The misunderstood NFT is not injustice at all

The misunderstood NFT is not injustice at all.

You must remember that morning, as soon as you opened your eyes, you felt that the whole world made a joke.

All kinds of weird avatars fill your circle of friends, regardless of beauty or ugliness, are you surprised that NFT has become so popular? Not only has it penetrated into your friends who are at the forefront of technology and fashion, it has even penetrated into your family group. Your aunt in the northeast is asking you how to buy NFT?

At this time, the only one who can compete with the NFT heading speed is the speed at which you get on the car.

This is the magic of NFT. Although most people have not yet understood what it does, it does not prevent them from participating with enthusiasm. It is like “bubble” is what most people think of NFT, but it does not hinder them. It’s the same as being a bubble maker.

Speculation often stimulates human adrenaline more than investment, as long as the last hand is not in your own hands.

So why can NFT get out of the circle so quickly?

The one who says the value of the future is all about itchiness. There is only one honest answer: an attractive story must be a story of wealth creation.

According to the data provided by Nonfungible’s official website , the number of NFT buyers in 2020 increased by 66.94% year-on-year, and the number of sellers increased by 24.7% year-on-year. In October this year, the number of active NFT wallets exceeded 150,000, an increase of 97.09% from 2019. The NFT market is active. The transaction volume of the US dollar increased by 299%. On August 31, the 30-day trading volume of the NFT market was 682,600, and the 30-day trading volume of the NFT market on September 6 reached US$2.842 billion. As of now, Ethereum The total sales of NFT on the chain exceeded $8.5 billion.

NFT’s wealth creation campaign

This vigorous wealth creation story will start in March this year, because it is an epic event that cannot be avoided in the NFT circle.

The misunderstood NFT is not injustice at all

(“Everydays: The First 5000 Days” composed of 5000 digital works)

On that day, 33 active bidders from 11 countries competed on Christie’s official website for “Everydays: The First 5000 Days” composed of 5,000 digital works. In the end, an anonymous big brother named MetaKovan sold for more than $69 million. (Equivalent to RMB 450 million), then the original author of this work, Beeple, did not hesitate to cash out, and looked at the $53 million in the bank card (after excluding auction fees and taxes), he exclaimed: “To be honest, I definitely think this is a bubble.”

In the eyes of Beeple, MetaKovan may be a madman, but he is certainly not the first to be mad. As early as 2017, the No. 99 Genesis Cat of CryptoKitties was bought for 280,000 yuan.

So it’s not poverty that limits our imagination, it’s that we can’t keep up with the speed of getting rich.

The misunderstood NFT is not injustice at all

Although CryptoKitties has not been popular in 2018, Cryptopunks of the same period have led the way to the stage in 2021.

According to data from the CryptoPunks official website, as of October 2021, the number of CryptoPunks sold in the past year was 11,752, with a total cumulative sales of US$1.43 billion. Among them, the pixel with the highest price is CryptoPunk#3100. This alien sold for as high as US$108.6 million. The price of the pixel with the lowest price is more than US$400,000, which is enough to buy a decent house in a second-tier city.

The misunderstood NFT is not injustice at all

(I know you don’t understand, but I’m the most expensive NFT work in history)

Seeing the success of Cryptopunks, many projects that used this as the benchmark were born, such as Tpunks bought by Justin Sun for $10.5 million, such as “Apes” bought by Curry for 180,000 dollars.

The misunderstood NFT is not injustice at all

(BAYC profile picture)

This big monkey is equivalent to the ID card of Bored Ape Yacht Club (BAYC). The community attribute is the key to its success. This huge community has also gathered NBA star Stephen Curry, DJ group The Chainsmokers, Chen Bolin, Shawn Yue and other domestic Outside star.

As of October 16, the number of BAYC buyers reached 7,668 and the transaction volume was 21,532. The highest transaction ape was $2.2 million, and the historical transaction total reached 565 million U.S. dollars, making it the fifth-largest collectible item in the historical transaction volume. .

