- From the emergence of encrypted trading cards in 1993 to the outbreak of GameFi in 2021, to sort out the historical development of NFT, there are four main stages.
- In the industrial structure, there is still a lot of room for casting at the infrastructure layer of NFT; while the vigorous development of NFT is mainly reflected in the protocol layer in the middle, and is dominated by art/collection casting; at the application layer, the development is relatively uneven For example, in the field of NFT data, a comprehensive data provider has not yet appeared. As more and more eyes focus on the NFT track, the NFT industry map will be pieced together at a faster pace.
- From the perspective of various data latitudes, compared with the overall level in 2020, the NFT market has now achieved a big step. This shows that in this round of craze, user participation is constantly deepening, and the entire market has begun to reassess the value of NFT.
- After four years of ups and downs, CryptoPunks has developed into the most expensive project in the ecosystem and has become a social currency; and when CryptoPunks further becomes a closer and highly recognized community, the avatar itself is the “social capital”. A “Proof of Equity”.
- One of the most important trends in the current market is the continuation of the NFT avatar project. NFT Avatars, collections designed specifically for individuals to represent themselves on the Internet, are becoming increasingly crazy, and NFT blue chip projects such as CryptoPunks are also undergoing a fork similar to the DeFi protocol. The craze has just started, and more and more similar projects will appear in the future. When CryptoPunk has announced that it is the Hermes skin in the NFT world, other forks will need more time to prove it.
- HashMasks is highly similar to CryptoPunk in the category of works. The creative rights market introduced by HashMasks is the biggest innovation; the decentralization of naming rights determines that the actions of collectors will affect the subsequent performance of artworks in the market, and will also affect NCT The demand for the supply of art, therefore, brings a certain degree of challenges to the circulation and value of artworks.
- Bored Ape Yacht Club, in addition to value narratives such as the scarcity of social currency that has always been NFT, there are also several growth factors worth noting: wealth effect, comparative marketing, community empowerment, and copyright ownership.
- In essence, we are all in a “social network” of “identity game”. From QQ show to Hermes, human beings always look for the most efficient way to maximize social capital. It just so happens that now the NFT avatar provides Such an opportunity: Allow individuals to identify themselves by acquiring rare and expensive assets, and then be accepted by the group.
- Axie infinity shows the unique resilience of the game before the macro turmoil. During the downturn of the crypto market since May, it ignited the NFT track and created a series of incredible digital records. Axie Infinity uses an innovative game earning ecosystem to incentivize players to expand the potential market for NFT games, bring more players into the encrypted ecosystem, and increase participation.
- The biggest difference between “Play-to-Earn” and the traditional Internet game “Free-to-Play”-in the focus economy, users should receive corresponding rewards: the time and labor paid are also assets, which are part of personal wealth. When the game becomes a bridge linking up and down the chain, this value can be reflected in reality.
- In the context of “GameFi”, NFT has become a productivity tool. It not only produces value (SLP / AXS), but also carries value condensed in labor (Axie NFTs), and changes production relations through the flow of chains ( Game developers, unions and players).
- In the world of three-dimensional chain-network integration and meta-universe, NFT is not only an extension of real assets, but also the starting point of native virtual world assets. It will also become a “token” that represents identity, assets, rights and interests, and various attributes.
- When discussing the future direction of NFT, we found several exploration directions: the application of NFT in the DeFi space; the combination of DAO and NFT; the growth space of NFT infrastructure tools.
- NFT has the following types of applications in the DeFi space: liquidity agreements, financial NFT, mortgage lending, and asset management tools. Although NFT is currently the most exciting market focus in the encryption field, DeFi is still the driving force for NFT to continue to expand its boundaries and reshape its value.
- Many NFT projects are moving towards DAO, spreading their governance tokens in different ways to stimulate and encourage communities around the project, pooling capital to protect rare NFT assets.
- The benchmarking significance of YGG’s transformation from an ordinary game guild to DAO is to prove how successful YGG is to establish a real-world value mapping business model from a basic meta-universe economy.
- Infrastructure construction is very important to the development of NFT. We are concerned about the first product AutographNFT based on the AlchemyNFT protocol, which provides a new NFT social scene and will also open up a field of value creation using “synthesis” as the path.
In July, #2140 and #5217 of the NFT project CryptoPunks were sold at sky-high prices of 1600 ETH and 2200 ETH, respectively . The NFT in the game ushered in explosive growth. The average daily revenue of Axie Infinity’s games exceeded the glory of the king, and the token market value also increased from 200 million US dollars to 2 billion US dollars during July. These exciting numbers pushed the NFT story to a climax.
At the same time, many non-crypto NFT projects are also being launched at a very fast speed. Louis Vuitton, Burberry, Porsche, Coca-Cola, Messi, etc. are all testing the waters of NFT. Looking at the major domestic manufacturers, Alibaba AntChain launched the Dunhuang NFT skin before, and then Tencent launched the NFT platform “Phantom Core” based on the alliance chain technology, which undoubtedly made the concept of NFT a more mainstream out-of-circle promotion.
This article aims to provide an in-depth overview of non-homogeneous tokens: NFT’s historical development, industry structure, market performance, analysis of popular NFT projects, and deduction of the future direction of NFT. We hope that whether you are a novice NFT beginner or an experienced NFT player, you can gain something after reading.
1. NFT track development
2021 is called the first year of NFT. In the past six months, we have witnessed the amazing growth rate of this niche market. We have also seen teams, companies or institutions with technical advantages, IP advantages, capital advantages, and platform advantages gradually entering the game, including exchanges with their own traffic have also stepped out of the NFT trading market. Throughout the historical evolution, it is worth thinking about where the current development stage, industrial layout and market performance of the NFT track will go.
1.1 NFT development stage
What is NFT? The full name of NFT is Non-Fungible Token, which means non-homogeneous token. It is a unique data representation that is recorded in the blockchain and cannot be copied, replaced, or divided. It is used to verify the authenticity or rights of specific digital assets. , Can be understood as a unique encrypted digital product.
Simply put, when everything in the Internet era can be copied and pasted to get countless copies, you seem to have a lot of digital assets, but you don’t actually own the assets. NFT creates a kind of artificial scarcity, and obtains value through this scarcity, because it can be based on blockchain technology, clarify the ownership of assets, and realize permanent preservation and uniqueness.
Although the formal concept of NFT was proposed in 2017, similar concepts and applications based on NFT appeared earlier. Understanding the historical evolution of NFT will be more conducive to our understanding of the value and application of NFT.
