The four major application markets of NFT: Art, Collectibles, Metaverse, Games

Editor's Note: The Metaverse is exploding in the tech and gaming worlds. On March 10 this year, Roblox, a metaverse concept stock, had a market value of more than 40 billion US dollars on the first day of listing, and its market value soared 10 times within a year. Domestic Tencent and Netease successively invested in metaverse concept companies Genvid and Imvu. What exactly is the metaverse? Can it exist without Crypto? If not, what kind of chemical reaction can it have with NFT, Social Money, and DAO? CryptoC previously authorized the translation of the first two parts of @pierskicks "Into the Void: Where Encryption Meets the Metaverse", introducing the concept of the Metaverse and analyzing why encryption is crucial to the Metaverse. This article is the third part of the translation, mainly explaining the four major application areas of NFT and related investment and financing situations. In the short term, much of the action is likely to be driven primarily by speculation. But the previous bubble has hardened the minds of Crypto users, and despite the massive crash in 2018, most of those who stayed are doing quite well. In this system, there is still a lot of speculative capital. According to Nonfungible's 2019 annual report, the transaction size of the NFTs market in 2020 will reach 250 million US dollars, but it turns out that this is a low estimate. As a result, we occasionally see some headlines, like an artwork selling for $750,000 or an NFT car selling for $113,000, which inevitably grabs the attention of everyone around. Broadly speaking, so far, there are four main categories of NFTs that have begun to appeal to different audiences: art, collectibles, virtual worlds, and video games. Investment map Art The art world is often very pioneering and willing to try new technologies, so I am cautiously optimistic about some meaningful art experiments. Interestingly, "encrypted art" seems to be the first NFT asset class to truly achieve a perfect fit between product and market, where the technical conditions required to realize its core value proposition have matured. When artworks are transferred on the chain, due to the reduction of transaction frequency, the scalability problem is relatively less important, and users can tolerate it, at least not causing too much interference to the user's use process. The crypto art space has attracted creators with large audiences, such as Beeple, who sold $3.5 million in art in one weekend. Sales on the secondary market have nearly doubled since then. Hollywood star Reese Witherspoon will produce film and television works based on Ethereum NFT: News on February 27, Oscar winner and Hollywood first-line star, Reese Witherspoon’s production company is planning to launch a series of Ethereum-based The feature film and TV series of the Fang NFT series. Reese Witherspoon said, "While the cryptocurrency and NFT space is largely male-dominated, inspiring leaders like Women's World have created incredible communities for women during a massive shift in media and technology. "(cryptoglobe) [2022/2/28 10:19:34] 2020 cumulative art sales data by venue: www.cryptoart.io Another NFT category that is about to blossom in the collectibles market is the collectibles market, NBA, Brand IPs such as the Global Football League and UFC are selling their NFTs to fans. In a global fantasy football game (Translator's Note: The game refers to Sorare), Mbappe (Translator's Note: Paris Saint-Germain Football Club's famous football player) card recently sold for a high price of 66,000 US dollars , It is rumored that the game will complete this round of financing at a valuation of US$300 million. In the NBA Top Shot game, Ja Morant's dunk card with the Phoenix Suns sells for $100,000. Both of these collectible games have seen significant growth in 2020, but NBA Top Shot has surpassed its 2020 total sales in the first three weeks of January 2021. The sports collectibles market is another area that attracts a large audience, likely attracting the most passionate group on the planet - sports fans. Sales and sales of collectibles | On-chain secondary market Data: https://cryptoslam.io/ Virtual world The third NFT category is blockchain-based virtual worlds. After the initial boom, these virtual worlds Lots are also available for sale for $50,000+. Users can own a piece of land and freely build anything they like on it. Other virtual reality (VR) worlds that incorporate elements of encryption, such as Somnium Space (a VR social app) and CryptoVoxels (an Ethereum-based virtual world game), have achieved a certain degree of interoperability, and you can play in one of the worlds Enter another world. These places and platforms, like games, seem to be resonating with a global, asynchronously operating gamer. Gangs, collectives, and even large corporations are starting to develop virtual headquarters, where employees and fans can meet in virtual worlds. NFT collector Farokh.eth purchased CryptoPunk #9998 for approximately US$532 million, but it is suspected of self-purchase hype: On October 29th, NFT collector and Twitter user Farokh.eth tweeted that they paid 124,457 ETH (approx. $532 million) purchased the CryptoPunk #9998 NFT work. The price is the highest dollar-denominated on-chain NFT sale ever. Flashbots product manager Robert Miller analyzed that the transaction was not a real transaction, and there were no contract loopholes in the transaction. No one made money from it, and it was more like an act to create marketing effects on Twitter. [2021/10/29 6:18:29] Full-time sandbox game sales comparison | 2020 monthly sales (sub-item) Data: https://nonfungible.com/ The video game Axie Infinity upholds the spirit of blockchain games , all data and game assets can be accessed by third parties for others to build tools and experiences for the Axie universe. Additionally, the team is working on making Axie Infinity the first truly player-owned and operated game. Therefore, the team's goal is to slowly transform it into a decentralized autonomous organization (DAO). To accomplish this goal, the game has (and will continue to) issue something called governance tokens to system players, roughly proportional to their participation. Tokens give holders voting rights to vote in key decisions on the allocation of community treasury funds (smart contracts held on-chain). Looking a little further and imagining these ideas, players could vote on resource allocations like new maps, weapon tweaks, cross-game partnerships, and maybe even eventually which development team to sign on to develop the next version of this user-autonomous game. Data: https://nansen.ai/ The Messi-themed NFT "Man From Tomorrow" is sold out: One of the NFT "Man From Tomorrow" released by Australian