Layout the differentiated competition of the NFT platform cryptocurrency exchange
From the classic dunk shots of NBA star LeBron James, to the NFT auction of the first tweet in the history of Twitter founder Jack Dorsey, to the digital work “Every Day: First 5000 Days” by the encryption artist Beeple. At a high price of US$69.34 million, Alipay and Dunhuang Fine Arts Research Institute issued two NFT skins based on the AntChain payment code to blow up the circle of friends. “Everything can be NFT” has become an iconic Slogan in the crypto community.
In the face of NFT trading platforms such as Opensea, Nfity Gateway, and Rarible that have already conquered the global market, cryptocurrency exchanges have also begun to deploy their NFT platforms at the beginning of the year.
On May 17, the NFT platform-iBox, which was incubated by Huobi X Center, was officially launched.
On June 3, FTX announced the launch of NFTs, the NFT trading market.
On June 22, Gate.io launched the Gate.io NFT box based on its own platform.
On June 24, Binance NFT platform BINANCE NFT was officially launched. On August 1 of the same year, Binance integrated the NFT platform into the App.
Compared with foreign NFT trading platforms that have been deposited for two or three years, cryptocurrency exchanges, as the largest part of the industry, have natural advantages despite their late start:
1. There are a large number of users who hold digital currencies. Exchanges such as Binance and FTX even have a large number of global users.
2. It is possible to simplify the transaction process and the preservation process, and quite a few exchange users do not have digital wallets.
3. The transaction has more resources and market operation capabilities. Top brands, artists, galleries, art galleries, and brokerage companies are more willing to cooperate with such natural sales platforms. From an operational perspective, it is easy to build momentum. After a certain NFT appreciation effect is formed, the market is more likely to fomo.
4. As an exchange with strong financial strength, it can make more profit transfers and accelerate its market share.
Of course, if you want to compete, you have to make choices. What about the commonality and differentiation of exchanges in the layout of NFT trading platforms?
As the first online NFT platform on the exchange, iBox is positioned for the issuance and circulation of high-end NFTs, and has determined a route to serve the Asia-Pacific region and unite well-known IPs, artists and KOLs. iBox is deployed on multiple public chains (the first HECO) and is the only decentralized platform on the exchange. Support ERC-721 and ERC-1155 standard digital asset trading.
On the first day of iBox’s launch, the first NFT book “iBox 001” was released by the joint movie star Chen Xiaochun, which is also an earlier celebrity NFT work in China.
In terms of artists, the iBox platform and Beijing Wanhu Chuangshi Culture Media Co., Ltd. jointly issued the first NFT space artwork of “Xu Bingtian Bookmark”.
Anyone who knows art knows that Xu Bing is the most important artist in contemporary Chinese art. Xu Bing’s masterpiece “Book From The Sky” (Book From The Sky) was created from 1987 to 1991. It was exhibited for the first time and attracted the attention of the global contemporary art world, and entered many European and American “World Art History” textbooks. The final auction price of the work was as high as RMB 2 million, and it was snapped up by a mysterious collector when it went online. Set the highest domestic single-piece NFT transaction price in one fell swoop.
The NFT space art works of “Xu Bingtian Book Book” are composed of three images, perfectly presenting important moments in the history of space art in the world.
Qi Ye, vice president of Huobi Group, previously revealed on social media that the domain name ibox.com alone cost tens of millions of yuan, which to some extent reflects Huobi’s determination to make a difference in the NFT market.
After the first NFT release, iBox has successively launched the NFT version of “Dynasty Warriors”, including the NFT characters of Louis Koo,
Carina Lau, Gulinaza, Han Geng, Wang Kai and others.
In addition, music NFTs by Tao Zhe and other musicians have been launched, the Raid in Heaven series cooperating with Shanghai Film, and the IP collection card NFT of Water Margin, etc.
