After Shen Teng teased the Metaverse in the Spring Festival Gala of the Year of the Tiger in 2022, the virtual currency Dogeking of the same name increased by 500 times. On February 8, it was reported that the licensed producer of the top-tier “Bingdundun” in the Winter Olympics was also planning to enter the Metaverse. According to the news, Yuanlong Yatu, the licensed producer of the Winter Olympics mascot “Bingdundun”, plans to enter the Metaverse and launch digital gifts, and is applying for the registration of multiple trademarks related to the Metaverse.
“The Metaverse is definitely the future,” said Qingdian, a digital collectible player. The NFT with a lower threshold has become the “stepping stone of the Metaverse”.
NFT, the full name of Non-Fungible Token, is translated as “non-fungible token” in Chinese. In the vast Metaverse space, it is closely connected with the blockchain and is generated based on the blockchain. “From a technical point of view, NFT is a digital certificate of contract based on blockchain technology.” Li Ming, director of the blockchain research office of the China Institute of Electronic Technology Standardization, said in an interview with People’s Daily Online.
Starting in 2021, NFTs continue to create hot spots. First, on March 11, 2021, Beeple’s NFT work “Every Day: The First 5,000 Days” sold for a sky-high price of $69,346,250 at Christie’s.
On August 28, 2021, NBA star Stephen Curry purchased the NFT work of Bored Ape Yacht Club (BAYC) for 55 ETH (about 180,000 US dollars, about 1.145 million yuan) – an NFT work. Ape, and set it as his Twitter avatar.
The most eye-catching is that on January 18, 2022, the trendy brand founded by Jay Chou and his friends announced the sale of the NFT project Fantasy Bear, limited to 10,000 pieces, priced at 0.26 Ethereum, with a total price of more than 62 million yuan RMB, all sold in less than an hour. Although Jay Chou clarified that he did not receive any benefits, it still attracted attention.
NFTs have been hyped, perhaps compared to the blockchain, cryptocurrency, VR/AR, AI and other parts of the Metaverse, NFTs, especially digital collectibles, have a lower threshold and are easier for ordinary consumers to enter. According to the data, the current application fields of NFT are mainly concentrated in the fields of collectibles, artworks and games.Statistics from Nonfungible show that in Q3 2021, the application of NFT in the field of collectibles will account for 76% .
Qingdian has just entered NFT for more than half a month, and currently has bought more than 20 digital collectibles on several platforms such as domestic whale scouts. Art. Foreign countries are OpenSea and Rarible.” Ranjingjing also saw in some digital collectibles groups that players discussed more about whale scout, magic core, and foreign OpenSea, and more domestic ones.
Qingdian explained, “OpenSea is not available in China, and it has to be paid in cryptocurrency. The price is not low, and the threshold is very high. Relatively speaking, the threshold for digital collectibles in China is much lower.”
Ranjing Finance saw on the Whale Quest APP that these digital collections mostly cooperate with museums and are virtual digital goods collected by museums. After purchase, they can be enjoyed and displayed in the APP. The prices are mostly around 19.9 yuan and 29.9 yuan. If calculated at the price of 19.9 yuan per piece, the cost of more than 20 digital collections in Qingdian is only four or five hundred yuan, which is not much.
Source/Screenshot of Ranjing Finance/Whale Finder APP page (left); Magic Core APP page (right)
But to really make money through NFTs, foreign countries are a better choice. “It can be traded abroad, but it is not allowed in China at present.” Another player said.
Only the current domestic NFT market has just started. People in the NFT whirlpool also have their own needs. For example, Qingdian said that playing NFTs is to be in line with the future. “If you want to be the first batch of crab eaters in the future world, at least you can’t be out of touch with the times.” In the world of the Metaverse, these digital collectibles are equivalent to physical objects. Buying them and hanging them can satisfy the vanity of the poor in the real world, because I also have a collection of cultural relics worth hundreds of millions of yuan.”
However, there are still many people who are skeptical about concepts such as “Metaverse” and “NFT”. There are many people who want to make a fortune with the blockchain. But Qingdian’s hype idea is not strong, “don’t have any hope of making a fortune, it is easy to be cut into leeks”, but “in the future, the Metaverse will come out, and the price is right, it is not impossible to sell.”
Although Qingdian has certain expectations for the Metaverse, he believes that “the Metaverse will arrive in 10 years”. But at the moment, Qingdian still said frankly, “Of course I know that NFT is a hype, but who is not thinking about buying a future with a cup of milk tea money.”