artist Bosslogic, featuring the Argentine football player Messi Already sold out. According to previous news, starting from 21:00 on August 20, the first certified NFT series "The Messiverse" with Messi as the theme will be released on the Ethernity blockchain. [2021/8/22 22:29:58] Axie Infinity provides a "play to earn" (play to earn, P2E) ecology that is clearly different from existing games. A fuzzy approximation of P2E, of course, P2E does not conflict with these patterns. During the COVID-19 pandemic, the game became popular in the Philippines. In fact, playing the game allows many families to earn more than they would earn from a real job. One of the fascinating aspects of these technologies is the realization that virtual game worlds have the ability to create an economically consistent playing field on a global scale. Don't underestimate how quickly word of mouth can spread in your community as more and more people stumble upon these opportunities. We in the crypto industry have been used to the empty “banking the unbanked” slogan for years, so what if crypto can do that? What if the game that leads the virtual economy becomes a Trojan horse that uses blockchain and encryption technology to empower billions of people around the world? “The anonymity afforded by the virtual economy removes the traditional features that have kept disadvantaged groups from enjoying the opportunities brought about by great industrial changes. The remarkable feature of the virtual economy is that almost anyone, young or old, rich or poor, regardless of sex, race, religion , geographic location, heritage or social status, they can succeed as long as they have the intellect, boldness and technology to recognize the opportunities in it." --L'Atelier, The Virtual Economy, a book that traces the early evolution of the virtual economy What impressed me about the documentary - "Play Money" is that the stickiness to the game is so strong after the farmer becomes a player. (Translator's Note: Gold Farmer refers to some players who earn game currency or game equipment in online games. They sell these virtual items to foreign players through the Internet in exchange for real currency. American players call them "Chinese Gold Farmer" ", which means "Chinese gold farmers") Of course, the average person may think that Chinese gold farmers don't want to touch this game after spending 10 hours a day on Western game accounts. Interestingly, this is not the case. Once the gold play is over, they will log in to their game account and continue to play gold coins. I've often heard that once a game becomes "play for money", the game loses its meaning because the game is about pure entertainment, but I haven't seen an example that proves this point. I've seen it firsthand, in MMORPGs (massively multiplayer online role-playing games), many players who engage in high-stakes player-versus-player games use it as supplemental income. Good FPS players also often participate in money tournaments through third-party platforms. While I've never experienced a life in which my personal income was entirely dependent on the game, I think the money factor actually enhances the fun of the game. These situations seem to have occurred in the ecosystem of games like Axie Infinity. The NFT artwork of "Rebuilding the Tower of Babel" jointly generated by the community was successfully auctioned with 16.1 ETH: According to official news, on May 3, Eastern Time, the NFT "Rebuilding the Tower of Babel" jointly generated by the community initiated by Metis The event officially ended. This NFT artwork, which embodies the collaboration of 256 tribes, was finally successfully auctioned by the buyer with the wallet address 0x23c9c250fc497906bdc790f417e53bfc50a43e5c with 16.1 ETH at a price of about $50,000. The event started on April 21. During the 13-day event, a total of 12,118 wallet addresses participated. It took only 100 minutes to generate 2,560 tribes all over the world, of which 1,204 tribes were full (by 15 personal trust). According to the plan, 16.1 ETH will be shared by the artist and the participating 256 communities after deducting OpenSea's handling fee. Each community can allocate the proportion of its tribal computing power to the total computing power of all 256 tribes. [2021/5/4 21:21:49] Investment institutions Finally, I think it would be remiss of me not to invite you to take a look at the investment institutions behind some early core projects. For example, in 2020, DapperLabs, the development team behind the well-known Cryptokitty (Ethereum-based cloud cat breeding), completed another round of financing of US$12 million. Their total financing is currently $50.9 million, backed by traditional big-name venture capital firms such as USV, Samsung Ventures, a16z, Venrock, and Warner Music Group. They are developing the Flow blockchain, which is based on their experience developing the largest crypto game to date (i.e. Cryptokitty, Cryptokitty), and suffering from congestion in Ethereum. Aside from the obvious fact that these projects are well capitalized, their supporters have allied themselves to form a powerful network of relationships. Some of them I've noticed, they're already working with big name brands like Dr. Seuss, NBA, UFC, and Ubisoft. It is also encouraging that high-profile sports figures such as Spencer Dinwiddie invested in Dapper and André Schürrle invested in Sorare – a A global fantasy football game powered by limited edition NFTs like the sold Mbappe cards. "Pepe Frog" derivative artwork NFT sold for 205 ETH worth about 320,000 US dollars: March 3 news, based on artist Matt Furie's famous cartoon character "Pepe Frog" created "Rare Pepe" (Homer Pepe) ) NFT artwork, which has been sold for 205 ETH ($320,000). (Cointelegraph) [2021/3/3 18:09:38] As mentioned above, it is not clear whether these blockchains (referred to as Flow) that focus on subdividing the track have a better chance of being promoted to the market than Ethereum, but Bringing a reality brand into this nascent world is a triumph for the entire virtual world ecosystem. In the medium term, we hope that these companies can achieve some impactful results (I think Axie may be the first to do it) to prove the viability of these business models, and this will bring more large studios and various creatives to participate in this business. Right now, most consumers don't think twice about their ingrained transactional habits—people still don't know or care about any alternatives. I think it's really up to the crypto industry to create a convincing experience that showcases all the new capabilities we can use, that contrasts the restrictive old model with the emerging open, collaborative one. If we can do that, I believe these technologies will be self-perpetuating..

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