“I browse for a long time on the digital collection platform APP every day, and I will choose to start when I find the one I like and the price is right.” The post-90s Lao Ye kept flipping through the collections on his mobile phone, showing off his digital treasures to his friends from time to time.
You only need to spend a little money to have a digital collection with a unique serial number that is exclusive to you. Are you excited? Novel and fashionable concepts, brand-new social interaction, pleasing needs… Digital collections are gradually “breaking the circle” from the niche market and becoming one of the most popular industries at the moment.
2021 is called “the first year of NFT”, and the hot market is attracting the influx of young people from the Z generation.
With its unique IP value and scarcity, digital collections have created a “myth of making wealth”, but it has also become a gambling game. The price has changed drastically, and many players have become pickers. Lao Ye told the Beijing News Shell Finance reporter that he had the idea of ”leaving”. He and his friends collected more than 200,000 yuan to buy a large number of digital collections, but the platform soon declared bankruptcy.
After a rapid outbreak, the digital collection market is gradually cooling down, and the red line for hype in the secondary market is gradually being pushed to the front.
Slow and slow, Generation Z is “circled”
At 11:58, Lao Ye’s mobile phone alarm clock rang on time, and he nervously opened a digital collection APP. Two minutes later, a long-favored digital collection will be officially launched. He does not want to miss the rare opportunity and must concentrate on waiting for the snap-up.
In less than a minute, the digital collection, which had an initial run of only 2,000 copies, sold out. Although Lao Ye kept refreshing the page to try to buy, the system always reminded him that “out of stock”.
“No way, too many people are staring at it, and no one wants to miss it.” Unwilling Lao Ye turned his head to pay attention to the second-hand market. He hoped that some players would make a move, so that he could estimate the price fluctuation according to the market trend, and finally decide. Whether to buy at a premium.
Half a year ago, Lao Ye came into contact with digital collections under the guidance of friends. Now he chats with netizens in more than ten digital collection groups every day, sharing the latest developments and recent gains of various platforms with each other.
Wang Yu, a post-90s generation in Chongqing, is also constantly swiping the digital collection platform APP on her mobile phone. She also hopes to find her favorite collection from it.
When he was a student, Wang Yu had a strong hobby for Wenwan antiques. After work, he used the holidays to fly to various museums to visit and punch cards. At the end of 2021, she accidentally saw a digital collection of “Goujian Sword of the King of Yue” produced by the Hubei Museum on the Internet. She was quickly attracted by the exquisite pictures and quickly entered the pit.
“Although it’s just a picture, because each digital collection has its own unique attribute value and number, it means its unique characteristics and is naturally extremely precious.” Wang Yu told the Beijing News Shell Finance reporter that this hobby is also Very “burning money”, I have spent nearly 10,000 yuan to buy digital collections, and the single price ranges from more than ten yuan to thousands of yuan. “As long as it suits my interests and aesthetic style, I hope to start.”
With scarcity, digital collections stimulate early adopters to enter the market. As a limited-release virtual digital commodity, it includes but is not limited to digital paintings, pictures, audio, video, 3D models and other forms. Each of these commodities is mapped with a unique serial number on a specific blockchain, which cannot be tampered with, indivisible, and cannot be substituted for each other.
Shell Finance reporter learned that since 2022, digital collections will rapidly ferment in the young market. From the “Bingdundun” digital blind box, to the digital collection of commemorative tickets for dance poetry and dramas launched by “Only Blue and Green”, young people of the Z generation are flocking to them.
Relevant statistics show that in 2021, a total of about 4.56 million digital collections will be sold in my country, with a total issuance value of about 150 million yuan. According to the calculation of the Toubao Research Institute, a research platform in the data field, the market size of my country’s digital collections will reach 30 billion yuan in 2026.
“Similar to the previous outbreak of the blind box and trendy shoes market, the huge value behind digital collections is attracting the attention of Generation Z.” An NFT industry observer told reporters that digital collections were initially concentrated in niche areas such as the art circle, and now with the With the involvement of many IPs and platforms, the content of digital collections has become more and more diverse, which naturally attracts young people who are pursuing novelties to enter this circle.
The price is tens of yuan, and the consumption under the epidemic
After browsing multiple digital collection platform APPs, Wang Yu finally found a favorite digital art collection. The transfer price of thousands of yuan made her finally choose to give up, “The price is higher than expected. If you collect it yourself, the cost is too high, and you will be reluctant to sell it at a higher price.”
When she entered the circle, her friends said that “digital collections have collection and even profit value”, which made her particularly curious, “Is an electronic picture really so attractive?”
The first order placed was a picture of a digital collection worth 15 yuan, which Wang Yu was interested to resell online. Soon someone contacted her, hoping to buy it at a price of 400 yuan.
