Outside Of Fixed Circle Of NFT · What Do Big Enterprises Want To Do After Entering The NFT Market?
BKEX is a global digital asset financial service platform, focusing on the mining and absorption of high-quality assets, an innovative international station of digital assets for global users, providing trading and investment services among various digital assets.
On March 6, the “world’s first twitter” released by twitter CEO Jack Dorsey in 2006 was transferred and sold for $2.9 million.
On March 11, Everydays: The First 5000 Days, a set of works by digital visual artist Beeple, was sold for $69.34 million at Christie’s in the form of NFT.
In addition to the recent “Crazy Stone” series, the latest lower price limit of EtherRock NFT on the market has been raised to $1.02 million. Several days ago, the cheapest work is about $300,000, and two weeks ago, the cheapest work is nearly $80,000.
(EtherRock is the first NFT collection released on Ethereum blockchain in 2017. It is a set of static rock images, a total of 100. Each NFT has the same shape and size except for different colors.)
For a while, NFT cornered the market again, and this wave was not only in the cryptocurrency world, but also in the traditional cultural and entertainment circle and science and technology circle. This means that NFT has gone out of the original blockchain community and developed rapidly beyond it. While more and more people, enterprises and institutions continue to accept the concept of cryptocurrency world venture capital, they are also slowly trying to make and sell NFT on the premise of compliance.
So far, people seem to suddenly realize that NFT, a blockchain-based cyrpto asset, can create real-world money value in addition to collection. This has undoubtedly opened up a new era in the field of digital collections. In the last three years, the value of the whole NFT market will not exceed US $42 million, but now a digital painting can fetch a such high price of US $69.34 million, which not only shocked the whole art world, but attracted the attention of the luxury industry, film industry and entertainment industry.
So Coca Cola, Marvel, LV, GUCCI, Hermes, Facebook, etc. have also begun to launch virtual digital products. Some things, such as Nobel Prize papers, NBA highlights, shoes, amulets and even avatars, have been minted into NFT in this storm.
“NFT, as a unique form of entertainment, will coexist with movies, music, video and games. All inedible consumer goods will become NFT, “said William Quigley, a former co-founder of Tether, the USDT issuer.
The scene that everything can be NFT is gradually emerging.
Ⅰ NFT in Native Cryptocurrency World
The full name of NFT is Non-Fungible Token, a non-homogenous token, which is used to represent the unique cryptocurrency token of digital assets. It has indivisible, irreplaceable and unique attributes. On blockchain, digital currency is divided into native coin (such as BTC and ETH) and token (token issued on Ethereum), and token is divided into Fungible Token (FT) and Non-Fungible Token (NFT). Fungible Token can replace each other and can be split infinitely, while Non-Fungible Token cannot be replaced and cannot be split.
In other words, NFT is a digital asset issued on blockchain. This asset can be game props, digital works of art, tickets, or even digital music. It is unique and non reproducible. Because NFT has natural attribute of collection and is easy to trade (people can trade freely on blockchain), crypto artists can use NFT to create unique digital works of art.
On many platforms of NFT, such as OpenSea, people can create NFT works and trade them.
Ⅱ Why is NFT so Hot
NFT has obviously been “out of the circle”, so why is it so hot?
The recent hot topic Metaverse refers to a virtual world separated from and parallel to the real world, in which people can interact, entertain and even work. As the main carrier of the original assets of Metaverse, NFT can map real-world goods and assets into virtual goods. NFT is an important infrastructure of the Metaverse.
“Metaverse is coming true,” game company Roblox wrote in its IPO prospectus in March this year. In the following six months, the game industry ushered in a wave of Metaverse. In the first half of 2021 alone, the financing of NFT blockchain games has reached US $1.4 billion.
Metaverse and NFT complement each other and achieve each other.
In addition, in the traditional industry, the copyright protection mechanism for creators is not perfect. After many original works are copied, for the original authors, the road of safeguarding the rights is extremely difficult, which is not only a waste of time and energy, but also a waste of money. This is undoubtedly a very positive thing for creation. However, the attribute of NFT just provides another idea to solve the copyright problem.
When an original author mints his work into NFT, on the chain, this work is a unique, tamper-proof and traceable with uniqueness, authenticity and ownership. No matter whether the work is copied or spread later, the original author is the only owner of the work. Moreover, the original author can also obtain benefits in each circulation of NFT (i.e. ownership transfer transaction). This transaction form is different from the traditional art transaction, and the original author can only make profits in the first circulation.
At the same time, the potential value brought by NFT has attracted some investors. Entrants expect the NFT they bought to appreciate in order to realize their dreams such as getting rich overnight. As mentioned above, low investment and high return.
Overseas, whether in the primary market or the secondary market, the trading mechanism of NFT is obviously very mature. Creators create and issue NFT on platforms, and artists, geeks and investors buy and sell again to make profits.
According to nonfungible.com (a website dedicated to tracking NFT market activities), in early May this year, the trading volume of NFT market in the first week soared to nearly $200 million.
In addition, some music institutions have been involved in NFT. In 2019, Warner Music invested in blockchain company Dapper Labs, the maker of NBA Top Shot, a popular NFT platform. In early August this year, Sony Music Entertainment participated in NFT company MakersPlace.
Ⅲ Big Enterprises Have Joined NFT. Is It Optimistic? Or Harvest?
The pursuit of NFT abroad is so hot, so what is the situation in China?
