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Is the popularity of NFT a flash in the pan or the next development opportunity?



In addition to selling unique JPEGs and in-game items, NFTs have other applications. So what exactly are NFTs? What's next for technology? A $560,000 New York Times op-ed, a $69 million JPEG of Beeple, a $7 million cypherpunk avatar, and a $2.9 million tweet from Jack Dorsey all reflect The current hotness of NFT. NFT is hot all over the world, reaching high prices and explosive hype. Compared with the ICO (initial public offering) frenzy in 2017, as of the end of March, NFT sales exceeded 500 million US dollars beyond forecast. In short, NFT represents digital assets that are verified through blockchain technology. From images to songs, videos, and tweets, owning NFT allows individuals to have unique ownership of these digital assets. Crucially, NFTs provide a way to tokenize digital goods by verifying their scarcity and provenance. In this report, we explore in depth what is NFT and where are the opportunities for NFT. OpenSea, an NFT marketplace, defines NFTs as "unique digital items whose ownership is managed by a blockchain." For example, a rare baseball card is valuable and scarce, and cannot be replaced by any other baseball card. The same goes for digital files. Data: About 15.11 million NFTs were added to the Polygon network in the last 30 days: According to the news on June 8, according to the data of the Polygon NFTScan browser, 15,106,831 NFTs were added to the Polygon network in the last 30 days, with an average of 503,500 NFTs added every day; At present, the NFT ecology of the Polyon network is developing rapidly, mainly focusing on chain games and application NFT. [2022/6/8 4:09:55] Beeple sold collage image files for $69 million, while Nyan Cat creator sold this iconic gif for $600,000 and Grimes for $6 million A series of short films were sold for USD, Kings of Leon released a new album and released concert tickets in the form of NFTs. These eye-popping prices are likely driven by speculation, but the question of the monetary value of art is actually one that the traditional art world has been grappling with for a long time. Source: Foundation In the context of NFTs, there has been a debate about what ownership actually means. In many transactions, the NFT does not represent the actual asset itself (nor IP, reproduction, or copyright), but merely a record of ownership. Some have likened it to owning a title-zce deed to a house rather than the house itself. Or compare it to having a verified, autographed copy of the Mona Lisa, but it's not the original Mona Lisa or a print. The specific terms of the transaction may vary from NFT to NFT, leading to confusion in the definition of ownership. The Gamestop website hints at the imminent launch of the NFT market: Jinse Finance reported that Gamestop’s NFT portal has recently been updated and requires creators to register for the platform. The Gamestop NFT platform seems to be preparing for launch. questionnaire. The questionnaire asked what the NFT creator would like to be called, and whether they would describe themselves as an "indie artist, creator, game developer, or memo lord." Gamestop also asked if the person had a website, whether they had ever created an NFT, and whether they had ever Used the Ethereum wallet. There are many speculations that Gamestop will cooperate with the second layer (L2) project Loopring. [2021/12/30 8:13:33] Nevertheless, when defining NFT as a "new form of ownership", NFTs have some inherent characteristics, including: 1. Rare and unique: This is the "non-fungible" part of an NFT. NFTs are completely unique, and no two NFTs are the same. 2. Interoperability (Translator's Note: Also can be understood as cross-chain properties) and tradability: Since many blockchain standards are open, NFT can be moved across different ecosystems, wallets, markets, etc. Therefore, users can use NFT to move between their original systems 3. Immutability: Once an NFT is encoded using blockchain technology, no individual can change its ownership data/history or metadata. NFT allows holders to prove their assets Authenticity and originality, and verified by any blockchain it stores. 4. Ownership: Holding NFT tokens allows people to prove that they are the sole owner of the asset. The NFT market that sells "fantasy assets" Visionrare Shuts Down One Day After Entering Public Beta: Jinse Finance reports that Visionrare, a startup aiming to create fantasy football versions of NFT ventures, has shut down its marketplace after a day of public beta. NFTs of stocks, and compete with others for who has the most successful portfolio. However, the founders allegedly did not seek permission from startups appearing in the game to sell NFTs of false stocks of these companies. [2021/10/8 20: 12:09] Other features include enshrining royalties into tokens, allowing artists to continue to earn profits thereafter or including partial ownership. Currently, the vast majority of NFTs are built using Ethereum standards, although NFTs can technically be built on platforms such as Algorand , created on public chains such as Tezos and Polkadot. The standard process of buying or selling NFT is as follows: 1. Create a digital wallet and purchase cryptocurrency 2. Connect the wallet to the NFT market 3. Cast/display your NFT or bid for NFT works. This technology is not actually new. In 2017, people spent millions buying and selling CryptoKitties, a collectible digital cat, some of which sold for more than $100,000. Faced with growing demand, recently appeared growing NFT marketplace. OpenSea recently raised 23 million USD, led by venture capital firm Andreessen Horowitz (A16Z). Hex Trust launches licensed custody service for NFT: On March 3, digital asset custodian Hex Trust has launched the NFT Safe service to host NFT. The company said the platform supports NFTs on Ethereum as well as ERC-721 and ERC-1155 standards. (CoinDesk) [2021/3/3 18:12:27] NFT markets such as Sorare, SuperRare, NiftyGateway, MakersPlace, Decentry aland, Rarible, etc. are also booming like mushrooms after rain. This follows the DeFi and liquidity mining boom of late 2020 when people rushed to lock up their speculative tokens to make money. So, why is NFT getting so much attention now? Some have cited the wealth effect, in which a person spends more