The first stage (1993-2014): the predecessor of the concept
1993: Crypto Trading Cards
The concept of NFT and its predecessor can be traced back to 1993 Crypto Trading Cards (Crypto Trading Cards), but its form of expression is based on the form of encryption and mathematics, and then randomly arranged to form a series of cards, Hal Finney ( The first senior cryptography expert to receive Satoshi Nakamoto’s Bitcoin, Bitcoin pioneer) defined it as an encryption card.
2012: Colored Coin
In 2012, the first NFT-like token Colored Coin was born. Colored coins are made up of small denominations of bitcoins, the smallest unit of satoshi (satoshi). Although there are many flaws in the design of colored coins, colored coins realize the symbolism and other uses of multiple assets through the remarks on the chain, showing the plasticity of real assets on the chain, which laid the foundation for the development of NFT.
What really promotes the emergence of NFT is Counterparty, which was founded in 2014. The “Rare Pepes” created by it has made the popular meme sad frog into an NFT application. A meme is translated as a meme, which is actually a kind of emoticon, a picture, a sentence, even a video, and a moving picture, which can be simply understood as the “stalk” we are familiar with.
The second stage (2015-2017): Experiments appear
2015: Spells of Genesis
TCG, which uses card collection as one of the main gameplay methods, is naturally suitable for NFT. “Spells of Genesis” launched in 2015 uses “the first ever blockchain-based mobile game” as its signboard. Block chain technology is combined together.
June 2017: CryptoPunks
The world’s first NFT project, CryptoPunks, was born and inspired the ERC721 standard. Through the transformation of ERC20 contract to issue tokens, it generated 10,000 completely different 24×24, 8-bit style pixel art images, and pioneered the use of images as encrypted assets into the cryptocurrency field.
October 2017: CryptoKitties
Inspired by CryptoPunks, the Dapper Labs team launched the ERC721 standard specifically for building non-homogeneous tokens, and then based on ERC721, launched an encrypted cat game called CryptoKitties, which makes each digital cat unique. Its value cannot be copied.
The innovation of CryptoKitties in the presentation of value shaping has made CryptoKitties quickly become popular and become the mainstream of the market. It once occupied more than 16% of the transaction traffic of the Ethereum network, resulting in serious congestion in the Ethereum network, delays in transfer transactions, and inability to transfer funds. .
The third stage (2018-2019): return to construction
After a small hype cycle in early 2018, the NFT project began to enter the construction phase. http://NonFungible.com launched an NFT market tracking platform and integrated the term “non-homogenization” as the main term to describe new asset classes.
The digital art platform also came into being. Opensea, SuperRare, Known Origin, MakersPlace, and Rare Art Labs have all established platforms for publishing and discovering digital art, while Mintbase and Mintable have established some tools to help ordinary people easily create their own NFTs. In addition, other experiments such as virtual world expansion, trading card games, and decentralized domain name services have emerged.
The fourth stage (2020-present): development boom
2020, the outbreak
After the epidemic, governments of various countries including the United Kingdom and the United States chose to issue currencies to stimulate the economy. In the short term, traditional investment solutions have lost their appeal, and more people have become bold in venture capital, and then set their sights on the seemingly blue ocean. The FLOW public chain is online, and the combination of NFT and DeFi has realized Gamefi—NFT welcome Here comes its spring.
Digital artist Beeple began to draw one picture every day in 2007, and finally stitched 5000 pictures into a 316 MB JPG file and sold it as NFT. This 14-year-old work “Everydays: The First 5000 Days” was finally sold on the famous British auction platform Christie’s for $69.34 million.
After Beeple’s record auction, stars and artists from all walks of life, including Zion Lateef Williamson, Takashi Murakami, Snoop Dogg, Eminem, Twitter CEO, Edward Joseph Snowden, Paris Hilton, Yao Ming, etc. have released NFTs through various NFT platforms, once again pushing NFTs to Public vision.
In 2021, GameFi
In the middle of the year, the sales of the NFT game Axie Infinity skyrocketed. According to CryptoSlam data, as of August 7, the cumulative transaction volume of the NFT game project Axie Infinity exceeded $1 billion, ranking first in the NFT market in terms of transaction volume. The rapid rise of Axie Infinity drives the rapid development of the entire NFT market sector.
1.2 NFT industry structure
Data analyst Messari believes that NFT will use many of the same financial primitives as DeFi, so the current ecological status of NFT is divided into 7 stacks, namely:
Layer 1: Layer 1
Layer 2: Layer 2 and side chain
Layer 3: Vertical/Application
Layer 4: Auxiliary application
Level 5: NFT financialization
Layer 6: Aggregator
Layer 7: Front end and interface
This may be closer to the consumer perspective. But if we understand the layering logic of the NFT industry sector in accordance with the flow of tokens as a whole, it can be roughly divided into the infrastructure layer, the protocol layer, and the application layer from bottom to top .
From A & T Capital
The infrastructure layer includes the underlying public chains such as ETH, Flow, Polkadot, NEAR, EOS, Solana, sidechains/L2 such as Polygon, ENJIN, WAX, RONIN, iMMUTABLE, etc., token standards such as ERC-721, ERC-1155, and development Tools, storage, wallets, etc.
The protocol layer is divided into NFT casting protocol and primary market. They are: a comprehensive trading market (Mintable, VIV3, Mintbase, etc.) that can trade a variety of physical objects (Mintable, VIV3, Mintbase, etc.) Art/collection-based casting (CryptoPunks, NBA Top Shot) , Bored Ape Yacht Club, etc.) and primary market (Makersplace, Rarible, etc.) NFT games (Axie Infinity, Gods Unchained, Alien Worlds, Sorare, etc.) Metaverse (Cryptovoxels, Decentraland, The Sandbox, etc.) ) And fan economy (BitClout, Rally, etc.).
The application layer is mainly divided into finance, pan-secondary market and some vertical fields.
Among them, financial applications include:
- As the underlying asset, NFT provides a liquidity agreement for NFT pricing. For example, NiftEx/NFT20/NFTX can increase the liquidity of NFT by collateralizing NFT to generate ERC20 tokens that are easy to circulate.
- The agreement to use NFT as an asset representation tool. For example , financial NFT such as Uniswap LP token and yinsure insurance policy minted through financial activities .
- NFT is used as the underlying asset to realize the agreement of mortgage lending. For example, NFTfi.
- The asset management tools at the upper level of the NFT industry chain are similar to asset management platforms such as DeBank in DeFi. For example, NFT Bank.
The pan-secondary market includes NFTs produced by major casting platforms. For example, OpenSea, launched in December 2017, is currently the largest NFT trading platform. In the vertical field, it also includes data (Cryptoart.io, Nonfungible, NFTGuru, CryptoSlam!, etc.), curatorial communities (Whale DAO, Flamingo, etc.), social (Nifty’s, Showtime, etc.) domain names (Unstoppable Domains, ENS , Namebase, etc.) and other branches.
