In fact, it has been less than 18 months since Beeple’s work broke the circle and let many people know about NFT. But the changes in the industry are too fast, the new hot spots are dizzying, and there is a fleeting feeling. Let us review the applications (events) that have had a profound impact on the industry from the following 8 examples.
1. CryptoKitties: The originator of chain games, one of the earliest NFTs.
In November 2017, a blockchain-based pet development game, CryptoKitties, the originator of chain games, attracted the attention of users. Only a few hours after CryptoKitties went online, it occupied more than 15% of the network of Ethereum, contributed nearly 30% of the transaction volume of ETH, and even directly caused the congestion of the entire Ethereum network; impression.
At the peak of its popularity, an encrypted cat even sold for a million-dollar price, but then the bubble burst and the encrypted cat also fell to the bottom. In the following 18 and 19 years, ChainGame entered an era of barbaric growth. Gamblers entered the game regardless of cost, and inferior projects waved their scythes with exaggerated gimmicks. The exaggerated bubble of “chain game” finally entered a cooling-off period in Q2 of 2019.
CryptoKitties, as the originator of chain games, let more people understand the blockchain through games, and also let people understand that the growth rate of GDP in real economics will have many problems if it cannot keep up with the growth rate of inflation. This is in the crypto world. The same applies – a good economic model is the key to continuation.
2. “Everydays: The First 5000 Days”: Digital Art Breaks the Circle
In March 21, Beeple’s digital artwork “Everydays: The First 5000 Days” was sold at Christie’s for $6900 w.
The sale of this work is a milestone event in the history of NFT. The sky-high transaction volume made NFT, a term that was not popular at the time, break the circle; people saw the use case of NFT in the field of art, and on the other hand, people realized that the core of the price target of NFT is subjective value.
“NFTs have dramatically changed the trajectory of my life, especially the wider art world,” Beeple said.
3. First tweet: From sky-high price to no one
In March 2021, Twitter CEO Jack Dorsey sold the original tweet on the system (posted on March 21, 2006) for nearly $300 w. Dorsey mentioned that the cash raised from the NFT sale will definitely be converted into Bitcoin and then donated to a charitable company called GiveDirectly, which distributes the cash to needy individuals.
In April 2022, the buyer recently put the NFT back up for auction, with an expected price starting at $48 million. After the auction, he received a total of seven offers, the highest of which was $270, yes, no million.
The essence of NFT is still a cultural and creative industry, with stories as the core (maybe more applications will be extended in the future). Under the support of subjective value, there is no market without buyers. This also reminds users that liquidity is one of the most important attributes of NFTs.
4. NBA TopShot: The Powerful Value of IP
NBA TopShot is a blockchain-based collection game launched by Dapper Labs, the founding team of CryptoKitties, in cooperation with the NBA. At that time, it almost single-handedly rekindled the enthusiasm of users for the NFT collectibles market. NBA TopShot’s star card is not only of collectible value, the team will develop game functions in the future to give it more playability.
Just as fans would buy CDs of their favorite idols, the game unlocks the IP potential of NBA stars and the purchasing power of sports fans. However, NBA TopShot relies on the powerful IP of many stars, attracting fans outside the circle of many NBA star groups.
The success of NBA TopShot gives investors a hint – a good IP has a very strong attraction and a breaking effect, and many NFT projects later began to pay attention to IP attributes, and even the applications of the Flow ecosystem began to favor the powerful IP of Web2 shift.
5. The Sandbox: The Metaverse
Founded in 2011, The Sandbox is a decentralized gaming platform where players can create and own their own game worlds and profit from the virtual properties they create. In The Sandbox, digital real estate is called LAND, and players can buy it and add games and assets to it freely.
The many Metaverses led by The Sandbox have shown many possibilities to users. NFTs and blockchain technology bring proof of authorship (= creator) and proof of ownership (= owner). This ultimately enables the creation of a primitive method of digital asset exchange, opening up a virtual economy in which assets and services can be valued, held, traded, and monetized.
