In the eyes of outsiders, this summer’s NFT craze is like the “tulip fever” 400 years ago. When the bubble bursts, it only takes one night to go from wealth to a few uninterested tulip bulbs.

Justin Sun:

In the future, 50% of top artworks will be NFTized

Spending $10.5 million to buy an NFT headshot Tpunks is Sun Justin’s big investment this year. Last time, he bought Buffett’s lunch for $4.57 million and broke the price record. Today, his WeChat avatar is this astronomical avatar, and the cover of the circle of friends is a photo with Buffett at that astronomical lunch.

Tpunks is the first NFT avatar project of his company TRON, which is similar to NFT’s “originator” CrytoPunks (cryptopunk), generating 10,000 avatars by a random algorithm. In addition to aliens, apes, and zombies, Tpunks has also cast the Justin Sun series. The sky-high avatars taken by Justin Sun are from this series, and currently there are only 11 pieces.

It was an astronomical portrait that made Justin Sun out of the circle, and it was an auction that made him a big hit in the NFT circle.

At this Christie’s auction, he photographed Picasso’s famous painting “Lying Nude Wearing Necklace” and Andy Warhol’s “Three Self-Portraits” at prices of nearly 130 million yuan and 13 million yuan respectively. It duly became the second highest in turnover that night, and the first was won by Beeple’s NFT work “Everydays: THE FIRST 5000 DAYS” for US$63.9 million (approximately RMB 400 million). Pieces of work.

I bought an NFT avatar for more than 10 million U.S. dollars

Justin Sun photographed Picasso’s famous painting “The Lying Nude Girl Wearing a Necklace”

Many people are asking, besides frantically buying heads, “crazy stones”, and world-famous paintings, what exactly is Justin Sun doing?

Building the infrastructure of NFT is his answer. With the help of TRON’s low-cost public chain infrastructure, developers can quickly produce their own NFT works and store them on a decentralized system. After buying Andy Warhol’s paintings, TRON’s community artists began to create Andy Warhol’s blind boxes. After the Loot project became popular, TRON launched TronLoot’s works on September 24th. Behind these incubation projects is TRON’s first phase of a US$100 million special fund. In addition to NFT, it also supports popular projects such as Metaverse and GameFi.

“In the NFT field, I personally or my company is not here to earn the first pot of gold, but to share the huge dividends of this industry.” During the interview, Justin Sun repeatedly emphasized, “In the next ten years, the world’s top 100 top artists will be Art works, 50% will be NFTized, this will be a trillion-level market.”

In Justin Sun’s view, NFT is not only the infrastructure of the meta universe, but also the Lian Yuan universe was spawned by NFT.

The meta-universe is the hottest concept at the moment. It is a complete body of digital society that is different from the real society. The most important thing is the economic system and model. NFT is a good solution to the copyright problem that digital assets are easy to be copied and lost. In the future meta-universe, everything will be NFTized. For example, design, music, art, text, etc. will have unique electronic tags, which have circulation value and solve the problems of art fraud and IP infringement.

Six years ago, when Justin Sun was interviewed for the first time, his label was still a post-90s entrepreneur. The variable happened in 2017. Although his company did not go public as expected, the social software “Accompany Me” developed by the team did not kill the phone. But Justin Sun turned into the richest post-90s generation in the currency circle, and founded TRON in 2017 at the craziest ICO (initial coin offering). Although he has been repeatedly questioned in the currency circle, he now relies on NFT to come to the public eye again.

NFT players:

Never buy

A group of players came to visit an NFT art exhibition. After the artist took turns to introduce his creative ideas, one player couldn’t help but ask: “Which one is the most valuable?”

“What kind of art form NFT is is not the key point, but money is.” In the discourse system of most NFT players, collecting is for making money or showing their financial resources and status, not for artistic value. A player asked ” “IT Times” reporters quoted one by one, CrytoPunks floor price (a lower price than the low price) reached 100 ETH (about 300,000 US dollars), and the Loot floor price also reached 10 ETH (about 30,000 US dollars).

Ironically, people in the NFT circle continue to emphasize that this is undoubtedly a major innovation of “blockchain + art”, which gives digital life to artworks, allows more people to understand and experience art, and makes art collection more democratic . However, the continuous appearance of sky-high NFTs has made NFT a circle of a few players, and some people use it as a gimmick to make illegal profits. Some NFT players even bluntly said: “Cut leeks purely and cut big players.”

Basketball star Curry, movie star Xu Jinglei and other celebrities have their social media accounts replaced by sky-high avatars, and Curry’s “boring monkey” cost him $180,000.

I bought an NFT avatar for more than 10 million U.S. dollars

NBA star Curry bought the “boring monkey” NFT profile picture for $180,000

“A lot of illegal profit-making players operate in this way, using address A to hang high prices and using address B to take photos, creating a false prosperity to hype the project .” An NFT player revealed to the IT Times reporter, never The loss is still in the trading market. The daily sales of the NFT trading platform Opensea have exceeded 100 million U.S. dollars, and 2.5% of the transaction volume is charged as a handling fee for each transaction.

