If the emergence of DeFi started the long-lost bull market, then the rise of NFT will continue the hot market in the first half of the year. For the crypto market, the second half of 2021 will undoubtedly belong to the NFT. Compared with DeFi’s internally optimized ecological development, NFT has shown an amazing out-of-circle effect, which makes its scope of competition span the field of cryptocurrency, and it has gradually begun to appear in the field of traditional Internet companies and luxury goods. Since then, NFT has become a new outlet under the competition of the whole industry.
We know that after months of turbulence in the cryptocurrency market, the concept of NFT has taken the lead out of the market haze. The first thing that appeared was the GameFi chain tour wave led by Axie. After only one month of launch, its revenue has gained tens of millions of dollars. Followed by the “JPEG” under the NFT sector, directly set off a wave of snapping up NFT avatars in the encryption world.
According to foreign media reports, an NFT collector spent 50 ETH to purchase two CryptoPunks , among which the NFT works of “CryptoPunk 3100” were sold at a sky-high price of 35,000 ETH . After CryptoPunks, imitators such as Bored Ape and Pudgy Penguins also rose rapidly, and the “JPEG” NFT transaction volume quickly occupied half of the NFT market.
The popularity of NFT avatars can be said to be a milestone in the NFT ecosystem. The release of every phenomenon-level avatar NFT will trigger a carnival among online users, so that a large number of Punks avatars have been logged on to traditional social media platforms such as Twitter and Instagram on a large scale. Thousands of people have replaced their favorite encrypted NFTs. Avatar.
The Punks avatar trend started with celebrities and trendy celebrities in the encryption circle, which released a new cultural atmosphere, so that users who use Punks as avatars are worthy of attention and communication. Community members rely on their avatars to identify their peers in the numerous networks. They interact and interact with each other and start gatherings on various platforms. A new social network based on the ownership of avatars is thus laid.
In fact, the popular Punks avatar is a derivative of NFT. The NFT avatar is usually an image of a character, often above the shoulder, and is often used as a digital profile picture. Most NFT avatars are unique and are generated from a series of features (ie: clothing, accessories, hairstyles, etc.) through algorithms, with different scarcity. In addition, many NFT avatar projects have other built-in functions. For example, with the continuous breakthrough and development of meta-universe technology, only users with specific NFT avatars are allowed to enter the special meta-universe world, which gives NFT avatars a chain in the future You or the unlimited reverie function in the meta-universe.
Looking at the overall development momentum of the encryption industry, more and more users have shown a keen interest in NFT avatars. So what gives a little picture the magic power?
The reason is that under the influence of the trend, having an NFT avatar has obviously become a status symbol, just like owning a global limited edition LV luxury product, and a certain NFT owner can put his own social media avatar Replace it with what you own. If someone who does not own an NFT avatar randomly replaces with an encrypted avatar that he does not own, he will receive ridicule from netizens. After the mainstream social platforms announced their full R&D efforts to build the meta-universe, more and more people believe that NFT will play an extremely important role in the meta-universe, and after the world is moving in the direction of digitalization, something you own can be In the future, it will be a trend to be carried in the new network.
In today’s digital world, the convenient technology of communication and interconnection has prompted the public to spend most of their lives online. Therefore, people are extremely eager to express themselves in the digital field in more and more unique ways. NFT avatars are not just unique and outstanding profile pictures on social media, they have also proven to be an impressive investment and have become the focal point of the entire community.
However, with the release of more NFT avatars, it becomes more and more difficult for new projects to stand out in the vast ocean of NFTs. Existing projects are increasingly regarded as high-quality stores of value, which makes it more difficult for new projects to gain a place. Among them, the choice of the underlying public chain has become the reason for the success or failure of most NFT projects.
The vast majority of NFT projects in the current market are rooted in Ethereum , because the most active and oldest crypto ecosystem is undoubtedly Ethereum . But we should be clear that this technology is not exclusive to the Ethereum network. Due to the overall backwardness of Ethereum’s own architecture design (the cost of minting is extremely high, and sometimes the cost of minting even surpassed the price of the NFT itself; high transaction fees and slow speed; poor user experience), resulting in more and more frequent underlying problems Exposed.
The main factors that affect the performance of NFT are minting fees, transaction fees, transaction efficiency, and user experience. On the other hand, how to balance and optimize these issues reflects the superiority of the public chain.
The NA (Nirvana) Chain blockchain network has been quietly brewing a new storm. Through painstaking research and development, and finally through our own original new technology, we have brought more effective scalability solutions to the NFT market.
NA (Nirvana) Chain is a blockchain network “born for applications” built for speed, safety and efficiency. The Pow Flow + DPoS + DAG combined consensus mechanism it created brings a super large TPS foundation, and at the same time, the NFT application scenarios that can be linked based on the cross-chain form will be very large in the future.
Because NA (Nirvana) Chain’s blockchain is extremely efficient, compared with Bitcoin and Ethereum and other PoW blockchains, NA (Nirvana) Chain consumes much less energy, which greatly benefits the assets of different NFT projects. Transfer transactions between, minimize the cost of consumption. With the increase of assets on the chain, especially the development of NFT projects, NA (Nirvana) Chain will have the opportunity to provide transaction services for more assets, thereby expanding its transaction scale. NFT can transform real-world assets into digital assets. NFT represents the ownership of the digital world of assets, and realizes valuation or transaction in NA (Nirvana) Chain.
It is foreseeable that NFT is in a rapidly developing field and is a sunrise industry with infinite bright prospects. The rise of the meta universe market also confirms the correctness of this trend from the side. NA (Nirvana) Chain’s overall empowerment of the NFT sector will revitalize more encrypted avatar projects and complete its major step towards digital brand equity.
Today, when the NFT ecology is becoming more and more popular, the public chain will always be an infrastructure that cannot be ignored in the development of the blockchain. The emergence of NA (Nirvana) Chain solves the thorny issues faced by the NFT ecosystem, such as high transaction costs, creation costs, and transaction speed. We have reason to believe that future NFT developers and creators will create new NFTs beyond imagination. Application.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/punks-avatar-swept-the-entire-network-how-na-nirvana-chain-empowers-the-nft-arena/
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