Players Flock to NFTs
With the explosion of NFT, players from all walks of life have poured in. Qingdian told Rancai that he was working in real estate and only recently began to understand NFT. With the shock of the currency circle, many people have moved from the currency circle to the NFT circle. Some players said, “The currency circle is too difficult now. I saw an NFT page on Binance. At the same time, major platforms are also playing NFT, so come and learn.”
What exactly is NFT, insiders and outsiders have different views. Many outsiders expressed their confusion, “Why spend money on a virtual collectible, what’s the value?”, “If this thing is popular, it’s not just fake and speculation”, and some people bluntly said, “This is money laundering. ?”
But in the eyes of insiders, this is the future. For example, Qingdian believes that NFT is “connecting with the future” and placing digital collectibles “in the home of the Metaverse”. Another NFT gadget Akon also said, “I plan to hoard for a few years and wait for the domestic Metaverse technology to be OK, and open a collection store inside as a sideline.” This also makes a well-recognized joke in the NFT circle, “A cup of Milk tea money buys a future”.
As for players from all walks of life entering the NFT, they also have their own abacus. For Qingdian, it is nothing more than wanting to collect it first. If the Metaverse really comes in the future, it can also be sold if there is a chance.
Kong Kong plans to buy various collections of cultural relics and build a virtual museum for his daughter. In the future, her daughter can check in according to the collection, which is more meaningful. “I like cultural relics, which are more interesting than those of other artists. Alipay’s whale scout.” But Kongkong also said bluntly, “Maybe it will increase in value in the future, after all, NFT is the outlet.”
Source/Screenshot of Ranjing Finance/Collector’s Whale Quest APP Digital Collection Pavilion
Ranjing Caijing noticed that most domestic NFT players “started” soon. For example, Qingdian, I just played for more than half a month. Another player also told Rancai, “I just started playing on January 23.” At the same time, in terms of age, the post-95s are the main ones. For example, Pan Bo, the founder of the ODin NFT platform, introduced to the public that the most post-95s participated in NFT transactions. , followed by the 1990s and 1995s, followed by the post-80s, the post-70s and the post-00s are very rare.
This may be related to the development of digital collectibles in China. Although abroad, as early as 2017, NFT attracted attention with the launch and popularity of the blockchain game Cryptokitties. However, the domestic NFT concept has exploded, and it has to be traced back to 2021. With the sky-high prices of various NFT products and the involvement of various stars in NFT, NFT is widely known in China, and 2021 is also known in the industry as “the first year of NFT”. “.
Especially at the end of 2021, NFT is on the fast track. An article in “Newberry Daybreak” wrote that digital collectibles player Wang Heng observed that in July and August 2021, the release rhythm of Internet platforms will be relatively slow, and the types of digital collections will be relatively small. After September, it can be seen with the naked eye that the speed of advancement of each company has accelerated, and the style has become clear.
Taking Whale Tan as an example, in October 2021, only 10,000 people paid attention to the Whale Tan platform. During the Alipay Collection Wufu event in 2022, Whale Tan received at least 100 million exposures, and users showed a steep increase of millions.
“The number of participants was only 600,000 when it was called Fanli in December, and now it has exceeded 6 million.” Akon said.
Project crazy introduction
As NFTs enter the “window”, not only players, but also all kinds of capital are pouring in frantically. “Starting in 2021, there will be more NFT-related entrepreneurial projects.”
Tongchuang, an entrepreneur in the field of digital collectibles, said. In 2021, NFT China and ODin NFT platforms will also emerge in the NFT field.
Big factories are also interested in this business, and Internet companies such as Alibaba, Tencent, and JD.com have made arrangements. In May 2021, Ali Auction launched a special NFT digital art event. In June, Alipay launched the “Ant Chain Fan Granule”, and jointly launched 4 NFT payment code skins under the name of Dunhuang Art Research Institute and the domestic animation “Assassin Wu Liuqi”. In the recent Alipay Collection Wufu event, Alipay’s “Wufu Store” also provided the exchange of digital collectibles.
In August 2021, Tencent released the NFT trading app “Magic Core”, and launched the NFT product “Limited Edition Thirteen Invitational Vinyl Record NFT”.
In addition, in December 2021, JD.com launched the NFT issuance platform “Lingxi” based on the JD.com APP applet. Even Xiaohongshu launched the digital art platform R-SPACE in November 2021 and released dozens of digital collections.
