Relevant data and future trends of NFT: the industrial upgrading of scalpers

The first two articles systematically explained three protocols and six sections in the NFT field. Today we will take a look at the basic data and future trends of NFT.

NFT trading volume trend analysis

The picture comes from the Internet, ERC20

ERC20 is not the underlying protocol standard of NFT, but understanding ERC20 will help us understand ERC721.

In the ecology of the blockchain industry, ETH occupies an important position. One of the reasons is that ETH is the king of the function of "issuing coins". There are two meanings here: First, because the ETH ecological construction is complete, there is a consensus basis for issuing coins with the Ethereum public chain. For example, the hot DeFi field this year basically grew up on ETH. Second, it is very simple and convenient to write the currency issuance program in the solidity language of ETH. Some integrated websites can achieve one-click currency issuance, with low cost and short time, which is very efficient.

Sir Geoff Hurst announced the launch of the Football World Cup NFT with Reeps One: Jinse Finance reported that Sir Geoff Hurst, one of the last surviving British footballers of the 1966 World Cup winning team, announced the collaboration with British artist Reeps One (Harry Yeff) to launch "Everlasting Memory" NFT series, Everlasting Memory NFT project includes 1of1 and open version NFT. These NFTs will be auctioned on Rarible. The multi-version NFT will be released on December 3rd. One-for-one NFTs will go on sale on December 16th. [2022/12/6 21:24:31]

The currencies in the above picture are basically tokens issued by the ERC20 protocol, that is, "ERC20 tokens". There is no need to build an additional public chain, and tokens can be issued on the ETH public chain. At present, the market value of the top 50 ERC20 tokens has reached 60 billion U.S. dollars (data as of November 25, 2020), and the transaction amount has also reached 10 billion U.S. dollars.

OpenSea will enable OpenRarity rarity ranking for all eligible NFT series: On October 21, according to the official Twitter, the NFT market OpenSea announced that it will enable OpenRarity rarity for all eligible NFT series on the chain from October 25 degree ranking. Creators can still choose to turn off OpenRarity, removing the ranking display for their NFT collections.

Previously, OpenSea officially launched the rarity protocol OpenRarity in September, and creators can opt-in to display the rarity of their NFT series. [2022/10/21 16:34:22]

This website includes 853 Ethereum ERC20 tokens around the world. The US$60 billion in the previous article is calculated based on ETHerscan data: https://ETHerscan.io/tokens?sortcmd=remove&sort=marketcap&order=desc

The 24-hour transaction volume of adidas Originals (ITM) series NFT exceeded US$6 million: On April 6, according to NFTGo.io data, the 24-hour transaction volume of adidas Originals Into the Metaverse series NFT reached US$6.684 million, an increase of 529.94%. As of now, the floor price of this series of NFTs is 2.087ETH, an increase of 0.37% in 24 hours. [2022/4/6 14:08:09]

The data related to the most commonly used ERC721 protocol in the NFT field can be seen here: https://ETHerscan.io/tokens-nft

ERC1155 chain data: https://ETHerscan.io/token/0x5963fd7ca9b17b85768476019f81cb43d9d1818e

Let's take a look at the situation of NFT.

Former product manager of Dapper Labs: During the bear market, speculators switched to playing NFT games: Brian Flynn, former product manager of Dapper Labs, tweeted: "In a bull market, speculators play junk coin speculative games; in a bear market, speculators play NFT Avatar speculative game. I feel like every speculator I know is playing NFT on OpenSea right now." [2021/7/19 1:02:07]

The picture data comes from Nonfungible.com, about the change curve of transaction volume and average transaction price in the market, which is the data from June 2017 to November 2020.

The NFT launch date of "Along the River During the Qingming Festival" has been postponed: According to the official news from the national architect team, the NFT of "Along the River During the Qingming Festival", which was originally scheduled to be launched on June 23, will be postponed due to abnormal interface and calculation errors. The specific launch time is undecided . [2021/6/23 23:57:58]

This is the data from November 2019 to 2020.