And the number one is the blockchain game ceiling-level project Axie Infinity, known as the “king of chain games”. This is a decentralized open turn-based strategy digital pet game. Axie (pets) in the game ) It has NFT attributes and can be used for trading and collection.

The misunderstood NFT is not injustice at all

(CryptoSlam overall list)

It doesn’t matter if it’s a bit detour, just remember that it is a profitable game. NFT can be earned in the game. Some people will say that it is the same as those news apps that do tasks to make money, right?

But people earn more than that. According to the Axie Infinity Twitter community poll released by CoinGecko on July 26, players can earn an average of 151-200 SLP (equivalent to US$55.50) per day, which is converted into legal currency, which is equivalent to You can earn $1665 in one month.

Therefore, it is not without reason to rank first in the list. According to Dappradar, Axie Infinity generated more than $776 million in transaction volume in 2021Q3. As of October 29, the total historical transaction volume of Axie Infinity reached $2.7 billion.

Of course, in addition to these mainstream projects, the NFT circle will also burst out some non-mainstream surprises from time to time. For example, in June of this year, the Shiba Inu, who is resident in the emoji package, became the dog of the NFT wealth creation campaign.

The misunderstood NFT is not injustice at all

(Yes, it’s me)

The reason is DogeCoin ( dogs currency ) the owner of the prototype Shiba Inu dog picture Atsuko Sato prototype coins cast into a NFT, then (a decentralized autonomous organization) PleasrDAO to 1696 ETH (then about $ 5.5 million) The price is in the bag. This was originally an extremely common operation in the NFT world. After all, who hasn’t seen a painting sold for $69 million and a tweet for $2.5 million? What big storms and waves have you never seen?

However, people greatly underestimated the ability of PleasrDAO. They divided this dog dog NFT into billions of pieces for auction, pushing the value of the entire NFT picture to 302 million US dollars.

Public opinion is in an uproar, can an NFT be taken apart and sold? This is exactly the same as the operation of crowdfunding to buy a house. Sure enough, people who are good at summing up experience are more likely to create wealth.

Then in August, a project called LOOT (Loot for Adventurers) turned out. This should be the most incomprehensible NFT project, because it is just a few lines of text, and it feels like the code can be more advanced. But only 5 days after the project was launched, the transaction volume has exceeded 24 million U.S. dollars.

According to the official website, this is a “randomly generated and stored on-chain adventurer equipment” option. Importantly, all visual effects, statistics, and on-chain indicators have been intentionally omitted. The main goal is to give collectors the opportunity to interpret their NFT in any way they like.

The misunderstood NFT is not injustice at all

(Well, LOOT looks like this)

When I first saw it, I thought I could write 1,000 paragraphs a day, but some teachers in the circle said that they saw the infinite possibilities of NFT.

Who knows, after all, everything is possible, maybe it’s just a matter of time.

The above are just a few of the more representative stories of NFT wealth creation. There are many other incredible stories, so I won’t repeat them here.

In these wealth-making stories, whether the beneficiaries are individuals, institutions or platforms, the individual will definitely benefit in the end. The small amount of money will change the life, and the big will change the destiny. If someone laughs, someone must cry. Fortunately, compared to the mixed-race of the digital currency market, the NFT market is more pure, because the people who pay for the money, the people who pay for the big money, are basically rich people, after all, there are hundreds of thousands at every turn. The starting price of US dollars is not something a poor person should consider. Even if the poor spend dozens of dollars to join in the fun, even if the bubble bursts, it is still acceptable.

The true value of NFT

I talked about some mainstream and non-mainstream NFT wealth-making campaigns. It seems that NFT is useless except for hype, but if you look at the problem with a developmental perspective, you will become much happier.

The misunderstood NFT is not injustice at all

From this picture, we can basically see the main applicable scenarios for NFT at present, focusing on games, artworks, and collectibles.

It has to be said that compared to virtual coins that can’t even be seen by a ghost, the NFT that can be carried in actual application scenarios must have its useable reason.

Knowing why NFT can sparkle with these fields, you can get a general understanding of the true value of NFT.

NFT (Non-Fungible Token) is a non-homogeneous token. Its biggest feature is 1V1 anchoring. One NFT corresponds to one Token ID, which is the same as DNA.