We can find that in the infrastructure layer, there is still a lot of room for casting; while the flourishing development of NFT is mainly reflected in the protocol layer in the middle, and is dominated by the casting of art/collection; at the application layer, the development is relatively unbalanced, such as There has not yet been a comprehensive data provider in the NFT data field. As more and more eyes focus on the NFT track, the NFT industry map will be pieced together at a faster pace.
1.3 NFT market popularity
Beginning in January 2021, the sales of the digital collection card NBA Top Shot have increased sharply, exceeding US$200 million in February, prompting the cryptocurrency market to turn its attention to the NFT field. In March, digital artist Beeple’s work was sold at a high price of US$69 million, which indirectly drove more artists to understand and enter the NFT market. In the following months, both the CryptoPunks that existed in 2017 and the Bored Ape Yacht Club, which was born less than 4 months ago, broke out in this NFT boom. Among them, the chain tour represented Axie Infinity and created a series of amazing numbers.
After migrating to Ronin, the Ethereum sidechain, Axie Infinity achieved explosive growth in the second quarter and became the second largest NFT market. Image source: DappRadar
During the same period, the primary and secondary markets became active, and on July 20, OpenSea secured US$100 million in financing. In August, OpenSea achieved the best NFT sales volume in its history, demonstrating the growth of the NFT ecosystem.
According to the website CoinGecko, the total market value of global NFT is now close to 24.5 billion U.S. dollars. Since late May, due to the downward impact of the cryptocurrency market, the popularity of NFT projects has risen against the trend and hit a new high in the second quarter, with sales reaching 2.5 billion U.S. dollars, much higher than the 13.7 million U.S. dollars in the first half of 2020. Compared with the overall level in 2020, the NFT market has achieved a big step forward. This shows that in this round of craze, user participation is constantly deepening, and the entire market has begun to reassess the value of NFT.
With a closer perspective, we look at the development status of the NFT market in the past six months from a few specific data latitudes.
1. Sales volume （ USD）
- DappRadar, which tracks the sales of multiple blockchains, said that sales in the first half of 2021 were close to 2.5 billion U.S. dollars, up from 13.7 million U.S. dollars in the first half of 2020. But NonFungible.com’s figure is 1.3 billion US dollars, because the latter does not include the “DeFi” NFT in its statistics.
- According to data from Dune Analytics, in the first half of August, OpenSea, a major NFT trading market, had a cumulative transaction volume of more than 880 million U.S. dollars, which was 2.7 times the total transaction volume in July, a record high in terms of monthly transaction volume. The daily trading volume reached over 62 million U.S. dollars. In addition, a total of 624,000 NFTs were sold on OpenSea this month, the expenses incurred (including OpenSea and partner fees) exceeded 60 million U.S. dollars, and the number of active traders exceeded 100,000.
2. Number of NFT sales by category
- Sports and collectibles are still the most popular choices for NFTs. However, it is worth noting that the NBA Top Shot market, which allows fans to buy and sell NFTs in the form of video highlights, was on fire before, but the trading volume on the platform has shrunk, with the number of buyers falling from 403,000 in March to 246,000 in June. People, close to halving. The average price of the NBA Top Shot “moment” NFT peaked at US$182 in February, and then fell to US$27 in June.
3. Volume of NFT buyers/sellers
- According to NonFungible.com statistics, since March, the number of weekly buyers has mostly ranged from 10,000 to 20,000, surpassing sellers. Note: This website only summarizes NFT transaction data on the Ethereum blockchain.
4. NFT collectible rankings by sales volume（All-time、30 days）
- According to cryptoslam statistics, the top three historical sales of NFT collections are Axie Infinity, CryptoPunks, and NBA Top Shot. The sales of Axie Infinity, Art Blocks, Bored Ape Kennel Club, and Meebits have grown rapidly in the past 30 days. Among the top ten NFT projects, only NBA Top Shot has seen a decline in transaction volume (-32.7%).
5. Active Market Wallets
- In late May, despite the downward impact of the cryptocurrency market, the wallet activity once fell below 10,000. But in the next two months, it showed a gradual increase trend.
6. Market Capitalization
- The total market value of NFT has developed rapidly in the past three years, from $40,961,223 in 2018 to $338,035,012 in 2020. By the end of the first half of 2021, according to CoinGecko data, this value has increased to $12,725,140,217. After just two months, as of August 12, 2021, the total market value has grown to $24,452,855,042, an increase of 192%.
- As the main blockchain infrastructure matures and the public’s exposure to and understanding of NFT deepens, NFT platforms and projects are becoming new investment outlets. Driven by record sales prices of works by artists such as Beeple, more and more funds flowed into NFT and related companies and projects. According to incomplete statistics, in the first half of this year, more than $1 billion of funds flowed into the NFT industry.
- In the latter part of the third investment cycle bull market, despite the poor overall market conditions, there are still many large investments. In March of this year, Dapper Labs announced the completion of a $305 million financing, which is the largest financing in the NFT field this year. In July, OpenSea, the world’s largest NFT market, raised US$100 million in Series B financing, with a valuation of US$1.5 billion. Blockchain game and NFT developer Animoca Brands raised US$139 million. Also attracting attention is Certik, which raised US$37 million on July 14, led by Shunwei Capital under Lei Jun.
2. Popular NFT Tracks
After understanding the history, classification, and status quo of NFT, let’s take a look at the popular projects that attract attention in the current NFT track.
2.1 NFT blue chips and its forks
DeFi has blue chips, and NFT is no exception. The concept of blue chips (Blue Chips) comes from the casino. Since the blue chips in the casino are the most valuable, people later called those stocks with high market value and good business performance in the stock market as “blue chips.” In addition, blue chip stocks often occupy an important and dominant position in their industry and have active transactions. Taken together, they should have the following characteristics:
- Top market value
- High and stable sales
- Active trading and good liquidity
- Leading position in the NFT track
- Widely studied and adopted by other NFT projects
When measured by this standard, one can understand why NBA Top Shot is not a high-quality blue chip stock. Although it ranks among the best in historical sales, as shown in the previous data, its liquidity and transaction volume stability are not satisfactory.
The media often say: It is foolish to buy a jpg file with millions of dollars. How do we understand the source of value behind it, and select NFT blue chip projects as an entry point. This can help us find the value factors and growth logic of excellent NFT projects from blue chip research, and capture the long-term dividends of the subsequent development of the NFT track.
