Digitization
Impact on the development of the Chinese art market
This article mainly discusses the impact and importance of digitalization on the development of the Chinese art market. Digital development has reshaped the trading system of the Chinese art market. The emergence of digital art assets may bring the biggest problem may be its circulation and transaction problems, digital art economy involves art business, art market, art industry, art finance, art technology and other fields. The core of digital development is digital technology, which brings many opportunities and challenges, digital technology can accelerate the speed and convenience of art transactions, and make the art market more transparent. Digital development also provides some new circulation models, such as the electronic trading model of art integration, which has become a successful business model, which can avoid the risks caused by equity segmentation, and continuously trade in a T+0 manner, and the transaction scale once reached 3.9 trillion. Digitalization is essential for the development of the art market and can help evaluate a comprehensive art service platform. Digital trends will continue to have a profound impact on the Chinese art market, and these changes need to be monitored and responded to accordingly.
——0xAJ· ChatGPT4.0
Research on digital art assets and their operational logic
Ximu
The development of digital economy is an unavoidable strategic direction to find new momentum for economic development and achieve high-quality development in the current stage of new economic development and economic transformation. According to data from authoritative departments, the scale of the mainland's digital economy accounted for nearly 40% of the mainland's GDP in 2021. This data shows us a basic truth - we have seriously underestimated the speed and scale of the development of the digital economy, and underestimated its strategic position in the entire economic development process. Looking back at the development process of the digital economy, it has gone through three main stages: first, the industrial development stage of the digital format itself; Second, the stage of industrial digitalization; The third is the development stage of digital industry and industrial digital integration. In fact, behind the development of the digital economy, the hidden core is the digital resources that support its development, and the digital resources must be related to the digital economy and digital industry, and the most fundamental and core link is digital assets. Therefore, this paper focuses on digital art assets and their operational logic, which is to conduct an in-depth discussion on the most important, core and hot parts in the process of digital art economic development.
01
Why should the Chinese art market care about digitalization?
At present, digital development is subverting the basic pattern of the development of China's art market, which is not only reflected in the scale of market development, but also in the subversion of the underlying system structure and logic of art market development. Although there are still many voices around the development of digital art assets and NFT, many people even think that the development of digital art assets is chaotic and does not deserve in-depth research and systematic attention. However, in the context of the rapid development of digitalization, paying attention to the new trends in the development of digital art assets such as NFTs and studying the role of digital art assets in the development of China's art market is undoubtedly an important issue facing the development of China's art market at this stage.
1. Digital development has changed the underlying logic and strategic pattern of the development of China's art market
At present, the Chinese art market has undergone major changes under the impact of the development of the Internet and the digital economy, and the market has inevitably entered a key stage of deconstruction and reshaping. Its important manifestation is that the power of market development and innovation has subverted the basic logic and strategic pattern of the development of the traditional Chinese art market, and this subversion is not a small market adjustment and repair, but a re-construction of the underlying logic of the current Chinese art market. Therefore, we need to make further analysis around the structure, situation and basic trend of the development of the Chinese art market under this new underlying logical framework, and need to reshape the basic order of the development of the Chinese art market in the new era on the basis of deconstructing the traditional art market, which has become the most critical issue in the development of the Chinese art market. Among them, the trend of digital development is the most cutting-edge element and background of research, deconstruction, and reshaping of this key issue. It can even be said that if the focus on the development trend of digital development is ignored in the research on the development of the Chinese art market in the new era, then this kind of research must be a research that is divorced from reality, not a systematic study of the future-oriented and realistic core issues. Therefore, we emphasize the need to pay attention to digitalization and the relationship between digitalization and the development of the Chinese art market in the new era, and we must have a clear understanding of this point.
2. Digital development has reshaped the trading system of China's art market
The trading system and system of the market is the fundamental system and system of market development, and the same is true for the development of the art market. From the perspective that digital development has reshaped the internal law of the development of China's art market, digitalization has actually fundamentally reshaped the trading system of China's art market, and this reshaping is ultimately reflected in the trading system of the market.
(1) The development of digitalization has brought about major changes in the trading system of the Chinese art market, reshaping the internal law of the development of the Chinese art market. The trading system of the Chinese art market mainly includes four aspects, one is the traditional trading system, the other is the innovative trading system corresponding to the traditional trading system, the third is digital trading or digital trading, and the fourth is private trading. Specifically: First, the traditional trading system. It mainly includes three major sectors, namely the gallery format in the primary market, the auction format in the secondary market and the art fair. Second, the innovative trading system, mainly including art e-commerce, platform-based trading and platform-based + art asset management. First of all, art e-commerce - new art e-commerce. Art e-commerce is the most familiar to everyone, and statistics show that mainland art e-commerce has reached more than 2,000 in 2015. However, because the profitability of traditional art e-commerce is still very weak so far, it is almost difficult to achieve real profits, so in 2018 and 2019, especially since the outbreak of the epidemic, traditional art e-commerce has been continuously transformed into new art e-commerce, relying on digitalization to solve the two major problems of insufficient credibility and lack of in-depth experience. At present, under the rapid development of new art e-commerce, we see that more and more e-commerce platforms, especially large e-commerce platforms, have gradually begun to make profits, and many new development trends have emerged. Second, platform-based trading. Mainly includes traditional platform trading (offline traditional trading methods), based on the art comprehensive service platform trading (popular trading methods, typical platform trading cases are the Cultural Exchange), the formation of platform + art asset management, the core reason is that in the process of the development of the art market, people's asset allocation, asset management and wealth management needs continue to grow, so it is necessary to build and innovate more service products based on the art comprehensive service platform to meet people's growing and increasingly diversified needs. Third, platformization + art asset management. Art asset management services based on the comprehensive service platform mainly include art wealth management, art asset allocation and art wealth management. Third, digital transactions or digital transactions. One of the simplest and most primitive explorations is live streaming goods, although live streaming is the most primitive form in the process of digital and visual transactions, but it is an important innovation point of digital transactions, and the digital transactions triggered by it have become more and more common. Discussing the development of digital art assets and NFTs is actually studying how to conduct digital transactions in compliance and legality. Fourth, private transactions. The scale of private transactions in the Chinese art market accounts for more than 60% of the total transaction scale, and it can even be said that without understanding the private trading mode of the Chinese art market, you will never understand the true face of the Chinese art market. For private transactions, it should be noted that "private transactions" and "private negotiations" are two different concepts, "private transactions" are actually a type of transactions, while "private transactions" is a concept formed in the auction format, which is a transaction formed by non-floor transactions completed on the auction platform. We usually think that the relevant data and reports released by many large international consulting companies have major defects, the reason is that these data and reports generally ignore the basic caliber of Chinese art market transaction data, especially the private transaction part, so the market analysis and research based on this has obvious flaws and even logical problems.
