In 1422, Charles VI, the “mad king” of the French Valois dynasty, died of internal and external troubles and insanity, and was succeeded by Charles VII.
As the old king’s coffin slowly sank into the vault of the Basilica of Saint-Denis, a song reverberated throughout France
——”The King is dead, long live the King!”
The first half of the sentence “The King is dead” sends the old king back to the west, and the second half of the sentence “Long live the King” sings the arrival of the new kingship.
The sacred transfer of power was completed in the declaration, and after that, Charles VII lived up to expectations, turned the tide, drove the English out of the French territory, and finally ended the Hundred Years War between England and France.
Today, 600 years later, we sing: NFT is dead, long live NFT!
First, NFTs are dead!
We are in a complex and dangerous climate, with wars, epidemics, economic recessions and periodic financial crises like ticking time bombs. The NFT market is a microclimate in a big climate, and false prosperity and bubbles are bursting.
The chaotic sale of Monkey Land sucked up the last drop of blood in the market, and then UST was encircled and dropped its anchor, causing panic. After BTC and ETH faltered, they entered a downward channel with the Fed raising interest rates as scheduled. NFT blue chips began to collapse, and various investment myths began to collapse. On the surface, there were frequent scandals of high-sounding founders and KOLs.
NFT is dead!
The old king is dead and the story will end.
This wave of NFT bubbles was ignited by NBA TopShots star cards, and then the ancient CryptoPunks nirvana, Beeple’s sky-high auction was finalized, and the baton was passed to Art Blocks and completely ignited the mass market. Finally, the market found the main narrative: by BAYC Representative pfp 10k story meeting . In the end, the Metaverse gave these stories the wings of imagination.
“Did you know that there is a kind of bird that has no feet? He can only fly around in the sky all his life. He can only land on the ground once in his life, and that’s when he dies.”
—— “The True Story of A Fei”
Most of the current pfp 10k story meetings are such footless birds.
For the “Footless Bird Project”, “just do things without pulling the plate” has become a mantra, and “never fall to the ground” has become an absurd truth.
We know that making a commercial film is often the end of most popular stories, because fitting an invisible imagination into a template means stifling infinite possibilities. This is the “Heisenberg Uncertainty Principle” in our lives.
NFTs are even worse, because many 10k pfp projects are not even a good story.
What the audience is really immersed in is the dream world they create for themselves, no matter whether the content of this dream is aesthetic, Metaverse or rich.
The eagle circling at an altitude of 10,000 meters looks beautiful, but when it falls to your side, it turns out to be just a scavenger vulture, what will you do?
NFT is dead!
I still want to sing,
Long live NFT!
The speculators ran away, and the builders were finally left behind. The bubble burst, and they could finally do things with peace of mind. “Crazy King” Charles VI died, and Charles VII could finally inherit the throne.
The transfer of power in the NFT world was completed at the moment when the prosperity came to an end, accompanied by the echo of “Long live NFT”.
Many 10k pfp projects of NFT may die, and the price may return to zero, but after this round of baptism, the basic application of NFT based on the blockchain network will definitely stay and flourish.
But first, we need to return to rationality and essence, why does NFT appear?
NFTs are born to create!
Before NFTs, digitized content was just a dissemination format.
“Right Click and Save” leaves digital creators stuck in a cotton pile with nowhere to go.
“To this day, the creator’s work still needs to be transformed into more complex media forms to capture value; advertising, games, movies, our huge investment in these areas and extremely high failure rate makes it more like a gamble, no one is the real winner. Sustained success in the creative industry is extremely difficult, largely because of the top-down push, content is full of unknowns until it’s officially released.”
After the emergence of NFT, digital content can become a commodity, and then accumulate value to become an asset.
The creators of images, voxels, videos, audios or texts have acquired a kind of “magical pen” ability: the value of the story, the pleasure of aesthetics, the enjoyment of hearing, and spiritual resources without the need for more complex media packaging. It can directly become the material wealth in reality.