These actions should prove the first stage of iBox’s exploration of NFT-based products with IP related to film and entertainment stars. Through the attention of fan groups and the empowerment of products, it has attracted the attention of users in the industry, and thus obtained the goal of the first batch of seed users.
Perhaps seeing the boom in the blind box NFT market, iBox launched the first phase of the blind box on July 26, and the first phase of the IP Little Yellow Duck Blind Box on July 30 and quickly sold out.
As an exchange that occupies half of the domestic market, Huobi has great advantages in many aspects such as resources and channels. In addition to existing users, iBox also expects to expand the circle and attract more out-of-circle traffic through IP and celebrity effects. This is also the only way for NFT to reach the masses.
「 FTX NFTs 」
FTX did not do much after launching the NFT platform.
Users who successfully bid for this NFT can have lunch with FTX founder SBF or have a 30-minute Zoom dialogue. The highest bid for this NFT reached $110,000.
Except for the SBF NFT lunch auction, it is the only official introduction to the FTX NFTs platform that is “alternative”. The article uses a lot of space to remind the potential risks of investing in NFT due to liquidity and its own value considerations.
This is the humorous Q&A at the end of the article:
-I am confused about NFT. Am i missing something? What do they do?
-You may not miss anything, but you can explore the NFT provided by FTX here. Some people like NFT, some people don’t. Each has its own!
Of course, the general positioning of FTX NFTs can be seen from the NFT categories on FTX-fashion, fashion clothes, and FTX cultural shirts. FTX NFTs are currently centralized and will allow users to withdraw from FTX Gallary to a decentralized wallet in the future.
FTX has successively launched NFT with the top trendy play brands PoP Mart and MEDICOMTOY
On August 2, FTX announced a partnership with Dolphin Entertainment, a US listed company in the NFT market. Dolphin’s subsidiaries include several well-known public relations companies in different industries, including 42West, Shore Fire Media and The Door.
FTX tweeted that its NFT market will focus on film, television, music, games, e-sports, cooking, lifestyle and charity industries.
「Gate.io NFT Box」
Gate.io NFT Magic Box is committed to creating a civilian, centralized NFT trading platform for all artists. All NFTs on its platform are for free casting. The goal is to serve users and creators with creative enthusiasm.
From the platform of the Gate.io NFT Magic Box and the promotion of the event, we can see the words that are close to the people and blood such as counterattack, ordinary people, gold always shines, the most down-to-earth, sinking, and zero handling fees. This reflects Gate.io’s determination to take the popular NFT route.
At the time of its launch, Gate.io NFT Magic Box launched a series of auction weeks of “One Shot, One Box” series. All the lots are limited edition paintings created by emerging contemporary artists.
The auction works on the first day are two paintings created by Hu Guidong, a young artist born in the 1980s who graduated from the Central Academy of Fine Arts: “Dreamland No. 1” and “Dreamland No. 2”. At 18:00 on June 28, the two paintings were sold for $259 and $271 respectively. Both have a starting price of $1.
Compared with BINANCE NFT and iBox’s big hand, Gate.io NFT box appears to be much more “simple” both in terms of activities and auction results.
In addition to the “One Shot “Box” series of auction weeks, and two Gate.io NFT Magic Box “Magic European Cup 2021” themed events, 1 USD grabbing limited peripheral events, Gate.io NFT Magic Box no matter from event or sales auction None of the above has brought much surprise to the market.
「BINANCE NFT 」
Binance started to build momentum for the BINANCE NFT platform in March and planned the MyFirstNFT competition. In April, it announced a partnership with Singaporean publisher Media Publishares (Vogue Singapore) and VIDY to build the NFT platform.
It was officially announced on April 27 that it will go live in June. At the same time, the currency of the NFT sector related to Binance, such as Bake, ushered in a surge of more than 500%.
As the world’s largest cryptocurrency trading platform, Binance has an international team and experience in international operations.
