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Smart Information Hotspot Issue 042
☁ Text | Hoss Smart Little C
"NFT digital works are priced at millions? 》
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Recently, Jay Chou posted on Instagram that he was told by the phone that the BAYC #3738 NFT he had previously received was stolen by a phishing website, he thought it was an April Fool's Day joke, but he did not expect to check it and found that it was really gone. And attach the labels "Everyone please be careful" and "This is not an April Fool's Joke".
It is reported that the stolen NFT belongs to one of the hottest projects in the current circle, the Boring Ape Yacht Club (BAYC), and at the current price, the NFT is worth more than 3.2 million yuan.
This price makes most netizens feel incredible, why can the price of a digital work be as high as millions or tens of millions?
How was NFT born?
1993: Crypto trading card
The concept of NFTs and their predecessors dates back to 1993 crypto trading cards. In 1993, Hal Finney (the first veteran cryptographer and bitcoin pioneer to receive Satoshi Nakamoto's Bitcoin) shared an interesting concept to the effect that:
"I thought a little more about the idea of buying and selling digital cash, and I thought of a way to show it. We are trading "Crypto Trading Cards". Lovers of cryptography will love these fascinating examples of cryptography. Note that its perfect combination of presentations is a mixture of one-way functions and digital signatures, and random blinding. What a perfect piece to treasure and show to your friends and family. ”
This may be the earliest exposition and idea of NFTs that we can query, and although its logic is the same as when we bought a set of Water Margin series cards when we were children, its expression is based on cryptography and mathematical presentation, and then randomly arranged to form a series of cards, Hal defines it as an encryption card.
2012: ColoredCoin
In 2012, the first NFT-like token Colored Coin was born. Colored coins consist of small denominations of Bitcoin, the smallest unit being Yicong (the smallest unit of Bitcoin). It represents a variety of assets and has a variety of uses, including property, coupons, issuing company shares, etc. Although there are still many flaws in the design of colored coins, colored coins show the plasticity and development potential of real assets on the chain, which lays the foundation for the development of NFTs.
2014: Counterparty
The birth of colored coins has made many people aware of the huge potential of issuing assets to the blockchain. In 2014, Robert Dermody, Adam Krellenstein and Evan Wagner founded Counterparty. It is a peer-to-peer financial platform and has built a distributed open source Internet protocol on top of the Bitcoin blockchain. Counterparty supports asset creation, owning decentralized exchanges, XCP contract coins, and many projects and assets, including card games and Meme trading. What really drove the emergence of NFT was the "Rare Pepes" created on Counterparty, which made the popular meme sad frog into an NFT application. Meme is translated as a meme, which is actually a kind of meme, picture or sentence, or even a video, GIF, which can be simply understood as the "meme" we are familiar with.
2017: CryptoKitties
With the innovation project CryptoPunks being hyped up on Ethereum, this non-homogeneous token has also brought new ideas. Inspired by CryptoPunks, the Dapper Labs team launched the ERC721 token standard specifically for building non-homogeneous tokens, and then based on ERC721, the Dapper Labs team launched a crypto cat game called CryptoKitties, making each digital cat unique, and its value cannot be replicated "scarcity maximizes value". Crypto Cat's innovation in the way value is presented made CryptoKitties quickly popular and become the mainstream of the market, so NFTs began to flourish.
Although the fuel vehicle market is gradually declining, why did BYD not choose a smooth transition, but directly invested in the new energy vehicle business?
2018-2019 Return to construction
In 2018 and 2019, the NFT ecosystem achieved massive growth, at a time when there are more than 100 projects in the space, and many more in progress. Led by OpenSea and SuperRare, the NFT market is booming. Although the trading volume at that time was still small compared to other cryptocurrency markets, they grew at a rapid pace and made great progress. As Web3 wallets like Metamask continue to improve, it's easier to join the NFT ecosystem. There are now websites, such as nonfungible.com and nftcryptonews.com, that delve into NFT's market indicators, game guides, and provide standard information about the field. This image from The Block is a good illustration of the current NFT ecosystem.
In 2020, it broke out
After the epidemic, governments in the United Kingdom and the United States have chosen to issue money to stimulate the economy. In the short term, the traditional investment solution has lost its attractiveness, more people have become bold in venture capital, and then turned their eyes to the seemingly blue ocean of the field, FLOW public chain online, the combination of NFT and DeFi to achieve Gamefi - NFT ushered in its spring.
Digital artist Beeple has been making one map a day since 2007, eventually stitching 5,000 images into a 316 MB JPG file and selling it as an NFT. The 14-year-old creation, Everydays: The First 5000 Days, ended up selling for $69.34 million on Christie's, a prestigious british auction platform.
After the record auction of Beeple, Zion Lateef Williamson, Takashi Murakami, Snoop Dogg, Eminem, Twitter CEO, Edward Joseph Snowden, Paris Hilton, Yao Ming and other stars and artists from all walks of life have released NFTs through various NFT platforms, once again bringing NFTs to the public.
In 2021, GameFi
In the middle of the year, the sales of the NFT game Axie Infinity soared, according to CryptoSlam data, as of August 7, the cumulative trading volume of the NFT game project Axie Infinity exceeded $1 billion, ranking first in the NFT market by volume. The rapid rise of Axie Infinity has led to the rapid development of the entire NFT market segment.
The current status of the NFT market
Starting in February 2021, NFTs began to explode, with weekly trading volume of more than $2 million, and by May, the total market value of large NFT projects had increased by as much as 2,000% in less than three months, and the popularity even exceeded DeFi, as can be seen from the following set of data:
Google searches are exploding in 2021
In 2020, the number of NFT traders and the trading volume increased significantly year-on-year
Total trading volume and trading platform conditions
NFT development prospects
Metacosm + social experiments
It is still unknown when the real metaverse will be applied, but it is conceivable that a very interesting and implementable landing is low-cost social experiments. Some research and experiments in the real world require extremely high world, capital and social costs, metacosmity provides a very good alternative to such needs, the specific scenario can assume that one party for research and academic needs to fund the establishment of virtual experimental projects, the undertaker is responsible for building a specific virtual world according to the logic of experimental needs and recruiting volunteers, volunteers to conduct virtual experiments and get paid after successful completion. Some people will see the current blockchain economic ecology as a social experiment, but this "experiment" clearly lacks independence and cannot control variables. Social experimentation in the metaverse is isolated from the outside world, regressible, and reproducible.
Oracles and aggregators
At present, the interaction form between NFTs and DeFi and CeFi is very limited, which requires new oracles and aggregation protocols to link the three. At present, the trend of NFT ecological multi-chain development is becoming more and more obvious, the safety issues, efficiency problems and centralization problems of cross-chain bridges are all obstacles that plague the interaction between NFT ecology, in order to improve efficiency and effectiveness, the future and NFT-related oracles will appear in large quantities. Similarly, in the NFT ecosystem, aggregators such as DeFi's 1inch and yEarn related to user transaction fees and investment returns will also appear in large numbers.
Social & Showcase
NFT holders and value believers need a "Show off" stage, and such social gatherings are very effective in consolidating NFT value consensus and attracting new blood to join. An effective way to shift NFTs from speculative to self-actualized is to provide channels of expression and listening for value advocates and value believers. Pioneers and KOLs in the industry need a "little red book" belonging to the NFT to show others their hobbies and style.
end
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