In addition to major platforms, companies in seemingly unrelated industries, such as automobiles, alcohol, consumption, and banks, have also become popular. According to the data, following the release of 1,936 NFT collectibles by Budweiser in November 2021, news came out on January 28, 2022 that Budweiser launched a new NFT project and will issue 12,722 NFTs to consumers. Auchan Auto also released its first Metaverse digital collection in collaboration with Magic Core.
“It’s a business that has to do it, and everyone knows it needs to be popular.” Qingdian said bluntly.
According to the data, the NFT industry chain consists of an infrastructure layer, a project creation layer and a derivative application layer. The infrastructure layer provides blockchain and storage technology support for NFT casting, issuance and trading; the project creation layer is the issuance platform; the derivative application layer is the derivative application of the minted NFT project.
“The current direction of the industry is that more entrepreneurs at the application level will come in, including games, culture, and some who do life services.” Tongchuang introduced. An article by All Weather Technology also wrote that Ding Yuan, a partner of Nothing Research, analyzed that the current NFT projects are mainly divided into several categories. The first category is infrastructure, the second category is physical asset NFT, and the third category is It is a native digital asset. The entry of giants aims to “occupy seats”, and the methods of participation are mainly concentrated in the first and second categories.
However, people from all walks of life are flocking in, and the market is still in the early stage of development, so it is inevitable that there will be a mix of fish and dragons, and platforms of various sizes are mixed. In addition to the major platforms launched by major Internet companies such as WhaleTalk, Magic Nucleus, and Lingxi, there are also a large number of small platforms with WeChat public accounts and small programs as carriers. Tongchuang sent a picture to Ranjing Finance of the “First Issue of Domestic Digital Collectibles Trading Platform Ranking No. 01 in 2022”, and said bluntly, “I have never heard of some platforms.”
Source/Picture provided by Tongchuang/Part of the list of “First Issue of Domestic Digital Collectibles Trading Platform Ranking 2022 Issue 01”
Ranjingcai saw that on the ranking list, in addition to the NFT platforms with the background of major manufacturers such as Whale Scout, Magic Nucleus, Ali Auction, Lingxi, and R-Digital Collectibles, there are also One Art digital collectibles, Level 7 Universe, etc. that have not been heard. said platform. At the same time, among the 65 platforms on the list, 14 only use the WeChat official account as the carrier, and 29 only use the official account or WeChat applet, or the official account and WeChat applet as the carrier.
“Seeing that the market is hot, I can’t wait to launch an official account and a small program, and I’m anxious to cut leeks”, “There are many teams with only a few people, and the whole project will run away after the money is collected,” some users said bluntly. “The most bizarre thing is that some studios are now learning to publish digital collections, which are just a jpg, even if they are not on the chain at all.”
Qingdian reminded, “The market is very chaotic now. I have seen more than ten platforms of this kind (only official accounts or small programs) in the past few months. Nothing else feels promising.”
tuyere or foam
For individual players, in addition to collecting, the myth of NFT making wealth is the most desirable, and there are many people who pin their hopes on this and want to make a fortune through NFT. The main way to make money is to buy at a low price and sell at a high price in the future.
On June 23, 2021, Alipay and Dunhuang Art Research Institute launched Dunhuang Feitian and Nine-color Deer payment code skin NFT. The exchange rule is 10 points + 9.9 yuan. On the same day, some users sold Dunhuang Feitian NFTs on Xianyu, the price ranged from a few hundred yuan to tens of thousands of yuan, and the highest price was 700,000 yuan.
“The two main platforms, Whale Scout and Magic Nucleus, are now prohibited from trading. But after 180 days of whale scouting, it can be transferred.” Qingdian introduced. For example, Alipay Dunhuang NFT can be transferred, and Ranjingjing also saw some people in the digital collectibles group begging to buy Dunhuang NFT, and the purchase price is 3,500 yuan and 4,000 yuan.
Boom, who is mainly active in foreign markets and on the OpenSea platform, recently sold all his NFTs and earned more than 10,000 yuan. “During the time of playing, I invested 80,000 yuan and made a total of 20,000 yuan.” But Boom Gu also reminded, “It’s possible to make a small profit, but those who want to get rich have a high probability of stepping on the pit.”
But in the wider space, NFTs are closely related to the hype. Qingdian also bluntly stated that there is too much hype in the currency circle now, “It was planned early in the morning, the issuer contacted good people, hyped it together after the release, and then ran away after cutting the leeks. For example, ‘Selfie Brother’ did not just upload 900 Take multiple selfies, and then foreign anchors buy them one by one, and then Amway fans take over. Finally, cut the leeks and run away.”