In the Metaverse, it’s what you own, create, or buy that defines your virtual self, so to speak. Blockchain and NFT replicate the real world, and with the help of VR and other technologies, people see the possibility of a real “Second Life”.
6. StepN: Milestones of X2E
StepN was born at the end of 2021, and the bottom layer is based on Solana, known as the world’s first “Move To Earn” NFT game (although it has also been questioned as a replica of Funbu). StepN has occupied the entire GameFi market at an extremely fast speed and has become the hottest on-chain application in Q1 2022.
The expansion of StepN is very dependent on the inflow of large amounts of capital, and the larger the scale, the more difficult it is to attract new capital inflows to maintain returns; as the scale grows, the funds to maintain also grow exponentially. So when no new money comes in, it’s a matter of course that it collapses.
StepN official said: “STEPN’s goal is to promote millions of people to live a healthier lifestyle, bring them into the Web 3.0 world, and make a positive contribution to carbon neutrality.” Innovative gameplay attracts runners, investment The attention of various characters such as observers and bystanders has even led to the upsurge of the project side to follow the example of “X To Earn”. As a milestone application of “X2E”, it also reminds people that the current economic model cannot be designed like a perpetual motion machine, and continuous optimization only slows down the time of death.
7. ENS: Digital Identity for Web3
ENS (Ethereum Name Service) was founded in May 2017. It was a project incubated by the Ethereum Foundation in the early days; in layman’s terms, ENS is the name system in the blockchain.
ENS is a singularity in the WEB3 milestone. ENS maps human-readable names to machine-recognizable identifiers for blockchain and non-blockchain resources, such as ETH addresses. Simply put, ENS resolves the .eth domain name to an Ethereum address, and replaces the irregular Ethereum address with an easy-to-remember ENS address.
ENS may not be the earliest blockchain domain name application, but it has now become an industry benchmark. ENS shows that NFTs can also be used for domain name services similar to .com domains, decentralized and self-preserving. ENS can even serve as an indicator of personal identity (NBA star Shaquille O’Neal changed his Twitter name to “SHAQ.ETH”), phone numbers in the Metaverse, address coordinates, personal IDs, and more. ENS provides a practical identity system in Web3, based on which people can see many possibilities, and it is also an indispensable part of Web3.
8. Constitution DAO: A historic change in DAO culture.
Perhaps the Constitution DAO is not a milestone in the NFT field, but it has far-reaching significance for Web3, and I still decided to list it. In mid-November 2021, Sotheby’s, the world’s premier auction house, will auction an official first print copy of the U.S. Constitution, the only surviving copy in the hands of a private collector. Many American users believe that the Constitution should be returned to the hands of the people. As a result, the founding team of nearly 30 people established the Constitution DAO; their goal was only one – to raise funds and auction to obtain a copy of the constitution. In just six days, the Constitution DAO crowdfunded more than $40 million, and the fermentation of things far exceeded everyone’s imagination.
However, due to the transparency and availability of the data on the chain, the Constitution DAO basically belongs to the auction of the brand name, which led to the failure of the auction in the end. In the past, perhaps people’s perception of DAO was to vote for holders, but after that, more and more people understood that the original intention of DAO is to bring everyone with common hobbies and goals together to grow together or accomplish the same thing thing. And a new way of governance that may be applied to reality.
NFT is still in the stage of “infrastructure” and “exploration”. It is possible that an inadvertent thing seen today can be said to have “witnessed the history of the industry” when looking back on it in the future. These 8 examples are the ones that I think are the most representative and meaningful, but they must have the color of personal thoughts; there are a thousand Hamlets in the eyes of a thousand people, maybe in the eyes of different people: Cryptopunks, Mirror , BAYC, Nike, Axie, etc. are more “milestone”.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/why-are-these-8-nft-instances-a-milestone/
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