The general layout of the platform can also be seen on the official website: casting, buying and bidding for the world’s top NFTs through the trading market; unique NFT blind boxes; unique collectibles exhibitions and other high-end activities.
On the day the platform went live on June 24, BINANCE NFT held the first “Genesis Genesis” auction event, launching its “blind box” function, and the recently announced “100 creators” trading market. Users can participate in auctions, apply for blind boxes and conduct transactions in the market.
1. Auction: BINANCE NFT, together with TRON and APENFT Foundation, held the first auction with the theme of “Genesis”, and selected the NFT works of Andy Warhol’s “Three Self-portraits” as the main auction items. Within 10 minutes of the start of the auction, a bid of 2.52 million US dollars ushered in a good start, and finally sold for 2.8 million US dollars.
2. Blind box: The first blind box series to be unveiled is “tokidoki”, which means “sometimes” in Japanese, and is an internationally renowned lifestyle brand. Since its debut in 2005, tokidoki has accumulated a fanatical following with its otherworldly characters, and sold more than millions of physical tokidoki around the world. The total number of 110,000 digital tokidoki products in the last three phases is also just a few. Sold out in minutes.
When the first phase was released, it was almost less than 1 second, with a total of 40,000, and each blind box of 20 BUSD was swept away. Later, according to the official explanation, the system went wrong because of the intervention of scientists. After the system was revised, the blind box was still wiped out in a very short period of time. Many people who only grabbed N-type blind boxes (the most common type with the most quantity relative to “R Rare”, “SR Super Rare” and “SSR Extreme Rare”) are still sold on the secondary market at 3 or 4 times the price Sell. The heat is evident.
3. “100 creators”-celebrities and creators from all over the world: The diversity of the works of these 100 creators will allow users to trade the NFTs of outstanding creators in various fields. In the list, we can even see Yalun Yan and Ding Wu, the lead singer of the Tang Dynasty band, which are relatively well-known names in China.
Users can buy and bid from hundreds of creators they like, and they can also resell NFTs. Binance will charge a 1% handling fee, and creators or collection providers will continue to receive 1% royalties-thereby distributing most of the profits to creators and users.
Compared with the industry situation where traditional art trading galleries occupy the bulk of sales, the NFT trading platform has made great concessions in the early stages of its development and is not eager to eat this piece of cake. This has increased the enthusiasm of creators to try to a certain extent, and the drop in prices and the royalty mechanism also have the effect of improving liquidity.
In less than forty days from June 24 to the present, Binance has launched 14 consecutive blind boxes. The cooperative IP includes the “NARAKA HERO” series of blind boxes authorized by the IP of NetEase’s game “Forever Tribulation”, and the game ecosystem. The zombie series blind box of the platform Seascape. And the exclusive blind box series “Big Bang for NFT” launched by Binance NFT market, focusing on popular Binance Smart Chain (BSC) NFT projects, such as BunnyPark.
From the perspective of sales, almost all blind box NFTs are sold out when they are online, and the market is extremely hot.
Among them, the initial auction price of BunnyPark’s NFT work “The KING” was 1,000 BNB, but it was finally sold by Binance user Anonymous_udau at 3,100 BNB. If calculated at the current BNB of 340 U.S. dollars, this transaction amounted to 6.85 million U.S. dollars, a collective category. The highest record in auction history.
In addition, the national teacher Sora Aoi also released the first set of NFT works of his own creation through BINANCE NFT.
On July 27th, BINANCE NFT Market announced that through cooperation with the Russian State Hermitage Museum in St. Petersburg, paintings by Leonardo, Vincent Van Gogh, Claude Monet and Giorgione will be available in August Tokenized auctions are conducted through Binance’s NFT market. This is also a cooperation between Binance NFT platform and national museum institutions.
Abundant resources and cooperation with brands and leading artists have enabled Binance to continue to output high-quality activities and launch high-quality NFT digital artworks. Judging from the strong development momentum of BINANCE NFT and the continuous exposure on Twitter, BINANCE NFT has the ability to achieve longer-term development in the future.
