Jay Chou’s “bear” makes the crypto bear market less bearish

Blockchain January 11 News In  2022, it seems that the crypto market is not friendly, but Phanta Bear NFT has injected a warm current in this cold winter.

Sg5uYGmUJrQYs30hNDDMdHpJZAJWXNWkhR2zfVgV.jpegOn the evening of January 10, 2022, BTC once fell by 6% to $39,774, and has fallen by 14% since the beginning of the year, marking the worst start to the year since its birth. Although there has been a rebound since then, the figure was the biggest drop this year, about 14%, and the biggest start to the year since 2012. Bloomberg Intelligence analyst Mike McGlone said that $40,000 is a key technical support level for bitcoin, and the cryptocurrency’s price action reflects the current decline in risk appetite and seems to suggest a crypto bear market has arrived.

But on the other side, the NFT market is in full swing. On January 11, Phanta Bear’s total transaction volume exceeded $60 million, surpassing adidas Originals. Jay Chou also posted on Instagram to celebrate Phanta Bear’s ranking first in OpenSea’s trading volume chart in the past week, and wrote: “Be first in everything, When I said I am all about being no. 1, I wasn’t kidding! “.

Obviously, the Phanta Bear NFT blessed by Jay Chou has become the most popular “Bear” in this crypto winter.

In fact, Jay Chou has always been the “darling” of art auctions. As early as last June, he successfully closed the contemporary art auction “Asia | Jay Chou x Sotheby’s” curated by Sotheby’s. Nine artist auction records. And this time, Jay Chou’s fashion brand Phantaci and blockchain entertainment platform Ezek jointly launched Phanta Bear NFT and achieved great success. On January 1, 2021, all 10,000 Phanta Bear NFTs were sold in less than 40 minutes for a total of $10 million. Each of the Phanta Bears sold for 0.26 ETH, which is equivalent to nearly $1,000. It is worth mentioning that some buyers of Phanta Bear have resold these NFTs at a high price on the NFT trading platform OpenSea, and the most expensive price has reached 20 ETH (about 77,000 US dollars). 

Perhaps affected by the Phanta Bear NFT craze, BTC quickly rebounded to the $42,000 range, and the total market value of cryptocurrencies has returned to above $2 trillion.

What is Phanta Bear NFT?

Similar to some NFTs like Cryptopunks and Bored Apes Yacht Club, each Phanta Bear NFT is unique. For example, each bear wears a Phantaci outfit with a different design, with different color combinations, backgrounds, fashion accessories and handheld objects. Phantaci is a trend brand under Jay Chou. Obviously, they hope to create a new type of NFT by transforming real fashion clothes into virtual clothes on the phantom bear to create characters with different images. Not only that, but the big star also hopes to launch virtual NFT clothing in the future that can be used in the game metaverse as well as worn in reality.


According to its official website, the decentralized entertainment platform Ezek is currently focusing on planning virtual concerts and plans to open a members-only clubhouse in the Metaverse. Phanta Bear NFT can be used as both a concert ticket and a token to enter the Ezek metaverse entertainment platform.  

It is worth mentioning that just one day before the official release of Phanta Bear NFT, Jay Chou and his wife Kunling posted on social media the New Year’s Eve gift they received – Phanta Bear NFT. Among them, the Phanta Bear #10000 received by Zhou Tianwang wore a basketball shirt with the words “18” on his birthday, holding a basketball in his left hand and a basket in his right hand – showing his enthusiasm for basketball. The Phanta Bear #8938 received by Kunling is holding a bowling ball in his right hand with a full-page bowling ball in the background.

However, JVR Music, the record company founded by Jay Chou, issued a statement on its official Weibo on January 3, saying: Jay Chou did not participate in any planning, operation and management of this business activity, nor did he obtain any income – he was only interested in I’m just happy with this successful sale.

But this statement does not seem to have much adverse impact on Phanta Bear NFT, including Mayday, Lin Junjie, Edison Chen all showing related NFTs on Instagram, so they have gained a lot of attention in a short period of time. According to previous disclosures, the NFT platform Ezek has posted on social media that Phanta Bear NFT will also release the project roadmap on January 10. They plan to launch a community vote in the first quarter to select 4 Phantas from the Phanta Bear NFT collection. Bear, will appear in the physical collection at Phantaci Spring 2022; buy a virtual piece of land in the Metaverse and build a members-only clubhouse in Q2, will work with record labels and movie studios in the future; offer members in Q3 A pass for a virtual concert.

There is no doubt that celebrity effects have played a huge role in the development of Phanta Bear NFT. So–

Is celebrity effect reliable in the NFT market?

Frankly speaking, the celebrity effect did play a role in the reason why the NFT market was able to explode in a short period of time. From the earliest NBA star Stephen Curry to the blessing of many Hollywood stars, it has attracted many fans and audiences to participate. In addition, the data on the blockchain cannot be forged, and it can be identified at any time to ensure that the NFT purchased is genuine, so it is scarce and loved by many collectors.

But there is a lot of controversy about NFTs. Some see it as a new opportunity to make a fortune, while others see it as a new way to harvest leeks. Some people believe that NFT itself has no value. The reason why it can be sold at a high price is mainly based on “value recognition”. Once this value recognition is destroyed, all items will be worthless. But some people think that the potential value of NFT is huge. For example, NFT can help buyers to complete identity construction and social work in the virtual world. Since each NFT is unique, it accurately records the buyer’s identity and copyright ownership in the “metaverse”, which is equivalent to replicating the uniqueness and scarcity of items in the real world into the metaverse.

The concept of “metaverse” has now formed a new subcultural phenomenon, and its participants are almost young people born in Generation Z and later. The telecommuting caused by the new crown epidemic, spending more time on social media and online meetings, let more people face up to the interaction and application of the real world and virtual scenes, and participate in the construction of the “metaverse” is being seriously considered by the younger generation, so NFT It’s no surprise that it is getting more and more attention.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/jay-chous-bear-makes-the-crypto-bear-market-less-bearish/
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