money as his net worth increases. At the end of the first quarter of 2021, the price of Ethereum soared more than 1,000% year-on-year, and the price of Bitcoin soared more than 600% over the same period, breaking through $50,000, which means that early cryptocurrency buyers have gained huge profits. return. In turn, buyers of expensive NFTs have become deeply entrenched in the cryptocurrency space, with Beeple's $69 million artwork bought by a Canadian cryptocurrency investor who wants to build a virtual NFT museum. The total turnover of the encrypted art NFT primary market of the author of "Rick and Morty" reached 1,054,500 US dollars: On January 21, the sale of the encrypted art NFT created by Justin Roiland, the author of the famous animation "Rick and Morty" officially ended. Among them, the turnover of the two works "She Could Have Been Something" participating in the auction was 90,200 US dollars, and the turnover of "The Smintons" was 290,100 US dollars, the highest among the audience. The sale of works has ended on January 20th with the sale of open edition and limited edition works, and the silent auction of three works has been completed. The total turnover in the primary market of this work sale activity is as high as 1.0545 million US dollars. And these works are also frequently traded in the secondary market. According to the statistics of, an encrypted art data statistics website, the total market value of Justin Roiland's works has reached 1.6511 million US dollars. [2021/1/21 16:41:32] Some of the earliest applications of NFT are represented by games and digital art, and also represent some of the largest asset classes in the ecosystem. NFTs in games are embodied in digital collectibles such as trading cards, such as blockchain games Gods Unchained, CryptoKitties, or other assets as virtual worlds. In the virtual world, users can buy virtual plots in the Sandbox, wear hot dog hats in Decentraland, and even earn Enjin's "universal" axe. The "universal" ax is not developed for a specific game but exists in a wider ecology, indicating the interoperability (cross-chain) potential of NFT trading projects. Think of the community marketplace on the video game platform Steam, where players can buy and sell in-game assets (such as the flamethrower in Team Fortress 2) from different games on the platform - but this is intended to be broader than Steam ecosystem. Source: OpenSea. For art, most of the messages revolve around reforming the art industry, with some artists wanting to bypass the brokers and sell their art directly to the masses. For NFT advocates, the technology allows creators to make money outside of traditional frameworks, bringing creators and fans closer together. Well-known brands are also getting in on the action, marking the entry of NFTs into the mainstream, driven by market FOMO and potential marketing opportunities. For example: 1. Christie's hosted the auction of Beeple artwork worth $69 million; 1. The NBA's NBA TOP SHOT had sales of about $250 million in February. 3. The same goes for food brands, with Taco Bell's taco-themed NFT selling out in 30 minutes in the US. Pringle sells a can of digital shards as an NFT; Pizza Hut Canada sells pixelated pizza slices 4, celebrities like Grimes, William Shatner, Paris Hilton, and Lindsay Lohan have sold NFTs of digital artwork 5, music artist 3lau, and King Lyle Both sold albums via NFT6, Time Magazine auctioned some covers as NFTs Source: Beeple Much of the current issue with NFT transactions and Dapps revolves around the efficiency of these systems. Due to the "on-chain" nature of transactions, transaction fees can currently be prohibitively expensive. Some companies are developing potential solutions such as sidechains, rollups, etc. (Translator's Note: Some scaling technologies to improve efficiency and reduce costs). In addition, copyright has always been a nightmare around digital assets. Smart contracts that can be encoded into blockchain transactions may be technically binding, but their legal enforceability is a difficult question to answer. Proponents of NFTs claim the technology will prove ownership once and for all. But we also have to consider the blurred definitions of digital ownership and intellectual property. Example: When you buy a tokenized tweet, what do you actually own? Where is "owned" digital content-zce actually stored? What would happen if the NFT market crashed? How do you differentiate ownership of a meme from mixed memes? What happens if a marked version of something you bought turns out to be stolen? Nic Carter, partner at Castle Island Ventures and founder of Coinmetrics, pointed out, "NFT is a process, not a product. For NFT, it is assigned a different serial number that exists on the public blockchain.'NFT ' pass no information other than that about the purpose or nature of the serialized content." Another common problem is the massive impact of proof-of-work (PoW) blockchains on the environment (Translator's Note: such as Bitcoin , Ethereum). The annualized carbon emissions of the Ethereum network alone are estimated to be close to 16 megatons of carbon dioxide, equivalent to the carbon emissions of the entire country of Lithuania, while it consumes 34 terawatt-hours of electricity, similar to that of Denmark. Source: Digiconomist Some people are already researching how to improve the efficiency of POW blockchain platforms. For example, the majority of decentralized applications are built on Ethereum, which recently rolled out as part of an upgrade to Ethereum 2.0 that promises to create a greener system. NFTs have the potential to have a profound impact on industries beyond gaming and digital art. On content, companies like Mirror allow authors to own and sell their creations as NFTs, opening up new avenues for content-zce distribution and monetization. Hence, the idea of Decentralized Autonomous Organizations (DAOs) has started to surface again, with Ark Gallery being an example of a niche community of CryptoPunk collectors. Some companies are expanding their business into deeper financial services, combining DeFi and NFT. NFTfi allows users to leverage their NFTs as collateral for loans, while NFTX launched an NFT index fund that allows buyers to own part of multiple NFTs. And Nori company stated that it has certified carbon rights.


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