Statement | The title map comes from the Internet.
Jay Chou entered the metaverse NFT Phanta Bear’s “Rashomon” not long after, Edison Chen also joined the NFT promotion camp.
On January 8, Edison Chen posted the same series of NFT avatars of Phantom Bear on his personal social media account, and interacted with Jay Chou. On January 10, it was reported that some NFT projects in cooperation with Jay Chou may be released before the end of the year.
When the Metaverse was just a popular concept that was sought after by capital and forcibly grabbed traffic by companies, most ordinary people could still remain indifferent. But when idol stars with both fame and fortune began to enter the game one after another, people could no longer be calm. But behind the scenes, it is not as simple as what fans see.
1. Celebrity drainage, NFT becomes popular
But in fact, NFTs have appeared as early as 2017. It’s just that compared to the “big event” in which Bitcoin set a new record price of $20,000 in December of this year, the emergence of NFT has naturally not attracted much attention.
At that time, Ethereum, as a highly anticipated star project, attracted many project teams to try to develop specific applications on its network, and the blockchain game represented by CryptoKitties once set off a burst of NFT popularity. tide.
CryptoKitties are similar to an “electronic pet” based on a blockchain network. Players can buy and sell their own CryptoKitties, and they can also breed them to generate new CryptoKitties. The uniqueness of CryptoKitties is that each cat has different appearances such as eyes and fur, so CryptoKitties have different “values”.
As for the phantom bears that Jay Chou and Edison Chen “supported” one after another, they belong to another type-CryptoPunk. On the surface, the NFT avatar used by Jay Chou and other stars is just a JPG picture, but in fact each JPG corresponds to a unique address on the blockchain network, which can verify the authenticity of the NFT.
In terms of value, although the cypherpunk does not have the same game function as the encrypted cat, it can have a certain social value as an avatar. Especially in recent years, NFTs have successfully attracted the attention of sports and entertainment stars. NBA star Curry spent about $180,000 in September 2021 to buy a blue “Boring Ape” JPG The avatar has also completely brought fire to the series of NFT works of “Boring Ape”.
In the eyes of many celebrities, having an NFT work as an avatar is a very trendy and cool thing, and their identity-based behavior has also formed an idol call to the fan group. Therefore, when the metaverse platform Ezek announced the launch of a limited edition NFT phantom bear with the trendy brand under Jay Chou, there was a frenzy that sold out in 40 minutes and netted 62 million yuan.
2. Art or speculation?
In the eyes of many people, the fire of NFT is just another star-chasing behavior where fans pay for stars, but NFT itself is not only a commercial activity, it is also hailed as an artistic experiment by cryptocurrency enthusiasts.
In the field of traditional collection, since ordinary users cannot distinguish the authenticity of artworks, they often need to be authenticated by third-party institutions before they dare to obtain the works of artists. However, NFT is based on the uniqueness of the blockchain network, so that ordinary users only need to check the encrypted address of the NFT to verify the authenticity of the collectibles, thus excluding the existence of third parties, allowing artists to face-to-face with users .
In March 2021, the British auction house Christie’s auctioned NFT works for the first time. The NFT work “Everydays: The First 5000 Days” created by American digital painting artist Beeple started at $100, and the price climbed to $1 million within an hour after it was put on the shelves. The transaction amounted to approximately RMB 450 million, and the work became the third most valuable artwork in the history of the auction of works by living artists.
NFT supporters believe that NFT works are auctioned as works of art in world-renowned auction companies, which means that the artistic value of NFT has been recognized by the mainstream art world. But in the eyes of some ordinary investors who have lived through the collapse of the cryptocurrency bubble, this is just a new way of hype.
“Christie’s itself is just an auction platform. Taking NFT products to auction itself does not mean anything. And the ultimate buyer of that auction is also the founder of an NFT fund. This is to cheer for one’s own people. To be recognized by the mainstream art world, it is better to say that it is self-esteem.”
Xiao Yuan, who has been paying attention to cryptocurrencies since 2017, told Jingzhe Research Institute, “The stars themselves have their own traffic, and some of the NFTs they launch are actually not expensive, so it can be regarded as an act of fans’ support. And those who really snapped up NFTs were mostly cryptocurrency enthusiasts who entered the game with speculative purposes. Maybe in their eyes, these stars are similar to the so-called KOLs who gave the platform to the fund project before, the only difference is Jay Chou The traffic is larger, and the price of NFT can be smashed higher.”