Source / Screenshot of Ranjing Finance / Digital works of Indonesian boy “Selfie Brother” on Opensea
Bau Bau said more thoroughly, “We can also fire ourselves. Pull a team of 11 people, one person will create, publish 100 copies, and the remaining ten people will buy them, and one person will buy ten copies. Everyone else sees everything. If you buy it all, you will definitely follow the trend and buy it. At that time, we will increase the price and transfer it out, which will make money.”
In a digital collectible sale on January 28, 2022, the issuer prepared 199 for sale at a price of 19.9 yuan, and 1 auction. The last auction of digital collectibles fetched more than 10,000 yuan. In the exchange group, some players looked at the auction data and said bluntly: “Someone helps our players send the value up, it feels good.”
NFT players all know that they are hyping, but they still keep going and have a lot of fun. “Because everyone feels that they won’t be the last to take over, and they all feel that they can make a fortune.” And in the eyes of players, the hype is not terrible , and the lack of enthusiasm is the most deadly . Qingdian said bluntly, “The heat has dropped, and it is almost hopeless to find another order.”
“A friend recently spent more than 100,000 yuan to buy an NFT, but no one took the order, and it was smashed.” Bang Bang said.
For industry participants, although NFT is popular, it is not a good business . “I started a business at the end of 2020 and early 2021 to do NFT-related projects. We mainly do digital collectibles related to film, television and culture. , originally everything was planned, but the policy suddenly changed in September 2021, and now our projects are still being adjusted.” Tongchuang said.
In Tongchuang’s view, the current NFT is more of a secondary sale of cultural products, belonging to cultural e-commerce, rather than a real NFT project, “NFT is based on blockchain, which is decentralized and should be bottom-up. Works are created by the public and then exposed to the public. But now domestic NFTs are still centralized, and it is up to the big Internet manufacturers to decide what to provide, to review them, and not to provide community products.”
There is more discussion in the industry, but the logic of domestic NFTs and foreign NFTs is different. For example, in terms of works, there are more works from well-known museums in China. In foreign countries, there are many community works. In terms of finance, foreign NFTs can be freely traded, but not allowed in China. In terms of chains, domestic NFTs are more based on private chains or alliance chains, rather than public chains.
“Public chain refers to an open blockchain, consortium chain refers to a specific direction blockchain composed of some nodes, and a private chain is a privatized blockchain. Tencent Ali is strictly a private chain in the sense of , but they also have some cooperative nodes of partners, which can also be regarded as alliance chains, but they are all under their own control, so private chains can also be used.” Tongchuang said, “mainly because the public is uncontrollable and the interests are scattered. “
In addition to the problems of NFT itself, the future of the Metaverse that NFT relies on is also more questionable than expectations. In 2021, the concept of the Metaverse is hot, and 2021 is also known as “the first year of the Metaverse”.Just like NFT, the public feels more “virtual” and “bubble” about the Metaverse. “Too false.” Investor Zhang Qiang said bluntly .
In fact, the market is not buying NFTs now. “NFTs and the Metaverse are a bit ridiculous. Because there is still a lack of technical foundation for implementation, more emphasis is placed on pure concepts.” Zhang Qiang believes that the atmosphere of hype is too strong, “As far as we can see, NFTs are related to the market. There are not many entrepreneurial projects, but the agglomeration effect is very obvious. Because after the concept of Metaverse and NFT was proposed, some people felt that it was profitable and followed up, so the concept became popular.”
“The core of it is hype and control of scarcity. For example, Bitcoin, the price can be pushed so high, the core reason is concentration and scarcity, many Bitcoins are concentrated in the hands of a few exchanges and individuals. If these exchanges or individuals Release it and conduct a large number of downstream transactions, and it will easily plummet. Under the logic of this hype, what everyone needs to ensure is that someone will take over. Therefore, it is even more necessary to maintain its popularity and scarcity.”
Whether or not the Metaverse is a tangible future, the current Metaverse, and all the concepts surrounding it, is more of a game of drumming and passing flowers . As Qingdian said at the beginning, the most terrifying thing is not the hype or doubt, but the loss of popularity.
“What kind of business is NFT? Listen to what entrepreneurs have to say”, source: All Weather Technology;
“From stamp collecting to NFT, an era of cultural consumption”, source: Xinberry daybreak.
*Wenzhong Qingdian, Akon, Kongkong, Bangbang, Tongchuang, Zhang Qiang are pseudonyms
*Disclaimer: Under no circumstances does the information or opinions expressed in this article constitute investment advice to anyone.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/young-people-play-the-metaverse-first-play-a-nft/ 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.