what’s in front? Semi-annual NFT application “Rhapsody”

look back at past

Before we look to the future, let’s take a look back at the past year. In the past year, the rapidly developing NFT market has mainly focused on the following:

Price speculation based on FOMO, FUD, attention and big V

Compared to fiat currencies backed by official entities or stocks backed by business fundamentals, cryptocurrencies/NFTs are entirely dependent on market sentiment. Therefore, cryptocurrencies/NFTs are one of the most volatile assets in the world.

what's in front? Semi-annual NFT application "Rhapsody"

Bitcoin Driven by Market Sentiment

Emotion-driven instability is particularly acute in the NFT market. NFT trading platforms such as OpenSea and LooksRare continue to show us the myth of making a fortune tenfold or a hundredfold in a week to change our lives. They have become “digital casinos”. “Speculative tweets” have the ability to turn a stone into gold. They can quickly double the value of an NFT series. It doesn’t matter whether they are true or not.

what's in front? Semi-annual NFT application "Rhapsody"

YugaLabs co-founder @GordonGoner said the man next to him started making “goblin” sounds, and the floor price of goblintown.wtf took off instantly

NFTs are largely an “attention economy”—every tweet from some big V has an extremely high level of attention, and this power is unbelievably powerful in the NFT market. Some big Vs use this power responsibly, while others don’t.

Meme + CC0

Meme is a manifestation of culture. It’s indescribable, but everyone understands it – it’s a natural fit for NFTs.

At the height of the “Kevin” Meme, the following thing sold for 8.88ETH ($26,400). Meme culture will last forever, but the individual symbols that make up this everlasting culture are not necessarily, they may be forgotten.

what's in front? Semi-annual NFT application "Rhapsody"

Kevin at 8.88ETH

Most Meme projects are also CC0 projects, such as CrypToadz, mfers, goblintown.wtf… . You, the owner of these projects, don’t even own the artwork, but it doesn’t matter, the value of these projects is meme and community vibe rather than ownership. It’s also pessimistic – founders can irresponsibly shoot a gun and switch places, make quick money and keep getting royalties. Unfortunately, our attention is often diverted to aspects such as the price volatility of the project and forget about it.

Meme with NFT as the carrier will continue to emerge. Being able to benefit from learning about a Meme culture was unimaginable in the past. In fact, Meme was monetized long before the 10K NFT series became popular – you, the owner of an important cultural moment. And Meme has long become one of the important elements of NFT collectability.

Products that don’t require Web3

This is probably the most controversial point.

Many NFT projects would be better off as “Alpha” mailing lists or paid subscription services. Most P2E games should be a game first, and then consider introducing NFTs into the game.

If an NFT project puts “technology” first and needs to overcome various technical development challenges to realize its vision, then the project will be highly dependent on hype and royalties. Most projects that have raised only tens to hundreds of thousands of dollars have struggled to deliver on the promises they have written in their roadmaps.

The roadmap must be realistic. A vision is necessary, but clear planning and strong execution are required to turn the vision into reality. Many NFT projects claim that they will “build the next Disney”, but remember that it took decades of hard work and more than 200,000 employees to make Disney what it is today.

Every NFT project is equivalent to a startup, and the startup has to have a target customer base, a marketing channel, and a product to sell—the company has to make money. NFTs should be the catalyst for this company’s growth, not the company’s only business model.

By now, you should understand some of the current state of the NFT market. So, in the next six months, what changes will we see in the application of NFTs?

Looking to the future

IP Licensing

When you buy an NFT that gives you full commercial rights, especially when it belongs to a certain 10K NFT series, you actually buy an IP license to create various goods (coffee beans, wine) with an existing community , hats, board games…). Others in this community are just as excited about the present and future of this IP as you are.

When this happens, you are no longer just guessing the price of the NFT, but creating value for the NFT, just like using a piece of commercial real estate to grow your business. The target of this investment will no longer be the NFT, but yourself, and you can control the financial returns of this investment.

At the same time, business opportunities for brand agents will also appear. Brand agencies have the skills and networks to create the necessary brand equity and stories around NFT IP. NFT holders can obtain passive income by licensing their IP to brand agents, and can no longer only rely on their own power to do huge operational work to input value for IP.

Community/Membership Benefits

The community cannot fork. Before NFTs, many different industries have shown us the importance of exclusive communities – Ferrari will only allow current Ferrari owners to buy their next series car if that membership exclusivity becomes a transferable NFT ,What will happen? Disney’s Club 33 gives members access to exclusive restaurants and hands out many free theme park tickets to members, what if that membership exclusivity turns into a rentable NFT?

Membership (minting fees) motivates the team to bring various utility benefits to members (NFT holders). Having a business network with a well-organized community is invaluable, even beyond the very concept of a business network. Imagine some interesting cases? Gather a group of people who support a charity by casting NFT, and form a community of donors to make this charity sustainable. Using NFTs as proof of participation in high school clubs and as a validator for college admissions… Interesting use cases like that, and many more.

NFT is a coup that integrates user feedback, capital and marketing. Today, many NFTs are being released alongside actual software or other commercial products. However, NFTs can (and should) also work on released products. By issuing NFTs to unlock premium features, you can pinpoint your premium customers and raise additional funds. For example, Netflix could issue 100 lifetime memberships, fueling market enthusiasm while figuring out what the exclusive benefits premium customers want.

Of course, issuing NFTs in this way means sacrificing long-term profits in exchange for short-term frenzy. An investor who pays $X for such an NFT should receive more than $X in equity.

Epilogue

Speaking of 10,000 and 10,000, the final and most important question we have to ask – apart from making profits through hype, what is the purpose of buying and selling an NFT?

For the seller (issuer), issuing a series of NFTs is about creating buzz, raising funds, and organizing a community that really cares about the product.

For the buyer (investor), purchasing an NFT is to gain exclusive access to the business network, as well as various premium product benefits.

Sure, you might mention NFT credentials and soul-bound NFTs that map real estate, but they still exist in the distant future.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/whats-in-front-semi-annual-nft-application-rhapsody/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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