You can make more than 20 times the profit when you change hands. This made Wang Yu feel the huge space of digital collections, and it also made her start to study it seriously.
“In the beginning, I didn’t understand the basic value of digital collections with the premise of ‘scarcity’, and I simply bought whatever suits my aesthetic.” Wang Yu, who likes Wenwan, always prefers such digital collections when he chooses to buy them. Among the digital collections that I spent nearly 10,000 yuan to buy, almost the vast majority are literary and playful arts.
Wang Yu will always open the collections in the APP to browse. For her, digital collections are undoubtedly more convenient than physical collections, not only do you not have to worry about the easy damage and loss of collections, but you can also watch them anytime, anywhere. It’s a pity that I can’t go to the museum during the epidemic.”
There are not a few people who have similar hobbies to Wang Yu. According to public data, digital collections of cultural relics containing Chinese culture and digital collections of artworks such as paintings are the two major purchasing preferences in the current digital collection market, accounting for 24.76% and 24.65% respectively.
In addition to continuously enriching his digital collection, Wang Yu also began to have his own purchasing standards. She is more inclined to buy digital collections launched by platforms such as museums and cultural and sports bureaus in various places, but avoids products on small platforms. It is much better than small platforms, and it has more collectible value. Even if it cannot be traded in the future, as long as it always belongs to you, I feel very comfortable.”
On the other hand, Wang Yu rarely buys collections with excessively high premiums in the secondary market. Although I have a special liking for digital collections of Wenwan, and I have bought them from other players at an increased price, they usually only choose collections that are several tens of yuan higher than the original price.
Shell Finance reporters learned that the unit price of most digital collections in China is between a few yuan and tens of yuan, and many are distributed free of charge, and only a few are issued at relatively high prices. With the outbreak of the market boom, the prices of many digital collections have been artificially inflated, often hundreds of times higher.
“The digital collections that are popular on the market today don’t actually have much practical significance. They are essentially a picture.” In Wang Yu’s view, digital collections cannot be directly converted into RMB like virtual currency, and even transactions can only be Waiting for other players to buy, if the premium is too high, no matter collection or transaction, it will increase the unknown risk, and even do not rule out the possibility of “smashing” in the hand. It is definitely not worthwhile to bet on the value of the value.”
Ten thousand yuan ups and downs play heartbeat, “someone took the opportunity to ‘cut leeks'”
With its unique IP value, scarcity, sociality and other attributes, digital collections attract young people today. And the dream of getting rich overnight by selling it at a high price is creating a carnival, which undoubtedly makes young people even more fascinated.
During the winter vacation of 2021, friends around Lao Ye excitedly told him that he had found a “way to make money”. After some understanding, Lao Ye learned that the other party originally obtained benefits by purchasing digital collections and then selling them at a premium.
“At that time, I thought it was ‘stupid’ for someone to spend money to buy pictures online, and someone would take over.” At first, Lao Ye didn’t care, but when he found out that many friends around him were profiting from it, he quickly became interested. .
Lao Ye tried to buy digital collections – spent more than 6,000 yuan to buy 2 “Sun Xiaosheng” collections, and put them on the platform to sell.
During that time, Lao Ye would repeatedly check the platform every day to pay attention to price fluctuations and whether anyone placed an order to buy it. The price of this collection with a unit price of more than 3,000 yuan did not skyrocket as imagined. Instead, it fell to around 1,000 yuan in just one week.
A friend suggested that he sell at a loss and stop the loss in time, but Lao Ye was reluctant: if he sells now, he will lose too much, and he would rather continue to hang on the Internet and expect the price to rebound. This also allowed him to taste the sweetness of “taking a gamble” for a time, and the price of this collection quickly rose back. In the end, Lao Ye sold at a price of nearly 4,000 yuan each. “I made almost 1,400 yuan in two weeks, which is not bad.”
“I feel like I’m playing with my heartbeat, and I found that the ‘water’ is deep inside.” Lao Ye was impressed. This digital collection once rebounded to more than 6,000 yuan. At that time, he considered selling it. However, some people in the group kept saying that it might rise to 10,000 yuan, and even encouraged everyone to take the opportunity to start again. Later, it was found that 6,000 yuan was already the highest price of the collection, and then it fell all the way. “I feel that someone took the opportunity to ‘cut leeks’, and whoever started at that time was basically stuck.”
There are hidden risks in the digital collection market, and the high returns still make Lao Ye addicted to it. For more than half a year, he has successively bought digital collections worth more than 50,000 yuan. During this time, he also found that many players around him are addicted to it in essence similar to himself, all out of a speculative mentality. “Few people really care about the scarcity of digital collections themselves.” Characteristics such as sex’ and ‘IP value’ are more concerned about ‘whether it can be sold’ and ‘how much to sell’, after all, what can be sold is called NFT, and if it can’t be sold, it is a JPG.”
