Laying out a new windfall in 2021, the NFT field is not to be missed

In 2021, NFT may change our perception of games, artwork, and other assets.

There are many hot spots in 2020 based on the ethereum ecosystem, especially Defi, which is simply exploding. As I’ve said many times in previous articles, I’m very bullish on Defi, which has a lot of potential to change traditional financial relationships and is now starting to push back traditional finance to make reforms. So in 2021 we must pay more attention to the Defi field, then in addition to Defi, Layer2, DEX these hot spots, NFT may also usher in an explosive period, I wrote about NFT six months ago, and now half a year has passed, this field becomes more and more accepted by the public.

The crypto-cat team recently created another explosive blockchain game, NBA Top Shot, and it has achieved very good results. 24 hours of market transactions exceeded $2.2 million, and sales broke the $15 million milestone, with $7 million last week alone. Anyone interested can search the website NBA Top Shot, which may require some scientific internet skills.

Artist Beeple has 1.7 million followers on Instagram. He has worked with LV, SpaceX, Apple, Justin Bieber and others, but his work has not previously generated much revenue on Instagram, but on December 11, Beeple auctioned off a selection of his work on the NFT marketplace Nifty Gateway, generating over $3.5 million.

In 2020, total sales of crypto artwork will be about $23 million. The market value has reached over $550 million. Although this is nothing compared to the traditional market, it opens the door for crypto artworks and a new frontier for creators’ economy. The crypto field based on ethereum not only allows creators to have a good showcase for their talent, but also to be better rewarded and respected.

In traditional creation platforms, such as WeChat NingDaa666, Weibo and ShakeYin, a large part of the value you create is taken away by the platform, and you are bound by various terms and conditions, so the creator is like a dancer in shackles. But in the field of NFT can change the status quo, with the promotion of NFT preaching, there will be more and more painters, writers, musicians, creators from all walks of life will come in, whether because of higher income, or because of more free creative space, NFT will become the next opportunity.

NFT can be traced back to 2012, when there was no ethereum, so the idea was based on the Bitcoin network, when Yoni Assia was the first to come up with the idea, and he envisioned it based on the fact that Bitcoin has a decentralized and tamper-evident nature.

But all bitcoins are homogeneous, and this dude thought that if some sort of tagging and notation could be done on bitcoins, and these tagged bitcoins could be tracked, then these particular bitcoins could give rise to many other uses. However, the idea didn’t have much of an impact.

After all, blockchain at that time was just some geeks communicating on a small scale until November 2015 when Ether created the ERC-20 token standard, which equated to the possibility of one-click coin issuance. This way the value transfer based on Ether can be completed, but this issue is all homogenized tokens, that is, your ETH and my ETH are actually exactly the same and can be exchanged at will.

Later, Dapper Labs developed the ERC721 protocol to define a new technical standard for NFT, and this is the same team that developed the crypto cat, which opened the door to NFT. the focus of the ERC20 token is on the number on the account to facilitate transfer and settlement; the focus of ERC721 is to track the ID and the ownership of something it symbolizes.

So NFTs have several characteristics.

Uniqueness, where each NFT is unique and cannot be replicated.

Certainty, once you have the private key to the NFT, then you own the fact that it can not be changed by anyone.

If NFT is a piece of equipment in the game, then even if the game has gone offline, but the equipment still belongs to you, not like the game now, your equipment is more expensive, as long as the game is no longer maintained, then your equipment will disappear along with the game itself. Until today, NFT has actually gone through the most difficult process from 0 to 1. As it becomes more and more known to the public, the subsequent influx of creators and buyers will be more and more, and major companies and big brands are interested and involved in this industry.

Several of the world’s largest brands are now developing blockchain-based games, collectibles and virtual worlds. These include the National Basketball Association (NBA), the National Football League (NFL), the Ultimate Fighting Championship (UFC), Formula 1, Louis Vuitton, Samsung and Nike, to name a few. All of these companies or organizations have their own unique brands, and developing NFTs based on this allows for increased brand value, and on the other hand is very positive in terms of public popularity.

So how to solve the problem of purchase?

Many NFT platforms will issue their own tokens, but this token is based on the ERC-20 issue, does not belong to the NFT category, but can be used to buy NFT assets, give you an example, we will be clear. For example, speaking of EnjinMarketplace, which is the official marketplace for Enjin’s NFT, it has issued its own platform token – ENJ, which can be purchased on regular exchanges, and then the NFT issued on its platform can be traded through ENJ. A few images were screened on the website to share with you.

Laying out a new windfall in 2021, the NFT field is not to be missed

We can see that each product has a price tag underneath, but the token used is ENJ, and then I clicked on one at random.

Laying out a new windfall in 2021, the NFT field is not to be missed

The rest of the operation is done by directly connecting your wallet to the purchase, and the purchased card will belong to you forever. There is also Decentraland’s pass MANA, which is used for NFT purchases and community autonomy as well as ENJ. The two above are based on their own issued platform coins to buy, there is another is a variety of other coins to buy, like DAI, ETH, etc., such as OpenSea, I also wait for the site to cut a few pictures to show you.

Laying out a new windfall in 2021, the NFT field is not to be missed

We can see that these NFTs can then be purchased with DAI or ETH, much like we do in the traditional marketplace to purchase art collectibles, giving a valuation to the artwork, which we then exchange with fiat currency, or other coins that have the same value as fiat currency. The simplicity of purchase and the diversity of platforms will also lower the barrier for more people to enter the field.

The liquidity of NFT is also being enhanced.

With the explosion of NFT has also come the NFT index fund, NFTX, which is not really a fund but a platform used to generate ERC20 tokens backed by NFT collectibles. These tokens are called funds, sort of like synthetic assets, and serve to effectively transform traditionally illiquid NFT into liquid NFT that can be traded on decentralized exchanges such as Uniswap, which is certainly a noteworthy attempt.

In fact, when I first entered the blockchain field, I had a feeling of being sent to the Northern Wilderness to open up the frontier, and I could not do many things, but with the emergence of Ether, I began to find that based on Ether we can create a world parallel to the real world, and even one day the world of blockchain can swallow up all the order of the existing world and build a more fair and efficient world, especially 2020.

With the explosion of Defi, we see the hope of changing traditional finance, and in 2021, NFT may be able to change our perception of games, artwork, and other assets. This day is actually not too far away, and 2021 is something to look forward to for those of us in the cryptocurrency world.

Posted by:CoinYuppie,Reprinted with attribution to:
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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