The future of NFT: focus on multiple attributes and core users

In “Decrypting NFT and Entering the Metaverse, how will blockchain and value entities be linked?” “In the article, I introduced the entire development context of NFT. There have been many new changes in the NFT market since August 2021, and many new trends have emerged in the overall scale and paradigm of the NFT market. Here, I will combine the latest trends to conduct an in-depth analysis of the NFT market again.

The paradigm of NFT has a new evolutionary direction

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 help us understand the paradigm and evolution direction of NFT.

The original idea and attempt of NFT originated from the Colored Coins program in 2013. The idea of ​​the program was to mark bitcoins so that such marked bitcoins could have other uses after being tracked, such as coupons and numbers. Collectibles, digital vouchers, etc. The “prototype” of NFT began to unfold with “member rights” as the core.

After that, the community had a lot of discussions on the exploration of blockchain in the game field, and some of the community members began to focus on artworks. Since then, the blockchain has begun to have a close relationship with the physical assets under the chain, and “physical asset ownership” has become an important branch of the development of NFT. This is actually inseparable from the concept of “member rights”. An anonymous performance artist in the UK burned one of his works, and then forged the digital representation of this work on the chain to auction the digital representation on the chain. “Beeple | The First 5000 Days” spliced ​​the creations of the past 5,000 days into a complete painting, and sold for a high price of 70 million US dollars. This form is essentially a combination of traditional logic and new NFT logic.

“On-chain native” and “decentralized” are the core elements of another NFT. During 2013 and 2015, the blockchain community explored the “card assets” on the chain, and many solutions that were combined with games emerged. However, the game was not the core development direction of the blockchain at that time, and the “uniqueness standard” for the token had not yet been launched, and these projects did not have a huge impact.

The future of NFT: focus on multiple attributes and core users

Source: cryptoart.com

The CryptoPunks launched in 2017 are collectibles under the consensus of the community. Artwork on the chain is a weak form, the real strong form is completely native on the chain, and the aesthetics and off-chain aesthetics are completely independent strong forms, such as CryptoPunks, such as Bored Ape Yacht Club, which is completely generated by on-chain algorithms. It’s hard to say whether it’s beautiful or not, and it’s even impossible to define whether it’s a work of art, but it’s a new value system. Many people are willing to pay a very high cost for such a value system. ,

The future of NFT: focus on multiple attributes and core users

The future of NFT: focus on multiple attributes and core users

The above NFTs are all “top-to-bottom” models, that is, the form or rights of the NFT designed by the project party, and community members create under this theme. Users who want to obtain this type of NFT often need to pay a certain amount of funds.

The third type is a bottom-up social experiment. Like the scenes in the “Top Player” or “Out of Control Player” movies, but those scenes are all beautiful visual animations. It is very likely that the construction of the metaverse was not developed by a super smart programmer. The beautiful game is developed by various smart people all over the world using pixelated or word-shaped elements, and they are gradually splicing it together like Lego. Loot has such an attempt. Each NFT has only 8 words, such as a giant, a silk glove, a dragon’s crown, etc. Everyone can forge one by themselves. Someone will visualize these props and some will make a map. And the storyline, and even finally turn it into a complete game. There are many visualized versions. If you enter the NFT address into a certain website, there will be an interpretation, and you will see a concrete thing. The future meta-universe is likely to be such a model, which is a very basic element representation on the chain, but there will be a specific interpretation method in each software under the chain.

The future of NFT: focus on multiple attributes and core users

Source: Loot Community

The development history of NFT is a process of gradually returning creativity and freedom to users.

The evolution of NFT is a sign of a more mature blockchain ecology

Before the emergence of financial assets, all assets in the real world were non-standardized assets. In order to facilitate transactions, humans have experienced the evolution of using relatively uniform shells, metal products, and paper as currency (standardized assets). Other asset transactions also use standardized assets: the assets are packaged first, then cut into divisible, homogeneous assets, and then placed in the market for investors to buy and sell. Asset securitization is an important direction for realizing transactions, so we see that in every financial innovation in the traditional financial industry, asset standardization is an eternal theme. The development direction of the assets follows from complex to simple.

