Jay Chou is trapped in the “Oolong” of the Metaverse. Why are the stars keen on NFT?

Jay Chou is trapped in the "Oolong" of the Metaverse. Why are the stars keen on NFT?

Jay Chou “fallen” in NFT.

January 1, 2022, the first day of the new year. Chinese pop singer Jay Chou wrote on social media “2022, brother, change your avatar for a few months and feel the feeling of the Metaverse”, and then changed his social avatar to an NFT called Phanta Bear (phantom bear).

On the same day, Jay Chou’s trendy brand PHANTACi cooperated with NFT platform Ezek to release the Phanta Bear series of NFTs, with a total of 10,000 issued. The series was sold out within 40 minutes, with sales of about 62 million yuan.

Jay Chou just “helping friends”?

Just after fans scrambled to pay, Jaywell Music Co., Ltd. (hereinafter referred to as “Jerwell Music”), founded by Jay Chou, posted on Weibo that “Recently, the outside world mistakenly thought that ‘Phanta Bear’ jointly launched by PHANTACi and a certain website”. NFT is related to Jay Chou. The company emphasizes that this business behavior has nothing to do with Jay Chou! Nor is Jay Chou launching NFT! Jay Chou only received the ‘Phanta Bear’ NFT gift from PHANTACi, and is also happy for the success of the product’s sales, but Jay Chou has never participated in any planning and operation of the project, nor has he made any profits, so I hereby explain.”

What the hell is going on here?

PHANTACi and Ezek are the partners of this NFT issuance.

According to PHANTACi’s official website, the brand was founded in 2006 by Jay Chou and his friend Ric, and has launched a number of Jay Chou co-branded trendy clothing.

On January 1, PHANTACi’s official social media announced that “PHANTA BEAR IP is limited to 10,000 NFT collectibles issued by EZEKCLUB.” Obviously, this statement confirms that the Ezek platform has indeed cooperated with Jay Chou’s companies in this release of NFT.

According to the statement released by Jewell Music, it means that this IP authorization is used for free, and the income is completely owned by Ezek. Ezek has not disclosed much information before, what kind of background can use Jay Chou IP for free?

According to Ezek’s official website, the platform has three founders, but all three founders are displayed in cartoon images and their names are nicknames. The introduction of one of the founders is: “Will L, muscular man, once wrote lyrics for the king of Chinese pop.”

Fans who are familiar with Jay Chou know that Jay Chou does have a good friend who loves fitness for many years, Liu Genghong, whose English name is Will Liu. Previously, Liu Genghong wrote the lyrics for Jay Chou’s song “Back to the Past”.

And Starvision Entertainment Ltd. (SEL), the parent company of Ezek, was created by Liu Genghong.

Therefore, Jay Chou’s NFT incident may be understood as once again using personal IP to help friends’ new business.There are even many fans on social media who think that Liu Genghong once again succeeded in making money by borrowing his friend’s fame, and Jay Chou was consumed again, making a grievance for him. 

In any case, Jay Chou’s popularity and popularity have indeed attracted a lot of attention for this NFT issuance.

Celebrities are coming

Like Jay Chou, recently, the popularity of NFT and the Metaverse is inseparable from the influence of the entry of many stars. On the other hand, NFT and the Metaverse have also become new targets for many star investments. Celebrities such as Shawn Yue, JJ Lin, Lu Han, Stephen Curry, and Xu Jinglei entered the venue one after another, or issued their own NFTs, or purchased real estate in the Metaverse.

But obviously, in addition to interest, the stars have their own business experience.

Stephen Curry is a popular NBA star. On August 29, 2021, he announced the purchase of Boring Ape NFT and changed his social media avatar. This news immediately caused a sensation and became an important event for NFT to come out of the circle in 2021.

But for Curry, this may just be an announcement to enter the crypto market.

On September 8, 2021, a cryptocurrency exchange announced a long-term partnership with Stephen Curry. As its global ambassador, Curry will receive a partial stake in the exchange. That month, the exchange’s 24-hour trading volume exceeded $22.1 billion, making it the third-largest cryptocurrency exchange in the world.