This is easy to understand. Artworks, collectibles, and game props are unique and specific to a certain extent. They represent the background of the times, the creator’s thoughts, personal aesthetics, and the user’s taste and personality.

So it’s different from the apples in the supermarket. Apples can be weighed by the catty, but these things cannot. They have souls and values ​​in certain circles, and they may grow more with time. value.

To make these things into NFT is to declare the uniqueness and authenticity of this thing. To put it bluntly, it just tells you that this is a genuine product, the only one in the world.

This is very valuable.

Someone will definitely say that an antique, a famous painting, a pair of limited edition sneakers, and a Gucci bag are not more suitable for making NFT? The current pixel blocks really don’t see anything to collect.

Yes, we hope to achieve the above vision, but what NFT can currently solve is the problem of digital assets. As for anchoring with those objects that have no standardized value, there are still some problems.

There may be the following situations. There is a picture of “A River on Qingming Festival” on the market. Experts have proved that it is indeed authentic. Its owner has issued an NFT version of “A Picture of River on Qingming Festival”. If you buy it, there are two problems. Question one , You may have only bought a digital version of Qingming Shanghe Tu, the entity is still in the hands of the seller, it is pure hype. Question two, you may buy both the entity and the NFT at the same time, but what if the genuine product is swapped out? You can’t guarantee that the entity will not be replaced by its owner, right? Unless you don’t care.

How to prove that it is it, this does require the participation of public trust agencies, and close cooperation between multiple parties can be achieved. At present, it is almost difficult to achieve.

In March of this year, a physical painting titled “I Can’t Believe Your Idiot Bought This Ghost” was burned down in a corner of Brooklyn, and then the NFT version of this painting was launched on OpenSea and shot 288.69 ETH, which is about 380,000 U.S. dollars, has to know that the physical version of this painting has an asking price of less than 100,000 U.S. dollars.

The young man who burned this painting came from an organization called “Burnt Banksy”. In their Twitter profile, they stated that they “have the mission of connecting the physical art of the world with NFT”. It’s a bit ironic, a bit hard to understand, I thought they were going to use technology to change the world? Is it to solve the problem that the entity may not conform to the NFT by burning it? But may I ask, what if he burned a fake painting?

The audience feels distressed, and they feel lonely.

Therefore, at present, the biggest function of NFT is still on digital content. It can give digital content a unique identity mark, thereby enhancing the value of digital works and reducing transaction costs (the cost of authenticating digital content, etc.). At the same time, because NFT is issued on the blockchain technology, its distributed storage feature also allows NFT works to be permanently stored, and will not disappear due to the suspension of operations of the centralized platform.

But this is not to say that it has no value at all in real objects, on the contrary, it will bring infinite value to physical assets in another way.

Asset digitization and digital assetization are two major trends in the development of the world in the future. If blockchain is the magic wand that turns digital content into assets, then NFT is its accelerator.

For example, our houses, cars, machines, equipment and other commodities with market-oriented standard prices cannot bring us great value due to the constraints of region, time, environment, etc. We can use the Internet to think They carry out quantitative assessments, and finally form the entity’s digital assets, which is the digitization of assets.

Then digitized assets, using blockchain technology to create NFTs, can break through geographical restrictions and circulate on the Internet, greatly improving its liquidity. NFTs can be managed on a larger scale, or even Make global investments or purchases.

Of course, the value of NFT is far more than that. From digital art, collectibles, virtual property to cultural entertainment, identity verification, insurance, real estate, infrastructure, and even our credit, NFT will be available in the future.

No matter how “whitewashed” NFT is, its current situation is indeed embarrassing. Some people even said with a smile that “buy it accurately”, “hold it securely” and “run fast” are the three-piece set of god-level operations in the NFT field. But this is the truth. At the current stage when the infrastructure is not yet perfect and the technological level has not yet taken a leap, NFT has a limited ability to do in addition to becoming the carrier of the new generation of wealth creation movement.

But the future is unlimited, which is also true.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/the-misunderstood-nft-is-not-injustice-at-all/
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