From January to February 2021, Ethereum’s NFT field increased from $3 million in December to $33 million in January, an increase of more than tenfold. This is only the data for the first month of 2021. Just this month, the total sales of NBA top shot exceeded cryptokitties, ranking first in the NFT collection. At present, the total number of NBA top shot buyers exceeds 2W, the total historical sales exceed 4500W US dollars, and two NBA star NFTs worth 10W US dollars have been sold. Previously, the daily sales of NBA top shot soared 140 times from $47000 to $6.61 million in just one month.
In the same period of time, in addition to the increment of NFT transaction volume, the number of NFT players also showed an increasing trend. Even when the mainstream currency market was relatively depressed last September, NFT application players tended to stabilize and increase the market. Up to now, the player scale of the whole NFT market application has achieved a stable expansion of 5 times in half a year. User scale, capital flow and transaction activity are several key factors driving the asset value of NFT application. From the birth of cryptokitties in 2017 to the popularity of NBA top shot this year, and the launch of flow, NFT is deepening its connection with the real world step by step, and the long-awaited “NFT increment” in the industry has come.
“NFT + blind box” boosts fomo mood
At present, most NFT platforms are still mainly trading platforms, NFT game projects and ecological projects of star defi protocol. However, NFT has gradually become more and more subdivided categories, such as tickets, certificates, identity IDS, pet collections, cards, game props, works of art, virtual real estate, etc. in addition, there are many scenes combined with decentralized finance. It is in such many use scenarios that the innovation shown by NFT often brightens people’s eyes, and the playing method of NFT + blind box also begins to become popular and eye-catching.
Previously, NBA top shot, nftbox and hashmasks, which recently ignited the market fomo (fear of missing out), also adopted the form of NFT + blind box, and achieved good results.
With the rise of fomo sentiment, more and more speculators and old users who used to be defi products in the market still participate in the transaction. It can also be seen that most of the increment of NFT still overlaps with the participants in the original digital money market. However, due to the emergence of the blind box, it is associated with strong IP, and also ushered in the increment in addition to the defi players and the original coin holders, such as the fans of well-known IP. NFT project seems to have more confidence in the market and welcome more users.
Why is “NFT + blind box” addicted?
Earlier, there was a discussion on the form of NFT + blind box. Many projects have benchmarked bubble mart, hoping to replicate the blind box trend led by bubble Mart into the field of NFT. As the representative of new consumption, paopaomat is the representative of new consumption field. Like the NFT players emerging in the encrypted digital asset community recently, it is a minority culture. Therefore, the successful listing of paomat in just a few years has a certain reference significance for the whole NFT track.
Behind the beautiful data is the success of bubble mart’s “addictive” economy. The “surprise” of removing the blind box and the “sense of achievement” of collecting the hidden money are the magic weapons of winning the blind box. In the field of defi + NFT, players rush to buy blind boxes because of the stimulation of game probability and the rising value behind NFT. NFT and blind box economy also complement each other. NFT’s unique, indivisible and total amount is written by the code, which determines its special asset attributes. At the same time, the blind box mode can add entertainment value to NFT assets and cater to the psychological characteristics of users’ sense of surprise.
The hidden worry behind the blind box, how to ensure scarcity and authenticity?
Let’s talk about the physical blind box model. There are already hidden worries behind it, because in order to stimulate consumption and repurchase, bubble Mart has launched many “hidden” blind boxes. Players need to keep opening boxes to take chances, so they have a very small probability to put them in their pockets. The scarcity of each hidden fund is completely determined by bubble mart, and there is no total limit. If bubble Mart “issues” a hidden fund, the value of the fund will be greatly reduced. “Unable to determine the real scarcity” has also become a psychological threshold to prevent players from entering the “hidden money” market. At the same time, fake goods copied in batches by pirates will cause a fatal blow to the hidden money.
The online blind box mode, with the support of blockchain and other technologies, makes collections become NFT to achieve scarcity. The data on the blockchain can not be tampered with. The online blind box based on NFT technology can greatly improve the fairness of merchants to customers. At the same time, big data NFT is the future development direction.