Among them, the most exciting and story-telling NFT project in cryptocurrency , CryptoPunks , can afford the blue chip label among the endless avatar projects. It is a 24×24 pixel art work with only 10,000 in total. This project launched by Larva Labs in June 2017 is an OG in the NFT field. Currently, the most expensive CryptoPunk is sold for 4200 ETH, valued at USD 7.57 million. Even if you buy the most common CryptoPunk, you still need 51.85 ETH, which is currently about 1 million yuan.
At the level of value discovery, it can be understood from the following four points:
1. Design Concept
- Subversive design concept : Unlike other Ethereum products, CryptoPunks chose to use the ERC-20 standard.
- Scarcity and constant supply : Unlike CryptoKitties, which can be generated in an unlimited amount, the number of CryptoPunks is fixed, and there are only 10,000 Punks in total, and each CryptoPunks has different attributes. The original works are scarce.
2. Value Narrative
- Punk spirit : Characterized punk artwork, paying tribute to the cypherpunk movement initiated by Timothy May in the early 1990s.
- Fairness : CryptoPunks has no other ways to play, no well-known IP blessings, just pure assets generated on the chain. The launch of the project is very fair, and anyone can get tokens for free within one day. At the same time, most of the 9,000 works were officially donated to the community by way of donation.
3. Social currency
- Industry OG : This veteran NFT project released in 2017 has excellent social currency attributes, representing the blockchain industry business card and high-end investment pass.
- Community culture : A community of decentralized collectors is formed around the products developed by CryptoPunk NFT. This community has its own cultural behavior and norms, such as using CryptoPunk as the profile picture of each social media platform.
4. Community empowerment
- Collectors not only passively hold CryptoPunk, they also start to collaborate with each other to create new stories inspired by CryptoPunk’s character art. For example, a group of collectors created a PUNKS comic containing 16 punk characters, with background stories and narrative lines, which will create a complete IP identity for these punks.
In 2017, when the ICO was booming, CryptoPunks became the first digital artwork on Ethereum with a built-in method of verifying sole ownership, setting a precedent for NFT. After four years of ups and downs, CryptoPunks has developed into the most expensive project in the ecosystem and has its own auction house Punk House. The growth is mainly derived from the original design concept and the added value of later content creation. Of course, the enthusiasm of the encryption community for the NFT boom is also the most fundamental driving force for the CryptoPunk boom. The following points are worth thinking about:
- Realizing the value proposition in the design narrative: punk spirit, fair value proposition, and scarce supply design make CryptoPunks a narrative industry asset and gradually become a representative of the cultural level of Ethereum.
- Combining community creation with commercial benefits: The strong community atmosphere makes the secondary creation not stop at the traditional UGC level. They use primitive punk as inspiration to create new art, monetize it and sell it as fan art, and promote The exposure rate of the original punk and the creation of new demands have benefited PUNKS comic creators, original developers and the wider punk community.
- Give full play to its social nature to mobilize social pursuits: Pixel art images are suitable as avatars and personal images of social software, and the historical significance of the industry has given more layers of value, making CryptoPunk a social currency ; and when CryptoPunks further become closer And for communities with high internal recognition, the avatar itself is a “proof of rights” in “social capital.”
According to the NonFungible research report, the top three highest sales records of Q2 collections in 2021 are CryptoPunk
Undeniably, one of the most important trends in the current market is the continuation of the NFT avatar project . NFT Avatars, collections designed specifically for individuals to represent themselves on the Internet, are becoming increasingly crazy, just like the constantly refreshing digital records of CryptoPunks. But just as DeFi Summer has witnessed the forks of every successful DeFi protocol, NFT blue chip projects like CryptoPunks are also undergoing similar forks.
10,000 My Fking Pickle (My Fking Pickle), 10,762 tickets (Wicked Craniums), 10,000 Bored Ape Yacht Club, 10,000 Dogs (Slumdog Billionaires) and 10,000 Bored Ape Kennel Club , 10,000 unique bulls similar to boring apes (Bulls on The Block, early community members from BAYC), and more.
These new projects have very strong CryptoPunk style characteristics, the approach to the magic number of 10,000, the convergence of different rarity attributes, and the trend of focusing on the future value of the community. There are also some dumbfounding forks, such as COVIDPunks, which added a medical mask to the CryptoPunks avatar not long ago. When some Ethereum users cast these randomly generated low-resolution NFT avatars, it coincided with the Ethereum London hard fork upgrade. With the implementation of COVIDPunks, a large number of users rushed to the destruction rate of ETH in a short period of time to push up to 14 ETH per minute. Eventually, 174 ETH was lost due to transaction failure caused by congestion in the Ethereum network.
But this did not extinguish the enthusiasm of the public. The market is crazy, even close to violent in the face of the wealth effect. The Pudgy Penguins , which created more than $11 million in sales value in the secondary market within 24 hours , once again proved the explosion of NFT Avatars. Meebits, which has been criticized by the Ethereum community, also had a transaction volume of US$14.7 million in July, an increase of 305% from June. The craze has just started, and more and more similar projects will appear in the future. When CryptoPunk has announced that it is the Hermes skin in the NFT world, other forks will need more time to prove it.
Interestingly, if we look at some of the more excellent fork projects, such as HashMasks and Bored Ape Yacht Club , we can find some different causes of NFT value, and the ups and downs of these forks also give us an understanding of NFT. Avatars provide a reference dimension. Although we cannot assert the hot cycle, we can quantify prices, trading activities, the number of holders, and the size of the community, and try our best to understand the needs of the entire NFT market.
Hashmasks is a once-famous NFT project. Its business model revolves around NFT paintings and combines two modes of play: blind box + ENS . Both of these were relatively innovative gameplay at the time.
- Blind box gameplay : In the early days of HashMasks, if you want to obtain these NFT paintings, you can only obtain them through auctions, and the auctioned NFTs do not know what they look like, that is, they are in the blind box state at the beginning. The answer will not be revealed until the end of the auction 14 days later. The random nature of the work will make the owner of the work “open the blind box” full of expectations.
- ENS combination : HashMasks distributes part of the creation rights of the work to the collector community. Hashmasks holders can personally name the NFT, and the naming of the token NCT that needs to be spent is accumulated by the NFT held, and the total amount is limited, pending NCT After all is destroyed, the final form of the artwork can be determined. This bold attempt with ENS domain name design has attracted many users to participate. At the same time, since the NCT itself corresponds to a right to modify the work, and this right may increase the value of the work itself, the token itself is valuable. Coupled with its own deflationary nature, NCT itself will form a speculative trading market.
HashMasks is highly similar to CryptoPunk in the category of works. The creative rights market introduced by HashMasks is the biggest innovation; the decentralization of naming rights determines that the actions of collectors will affect the subsequent performance of artworks in the market, and will also affect NCT The demand for the supply of art, therefore, brings a certain degree of challenges to the circulation and value of artworks . As a result, HashMasks has been stagnant since its launch in February, generating only $2 million in secondary sales in the last quarter.
