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Mr. Haozhi Chen:Cocos-BCX is trying to turn NFT into a DeFi pledgeable asset

On September 20th, Cocos-BCX Co-founder Haozhi Chen participated in the “Together for Entrepreneurs Conference” hosted by Golden Finance and co-organized by Alibaba Cloud. Under the theme of “Contributing to Blockchain Entrepreneurship”,Haozhi Chen shared with Cocos-BCX as the leading game project, the current trending-DeFi and NFT views.

Mr. Chen said that the current DeFi projects are complicated, difficult to get started, and some tokens lack value. Cocos-BCX is trying to give them value and at the same time trying to turn NFT into a DeFi pledgeable asset.

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Defi’s disadvantage is that it is too complicated, and its advantage is that it has a basis for judgment.

In the past two months this summer, many people in the industry sigh as if two years have passed. After DeFi has become popular, there are all kinds of “food”, all kinds of “vegetables”, and all kinds of “seafood”. Time is like the reappearance of the zoo after “Crypto Kitties”, but the sound of the big factory’s end is temporarily missing.

And in sync with the emergence of “vegetables” and “seafood”, DeFi’s product ecology is too complex, including lending platforms, exchanges, insurance and other fields. Specific to each user, they need to understand different things if they want to participate. Wallet features, whether it can support the corresponding tokens, but also consider which items are relatively safe, whether there is contract audit, etc.

“This is very complicated for ordinary users, and it is equally complicated for people who have been in this circle for a few years.”Haozhi Chen said, “But DeFi also has obvious advantages over the early ecology of the industry. Three years ago, the financing of projects on the market was extracorporeal circulation. 99% of projects ran away after telling the story and got the money. With DeFi, you can see the online contracts, and even some projects have audits. These can increase your bargaining chips on the reliability of a project.”

Copy and paste DeFi items have no value

As a next-generation digital game economy platform, Cocos-BCX has made a lot of accumulation in the NFT field in the past three years, and this year it is also trying to further integrate with DeFi.

Mr. Chen said that the team found in their attempts that the current DeFi is really early and needs more application scenarios to fill. In terms of increasing scenarios, Cocos-BCX tried methods including combining DeFi, packaging governance tokens into NFTs, and auctions. On the one hand, it increases the circulation of DeFi governance tokens and on the other hand increases the application scenarios of NFT;

Cocos-BCX also tried to digitize the physical objects, and after the digitization, the so-called sharing capitalization of the assets, in order to try to realize the differentiated investment through the DeFi mechanism;

At the same time, Cocos-BCX is looking for ways to comply with DeFi, such as first allowing DeFi to be compliant with the AntChain.

This is different from the simple copying of many DeFi products at present, which does not provide value.

The logic of this attempt is because in the NFT’s attempt, Cocos-BCX clearly recognized that assets must have corresponding usage scenarios, and whether they are paid or collected, can they have circulation and investment value.

DeFi will have an iterative impact on the game industry in 3 to 5 years

Since the advent of the blockchain concept, games with a purely digital economy have become the first happy place to bear the brunt. The concept of NFT is also naturally compatible with games. In addition to the native chain game “Crypto Kitties”,major manufacturers such as Ubisoft are planning HashCraft, and also in early summer. Launched Rabbids Token; for example, NetEase has made Fuxi Token; for example, Tencent also added the blockchain function to “Monsters Hunt Mobile”last year.

Players can see the impact of blockchain and NFT on the game with their own eyes, but at the same time they can see that this change will not happen overnight.

Mr. Chen shared that Cocos-BCX has conducted research on many DeFi projects, tried to participate and also developed. The team is very excited every day. The daily work is until two or three in the morning. The core reason is to recognize DeFi’s full contractualization, automatic market making, automatic trading and other features, and believe that the future world should be like this.

“Imagine if the future game system can be completely transparent and the contract mechanism is pre-set, this may be another world for players. When the total amount of game items is limited, the source, transaction, and use become completely transparent and traceable. There will be great changes in the player’s experience, and these changes may take effect gradually in 3 to 5 years.”

“The current situation of DeFi is just like the state of the blockchain industry in early 2017. Everyone starts to think that DeFi is an opportunity.” Mr. Chen added, “We made this judgment because the current market share of DeFi is still small. The negative information is still low, and the third is that no landmark events have occurred.”

About Cocos-BCX

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