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Is the NFT craze really a bubble? See how more than 20 experts in and out of the industry comment



On March 11, artist Beeple's NFT artwork EVERYDAYS: THE FIRST 5000 DAYS was auctioned for US$69.34 million (approximately RMB 450 million), setting a record for the auction price of virtual artwork. At the same time, NFT concept stocks also experienced a surge in March this year. The stock price of NFT concept stocks in Hong Kong Pop Culture in the US stocks soared 26 times from March 11 to March 23. NFT concept stocks in the A-share market are also trending strongly. For example, Anne shares rose by about 29.2% in March this year. In addition, CCTV has also reported and popularized NFT many times this year. In the past period of time, NFT has been out of the circle frequently, causing heated discussions around the world, and it has become one of the most concerned subdivisions in the entire currency circle, including many famous experts, scholars, investors, and artists. One of the reasons is the promotion of the new crown epidemic. The more turbulent the economy is, some rare or unique commodities develop against the trend. Collectibles, like coins, experienced price spikes during the Great Depression, the 1987 stock market crash, and the 2008 recession. Jason Bailey, founder of the analytical database Artnome and an expert in digital art, believes that the new crown epidemic is one of the main reasons for accelerating the shift of the world's cultural and influential center from the analog world to the digital world. SuperWorld CEO Hrish Lotlikar also believes that during the epidemic, online and virtual social networking and assets have begun to be seriously considered by people. The 01 blockchain also recognizes the role of the new crown epidemic in promoting NFT, and believes that it is one of the "fuse" of this round of NFT boom. The second reason is that the creation of NFT means the creation of the real economy, which is in line with the mainstream. Token economy expert Meng Yan believes that it is because NFT brings the concept of "things" into the encrypted economy, and the act of creation belongs to the real economy, that is, when artists create encrypted artwork, they are creating the real economy. The creation of the real economy is the mainstream in real life. Compared with creating a Token with a strong consensus, it is much simpler to create an encrypted "thing" that is valuable, customized for consumption and collection. The third reason is that encrypted assets have repeatedly hit new highs, and NFT has taken advantage of the situation. The encrypted digital asset trading market continues to be hot, and the prosperity of encrypted currency has aroused investors' interest in other digital assets. Following the explosive growth of DeFi, NFT, which is at the forefront, just takes advantage of this trend to bring a new chapter to the encryption market. The transaction volume of Azuki series NFT has increased by 10.45% in the past 24 hours: According to Jinse Finance, according to the latest data from, the total market value of Azuki series NFT is 148,703 ETH, and the transaction volume in the past 24 hours is 523.35 ETH, an increase of 10.45%; The floor price is 9.67ETH, and the total number of NFT addresses held is 4988. [2022/11/12 12:53:46] The popularity of NFT has greatly enriched the types of commodities in the encrypted market. According to the long-tail theory, this has brought a huge fat and long tail to the entire encrypted market. The long-tail theory was proposed by Chris Anderson, who believed that as long as the storage and circulation channels are large enough, the market share occupied by products with low demand or poor sales can be equal to the market share occupied by those few popular products. Rivalry is even greater. Figure: Long Tail Theory Source: Wikipedia Meng Yan believes that if the encryption market is a complete curve, all homogeneous assets, mainstream currencies, and emerging digital assets are just the head of this complete curve, while NFT’s The emergence will bring a fat and long tail to the entire encryption market. NFT will greatly enrich the commodity categories in the encrypted world, stepping from the homogeneous world to the extremely rich non-homogeneous world, and the people and ways of participating in this world will also become greatly enriched. This will bring our industry into a new era, and business giants and media giants are the main beneficiaries. Provides new ideas for chaining physical assets, everything can be NFT. Yu Jianing, a blockchain expert and president of Huobi University, gave his own opinion. He believes that in the short term, it is mainly to realize online virtual property represented by artworks to realize digital confirmation, circulation and transaction; In the medium term, assets in the traditional real