The four-month NFT dark horse Bored Ape Yacht Club (BYAC) surpassed the star projects NBA Top Shot and CryptoPunks in both cumulative sales and cumulative sales in June. In addition to the value narrative such as the scarce social currency of BAYC, there are also several growth factors worth noting:
- Wealth effect : 0.08 ETH offer price, low entry cost, extremely high wealth imagination
- Contrast marketing : take advantage of Dongfeng, topic hype, and brand’s precise occupation of users’ minds. Here I want to mention Meetbits, which debuted at the same time, from the star team Larva Labs. Meebits are distributed free of charge to rich people who spend dozens of ETH to buy CryptoPunks and hundreds of ETH to buy Autoglyph. Users who don’t have these two types of NFTs need to spend nearly US$8,000 to buy them; each of the 10,000 apes in BAYC only needs 0.08 ETH , About US$200. This conveys a sense of value: Meetbits will make wealthy collectors richer. In contrast, BAYC is more like a decentralized belief that ordinary people can approach. At that time, NFT collectors DANNY and 888 both launched a poll on Twitter, and Beeple’s comparative creation of the two caused a lot of controversy and discussion. Users and fans who originally followed Meebits have also been moved to BAYC invisibly. These contrasting social topics all send a signal: BAYC has more potential than Meebits to become the next Crypopunks.
- Community empowerment : a benign and energetic community atmosphere, a fully-identified community attribution (a trend of Ape follow Ape on Twitter), an interactive system to build community benefits (the “bathroom” function of the collaborative graffiti board on the official website, purchase exclusively for the club The land in The Sandbox game used by members, Club Dog NFT for free adoption, peripheral clothing that buys low and sells high, etc.), combined with the asset liquidity, appreciation imagination, and brand benefit space provided .
- Copyright ownership : Generally speaking, the copyright of NFT does not belong to the buyer. The ownership and commercial use rights of BAYC will be granted to the buyer when a transaction occurs. Through the transfer of copyright, BAYC has evolved into a trendy brand, which is how it differs from other NFTs.
When we look at the value of these avatars, perhaps many projects will face a similar fate to Hashmasks. Outside of the FOMO mood, this is more like a surging trend. Because in essence, we are all in a “social network” of an “identity game”. From QQ show to Hermes, human beings always look for the most efficient way to maximize social capital. It just so happens that now the NFT avatar provides This provides an opportunity to allow individuals to identify themselves by acquiring rare and expensive assets, and then be accepted by the group.
2.2 Axie Infinity ignites GameFi
Axie Infinity is currently the number one NFT game and one of the most trafficked applications on Ethereum. One of the unique attractions of the gaming industry is its outstanding resilience in the face of macro turbulence, which has been proven in the 2008 financial tsunami and the 2020 new crown epidemic. A similar trend has also appeared in the field of crypto games: in the period when the crypto market has been in a downturn since May, Axie infinity ignited the NFT track and produced some “DeFi Summer” flavors. From the data point of view:
- Transaction volume : According to CryptoSlam data, as of August 6, the cumulative transaction volume of the NFT game project Axie Infinity exceeded $1 billion, ranking first in the NFT market in terms of transaction volume . In July, the exchange of Axie NFT on the secondary market was also explosive. The 30-day transaction volume of OpenSea and Axie Marketplace has exceeded 700 million U.S. dollars, more than 230,000 traders and 1.4 million cumulative sales.
- Game revenue : In April this year, Axie generated approximately $670,000 in revenue. In May, its revenue was 3 million U.S. dollars. In June, its revenue was USD 12.2 million. In July, its revenue has reached 166.2 million U.S. dollars, ranking it higher than Ethereum, Binance Smart Chain or Bitcoin, and becoming the highest-income encryption protocol .
- Player : According to Axie Infinity Twitter official news, Axie Infinity broke 1.02 million daily active users on 8/6, and Axie Infinity users grew by more than 1000% in two months . 60% of global players are from the Philippines.
- Application ranking : Although most activities occur on the Ronin sidechain, according to EtherScan data, Axis is still the top three gas consumption application on Ethereum .
- Token Value : Axie Game’s governance token AXS was released in early November 2020 and has grown to a market value of 2 billion US dollars.
- Collection value : From the perspective of NFT collection value, Axie Infinity has become the most valuable NFT collection ever . According to the data of marketplace.axieinfinity, Axie#3070 was sold at a price of 30ETH, which is approximately equivalent to US$9,5887.9. The Axie pet in the Axie Infinity game is still rising in value. The highest quotation in the market currently reaches 987,987 ETH.
- Community growth : Axie has a Discord server with 760,000 members. It is one of the few Discord servers in the world with more than 500,000 users . In contrast, the members of the Discord community for Fortnite are approximately 800,000.
- Price-to-earnings ratio : According to statistics from Delphi Digital, Axie’s price-to-earnings ratio fell from over 800 at the end of April to a recent low of 7.59
Ronin’s speed growth since launch, data source Delphi Digital
How to understand these incredible numbers, here are three perspectives:
1. Game Value
As a game, first look at its entertainment value:
- Strategy : Based on a turn-based card battle game, one player wins by defeating 3 Axie elves of the other player. In each round, players must line up and strategically play skill cards to maximize their chances of winning.
- Collectibility : Axie Infinity is a complex game ecosystem based on NFTs with different rarity and utility generated by genetic algorithms. Anything that makes Axies more unique has the potential to increase its value to collectors.
- Playability : At present, there are two modes of in-game gameplay, PVE and PVP. At the same time, there is a season in the game every month, and players will automatically participate in the game season.
- Community power : Axis surveyed players’ main motivations for playing Axis Infinity. 48% of people said they played games for financial gain, but 37% said their main motivation was the community. When the daily active players exceeded 500,000, the server began to collapse. In this case, the community still showed “intimacy, civility and friendship.”
- Future planning : Axie Infinity is also building its own world, Lunacia, and will start auctioning “land” in 2019, and will merge Axie Infinity with the land market later in the same year. Land Games will add a new dimension of playability and monetization to the Axie Infinity game.
In general, the second-generation NFT games perform better in terms of playability and game experience. They have an open world, support gameplay modes such as battles, and richer art effects and player-generated content. They still have the highest current chain games. The playability . With the continuous expansion of the chain game market and the continuous participation of players, the requirements for game quality will become higher and higher.
