Jay Chou lost a "monkey" 3.2 million, digital collection bought a lonely?

Author: Zhang Nan

Recently, Jay Chou posted that the BAYC #3738 NFT he had previously received was stolen by a phishing website, and attached the labels "Everyone please be careful" and "This is not an April Fool's Joke" at the end of the article. How Jay Chou should defend his rights has also triggered a topic related to digital collections.

Jay Chou posted, "As a result, the monkey sent to me by the eldest brother was stolen by a fishing website, and I thought that April Fool's Day was joking with me... The result goes to check, really gone...#Everyone please be careful#This is not an April Fool's Day joke"

Jay Chou lost the NFT collection "Boring Ape" given by a friend. When it went online on April 30, 2021, it was priced at about $200 a piece, and 10,000 generated cartoon apes sold out that night. As one of the most popular projects in the NFT market, celebrities such as NBA star Stephen Curry, singer Lin Junjie, Justin Bieber, Jay Chou, Madonna and other celebrities have started boring ape NFT avatars. Among them, Justin Bieber's boring ape NFT transaction price reached 8.3 million yuan.

It is reported that after the NFT was transferred out of Jay Chou's address, it changed hands many times in just 1 hour. At current prices, jay Chou's stolen NFT is worth more than RMB3.2 million. In this regard, a professional analysis said that Jay Chou authorized the private key to a third-party platform when paying money, but he did not expect that this was a phishing website, and the thing was stolen. Due to the privacy characteristics of NFTs, the possibility of getting it back is minimal.

Driven by the participation of celebrities, behind this "monkey" is the wealth myth of "hot". As of now, in the secondary market transactions, the total sales of the Boring Ape NFT project exceeded $1 billion, the total market value exceeded $3.5 billion, the number of traders exceeded 10,000, and the market floor price was nearly $350,000.

Why are young people keen to spend so much money on a headshot? NFTs are actually digital assets that are bought and sold online, including art, real estate, music or video. In recent years, in China, not only Internet platform giants have entered the field, but also a large number of startups have built platforms, attracting countless individual creators, artists, museums, and brands to release digital collections. Some people even say, "Everything can be digitally collected."

Forbidden City Taihe Rui Beast direct purchase 29.9 yuan a piece, will you buy? Recently, the digital collections launched by Forbidden City Culture on the digital collection channel of Alibaba Asset Platform have also attracted attention. In addition, the sheep head of the twelve beast heads of the Yuanmingyuan that have been missing for many years "appeared" at the auction, and the price of the hammer fell on 8141 yuan. All consumers buy at a high price is a virtual GIF, but with a unique global code.

Can't get the real thing, this is buying a lonely? Digital collections use blockchain technology to correspond to the unique digital credentials generated by specific cultural works and artworks, and realize true and credible digital distribution, purchase, collection and use on the basis of protecting their digital copyrights. The reporter paid attention to the fact that some digital collections such as tide play, memes, and music meet the consumption habits and aesthetic needs of young people, and the acceptance of the Z generation group is still quite high.

The case in the field of music consumption is easier to understand. In 2021, singer Hu Yanbin's classic work "Monk" was released on the QQ music platform for the 20th anniversary of the commemorative vinyl NFT, creating a precedent for the release of digital collections by mainstream music platforms in China, and 2001 limited digital vinyl records were quickly snatched up. For cultural and cultural institutions, scenic spots, etc., combining traditional culture with digital technology, the development of digital collections not only provides a new way for IP to display and publicize, but also obtains economic benefits.

Digital collection and reality collection are also in collision. Such a scene is bizarre - the painting "Hsinchu" by Leng Jun, a leading figure in the contemporary Chinese hyperrealism school, was burned on the spot and a digital collection was generated, which was sold for 400,000 yuan. The original work was burned in order not to leave the buyer with copyright hazards and to ensure that this digital collection is the only work online and offline. Only by doing so can the market value of works in the digital collection be maximized. The question is, if the ancestral jade pendant wants to achieve digital collection, it must be destroyed?

For creators, according to different agreements with the platform, within a certain period of time, every time the digital collection is bought and sold, the author will receive royalty income, and the artwork will achieve barrier-free circulation between artists and the public, attracting many artists to participate in it. Artist Pak reportedly created a digital collection project called "Merge." Buyers can purchase any pellet, unlimited number. But a buyer can only own one ball in the end — if two "Merges" are bought, the two balls merge into one ball, and the size and color of the balls change. The whole work will constantly change with your transactions. By February this year, the work had sold for 580 million yuan, the highest-grossing digital collection.

At present, the mainland digital collection market is still in the early stage of development, with problems such as unclear ownership, uneven content quality standards, and difficulties in protecting consumer rights and interests. When the production cost and reproduction cost are low, and the scarcity is doubtful, many collectors still believe in the traditional collection method, and it is not surprising that they do not consider digital collection for the time being. However, if you buy it, you can not only appreciate it, but also attach applications such as reproduction, distribution, information network dissemination, etc., it is estimated that it will open the "second pulse of Ren Dou" in the buyer's market.

Through speculation and transfer to earn income, the resulting chaos also needs urgent attention, and the application of technology needs to be regulated by law. Some public accounts involving digital collections have recently been banned. Tencent's WeChat team responded on March 30 that according to relevant national laws and regulations, in order to prevent the risk of speculation in virtual currency transactions, the WeChat public platform has standardized and rectified the public accounts and mini programs that speculate and sell digital collections for the second time. Xu Niansha, a member of the National Committee of the Chinese People's Political Consultative Conference, suggested strengthening the copyright protection of digital collections, effectively supervising the distribution of digital collections, and establishing an access system for digital collection trading platforms. (Zhang Nan)

Source: Yangtze Evening News