world, such as stocks and private equity, will be on-chain in the future, and liquidity transformation can be realized at any time; , will carry richer asset value. In addition, regarding the future of NFT, Yu Jianing said that the "value machine" that NFT empowers all things will soon trigger a ten-year opportunity for asset digitization, and everything in the future can be NFT. Data: In the last week, about 2.3 million NFT assets were added to the Ethereum network: According to Jinse Finance, NFTScan data shows that in the last week, 2,326,926 NFT assets were added to the Ethereum network, and an average of 332,418 new NFT assets were minted every day. [2022/10/3 18:37:53] The impact of NFT is not only on the digitization of assets, it may bring about the subversion of some industries. Yat Siu, co-founder of Animoca Brands, believes that NFTs can leave a mark on many other industries, "At present, we see that NFTs have a strong impact on all forms of digital content-zce such as digital art, collectibles, games and most recently music. influence, but eventually everything else will follow: healthcare, fashion, finance, manufacturing, agriculture, insurance, etc.” Mark Cuban, one of the most prominent investors in the United States, believes that anything driven by documents is It is possible to be changed by NFT. He believes that there may be a huge consolidation in the next 3-5 years, and there will be quite a few "winners" in the NFT industry. They will acquire other companies without being expected to obtain the NFT foundation and client. Even though NFT is a significant innovation, is there a bubble in the recent over-popularity of NFT? Will the popularity of NFT dissipate one day? Some people in the industry believe that NFT bubbles exist, and some NFT works are almost worthless. Encrypted artist Beeple's NFT artwork was sold at auction at sky-high prices, but after cashing out, he said in an interview with "Fox News" that the price of NFT was "absolutely" a bubble. Fred Ehrsam, the former co-founder of Coinbase and the current co-founder of Paradigm, also believes that NFT is too fanatical in the market today, and some creators are just casting some NFT works that will become meaningless as the heat dissipates, instead of using It comes to create something "bigger" that actually makes sense. Not long ago, Vitalik Buterin, the founder of Ethereum, also expressed similar ideas, saying that NFT can be applied to social welfare-related causes such as charity and funding, but the technology is still regarded as a "casino that mainly benefits wealthy celebrities". Says, “Helping a celebrity like Elon Musk add $1 million to his bank balance by selling NFTs has little to no social value. But, with support and coordination, this non-fungible token could have implications for other areas of society.” Significant impact.” NirvanaMeta will invest in NUWASWAPNFT for the construction of the incubation center: According to official news, NirvanaMeta will invest in NUWASWAPNFT with IDO functions for the construction of the incubation center. NUWASWAP is a one-stop DEX that integrates decentralized aggregation transactions, ido, NFT incubation center, auction, merchant center, independent production, and trading market. [2022/5/4 2:50:12] But these so-called meaningless works may not affect the development trend of NFT, and the existence of bubbles cannot deny the important status of NFT. First of all, the appearance of good and bad products may not necessarily shake the future of the entire market. Jason Bailey believes that some people may choose to write off NFT because they don't like the works of a few artists, but this situation will not affect the development of NFT. Just like in the 1990s, although some websites on the Internet disappeared, the potential of the Internet was not affected in any way. Sundaresan, an Indian-Singaporean blockchain entrepreneur, described NFTs as an enduring innovation that will bring "a new movement of sponsorship" to artists and other content-zce creators. Fanner Media CEO Gary Vaynerchuk also believes that although NFT is like the Internet bubble, which is very similar to the position of Internet concept stocks in 2000, he does not doubt that NFT will have staying power. Secondly, NFT is both a "cornerstone" and a transformation. John Egan, CEO of L'Atelier, a subsidiary of BNP Paribas, called NFTs the "cornerstone" that forms the virtual economy. Fred Ehrsam believes that although most NFTs may become meaningless in the next 6 months to 1 year, this represents a paradigm shift, and this shift will be long-term and long-lasting. The beginning of centralized media. Regarding the status quo of NFT, Cao Yin, managing director of the Digital Renaissance Foundation, pointed out that NFT is still in its early stages, facing the challenges of few users, a small market, and no liquidity. So what is the prospect of NFT? Some