What is the economic support of the popular NFT

Time:2021-9-14

What is the economic support of the popular NFT
What is the economic support of the popular NFT

At present, the new online celebrity NFT has successfully stepped out of the circle and quickly spread to all walks of life with an overwhelming posture. The climax comes in an auction, and the high auction value constantly refreshes the world’s cognition. You may be hard to imagine that the virtual product NFT will enter the real world, so what is the value of NFT that makes the world so crazy.

Replacement of times

Before the 1980s, in the world at that time, it was generally believed that the paintings of Leonardo da Vinci and Van Gogh were art, and the porcelain of Jingdezhen was art. Since 2000, the virtual economy and fan economy have gradually stepped onto the historical stage. The surrounding areas of star chasing can be sold at high prices, and even tens of thousands of game props.
Today’s millennials, especially Japan and South Korea, regard virtual characters as idols. They have accepted that digital currency represented by bitcoin is the source of sudden wealth. They may not appreciate Picasso’s paintings, but in their thinking, NFT is the art of their time. At present, in this field, a small art circle and the cryptocurrency circle on the chain are used to show the interweaving of reality and numbers, which has formed the value support point of NFT.
What is the economic support of the popular NFT

IP burst potential of NFT

Recently, NFT is reshaping popular culture and Internet media. If you are a collector or a fanatical suitor, it is difficult to be not interested in a limited edition IP, as can be seen from the rush purchase of AJ.

According to the market track, it is not difficult to find that NFT started from the art and sports circles, and its representative NBA top shot is one of them. Personal goods auction is not a strange thing, and most of them are commemorative objects, but NBA top shot is not. Isn’t it cool to build blockchain limited edition IP with the help of the powerful fan economy behind it? In the blockchain world, NFT can realize the limited edition sales of IP on the chain. What you own will be the on chain ownership of the work.

In addition, the concept of “virtual fashion” has been introduced into such NFT products in the reports of many overseas media and encryption communities. Gucci officially said that NFT will be launched soon. Online retailer clothia is currently auctioning NFT clothes, and the winning bidder will get corresponding physical clothes. It is reported that NFT and physical clothes will be unique. Star illustrator Alex Ross will release marvel and DC superhero NFT of “impact the mainstream” series on rndr rendering network, and establish a permanent digital archive. Rapper Snoop Dogg works with Nyan cat to sell NFT

From “fried shoes” to “fried fashion”, the addition of more luxury brands and stars has added a fire to the IP building of NFT. The outbreak seems to be in a positive cycle with excellent timing. The continuous fermentation of influence attracts more traffic outside the circle, which converges into a new influence, and then attracts more traffic.
What is the economic support of the popular NFT

NFT auction climax

Because the provenance information is recorded in the shared public blockchain database through smart contracts, NFT can provide unique and verifiable ownership for digital content and goods. At present, most NFT works are directly related to works of art. Artists can also sell their works in the global market and continue to obtain copyright income.

At the beginning of 2021, the total market value of NFT of encryption art created by beeple has reached US $111 million, and the highest transaction price of the works is as high as US $69.34 million. Beeple at Christie’s auction house is the ceiling of today’s encryption art world, which has also become the “Idol” admired by countless new encryption artists.

As the world’s first decentralized NFT Trading & auction platform, cross has opened the “global artist selection plan” to build a bridge for more artists. At present, cross has created excellent achievements in the circle, such as the number of access addresses has exceeded 250000, the number of auctions in a single day has exceeded 10000, and the transaction volume of a single activity has reached one million RMB.

The exploration of the former paves the way for the latter to join. Countless artists use the new channel “NFT” market to open their new way out, hoping to save their art career through NFT, which has triggered a large-scale “Art Renaissance” in the new era.
What is the economic support of the popular NFT

What is the meaning of NFT

1. Protection of intellectual property

“First, NFT allows us to safely track the transfer of rights – just as bitcoin payment can safely track the transfer of funds. Second, NFT can provide permanent support for creators. For example, NFT can stipulate that creators should be rewarded every time assets are resold at a higher value.” Said g-j van rooyen, co-founder of custos media technologies, a blockchain content protection company.
What is the economic support of the popular NFT

Specifically, compared with the traditional world of intellectual property protection, a significant improvement provided by NFT is automatic execution. By using smart contracts as the core, NFTs can give artists the ability to distribute royalties and protect intellectual property rights, that is, in the world of blockchain, NFT ensures the copyright protection of artists’ works, which further stimulates the value of NFT works. Because of the uniqueness and negotiability of NFT, if someone plagiarizes or infringes, you can use NFT to prove your ownership. The “tokenized” NFT has become more valuable because of its uniqueness.

2. Value traceability

In the traditional art collection market, people are worried about the risk of being identified as counterfeit and worthless by other experts after buying art. In the real world, people’s subjective judgment is easy to be affected by many factors, and the cost of identifying the authenticity is extremely low. What’s more, it will be because of the famous person’s word, the price roller coaster.

However, NFT is different. Once the blockchain is registered on NFT and the public offering is completed, all data can be publicly and independently verified. No one can tamper with it, and the authenticity cannot be challenged. The longer the time, the less likely the authenticity is to be destroyed. This is the charm of NFT.

3. Infinite combination

NFT is essentially a software protocol. The value of software protocol does not lie in its individual isolation, but in how many nodes adopt the software protocol in the future, which determines the size of its network range. It can also be understood as the “consensus” as we often say. Like defi, NFT may also be like a building block Lego, with more possibilities for combination in its ecological field.
What is the economic support of the popular NFT

In the world of blockchain, NFT can be combined with lending and games to tap the economic value behind NFT, so as to provide continuous liquidity; In the real world, NFT can be combined with some offline physical assets, including real estate, securities, insurance, etc; Not only that, NFT is also gradually “civilian”. Basketball star Yao Ming released the wine brand the chop and auctioned the limited edition NFT. A painting, a graffiti wall, a toy and so on may be a kind of NFT. If these assets can successfully realize “NFT”, the expansion market will be another scene.

summary

Today, NFT is like an interface, opening the door to the “meta universe” and providing an open world map for more players in the world. Whether it is a work of art or a real world object, you can complete the mapping of the real world to the virtual world in the form of NFT.

At present, NFT provides a new industrial direction and promotes the outbreak of many high-quality applications. Through NFT, more online applications and offline entities have become hierarchical applications for building the NFT world, providing new ideas for the development of NFT. At the same time, it is precisely because of the property right protection, value traceability and composability of NFT itself that NFT can form a “Butterfly Effect” in a short time and form a new product that shakes the whole financial market.

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