DeFi rose in April 2020, and then turned down after reaching its peak in September. At this time, the NFT market ushered in a bright moment, and it began to climb vigorously from September. And reached the highest point of the year on the 27th, with a single-day trading volume of 540,000 US dollars.

NFT Daily Trading Volume

Since November, the trading volume has remained at around US$300,000-400,000 in a single day. This is a positive trend maintained by the NFT market after it has slowly climbed, because the transaction amount has stabilized at US$200,000 to US$300,000.

"In September 2020, the trading volume of the NFT market successfully exceeded 7 million U.S. dollars, a surge of more than ten times within the month; the trading volume in October exceeded 8 million U.S. dollars, and the rising trend has not stopped; More than $136 million, 5 million NFTs were sold, with an average price of about $27.3. The overall transaction data has shown a significant growth trend in recent months. Not only that, the NFT auction unit price also set a new record for NFT single product transactions. On October 8 The 21st work (Block 21) of the Japanese blockchain art series "Portraits of a Mind" was successfully sold at Christie's in New York for over US$130,000, and the transaction amount was six times higher than the initial estimate."

The above is the content-zce of some data reports. The current daily trading volume is only around 300,000 US dollars, and the overall NFT market value is still very small. The NFT market under the ERC721 protocol is still in its infancy, from 300,000 US dollars to ERC20. Hundreds of daily trading volume There is a gap of more than a thousand times in the market value level of 100 million US dollars, which means two things:

First, the NFT field is still in its early stages, and there is still a long way to go before it becomes truly mature;

Second, the NFT field has a very broad prospect. If evaluated by the possibility of landing scenarios, the ERC721 and ERC1155 protocols are larger than the ERC20, which means that this field has at least a thousand-fold increase, which is very imaginative field.

Traffic problem and industrial upgrading of scalpers

Statistics show that in 2019, the number of global e-ticket purchases reached about 1 billion. This data itself is problematic, because it is difficult to count, and this data is too small. Think about how many people there are in the Spring Festival in China every year. Of course, this is not a ticket, but a train, high-speed rail, or plane ticket. However, it is still one of the biggest landing scenarios for NFT in the future.

So someone made an optimistic estimate, assuming that the number of transactions is 1 billion people per year, and then there are 10 million blockchain-related personnel (practitioners + people who have traded BTC) worldwide (although many people think that there are not even 10 million people), Then if 1% of 1 billion people are converted, the traffic in the blockchain field can be doubled-in theory, this is the case. This is only in theory, and I don’t know how long it will take for the landing of NFT. In the past two months, all NFT concept coins such as Rari, Whale, etc. have experienced similar declines.

As long as a ticket has room for speculation for a period of time, a secondary market can be formed, and then NFT can be involved. Of course, for the same reason, there will be scalpers involved.

Take the tickets for a certain boxing match (Mayweather and Pacquiao fight) as an example, assuming that a ticket costs 10,000 US dollars, in fact, it may not be possible to buy 20,000 US dollars, so scalpers were born. The ticket number, location and other information are different to form an NFT of the electronic ticket, and then directly online as an NFT for secondary market transactions, and then enter the competition site according to the NFT blockchain information. Of course, admission is not the most important thing in this model, the most important thing is that the secondary market of this note is most suitable for NFT. This commemorative ticket can also be used as a personal collection after watching the game, and the ticket NFT becomes a collectible NFT and forms a market. This situation is also used in the concerts of superstars like Michael Jackson. Michael’s last concert that year was unable to proceed normally due to his death. However, most fans still cherish this ticket that has not been redeemed, rather than choose Refund. If it was NFTized tickets at the time, this is also a good secondary market.

In theory, the biggest application of NFT is the industrial upgrading of scalpers.

Summary

From the data point of view, whether it is currency price or transaction volume, the NFT field is not an exciting field. But from the perspective of the landing scene, NFT is very close to the real world. This kind of "close" is by no means an NFT art transaction. I personally do not support the hype of NFT digital artwork. Adding NFT game props to large-scale online games is a Yes, the biggest landing scenario is the electronic bill service and the related industrial upgrading of scalpers.

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Luna