Persist in building in the bear market
2. Commercial Value
Different from the traditional model, in Axie Infinity’s “Play-to-Earn” (play-to-earn) model, 95% of the trading revenue goes to the player. Approximately 5% of the proceeds from the Axie Infinity agreement will flow into its “Community Treasury”. At the same time, with the launch of Ronin, by paying 2 AXS to replace the gas cost of ETH, the vault now has a new source of income and improved the revenue structure of the game. After the staking part goes online, the treasury will be distributed to token holders. These are the most real forms of retained earnings.
Axie Infinity provides players with a variety of well-designed income-generating options, all of which can be traded on open exchanges. In the near future, they can be traded on Axie’s own DEX. Include:
- Obtain SLP through daily tasks, PvP and PvE games, and then you can trade or cash out
- Gain profit through the breeding and trading of a single Axie
- Accumulate resources and potential capital appreciation by owning land in the game
- Currently, it is mainly to earn SLP tokens, but in the coming months, players will also be able to earn AXS tokens through gameplay. At the same time, AXS holders will get more pledge returns by staking AXS
In the traditional centralized game rules, there is no transparent economic system, and the props in the game do not belong to the holder. If the game is suspended or closed, the props in the game will no longer exist, and the props can only be located in it. Used in the game. But under the blockchain logic, once the assets in the game are on the chain, the player has ownership of this address and the assets (points, props, weapons, and characters) below it. Therefore, this commercial value is reflected in the demand for digital asset ownership and property rights . Axie Infinity uses an innovative game earning ecosystem to incentivize players to expand the potential market for NFT games, bring more players into the encrypted ecosystem, and increase participation.
This is also the biggest difference between “Play-to-Earn” and the traditional Internet game “Free-to-Play”—in the attention economy, users should receive corresponding rewards : the time and labor paid are also assets and part of personal wealth When the game becomes a bridge linking the chain and the chain, this value can be reflected in reality.
3. Social Value
- New way of working : Axie Infinity has been in operation for 3 years. The outbreak of the new crown epidemic has given it an opportunity to show its value. In a documentary called “Play-to-Earn”, it showed the unexpected play of this game. Land has become a way for low-income groups in the Philippines to maintain their livelihoods during the epidemic.
- Scholarship program : 3 Axies are required to start the game, and the cheapest Axie costs $195. You might ask how people who make a living playing Axie can afford this expense? The documentary mentioned Cabanatuan’s local scholarship programs. The scholarship is a shared income model. In fact, Axies are rented to players and repaid through income sharing of SLP token income. At the same time, there is also a blockchain. The trade union organization Yield Guild Games provides services. Scholarships are provided to people from different countries, the most of which are developing countries such as the Philippines, Venezuela, Cuba, Qatar and the United Arab Emirates.
Whether Axie Infinity can continue to be popular, this question needs to be handed over to time, but it truly shows the potential social value of the blockchain economy. Enlarging this perspective can help us understand the blockchain economy. In the context of “GameFi”, NFT has become a productivity tool . It not only produces value (SLP / AXS), but also carries value condensed in labor (Axie NFTs), and changes production relations through the flow of chains ( Game developers, unions and players).
The current industry pattern of NFT is mainly in the fields of collectibles, games, meta universe, art, DeFi, and public utilities. Use cases include but are not limited to: proof of ownership of physical and digital assets, game props, programmable digital art, music, video, partial ownership of real estate, intellectual property documents, records of historical relics, social tokens, VR wearable devices, virtual Real estate, event tickets, subscription badges, blockchain domain names, etc.
In addition to NFT Avatars, the most noteworthy and highly anticipated use cases are virtual real estate and games. This attention stems from an idea called Metaverse (“Metaverse”) . In 2021, with the listing of Roblox, the first stock in the industry, the urgent need for the value of online scenes in the post-epidemic era, the concept of Metaverse has been heated up. Some of the most compelling Metaverses currently being established and proposed include: Decentreland, The SandBox, Crypto Voxels, etc.
It is estimated that the size of the virtual goods market is about 50 billion U.S. dollars, and it is expected to grow to 190 billion U.S. dollars by 2025.
Coca-Cola announced a partnership with Decentraland. A piece of Sandbox land was sold for US$863,000, and several pieces of Axie land were sold for more than US$500,000. However, compared to other blockchain fields, Metaverse currently lacks gameplay and wealth-making effects that fit its own advantages; the threshold of application hardware is high, and the optimization is not perfect; the player group is still limited to users in the circle, and the block cannot be touched. Mass groups outside the chain. And in the long run, Metaverse will be the result of the continuous integration of many independent tools, platforms, and a world supported by shared infrastructure, standards and protocols. Although the required VR/AR/MR, AI, NLP, computer vision rendering, cloud virtualization, brain-computer interface and other technologies are developing rapidly, we are still in a stage of producing content.
Meta universe market map, data source: Jon Radoff, sorted out by LD Capital Research
Most people believe that in the two-dimensional Internet and blockchain world, NFTs are just digital certificates of real assets. But in the world of three-dimensional chain-network integration and meta-universe, NFT is not only an extension of real assets, but also the starting point of native virtual world assets. It will also become a “token” representing identity, assets, rights, and various attributes. .
3. The future of NFT
When discussing the future direction of NFT, we found several exploration directions: the application of NFT in the DeFi space; the combination of DAO and NFT; the growth space of NFT infrastructure tools .
3.1 DeFi + NFT
NFT has the following types of applications in the DeFi space: liquidity agreements, financial NFT, mortgage lending, and asset management tools .
1. Liquidity Agreement
Refers to an agreement that represents NFT as the underlying asset and provides NFT pricing. Such as NiftEx, Upshot, NFT20, NFTX, NiftEx, TopBidder. These liquidity agreements provide NFT value discovery for upper-level complex applications. For example, in Unicly, NFT holders create their own uToken on the Unicly protocol. The protocol generally involves mortgage fragmentation of a set of NFTs, minting a corresponding number of ERC20 tokens, and then participating in liquidity mining, transactions, etc. For the comparative analysis of specific projects, you can refer to this article by CoinGecko (“Fragmented NFT Research Report: Exploration and Practice of Improving NFT Liquidity”).
Among them, Unicly and NIFTEX create a fund that accepts different NFTs and then tokenize the fund. Users can purchase fund tokens to access the original NFT collection; NFTX and NFT20 create a NFT fund with similar prices. Price bottom line.
CoinGecko analyst Lucius Fang’s comparative analysis of mainstream fragmentation projects in the market
NFT Fragmentation Platform Token Valuation
The current NFT market is facing several major problems: high user participation threshold, low asset value efficiency, inaccurate market valuation, and poor transaction liquidity. The real difficulty lies not in establishing a secondary market, but in obtaining sufficient liquidity. On this issue, the most common form of NFT fragmentation is to pledge NFT issuance into a pool, and then issue the corresponding ERC20 token. Fragmented NFT improves transaction liquidity and will also bring out the value of asset liquidity.