people in the industry believe that in the near future, as the heat dissipates, NFT may face a collapse. For example, Sundaresan does not think that high-priced NFTs will maintain this popularity forever. He said that the market will be divided, and there will be few high-priced things, while low-priced things will be unlimited. The best way to participate is to buy NFTs from the artists you want to support, not for the main purpose of investment. Gary Vaynerchuk firmly stated on Twitter that 99% of NFTs will not be good investments, and predicted that there will be some large-scale crashes in the next 12 to 24 months. The horse racing game WIN NFT HORSE will be launched on the Ouyi NFT market at 20:00 today: According to official news, the Metaverse multi-chain horse racing game WIN NFT HORSE will be launched on the Ouyi NFT market at 20:00 (HKT) on December 13. This round of WIN NFT HORSE blind box release quantity is 1,500, each priced at 100TRX. WIN NFT HORSE is a "DeFi+NFT" horse racing game jointly created by Tron, APENFT and WINKLink. In WIN NFT HORSE, each horse with different attributes is a rare NFT. Anyone can enjoy the WIN NFT HORSE game through interesting gameplay and earn rewards by contributing to the ecosystem. Players can breed, race, collect and buy and sell their racehorses. [2021/12/13 7:35:59] Many investors and experts also pointed out that NFT has a lot of room for development and is bound to explode. As one of the investors in the encryption field, Chamath Palihapitiya, CEO of Social Capital, recently stated that he is optimistic about NFT as the next field of cryptocurrency that is about to explode, and has established a considerable NFT investment portfolio. Great Wall Securities analysts released a special report on the communication industry "Linking Blockchain and Value Entities, NFT Market Potential" also pointed out that according to Google Trends, the global search-zce volume of NFT will show explosive growth in 2021. According to NonFungible data, in 2019 The annual total market value of NFT is 210 million U.S. dollars, and it is expected to grow by 50% in 2020 to reach 320 million U.S. dollars, and continue to climb 125% to 710 million U.S. dollars in 2021. There is huge room for development. Figure: Total market value of NFT (USD 100 million) Source: NonFungible Taking NBA Top Shot as an example, the NBA Top Shot launched by Dapper Labs at the beginning of this year has gained momentum. In response to the NFT carnival on NBA Top Shot, David Pakman, a partner and venture capitalist at the American venture capital firm Venrock, expressed his opinion. He believes that since the market penetration rate is less than 1%, NFT will have a lot of room for development. And NBATop Shot said that it did not deliberately do marketing, and everything is organic growth. In this regard, David Pakman believes that the development speed of NBA Top Shot and NFT in the future will be faster than now. Wilhem Pujar, co-founder and CEO of Stacktical, is also optimistic about this, "Considering that sports betting is a market of more than 200 billion US dollars, we can expect a large amount of capital to be reallocated to NFT, which will be The emotional and financial hedge against empty stadiums and arenas." NFT market Rarible launches messaging function: Jinse Finance reported that NFT market Rarible has launched a direct messaging function, allowing users and creators to communicate using encrypted wallet addresses instead of social network usernames. The messaging app helps users communicate about NFT sales and connects creators with their fans and communities, the company said. [2021/11/24 22:13:05] Picture: NBA Top Shot Historical Trading Volume Source: cryptoslamNBA’s early success in NFT has also given us more room for imagination. NFT may be a new business model , There is a two-way empowerment with IP, and there are also unknowns, David Pakman said, which allows us to glimpse more possibilities of NFT. For the huge fan base of big IPs, as long as they can access the Internet, they are all potential consumers of digital collectibles, and these IPs may eventually enter the field of digital collectibles. For companies with large IPs such as Disney, creating NFTs will become a new business model, and these large companies can also establish sustainable production relationships instead of one-off sales. As David Pakman said, "You will always get paid". Qin Jianxin, co-founder of CryptoArtAi, also pointed out that NFT and IP are two-way empowerment, and IP with a certain fan base will have a better future. According to Gu Jia, chief analyst of the Internet industry at China Merchants Securities Media, IP is a very effective attempt, but its essence lies in its value. However, there is no underestimation of IP at present, so the impetus for more IP to enter NFT is not strong.


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