Song Ting, a well-known AI and blockchain artist and the first artist of China Jiade NFT, graduated from Tsinghua University, is the record holder of Chinese AI art and blockchain art auction in 2020. The first blockchain-based collaborative art exhibition between human and AI in China, Reverse Cyborg Church and Market, is its personal exhibition.
At the end of May this year, her other work, Butterfly Love for Flowers, the Heading of Peony Pavilion Rêve — Information Technology Penetrated “Me”, as the first NFT work in a traditional Chinese auction house, finally won 667,000 yuan.
Since March, some original musicians have also joined the wave of NFT. For example, independent musician Gao Jiafeng auctioned a 7-second electronic music on an NFT trading platform, and finally sold more than 14,000 yuan; The NFT digital music work WATER KNOW issued by the well-known domestic singer A Duo has a transaction price of up to 300,000 yuan.
In addition to these music practitioners, music copyright companies have also entered the NFT market, among which Tencent Music has the greatest influence. This year, Tencent Music announced the launch of NFT crypto art platform service “TME digital collection”, which will launch the first batch of NFT digital collections, including video, voice, vinyl records, hand-made hobby, etc. For example, Hu Yanbin’s “Monk” 20th anniversary black glue NFT was released on QQ music platform.
In addition to the music field, major Internet enterprises have also entered the market: Alibaba auction launched NFT digital art special session in May; In June, Alipay, DunHuang Art Institute and Scissor Seven (Chinese animation) jointly launched the 4 NFT payment code skin. NetEase announced the IP address of its game “NARAKA: BLADEPOINT” in July authorized the issuance of NFT; Tencent launched the NFT trading platform “Magic Nucleus” in August, and in the first phase, it sold limited 300 “audio” Thirteen Invitations “digital art collection NFT”, and in the second phase, it sold limited 54 “Kaleidoscope Digital National Atlas Painting NFT”.
Different from the original blockchain field, big enterprises have made a new change in the selection chain, naming and NFT circulation.
Original NFT trading platforms are generally launched based on public chains, while those of Alibaba and Tencent are created based on their ANTCHAIN and ZHI XIN CHAIN; The “non-fungible token” in the field of native blockchain has become a “proof of non-fungible rights and interests” here; In the past, the circulation, resale, and giveaway have been limited to a certain extent. At present, Magic Nucleus does not provide the entrance for NFT giveaway or resale. The latest Alipay NFT terms indicate that users can only give NFT to friends at least 180 days later.
This avoids excessive speculation and regulatory risks to a certain extent.
Ⅳ BKEX will Help NFT Develop Healthily
Behind the popularity of a thing, there are often many questions. The same is true for NFT. The supporters believe that NFT can not only protect copyright and stimulate the emergence of more original works, but also promote the concept of “Metaverse” to become a reality. The opponents believe that today’s NFT flooding scene is the same as the “air currency” in previous years, but it is just some opportunistic means and the way of harvesting retail investors for capitalists.
“Any doubt about what is developing is reasonable and must exist.” BKEX market partner said, “if the market has no objection and only has one-sided opinion, then this thing is dangerous. The development of NFT to today’s situation is predictable. “
These two voices are intertwined in the market, but this does not prevent NFT from becoming the next investment opportunity in the blockchain field and even in the fields of entertainment and science and technology.
At a time full of opportunities and challenges, major Chinese enterprises embraced this new thing with a cautious attitude. While avoiding the formation of a circle of malicious speculation, they considered avoiding regulatory risks at the first time. Alibaba and Tencent have repeatedly stressed the scope and boundaries of their layout in the field of NFT, restricted the circulation of NFT, and called it “non-fungible proof”.
In fact, BKEX is far sighted in the layout of NFT. The development of NFT will inevitably promote the actual landing of the Metaverse world and transform its concepts into reality. The continuous updating and iteration of the underlying technology of the blockchain will help the rapid development of NFT. So in such a investment opportunity, the best operation at present is to grasp the wind and follow the trend, vigorously expand the overseas blockchain market, comprehensively improve the actual experience of users, complete the real user service system, effectively ensure asset security, deeply cultivate the field of digital NFT, excavate high-quality assets through all channels, and let users participate in it in time and obtain dividends.
BKEX Team said that the out of circle of NFT is a milestone in the history of the blockchain industry, which means that in places outside the blockchain field, blockchain technology and consensus are affecting huge social groups. They are not only accepting the achievements brought by the blockchain revolution, but also actively exploring and embracing compliance, and innovatively promote the healthy and long-term development of NFT in all industries.
It is undeniable that the impact of NFT is multiple, and the market’s view of its polarization also has a certain reason. A new thing is at the stage from the initial stage of development to “out of the circle”, which is a test and problem that all explorers committed to the healthy development of the blockchain industry must face.
In BKEX’s view, the NFT market is imperative, and the NFT investment opportunity can not be ignored. As a company committed to building a globally recognized high-quality asset trading platform, BKEX continues to attract top blockchain experts at home and abroad, establish NFT special research group, establish NFT special investment fund, list high-quality NFT projects, and contribute to the all-round development and construction of NFT ecology.
The development of NFT is facing a huge test, which requires all participants to think together and explore appropriate development ways. BKEX Team will be committed to the expansion of NFT market and project empowerment for a long time, make continuous efforts for the all-round, multi-field and deep-level healthy and long-term development of NFT, and jointly deploy new NFT ecology with excellent explorers in the industry, thus helping the blockchain industry spread to other fields with NFT as the radiation point.
The era of full prosperity of NFT will not be far away.
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