《BAYC and Moonbirds are trending. What is the next new NFT blue chip?》 Recap
Poly Network joined the activity organized by Cointelegraph Chinese as guest speaker to talk about the next new blue chip in the NFT world.
Here’s a selection of Twitter Spaces.
Moderator: Tracy, CEO of Cointelegraph Chinese
Guest: Mac Tan, Core Developer of Poly Network
Tracy: Invites the guest to introduce himself
Mac: I’m the core developer at Poly Network. Poly Network is a cross-chain interoperability protocol for heterogeneous chains. Currently, it supports interoperability across 24 mainstream heterogeneous blockchains, has been used by more than 350,000 addresses, and the cross-chain asset transfer volume has exceeded $16 Billion USD. Most recently, Poly Bridge is focused on promoting cross-chain NFTs.
Tracy: What is the current state of Poly Bridge NFT cross-chain?
Mac: Poly Bridge supports the transfer of NFTs between different blockchains. Since some NFTs have poor liquidity on certain blockchains, but the NFTs themselves have a certain collection value, the project party can transfer the NFT cross-chain to for example Ethereum, and then use a platform such as Opensea to help generate traffic. Also since gas fees on Ethereum are relatively higher than other layer 1s, some project parties will issue their NFTs on other blockchains, and then transfer them cross-chain to Ethereum.
Tracy: Do you have any experience in buying NFTs recently?
Mac: My experience is mostly based on my personal preferences. Before, I was more optimistic about a blue chip named Azuki. When it was first released, the price was relatively high, the economic model was relatively attractive, the design style was Japanese, the public acceptance was relatively high, the background of the founder team was relatively strong, and the popularity of the project on Twitter was quite high, so I gave it a go. Another type of NFT I look at are doodles, as they have strong social attributes since the cartoon character attracts social users. To become an NFT blue-chip, in addition to its own artistic attributes, a project also requires promotion and operations around community building.
Tracy: At present, NFT assets represent around 10% of DeFi. Can you talk about the role of Poly Bridge with respect to the NFT industry? Is it possible to increase the circulation of NFTs?
Mac: At present, the mainstream cross-chain bridges on the market focus on cross-chain assets. The formation of the whole multi-chain network is the reason for this trend. At the beginning, Ethereum was the only dominant one, but the increase in demand for its block space combined with the TPS limitation, brought the gas fee up so high that rapid user growth and adoption got limited to a certain extent. So many of its services were replicated, like lending, DEX, stable coins, and derivatives trading, which have led other blockchains to develop, and an ecological expansion plan was launched to attract project parties to build a multi-chain ecosystem. First, cross-chain can help project parties map issued assets between different chains.
Second, the transfer of mainstream currencies such as ETH and USDT between blockchains is very troublesome, and the handling fee is relatively high. Therefore, Poly Network also launched the exchange of mainstream assets to meet the needs of users who are liquidity mining.
Third, NFT cross-chain is still in the early stages of development, the current demand and size relative to DeFi as a whole is small, but the prospects are great. As previously mentioned, cross-chain NFTs can help solve the problem of low liquidity. The liquidity for NFT trading on some chains is relatively poor, while the liquidity on others, like Ethereum, is better. So for some projects, using cross-chain means allows their project access to market places with greater NFT liquidity, which better supports the development of the project.
Tracy: How to find the next NFT blue chip?
Mac: It’s not bad to be able to buy a relatively large blue chip, one that has already built a relatively good ecosystem and narrative. When looking for blue chips, I personally look for the following things.
- Team background, if there are famous people in the team, whether in traditional fields or web3.0, the probability of success may be higher.
- The design sense of the NFT itself is very important, whether it is aesthetically pleasing to people. As a social attribute, or something else, the sense of design may not be good or appropriate.
- The popularity of the project should be high. If celebrities, big V, and traditional industry leaders are all participating, it is also a positive indicator.
- NFTs can be empowered with add-ons. Most people buy NFTs to make money. People can get airdrops through NFTs, etc., and also the potential for profitability is very high. Once the model around the NFT is fully developed, the value performance, gameplay, and operation of the NFTs provides a lot of novelty.