The development context of the blockchain industry is just the opposite. There is actually no difference between the first born digital currencies. This feature is very conducive to transactions. Bitcoin appeared for decentralized payment. There have been several rounds of bubbles in the blockchain industry in just over 10 years, and convenient transactions are an important factor in the formation of the bubble.

The “non-standardized” nature of NFT assets is not conducive to transactions, but this still does not hinder the development of NFT assets and paradigms. As users occupy an increasingly important position in the NFT creation chain, the “non-standardized nature” of NFT will become more and more obvious, because there will be a large number of small and medium-sized communities with long tails that will generate a large number of NFT assets. To a certain extent, the difficulty of the transaction level in the blockchain industry has been increased, but the increase in the complexity of asset types, in turn, indicates that users’ acceptance of assets has increased. In the future, the exploration of “standardization” of various NFT assets may be very exciting, and various “standardization” innovations are likely to be milestone events in the DeFi field.

NFT is an important component of the Web3.0 multiverse

Looking back at the development context of Web1.0 so far, there are many similarities with the development course of NFT. In the Web1.0 era, companies set content themes and provide relevant content. Users often need to pay to use part of the valuable content. The company earns revenue. In the Web2.0 era, users’ freedom has increased and UGC’s Content began to gradually rise, Internet companies played the role of “platform”, and the platform began to share revenue with users;

The future of NFT: focus on multiple attributes and core users

Web3.0 uses NFT as the value carrier, and users become the core of content and value generation and capture. The benefits captured by the platform in this process and the control over content will be greatly reduced.

At this stage, there will be a “centralized and accessible” meta-universe, and the corporate system will not disappear; there will also be a “decentralized, non-access” meta-universe, and community members will become the construction of this type of meta-universe By. The first type of meta-universe will be written by the company to build a “story line” to build a world view, where users are more about experience and micro-creation. This type of meta-universe is the most in the film and television industry. Movies with a large number of fans such as “Harry Potter” and “Star Wars” have built a huge meta-universe. The second type of meta-universe is the meta-universe that is native to the blockchain. Users can have a great influence and change on the world view and story line. The KOL with great influence in a single community can follow his wishes on the latest development of the world view. to modify.

As an important component of Web3.0, NFT has the opportunity to travel freely in these two types of meta-universes. For example, the magic wand in the “Harry Potter” meta-universe can be substituted into other meta-universes native to the blockchain, and its attributes and functions can be used without modification. Since the company needs to capture part of the value in the meta-universe, (for example, Facebook changes its name to Meta, focusing on the establishment of the meta-universe), some meta-universes may have strong “centralization” attributes, and those decorative and social NFTs may be the easiest For assets that shuttle between the two meta-universes, functional NFTs may be hindered by affecting the worldview of the “centralized and accessible” meta-universe.

Multiple attributes and user-centric will be the future of NFT

In the final analysis, NFT is an asset standard. Looking at the development of NFT now, I think there are two keywords for the development of NFT in the future-“multiple attributes” and “user-centric”.

First of all, the types of NFTs will be more abundant. Whether it is a real asset mapping, a blockchain-based NFT, or a NFT that tokenizes various rights and interests, the NFT market will become very diverse in the future. At the same time, NFT will have multiple attributes across multiple universes. Just imagine what kind of sparks the Harry Potter magic wand will collide in the universe of “Game of Thrones”? The NFT we have will be easier to shuttle in the multiverse web3.0 era.

Secondly, the “user” attribute of NFT assets will be stronger. NFT assets are based on communities. Personal creation is the general trend in the future. Returning the creation rights and profit rights to users will return to the “decentralization” of the Internet and blockchain. Heart.

If NFT is regarded as an experiment to verify the potential of the digital economy, perhaps no reference material is enough to compare with it. As humanity’s demand for digital asset ownership and property rights continues to rise and develop, we will personally witness the beautiful new world of Web 3.0 led by NFT.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/the-future-of-nft-focus-on-multiple-attributes-and-core-users/
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