For users, “Why should I buy a small share of fragmented artworks?” In fact, this is consistent with the concept of buying stocks: “Stocks” are the fragmented pricing of the company. The company has turned a large number of retail investors into investors in the form of “stocks.” An optimistic company does not need to buy it, just buy stocks. The liquidity brought by the stock market has enabled the company to flourish, and the market value of the stock has become the benchmark for the company’s pricing. Therefore, to popularize NFTs with higher thresholds, it is necessary to improve asset liquidity and improve user incentive attributes.
Let’s look at a solution provided by DODO:
DODO NFT: Create the lowest cost liquid market
Fragmentation is not enough. An efficient liquid market is also needed. For a long time, DODOEX has provided pricing, issuance, pool building, trading, crowdfunding and other functions for standard assets. DODO NFT will open the door to the liquidity of non-standard assets and use the PMM algorithm to provide new pricing and liquidity solutions for NFT.
- DODO NFT Vault containing diverse assets : In DODO NFT Vault, creators can put in any NFT, such as a work of art, a star’s VLOG video; it can also be a set of rare game props, a series of albums by singers , A series of photo albums. By continuously adding assets to the DODO NFT Vault, the value behind the entire DODO NFT Vault can be continuously improved, and even become a business card for individuals or organizations.
- The lowest-cost liquidity market : The creator of DODO NFT Vault does not need any funds (except gas fees) to create a market for fragmented tokens, allowing the market to directly determine the price of NFT.
- Handling fee sharing mode : In DODO Private Pool of DODO NFT, the handling fee sharing method in the pool is extremely flexible. In the subsequent design, it will be taken into account that the creators of DODO NFT Vault and traders will enjoy the fee sharing.
- High scalability and composability : On the one hand, by fragmenting DODO NFT Vault into FT, FT can be freely traded through other exchanges such as DODOEX; it can also be used for lending, derivatives and other scenarios . On the other hand, the DODO NFT protocol itself is highly scalable, and more financial use cases will be added in the future.
For DODO, asset issuance is not limited to homogenized tokens. We bring this set of PMM algorithms and one-stop liquidity solutions to a broader field of non-standard assets and reach a larger number of users.
The NFT’s liquidity agreement is still in its early stages. At present, the combined TVL of the top four projects in this field is less than US$100 million, and the applications are also very few. But for ordinary people who have no access to high-priced NFTs, fragmentation is undoubtedly a more practical path. More specific benefits:
- Provide price discovery : Every time a fragmented ERC20 token is traded, a new price will be generated, thereby updating the total value of the NFT.
- Improve transaction liquidity : The fragmented solution is equivalent to the creation of an NFT secondary market, so that buyers and sellers have the motivation to participate in market transactions, making it easier to import and export the NFT market, thereby solving the liquidity problem of NFT transactions .
- Lower the collection threshold: Fragmentation means that you can invest in a rare collection CryptoPunk at a smaller price. This makes it possible to build a more diversified NFT portfolio. However, not all NFTs need to be fragmented. Long-tail assets with no liquidity will not change due to fragmentation. Therefore, priority should be given to the liquidity of high-net-worth assets that represent the “consensus”.
- Facilitate governance and rights : Let NFT decentralize ownership through transactions, make the “rights” of holding NFTs (such as revenue sharing and voting) a tangible concept, and governance rights (such as revenue sharing and voting) are also more decentralized化.
2. Financial NFT
Using NFT as a protocol for asset representation tools, NFT can be seen as the evolution of Token. Such as Uniswap LP token and yinsure insurance policy. Yinsure.finance uses the NFT format to tokenize the insurance policy and call it yInsureNFT. This type of NFT insurance policy, in addition to self-holding, can also be traded on the NFT market or participate in mining. In the scheme proposed in Uniswap V3, NFT is innovatively used as LP Token, and the financial attributes of NFT are highlighted.
In addition, there are innovations brought by Solv Finance in this field. They designed the Financial NFT that expresses the lock-up Token of encrypted projects based on financial papers, and designed vNFT, a brand new asset standard. Based on the new bill-type token agreement, Solv supports new functions such as forward contracts, NFT share splitting, and mortgage installment payments.
Solv Vouchers is the first Financial NFT product launched by Solv. It is committed to refactoring the management of locked Tokens and greatly improving the liquidity of locked assets. Solv IC Market is the first innovative application launched by the Solv team based on the original asset standard vNFT, trying to use NFT to bring the primary market into the DeFi field.
DODO has cast 100,000 $DODO into Voucher on the Solv platform and sold it at 50% off the market price. The purpose of this sale is to give back to DODO deep users.
3. Mortgage Lending
This category mainly represents the agreement of NFT as the underlying asset to realize mortgage lending. For example, NFTfi, Pawnhouse, Taker Protocol. Take NFTfi as an example: NFTfi is a P2P version of the NFT mortgage lending platform that allows NFT asset holders to use NFT as collateral to lend assets (currently supports wETH and DAI), thereby improving the liquidity of NFT assets. Limited by the current clear price discovery without NFT, the debt market is a missing component in the NFT ecosystem.
4. Asset Management Tools
Similar to asset management platforms such as Zapper and DeBank in DeFi. For example, NFT Bank, launched in June 2020, is an asset management platform for NFT. There are currently fewer projects. It is worth mentioning that the DeFi asset management platform Zapper will start the second season of NFT, and plans to allow users to make NFTs.
Founder of DeFi synthesis platform Synthetix assets of Kain opinions on Twitter: “DeFi belonging to the financial sector, significant financial impact to the world, but the games and art NFT will win more attention than financial.” Although NFT is currently the most exciting market focus in the encryption field, but DeFi is still the driving force for NFT to continue to expand its boundaries and reshape value . One is Money Lego (DeFi) and the other is Social Lego (NFT). When the two collide , There will be more imaginative experiments.
It is undeniable that many NFT projects are moving towards DAO, spreading their governance tokens in different ways to stimulate and encourage communities around the project, pooling capital to protect rare NFT assets , including the well-known PleasrDAO, FlamingoDAO, and Yield Guild Games, and MAODAO (project similar to Yield Guild Games), which recently launched a cat blind box and triggered a hot buying, are NFT DAOs worthy of attention. In a recent article, HashKey Capital Research detailed the four types of NFT+DAO experiments: investment, social interaction, governance, and guilds, which can also be used as a reference.
Among them, the recent eye-catching is undoubtedly Yield Guild Games (YGG) .