3. NFT specifically cuts young leeks?
It is worth mentioning that in the final stage of Christie’s March auction, 22 million visitors logged on to the auction site to witness the bidding of buyers from 11 countries, and more than 50% of the buyers were born in 1981-1996. Among millennials, 6% of buyers are “Gen Z” born in 1997-2012. In a QQ group with more than 1,000 people joined by Jingzhe Research Institute, the proportion of users born in the 1990s and 2000s has accounted for 63% of the total group.
NFT seems to be particularly easy to arouse the interest of young users, and in the eyes of some young people, buying NFT may be just a simple consumption behavior, which has nothing to do with investment or speculation.
According to Liu Chang, the operation director of the domestic NFT distribution platform “Taopai”, it is almost logical for young people to buy NFT products. “As the aborigines of the Internet, young people are more likely to accept native NFT products, just like some young people like Han Han more than some traditional writers.”
Liu Chang said that many young people will buy NFT products based on their own preferences or for the purpose of collection, and under the leadership of some public figures, NFT products have become cool and novel representatives in the eyes of young people. The purpose of their purchase of NFT , sometimes as straightforward and simple as buying skins in-game.
26-year-old blockchain technology enthusiast and cryptocurrency investor Xiaolin told Jingzhe Research Institute that although some speculative cryptocurrency enthusiasts regard NFT as another encryption bubble, from the perspective of the development process of blockchain technology , the value of NFT is not just for hype.
Kobayashi believes that the innovation and real value of NFT is that it provides a way to mark ownership of native digital assets, and that ownership can exist outside of centralized services or centralized libraries. This means that no matter when and where, you fully own assets and can dispose of your digital assets at will, and for the hottest metaverse, it is equivalent to establishing an infrastructure for value circulation in the virtual world.
“Many big companies are now chasing the hot spots of the Metaverse, but in fact the Metaverse cannot be achieved by two or three companies.” Xiaolin told Jingzhe Research Institute, taking the mobile Internet as an example, that the Metaverse, as an idealized digital world, Not only the underlying technology, but also the application of a variety of different scenarios. The ability of NFT to mark the ownership of native digital assets has made people see its value in the world of the metaverse.
“Maybe many big companies regard NFTs as an entry ticket to the Metaverse. And the threshold for issuing NFT products is also very low, so it is also good to be popular, or to grab users in advance. What do big companies think about NFT issuance? It’s a low-cost, high-yield thing.”
4. Risks that cannot be ignored behind NFT
According to the market research agency Chainalysis, the size of the NFT market in 2021 has reached at least US$26.9 billion, or about RMB 170 billion. Corresponding to the blue ocean market prospects, there are also risks behind NFTs that cannot be ignored.
First of all, since most NFT products are directly related to cryptocurrencies, and the business related to cryptocurrency transactions is an illegal financial activity in my country, there is a certain amount of NFT products purchased for investment purposes and transactions of other NFT products in China. legal risk. In addition, due to the uncertainty of the source of cryptocurrency, there is also the possibility of being used for money laundering in the transaction of NFT products.
Secondly, after catching up on the metaverse hotspot and being brought up again by stars, some NFT products have shown a phenomenon of hype. For users who buy NFT for investment purposes, there is a bloodbath behind the excessive price. investment risk.
Therefore, it is completely different from the phenomenon of wildly hyping NFTs in the secondary market in foreign countries. The domestic platforms that issue NFTs deploy them in the primary market. Most of the products are based on alliance chains rather than decentralized public chains, and transactions in the secondary market are restricted or prohibited. .
Previously, Xianyu also blocked the keyword “NFT”, and Alipay’s NFT platform “Whale Detective” also informed users on a page, clearly stating that NFT is to meet the user’s collection needs, does not support resale, and is free for users. A certain threshold must be met after holding the NFT for 180 days.
In addition, as collectibles issued on blockchain technology, many ordinary users who are attracted by public opinion only have a perception of NFT at the level of “a JPG image”, which is neither of the technical risks faced by NFT. Not interested at all. But in fact, NFT products also face the risk of being hacked and stolen.
All in all, whether in terms of value or technology, NFT products at this stage have indeed received support from a considerable number of people. There is no doubt that fans buy peripherals and support idols, but the hype that follows in the cryptocurrency industry cannot be ignored.
At present, although the Metaverse is still far away from us, NFT seems to have become a ticket to enter the Metaverse, allowing Internet companies to find a way to connect to the future world, and allowing ordinary people to experience the digital The magic of the world.
*In order to protect the privacy of the respondents, the names of the above persons are pseudonyms except “Liu Chang”.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/nft-is-only-one-jay-chou-away-from-the-metaverse/ 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.