Good luck has not always favored Lao Ye. Once, he dropped 15,000 yuan to buy a digital collection of “full volume of puzzles” from the secondary market. The final price of this collection, which he had high hopes for, fell to two or three thousand yuan, and has yet to rebound.
Various experiences have made Lao Ye less optimistic about the brand IP of digital collections, and instead pay more attention to the digital collection platform. He found that although high-quality IP digital collections are highly sought after by the market, there are many IPs in the market, and countless IPs appear almost every day. It is difficult to determine which one will be successful.
However, the platform also has hidden risks. Affected by the upsurge of digital collections, countless platforms of various sizes have emerged in China for a while, and many of them are mixed with dragons and snakes.
A reporter from Shell Finance contacted a developer of a digital collection platform, who stated that a minimum of 50,000 yuan can develop a digital collection platform with collection sales function, which can deliver source code and agency qualifications, “provide NFT issuance, display, acquisition, and chain One stop solution”, which can be launched in as little as 7 days.
Lao Ye has also been deceived. He once collected more than 200,000 yuan with his friends and purchased a large number of digital collections on a new platform. Unexpectedly, the platform soon declared bankruptcy. “I haven’t got the money back until now.”
Is the digital collection market cooling off? The industry needs compliance
“Compared to the popularity of half a year ago, the digital collection market is gradually calming down.” In the past half month, Lao Ye found that the number of friends playing digital collections around him has decreased significantly. What made him sure of this judgment was that players would take the initiative to inquire soon after the digital collections were posted on the platform before, but now few people have inquired about them for a long time.
Wang Yu also had a similar feeling. There used to be a lot of people in the multiple digital collection groups she was in, and everyone would enthusiastically discuss the market dynamics every day, cheering or lamenting as the prices of the collections fluctuated. There are fewer and fewer people speaking now. “In the past, when I opened WeChat every day, there would be thousands of unread reminders in the group. Now I click on it once a few days, and I find that there are at most a hundred or so.”
The digital collectibles market is cooling off after a rapid explosion. In an interview with a Shell Finance reporter, a number of digital collection platform practitioners said that not only the player market is cold, but many platforms have also announced their closure.
As early as a month ago, “Yuzang”, a digital collection platform under Hang Seng Electronics, issued a business closure announcement, saying that users can choose to keep the collection but only provide viewing functions, or refund the original price.
“No matter which choice you choose, some users are unable to conduct private transactions in the name of ‘transferring’, which also means that their desire to profit from digital collections is completely shattered.” They also entered the pit half a year ago, but now they choose to leave the market. Player Zhao Fei told reporters, “Many players actually enter the market with a profit mentality. After buying digital collections, they don’t know what to do other than resell them. Now let’s slow down and wait for the value of digital collections in the future. It is not too late to re-enter the game after ‘upgrade’. At least it needs to be improved in terms of supervision and so on.”
The financialization of digital collections has been a regulatory focus. Zhao Hu, a partner of Beijing Zhongwen Law Firm, told Shell Finance that “digital collections” were often referred to as NFT works before. NFTs are non-fungible tokens and are highly related to virtual currencies. The “Notice on Handling Hype Risks in Virtual Currency Transactions” clarifies that virtual currency-related business activities are illegal financial activities. In order to remove the token attribute of NFT, the NFT project work was renamed “Digital Collection”.
Policy control has become stricter, and platforms have restricted the hype of digital collections under compliance requirements. A reporter from Shell Finance noticed that WhaleTalk, a digital collection platform owned by Ant Group, requires players to hold digital collections for 180 days before they can donate digital collections to friends through the platform for free.
A reporter from Shell Finance learned that the digital collection market has cooled down, but it is far from the “silent” stage that the outside world thinks. In order to radiate the second spring, the industry needs to explore where the future lies.
Pan Helin, co-director and researcher of the Digital Economy and Financial Innovation Research Center of Zhejiang University International Business School, told Shell Finance reporters that my country has always been a high-pressure supervision for the hype of digital collections. For example, a red line is drawn for the circulation and trading of digital collections in the secondary market. However, digital collections based on blockchain technology have the characteristics of decentralization, and the secondary market of private transactions cannot be completely prohibited.
Regarding the chaos of domestic digital collections, it is necessary to strengthen supervision and improve legislation at the national level. NFT technology is a tool. To take advantage of the characteristics of tools, NFT technology can be used in combination with intellectual property protection and rational use. However, it is not enough to rely solely on national supervision. Investors themselves must be vigilant against the price speculation of digital collections and refuse to be harvested as “leeks”.
Beijing News Shell Finance reporter Qin Che
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/young-people-with-disc-digital-collection-leave-after-rave/
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