At present, the new online celebrity NFT has successfully gone out of the circle, and it has spread rapidly to all walks of life with a momentum like a bamboo. The climax came in an auction, and the high auction volume kept refreshing the world's perception. It may be hard for you to imagine that the virtual product NFT will enter the real world, so what is the value of NFT, which makes the world so crazy.
change of era
Before the 1980s, in the world at that time, people 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 stage of history. Starchaser peripherals can be resold at high prices, and game props can even reach tens of thousands.
Today's millennials, especially in 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, the niche art circle and the cryptocurrency circle on the chain are used to show the interweaving of reality and numbers, which also forms the value support point of NFT.
IP Explosion Potential of NFT
Recently, NFTs are reshaping popular culture and Internet media. If you are a collector or a fanatical pursuer, it is difficult not to be interested in a limited edition IP, as evidenced by AJ's snap-up.
According to the market trajectory, it is not difficult to find that NFT started from the art world and the sports world, and the NBA Top Shot it represents is one of them. Auctions of personal items are nothing unusual, and most of them are commemorative objects, but NBA Top Shot is not. Wouldn't it be cool to create a limited edition IP on the blockchain 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, and what you have will be the ownership of the work on the chain.
In addition, in the reports of many overseas media and encryption communities, the concept of "virtual fashion" has been introduced to this kind of NFT products. Gucci officially stated that NFT will be launched soon. The online retailer Clothia is currently auctioning NFT clothing, and the winning bidder will get Corresponding physical clothing, it is reported that both NFT and physical clothing will be unique. Celebrity illustrator Alex Ross will release the Marvel and DC superhero NFTs of the "Mainstream Impact" series on the RNDR rendering network, and establish a permanent digital archive. Rapper Snoop Dogg partners with Nyan Cat to release NFT…
From "shoe speculation" to "fashion speculation", the addition of more luxury brands and celebrities has added fire to the creation of NFT's IP. The outbreak seems to be in a well-timed positive cycle. The continuous fermentation of influence attracts more traffic from outside the circle, and these traffic converge to form new influence, which in turn attracts more traffic.
NFT auction set off a climax
Since provenance information is recorded in a shared public blockchain database through smart contracts, NFT can provide unique and verifiable ownership of digital content and goods. Most of the current NFT works are directly related to artworks, and artists can also sell their works in the global market and continue to receive copyright income.
At the beginning of 2021, the total market value of the encrypted art NFT created by Beeple has reached 111 million U.S. dollars, and the highest transaction price of the work is as high as 69.34 million U.S. dollars. Beeple at Christie's auction house is the ceiling of the encrypted art world today, and it has become the admiration of countless new crypto artists "Idol".
As the world's first decentralized NFT trading & auction platform, CROSS has launched the "Global Artist Selection Program" to build NFT bridges for more artists. At present, CROSS has created more than 250,000 access addresses, tens of thousands of auctions in a single day, and a transaction volume of one million RMB in a single event.
The exploration of the former has paved the way for the latter. Countless artists use the new channel "NFT" market to open up their new outlets, hoping to save their artistic career through NFT, which has triggered a large-scale new market. The "art renaissance" of the era.
What is the significance of NFT
1. Protection of intellectual property rights
"First, NFTs allow us to securely track the transfer of rights – in the same way Bitcoin payments can securely track the transfer of funds. Second, NFTs can provide creators with perpetual support. For example, NFTs can stipulate that every time an asset is sold in Creators should be rewarded when they are resold at a higher value,” said GJ van Rooyen, co-founder of blockchain-based content protection company Custos Media Technologies.
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 block In the chain world, NFT ensures the copyright protection of artists' works, which further stimulates the value of NFT works. Due to 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 precisely because of its uniqueness.
2. Value traceability
In the traditional art collection market, everyone is worried about taking the risk of being judged by other experts as fake and worthless after purchasing art. In the real world, people's subjective judgments are easily influenced by many parties, and the cost of identifying authenticity is extremely low. What's more, because of a celebrity's words, the price will go on a roller coaster.
However, NFTs are different. Once the NFT is registered on the blockchain and the public sale is completed, all data can be publicly and independently verified, and no one can tamper with it, and the authenticity cannot be challenged. The longer the time, the less likely the authenticity will be destroyed. This is the charm of NFT.
3. Endless combinations
NFT is essentially a software protocol. The value of a software protocol does not lie in its individual and isolated characteristics, but in the essence of how many nodes will adopt and access this software protocol in the future, which also determines the size of its network range. It can also be understood as the "consensus" that everyone often says. Like DeFi, NFT may also be like a Lego building block, with more possibilities for composability in its ecological field.
In the world of blockchain, NFT can be combined with loans, games, etc. to mine the economic value behind NFT, thereby providing a steady stream of 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 becoming "civilian", basketball star Yao Ming released the wine brand The Chop and will auction a limited edition NFT, a painting, a graffiti wall, a toy, etc. may be NFT If these assets can be successfully realized as "NFT", then the expansion market brought about by them will be another scene.
Summarize
Today, NFT is like an interface that opens the door to the "Metaverse", providing an open world map for more players in the world. Whether it is a work of art or a real-world object, the mapping of the real world to the virtual world can be completed in the form of NFT.
At present, NFT provides a new industry direction, promoting the outbreak of many high-quality applications and becoming known. Through NFT, more on-chain 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 rights protection, value traceability and composability of NFT itself that NFT can form a "butterfly effect" in a short period of time, forming a new product that shakes the entire financial market.
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