After all, NFT is about creators. Only the creators have the power to support the creator economy. Only when the creator economy takes off can there be a cornerstone of Web3.
The bubble in the first stage of NFT is a 10k pfp bubble. They start the creator economy, but it is still about the project side, about the speculator community, and about institutional capital. The creators are only a prelude in it, and they can’t be the master. feast.
The project party either ran away, or brought the power of capital, leading the development and “landing” of IP, and always practiced a “top-down” approach: “Crazy King Charlie” is not dead!
In the next stage of NFT, the creator needs to return as Charles VII and return to the main banquet!
Long live NFT!
First of all, there are too many excellent designers, artists, screenwriters, and developers in the market, all of whom are deeply involved in the internal friction of web2, and they are eagerly looking forward to entering web3; at the same time, there are too many high-quality NFT holders in the market. , need a service to continue and create the vitality of their individual NFTs.
Creators and holders, working together to complete the creation of new stories, will be a new model of NFT. The matching of supply and demand in these two aspects will be the starting point of the next prosperity cycle of NFT.
“Ask not what your BAYC can do for you, ask what you can do for your BAYC.”
– wall ash
The era of NFT lying and winning is over. In the future, value differences between different projects will continue to exist, and even greater value differences will appear between NFTs that belong to the same collection. This value difference comes from the value added by its holders to the secondary creation of their NFTs.
This is a paradigm shift within NFTs. Through secondary creation, a complete “creator economy” may appear inside each NFT collection.
If 10k NFT is regarded as the value distribution of new IP, then the first phase of BAYC has been led by the project party to complete the establishment of the IP value of 1 billion US dollars, and distributed to thousands of holders relatively evenly.
If you read Yuga Labs’ plans for the future carefully, you will find that Otherside Monkey Land is more like an “appStore” store that provides fertile soil for the “creator economy”, rather than a blockchain game like Gamefi. On the monkey land, “creation” is emphasized everywhere, and just owning monkeys may not bring you much value-added benefits.
So how to distinguish the value of monkeys in the future? If the IP value of BAYC grows to 10 billion US dollars, it must not be because of the “rarity” of some monkeys, which is meaningless to the outside world, but because some monkeys in the “creator economy” have created huge “GDP”.
For example, will this monkey who owns a brick-and-mortar burger shop become a “floor monkey” in the future?
Another example is this Li Ning monkey. Although Erchuang’s design is not flattering, it may have already earned its “worth”.
And when we go back and open the monkey’s floor, we will find that most of the monkeys are not very discriminating.
If you wanted to use your monkey as an IP, to open a restaurant, or to be the cover of your new album, or as a Metaverse, would you consider customizing it with a suit and a motorcycle , with a background music, have a pet for it, or even create a unique story script?
Each such demand corresponds to a potential creative service opportunity of several to hundreds of people. The Metaverse does not exist in nothingness. Only when there is demand and service can there be productivity and GDP.
This is the huge untapped value still lurking in monkeys and other blue chip NFTs!
The first wave of NFTs completed the creator economy from 0 to 1. When the tide receded, what we have in our hands is actually a blank piece of paper. The ring has been set up. Next, we need to start painting and writing as web3 advocates.
The one lying down is not called the Metaverse, and it is the Metaverse that allows everyone to get things done.
A thriving one is not the Metaverse, but a hundred flowers blooming is the Metaverse.
The top-down centralized prosperity is web2, and the bottom-up decentralized prosperity is web3.
One-time creation is not the creator’s economy, and the second, three, and n times of all-round creation without dead ends can drive the flywheel of the creator’s economy.
all in all:
“Don’t ask what your monkey can do for you, ask what you can do for your monkey.”
Labor is the most glorious, tribute to all creators!
“NFT is dead,
Long live NFT!”
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/nft-is-dead-long-live-nft/
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