YGG is a decentralized autonomous organization (DAO), composed of tens of thousands of gamers with an ever-increasing number of players. They use NFT to generate real cash flow in “playing and earning” games. In this special “win-win-win industry structure”: For games such as Axie Infinity, YGG can help them quickly attract traffic; for players, YGG reduces the cost of entering the game; for the YGG guild itself, it It quickly became the largest gaming guild in Axie Infinity, and eventually prompted them to transform into DAO.
In the recent IDO where only 32 addresses successfully participated, although it did not benefit the community users, the benchmarking significance of the transition from an ordinary game guild to a DAO is to confirm the establishment of reality from the basic meta-universe economy of YGG How successful is the world’s value-mapping business model . YGG reached a consensus through DAO based on governance recommendations and distributed network voting by token holders to maximize the value of NFT assets used in virtual worlds and blockchain-based games.
At the same time, YGG allows players to become investors through the guild to purchase land and tokens in the games they actively participate in. The relationship between game developers and players has been profoundly changed. In the history of game entertainment, this player structure will have pioneering significance.
3.4 NFT infrastructure tools
Just as we can simply divide the development of Axie Infinity into the pre-Ronin period and the post-Ronin period. When many dApps feel that the Ethereum network is congested, few applications build their own solutions. Instead, they choose other L2 expansion solutions. For example, Uniswap, which consumes the most gas, decided to launch the v3 version on the Ethereum mainnet and Optimism, but Axie Infinity chose a more ambitious path and insisted on building a side chain for one year. This insight and courage has brought explosive growth to Axie Infinity, and once again proves the importance of infrastructure construction for the development of NFT.
In the previous classification introduction, the infrastructure layer includes the underlying public chains such as ETH, Flow, Polkadot, NEAR, EOS, Solana, Polygon, ENJIN, WAX, RONIN, iMMUTABLE and other side chains/L2, ERC-721, ERC-1155 And other token standards, as well as development tools, storage, wallets, etc. In addition, we can take a look at the current infrastructure of the track which is worth paying attention to (the following project introduction is from official information).
In April of this year, Alphawallet released a NFT synthesis product AlchemyNFT . AlchemyNFT introduced a new component, allowing NFT owners to operate their NFT assets, re-creating, mixing, combining and verifying NFTs, and adding new ones Practical functions and rights. NFT holders can:
- Collection digital signature
- Add various traits to create synthetic NFT
- Combine multiple NFTs to create a synthetic NFT
- Collaborate with other artists to create a second creation based on the existing NFT
The first product based on the AlchemyNFT protocol is AutographNFT , which allows anyone with a Twitter account to digitally sign the NFT. It binds the NFT with the real person in web2.0 through a signature method, and provides a proof of relationship for the encrypted world.
The working mechanism of AutographNFT is as follows:
Using the AutographNFT website, users can connect to their Ethereum wallet and request signatures from other users who have Twitter accounts. In addition to requests, rewards can also be provided to potential signers. The signer can view and execute the signature request. If he accepts the signature request, he can use his Twitter ID to sign the requester’s proposal, and he can get quotation income. This fund can choose to donate to a charity that supports ETH.
Simply put, through AlchemyNFT, a synthetic NFT is created, which maintains the original features and adapts to new custom features (this synthesis can also be reversed and irreversibly disassembled, and all synthetic tokens can be converted back to the original Format). Based on the authentication and permissionless transaction mechanism, AutographNFT creates unprecedented cooperation opportunities for people who don’t know . You can even get the opportunity to interact with the signer through the process of signing, and succeed in chasing stars.
The interaction between AlphaWallet CEO and V God
The meaning of AutographNFT digital signature:
- Since AutographNFT is directly connected to the user’s Twitter, the signer’s Twitter avatar will appear on the NFT, with a number in the upper right corner and the signer’s Twitter name, which is equivalent to the certificate code to verify the authenticity and uniqueness of this NFT .
- Use social media resources to magnify the content characteristics of NFT . Not only expensive artworks, all content can be used as NFT content. However, these contents interact with KOL through the “signature request” of the NFT producer, and obtain NFT value-added .
- The application scenario is not only in the category of collectibles. It can be seen that Twitter forwarding, requesting signatures, and signature remuneration donations are all publicly interacting on Twitter. AutographNFT will open a new NFT social scene, and it will also open up a field of value creation using “synthesis” as the path. .
In the game field, with the popularity of GameFi, more infrastructure projects will be added. The following are some of the projects under construction:
- Gala Games
Gala Games was co-founded by Eric Schiermeyer, co-founder of listed game company Zynga, Michael McCarthy, game creative director, and Wright Wesley T., a senior encryption practitioner. Aiming to create a decentralized game social platform, it plans to launch multiple, multi-chain games. Their first game, Town Star, performs well in terms of daily active users and market growth.
South Korean blockchain game company PlayDapp is a blockchain game ecosystem that supports in-game items as NFTs, enabling users to have ownership of game assets. Last year, the NFT (non-homogeneous token)-based C2C trading market “PlayDapp MarketPLAce” was launched, which supports blockchain game items and transaction services, allowing users to freely sell and buy game items, and convert them into digital asset NFT.
Forte’s mission is to upgrade the game industry through easy-to-use blockchain technology to benefit players and developers. Blockchain gaming infrastructure provider Forte completed a $185 million financing with a valuation of $1 billion, led by Griffin Gaming Partners, and investment institutions include A16Z, 1confirmation, etc. Forte achieves this mission by establishing, incubating, and funding the most promising decentralized products and solutions. They launched a test platform almost a year ago and launched the first batch of games, creating 10 million in the past year Wallet, there are now 10 online games.
Stardust enables game developers to increase revenue and improve the game player experience. Developers can make full use of the income of the Stardust platform through the blockchain infrastructure API to share the secondary market and game entry.
MixMarvel is committed to providing a one-stop chain game publishing platform for players and developers, and also provides developers with a Layer 2 cross-chain solution Rocket Protocol that is more suitable for medium and large games.
This is a “hope” panoramic analysis of the NFT article. Behind the 14,000 words, there is a research report of nearly 50,000 words. But it also has many unrelated issues: how to deeply understand the value of non-homogeneous tokens, how to decompose various ERC Token standards and technical solutions, how to treat the rise and future of “meta universe”, how to “cast” and sell NFT artwork, how to make NFT investment layout.
We can never truly understand NFT in an article or report. In this ever-changing experiment to verify the potential of the digital economy, no reference object has the power to travel through time. But we can still express our current understanding of NFT through some systematic and clumsy combing. This is a proposal for a brave new world. As humanity’s demand for digital asset ownership and property rights continues to rise and develop, we will personally witness many revolutionary experiments that take place through NFT, Create it and Enjoy it.
Exhibit: DODO Research
Author: Liu Yaoyao
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/nft-panoramic-analysis-history-present-and-future/
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