Some people become rich by reselling blind boxes. Who is the beneficiary of the “blind box economy”?
Because blind boxes have strong IP attributes and scarcity, many blind box lovers have the demand of “communication” and “exchange”. In addition, if players with stronger demand for blind boxes and collection desire want to buy at a high price, why “sell” instead of doing it? Therefore, reselling the blind box has become another appeal, an investment behavior with low cost, low original price and no accumulation of too much professional knowledge and experience. With low access threshold and ultra-high second-hand transaction premium, it can attract a large number of players to “benefit”. With the help of trading and replacement, the back-end market of the blind box has been slowly developed, which is equivalent to boosting the development of the blind box and the tide game market.
This month, cross adopted a new NFT selling method and playing method – the blind box. Eight encrypted art works have been identified with the theme of IP of well-known exchanges, well-known projects and well-known media in the circle. Combined with the elements of the year of the ox in China and the bull market in the coin circle, each work hides a blind box, but only one blind box contains a hidden big colored egg – a CVT award worth 0.5 BTC.
In cross’s NFT + blind box playing method, when you successfully shoot an NFT work, you can transfer the shot and make a real profit. For people who have less “gambler psychology” and don’t want to test their luck so much, “turning the racket” is a very cost-effective thing. This also gives those players who do not buy NFT at the first time a new opportunity to buy NFT. After buying, they can not only turn the shot again, but also choose to open the “blind box” to see whether they have won the grand prize.
Why doesn’t the “NFT + blind box” open more “correctly”?
If buying an NFT blind box is a pleasure, it is equivalent to getting a second happiness when you open it and find that there is a grand prize. However, the second happiness can not be obtained by anyone. It is only a probability event, but also a game. Cross has newly created the option of “remake”. When players get NFT without playing blind box, they still maintain a sense of mystery and resell NFT + blind box, which further stimulates the sales and value of NFT and obtains the happiness of “price difference”. By analogy, any NFT that gets shot can be passed down in this way, and the value of NFT will soar, so as to carry out a good cycle of internal economic market, and make the “product” lasting.
At present, the first phase of cross’s blind box game plans to launch four works, which is expected to be held every two weeks. Although the number of NFT blind boxes in the early stage is small, its advantage lies in its strong IP feedback ability and fan base. The original IP is only launched at a fixed time point. Naturally, the influence of IP will be amplified because of its channel ability. It can be said that cross’s “NFT + blind box” has not only formed a strong repurchase rate in the primary market, but also laid a foundation for the circulation of the secondary market.
Cross: complete the integrated circulation of assets and values
The spark behind the cross blind box is also blessed by wealth effect, strong IP effect and quality control. The cross team relies on the fan effect of Chi Lei, an NFT encrypted art writer, and the well-known co branding effect in the coin circle. This natural communication attribute and user stickiness are highly consistent with the NFT blind box. In the future, cross will combine with more and more IP resources (such as traditional industries, coin circles and other fields), and the “NFT blind box on the chain” game based on strong IP will also become a new economic and business model of cross.
In the blind box section of cross, NFT with high face value has higher basic pricing and premium space. Driven by the psychology of “investment”, players will continue to buy blind boxes and remake blind boxes, and virtually become creators and contributors to building the NFT world. Moreover, these NFTs will not depreciate because of large output, but are more worthy of “not opening” because of enhanced liquidity and scarce value.
In 2021, perhaps more people choose not to open the blind box
What we can see now is that the number of users, trading volume and trading volume of the top ranked NFT projects are rising, and cross has added a 24W wallet address in February, becoming a new head NFT project, and this hot trend will continue.
I believe you can also feel that the popularity of NFT in 2020 may be really related to speculation in the early stage. However, with the continuous improvement of applications and scenarios, more and more users have an in-depth understanding of NFT, and the public is willing to pay for “fun things” and re shoot for “value growth”.
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