” How is the user experience “
After comparing the different positioning and landing projects of the platform, what about the user experience of the platform itself?
From the creative side, both Binance and Huobi restrict the minting rights of NFTs, and only certified artists and institutions can mint NFTs. Although BINANCE NFT’s roadmap shows that everyone will be allowed to upload NFT works in the future, it did not disclose the specific time.
For creators, these platforms have certain thresholds and restrictions.
The Gate.io NFT box allows everyone to cast NFTs for free, but such an open style of play did not bring particularly good results: in addition to the official NFT, the platform is full of a lot of valuable and unmarketable works that no one cares about. . Since there is no handling fee threshold on the chain, there are even some NFT works that are pornographic and infringe copyrights.
From the purchasing side, the NFT platforms of Binance, FTX and Gate rely on the exchange’s own account system to facilitate the participation of platform users. But to a certain extent, it also means that other people who want to participate must first become users of the cryptocurrency exchange.
In addition, compared with BINANCE NFT and Gate.io NFT magic box, all NFTs on iBox are not classified or even equipped with retrieval function, which also affects the user experience.
” Problem: Pricing, copyright disputes “
The production of NFT must be a cross-industry cooperation, which is a relatively new field for exchanges that started with trading and finance. Therefore, in the process of NFTization of digital works, there will be ambiguities in positioning or price setting. Will the price of 888 USDT of a movie character poster divided into 88 pieces really be accepted? This is a question left to creators and distributors.
NFT artwork that does not rely on physical objects becomes difficult to obtain customers after a certain price. At this stage, there is still no better application scenario for NFT artwork.
The actual significance of the large number of cheap NFTs appearing on the Gate.io NFT box needs time to test. Similar to the coin listing style, Gate does not have much arrogance, but this time it is necessary to put a question mark on whether you can punch the master indiscriminately.
The cooperation between iBox and IP stars involves more copyright ownership and disputes. Two blockbuster NFT projects have both encountered infringement disputes.
On July 9th, the official Weibo of Great Culture stated: Our company Mengdaling Culture (Beijing) Co., Ltd. strongly condemned the illegal use of Tao Zhe’s name and portrait in the “iBoxNFT” WeChat official account to produce and sell NFTs.
IBox was launched on May 18, and Chen Xiaochun jointly launched the first 1,000 NFT images priced at 199 USDT. Subsequently, there was an infringement dispute with related companies, and all relevant information about Chen Xiaochun’s NFT on iBox and marketing channels has been deleted. The first announcement about Tao Zhe on the iBox WeChat platform, “Guess the Singer, Win the First Godfather Music NFT in Chinese Music” has also been deleted.
This is also the reason why many existing films and music IPs are not easy to NFT. There can be dozens of companies in the IP copyright ownership of some movies and televisions. Simply coordinating the NFT process of a film and television IP is faced with great challenges.
However, as NFT drives the rise of the digital asset market, institutions and companies will reorganize the copyright solutions on the creation and distribution ends, as well as NFT owners, and provide a solution for companies and individuals who want to participate in the NFT field in the future. New copyright division and confirmation methods.
” Market Outlook “
As NFT coincides with the attributes of artworks and scarce digital goods, rare digital art transactions rely on the technical agreement of the non-homogeneous token NFT to develop rapidly.
OpenSea, the world’s largest NFT trading market, had a July transaction volume of 325 million U.S. dollars, a 118% increase from the historically high June transaction volume (149 million U.S. dollars), continuing to hit a record high. The number of NFT transactions and transaction fees in July were 45.77. 10,000 and USD 21.78 million, simultaneously breaking the previous historical records of 211,400 (June) and 10.5 million (March).
These data show that the NFT market still shows a strong growth trend. The emergence of a large number of new platforms, and the entry of traditional Internet companies such as Tencent, will provide more possibilities for the future development of NFT.
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