Li Anjun, a partner of Norther Capital, a venture capital firm, made a small test in the NFT field and made the first pot of gold of $50,000, especially when the Loot project became popular.

In his view, the biggest risk of NFT comes from the lack of liquidity: “NFTs with low transaction frequency can only be regarded as fan economic products. It is free to receive, and then the market resonates.”

It is a general consensus that promotes transactions, and this consensus is mostly based on nihilistic hype marketing. In addition, the barriers to entry in the NFT circle are so high that many players who switch from the currency circle to the NFT circle said: ” I never buy NFTs that cost money .”

When the outside world was surprised at why the art circle was the closest to the currency circle, the art circle has already been tainted. A media person close to the art circle told the “IT Times” reporter that it is not uncommon for the art circle to use coins to pay wages. In the future, I might use NFT to pay wages.

The same crazy two circles played the game of drumming and passing flowers. When the drums stopped, those who still held the flowers in their hands could only silently swallow the bitter fruit.

Domestic giants refrain from entering NFT

NFT called the Non-Fungible Token, intended to be non homogeneity tokens, different from bits coins , Ethernet coins and other tokens homogenization. The essence of NFT is a kind of digital warrant. NFT works have unique and unalterable characteristics after being on the chain, which means they represent unique assets.

Out of attempts to protect music copyright, singers such as Hu Yanbin and A Duo have also recently released NFT records and albums. Of course, this is the most enjoyable way to play NFT.

However, in the NFT circle outside the issuer, player organization, primary market and secondary market, there are also roles such as promoters.

In China, Internet giants such as Alibaba, Tencent , and NetEase have begun to deploy the primary market for NFTs, but because they have not liberalized full-scale transactions, the secondary market has not been perfected, and most of the transactions have occurred on second-hand trading platforms such as Xianyu or social media.

Alibaba took the lead in launching the NFT digital art special in May of this year, and in June it released two NFT skins with payment codes, “Dunhuang Feitian” and “Nine Color Deer”, priced at 9.9 yuan, each limited to 8,000 copies. After seconds of light, the skin of “Dunhuang Feitian” was quickly put on Xianyu, which once soared to a high price of 1.5 million yuan.

I bought an NFT avatar for more than 10 million U.S. dollars

Ali “Dunhuang Feitian” and “Nine Color Deer” NFT payment code skins

Public opinion ignited in the country, and Xianyu urgently removed all NFT-related products from the shelves. Now the direct search for “NFT” keywords has been blocked. But Ali also issued a statement that “NFT is not a virtual currency”, and this incident also made a popular science for domestic audiences.

Nowadays, most of Ali’s attempts on NFT are of a charity nature. A reporter from IT Times spent 9.9 yuan to collect a painting of a mentally handicapped person/rural child.

I bought an NFT avatar for more than 10 million U.S. dollars

In August, Tencent launched the first domestic NFT trading software “Phantom Core” App. The first phase of the sale is 300 pieces of digital art collection NFT of “Thirteen Invitations” with sound. The second issue of “Wanhua Mirror” Digital National Illustrated Book was even robbed in one minute.

Prior to this, NetEase also released a series of NFT blind boxes for the IP of its game “Forever Tribulation”, which sold out in 15 minutes.

Unlike the Ethereum public chain used by overseas NFT trading platforms, the NFT projects launched by domestic giants cannot be used for commercial purposes such as secondary sales, and can only be collected or given away to relatives and friends.

Recently, AntChain, a subsidiary of Ant Group, issued a statement again to clarify the bottom line of its NFT business: resolutely oppose all forms of digital collection hype, resist price malicious hype, resist equity transactions, standardized contract transactions and other illegal activities, and oppose the financial productization of digital collections .

“The main purpose of Dachang launching NFT is to promote blockchain applications.” People in the currency circle believe that in the past few years, the blockchain has gone from being stigmatized to being rectified, but there are not enough applications to support it.

Li Anjun also believes that, according to domestic policies, the possibility of Internet technology giants entering the NFT in a large scale is very small, and the possibility of opening up domestic transactions is also very small.

Recently, the executives of Opensea, the world’s largest NFT trading market, are suspected of insider trading. The early NFTs have been questioned for regulatory gaps and lack of rules. As more players join, more problems will be exposed. The artist burned his own work “Idiot” live broadcast, but after the NFTization, the value of this burned work has increased by three times. This work satirizes the record turnover of Van Gogh’s sunflower auction in 1987, and reads “I can’t believe you idiots would really buy this.”

I bought an NFT avatar for more than 10 million U.S. dollars

Artist burns “Idiot” live broadcast 

There is nothing new in the sun. “Marketing is crazy in the circle, and the eyes are irritated outside the circle”, which is like the scene of currency speculation in the past. After the fire burns for a while, it will be clear whether the NFT is the butterfly effect or the tulip fever, whether it is the universalization of art or the cutting of leeks.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/i-bought-an-nft-avatar-for-more-than-10-million-u-s-dollars/
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