MixMarvel Talks Fan Economy and NFT: Indispensable Changes In Organizational Form And Infrastructure
NFT is the hot spot in the blockchain industry and cryptocurrency market in 2021. Not only a series of encrypted artworks, NBA Top Shot cards, and Twitter founder’s first tweets — sold at an incredible price — became an actual phenomenon, but it also led to the traditional media’s interests and gained massive media coverage. As a result, people outside the blockchain industry start wondering about the essence of NFT or the differences between NFT and Bitcoin. The industry itself is also trying to figure out how to make the public recognizes the actual value of the NFT after the bull mart is long gone.
Some people believe the value of NFT largely attributes to the content itself. By accepting the content, people are more likely to take the NFT reflecting such content. This is the same as the popular Intellectual Property — known as IP — in the traditional entertainment industry. The popularity of IP mainly depends on its likeability and popularity, and the IP here isn’t only from some well-known brands such as Disney, Marvel, or classic novels. Still, it can also be real people like young idols. By having their fans’ acceptance and chasing after, IPs are more likely to go viral with capital behind them. It will increase the number of fans and traffic on the internet, attracting more attention from capitals and fans. It is what people called a “fan economy.” In short, the value of an idol — IP — is given and accumulated through fans’ recognitions. IP will eventually end up with more financial revenue as it becomes more popular.
The NBA Top Shot, setting a transaction record of 400 million dollars, is a well-recognized IP based on NFT that makes a good utilizing of the fan economy. The success of NBA Top Shot has inspired the MixMarvel team as blockchain practitioners to analyze the corresponding relationship between NFT and the fan economy and the possibilities among them.
Mary Ma, the co-founder, and CSO of MixMarvel, a blockchain gaming company, discussed this particular issue during a roundtable meeting “How the Fan Economy Activate NFT” at the BCA NFT Summit held in Shanghai on April 9th, 2021. Mary stated, “There are two paths for NFT to be successful: one of them is integrating the traditional industry to the NFT industry, and the other is to go beyond the boundary and bring the NFT to the public.”
If you choose the first path, integrating the traditional industry into the NFT industry; then, blockchain technology can fix the trust issues within the fan economy, but it also changes organizational formations. Fans are a group of people, and all groups can be understood as communities. They’d have common hobbies and common points of view, which has led to a community consensus. By having the agreement, the fan community would be reformed when bringing in Blockchain technology. In the beginning, the fan economy was a form that idols give the output, and fans receiving them passively. But after introducing blockchain technology to their community, fans would have something else to do, such as creating content of their free will. This model was called UGC — Users Generated Contents — in the Web 2.0 era. With the existence of UGC, interaction among community members arises at its peak, and it includes interaction between fans, the interaction between fans and contents, and even reverse output to empower the content. All these interactions require the community to develop more decentralized incentives and governance. Hence, with the empowerment of blockchain technology and NFT, the organization of the fan economy has become a true UGC+DAO — also known as the decentralized autonomous organization. The use of smart contracts makes community governance secured at the coding level. The content generated by fans will have a better outcome, resulted in inspiring more commercial value.
If following the second path and going beyond the boundary and bring the NFT to the public, NFT would lie its potential energy in the community. When having a complete organizational form and function, the blockchain community is characterized by a strong consensus as a link. The native blockchain assets co-created by the community have more vitality than the user UGC content in the Web2.0 era.
Either way, the ultimate trend of NFT would be complex applications with high interaction and high concurrency. This type of application must be supported by a fully functional and compatible infrastructure that is also developer and user friendly. The Rangers Protocol — once known as Rocket Protocol — incubated by MixMarvel is such professional support to the Blockchain infrastructure of NFT and complex applications. At the summit “Blockchain Infrastructure for the Future Virtual World-Rocket Protocol,” Mary Ma introduced Rocket Protocol 2.0 integrated cross-chain protocols, NFT standards, EVM, and even expanded more functions, allowing developers to create complex applications that adapt to various scenarios quickly. At the same time, it will enable users to get a smooth experience similar to internet applications.
Unlike many public chain projects that started the conceptual design from the underlying architecture, Rangers Protocol was incubated and evolved based on users’ actual needs and pain points. In 2018, MixMarvel learned about users’ pain points when publishing and operating “Cloud Fighting Dragon.” The game used the Ethereum network to carry more interoperable blockchain games and complex applications. They cost too much and affect the user experience. To solve the problem, MixMarvel hatched Rangers Protocol. As a high-performance chain group that can achieve the multi-chain contract interoperability of the EVM system, Rangers Protocol has a high degree of flexibility. It is very friendly to developers outside blockchain technology. Rangers protocol is convenient for complex applications such as games to carry out blockchain integration. It can support users from a large community to interact very frequently on complex applications.
Summary
In MixMarvel’s Metaverse, application scenarios and infrastructures complement each other. Whether it is from outside IP to the encrypted world or vice versa, the NFT ecosystem and the entire virtual world in the future need to be supported by constantly updated and iterative infrastructure. No matter how the business model or the community organization changes, the goal of MixMarvel Metaverse is to provide developers with a more flexible, stable, and powerful blockchain infrastructure and bring users a richer application experience.
About MixMarvel
MixMarvel is the world’s leading blockchain game publishing platform and content community. In 2021, MixMarvel extensively upgrades its strategy to provide digital distribution services based on well-known IP and high-quality content. MixMarvel intends to link investors and mass users through scenarios such as trading, creation, and asset issuance and create a new decentralized application ecosystem.
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