In December 2021, Curry released 2,794 NFTs on the exchange, which sold out in 5 minutes, with sales of $1.46 million.Curry released several NFTs that month, including the “Genesis Curry Flow” sneaker series NFTs, with total sales of about $4.8 million.

In addition to having a soft spot for NFTs, JJ Lin has gone further in the metaverse than other celebrities. On November 23, 2021, JJ Lin announced on social media that he had purchased three plots of land in Metaverse Decetraland, and called on fans to be neighbors with him. In addition, he also holds many well-known NFTs such as Boring Ape and Cypherpunk.

Among the stars, Xu Jinglei is a high-level NFT player. On August 14, 2021, Xu Jinglei changed her avatar to an NFT called Animetas. According to its records, the account currently holds 621 NFTs. According to an estimate by Lianxin, the NFT currently held by this address is worth more than 8.56 million yuan.

Among them, the current price of a boring ape NFT purchased by Xu Jinglei for about 500,000 yuan five months ago has soared to 4.28 million yuan, an appreciation of nearly ten times.

NFT with halo, chaos

As a digital collection, NFT can be divided into practical and enabling types from the perspective of value expression.Practical NFTs are used as props in metaverse or blockchain games, and have practical use value in a specific blockchain environment. The other is the enabling type, which relies on artistry or celebrity effects to reflect value. Most of the NFTs issued by stars belong to the latter type.

Generally speaking, if there is no specific usage scenario (such as metaverse plots and props for blockchain games), it is difficult for the NFT issued by stars to reflect the uniqueness. After all, copying the same JPG picture and then uploading it on the chain can make it fake, and there are many acts of issuing NFTs under borrowed names.

Previously, the NFT trading platform Opensea was once controversial due to the proliferation of counterfeit NFTs.

On August 31, 2021, the BBC reported that hackers invaded the official website of the well-known artist Banksy (Banksy) and exhibited fake NFTs. Then British collector Pranksy was tricked into bidding 100 Ethereum, because the bid was much higher than Competitors, causing the auction to end quickly and funds being sent to the scammers in the form of Ethereum. In this regard, the Banksy team stated that any Banksy NFT auction is not associated with the artist in any form.

There is currently no unified industry practice for NFT authorization issues. Although in the conventional business environment, the transfer of rights with commercial value such as portrait rights and copyrights already has mature legal regulations and operational guidelines. However, the NFT issuance right has not yet been clearly stipulated in the laws of various countries. With the increasing number of incidents of Jay Chou being issued NFTs in his name, the relevant regulations and industry guidelines for NFT issuance urgently need to be enriched.

IP value overdraft is another problem faced by stars issuing NFTs.

In the traditional commercial realization path, stars can obtain the value bonus brought by fame through film and television works, creation of trendy brands, etc. And NFT gives stars a simpler and cruder path to monetization. With just a few lines of code, you can quickly generate profits of up to tens of millions. Once this model becomes a regular operation in the industry, it will be an excessive overdraft of the value of its personal IP.

In fact, when stars enter the metaverse, NFT is not the only way to go. As a virtual mirror of reality, the Metaverse can achieve more.

On October 22, 2021, the metaverse world Decentraland will launch a three-day metaverse music festival, and 80 groups of artists including Rat Ye will appear in the form of virtual avatars. The festival makes money by selling avatars to buy wearable NFTs, and the festival also offers virtual psychedelic sculpture parks, playgrounds, and mobile toilets.

In June 2021, the owner of the NBA Dallas Mavericks stated that NFTs will be used as team tickets for next season.

Objectively speaking, if the Metaverse really becomes the form of the next-generation Internet. Celebrity publicity can lead more people to participate. The Metaverse and blockchain redefine the distribution relationship between platforms and content producers, and also give high-quality content producers a fairer opportunity, helping to stimulate the output of multicultural works.

But for many stars who rely on the metaverse or NFT to achieve rapid realization, the idea of ​​giving up the idea of ​​fishing may seem even more precious.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/jay-chou-is-trapped-in-the-oolong-of-the-metaverse-why-are-the-stars-keen-on-nft/
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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