(2) The development of innovative trading system is very rapid, and it has become the mainstream form and trend that cannot be ignored in the process of trading in the Chinese art market. We emphasize the need to pay attention to innovation and the basic role of digital trading in the development of China's art market, precisely because in addition to the traditional trading system, the development of China's art market is also very important. The sudden rise of art e-commerce and digital transactions is an important manifestation of the fact that in the Chinese art market, it has always been the largest auction format, with a total annual turnover of about 450 billion, while the total market turnover of the new art e-commerce company Weibaitang in 2019 has reached 450 billion. In other words, the total turnover of the micro-auction hall has exceeded the total turnover of the Chinese art auction market. This is only the scale of a company, not including thousands of art e-commerce and digital market transaction forms. Therefore, the rapid development of art e-commerce and digitalization has forced us to seriously face the new development and new pattern, systematically study the changes in the trading system, and especially understand, study and attach importance to digital development.
(3) Digital development can help solve the four major problems that have long plagued the development of China's art market. The traditional Chinese art market has three basic characteristics or characteristics: First, the transaction is opaque, which is mainly manifested in the non-disclosure of the transaction process, the opaque transaction results, and the uncertain pricing mechanism, which undoubtedly increase the risks in art trading activities. The auction market is the most open form of trading in China's art market, and it is almost impossible to ensure the openness and transparency of the transaction process in other market forms and trading channels. For example, common gallery transactions and private transactions are difficult to understand and count the real situation and data information of transactions through public channels, and it is impossible to form effective value judgments on their transaction behaviors. Second, information is not shared and information is asymmetric. The non-sharing and asymmetry of information means that the information provided by buyers and sellers is not equal, which causes bias in price and value discovery. In today's society with highly developed informatization, it is extremely abnormal for a large number of asymmetries in art market transaction information, so it is necessary to rely on new forces and technologies outside the market to intervene and crack them. Third, the construction of the market support service system is not perfect. Many basic problems in the art market, such as the confirmation of art rights, appraisal, appraisal and even traceability, collection, logistics, etc., are not very professional and authoritative institutions can provide strong guarantees, the development of China's art market has always been constrained by these problems, which has led to four basic problems in the process of the development of China's art market: First, the integrity mechanism is not perfect, especially the "three false problems" are not eliminated; At present, the pricing mechanism of the Chinese art market is transforming from a pricing mechanism under the gift market to a pricing mechanism under the value investment market; At present, we are promoting the transformation of China's art market and actively developing art finance is to continuously construct and develop the exit mechanism and path of China's art market; Fourth, the support service system is not perfect. After more than 40 years of development, we have found that these four basic problems have not been solved well, on the contrary, there are further accumulations and new developments. This has repeatedly proved a basic fact, that is, it is almost impossible to solve these basic problems through the internal forces and elements of the market system, and it is necessary to form a new development mechanism with the help of new forces and new means. Among them, the new power is the power of capital, and the new means is digitalization, and digitalization is such an effective means and the mechanism of its formation, in this process, blockchain-based NFT is a very important form of mechanism. Therefore, in the process of the development of the Chinese art market, we emphasize that we must pay attention to digitalization, and pay attention to the opportunities and new trends brought by digitalization.
02
Digitalization: The process and trend of the development of China's art market
To study the role of digitalization in promoting the development of China's art market, we should pay attention to a big background, that is, the rapid development of the digital art economy. The digital art economy involves many fields such as art business, art market, art industry, art finance, and art technology. Therefore, in order to study this development process, it is necessary to further sort out its historical evolution with the transaction of the Chinese art market as the main line, and from the trajectory of historical development, step by step see the logic of its development and feel the internal pulse of the system.
1. Traditional market trading stage: offline trading, one-to-one, one-to-many
In the process of traditional offline trading, the Chinese art market has mainly developed and matured the following formats, the main format of the primary market is the gallery format, and the main format of the secondary market is the auction format. The main forms of the 1.5 or 2.5 market are art fair formats and private transactions with distinctive Chinese characteristics, and the main form of transactions is one-to-one or one-to-many offline transactions, that is, collectors or investors are faced with a certain work, and their transaction behavior is mostly completed in a one-to-one way on site, and there are also one-to-many transactions that are more common in auction platforms.
2. The Internetization stage of traditional trading formats: online trading
The development of the Internet has promoted the gradual migration of traditional art trading to online, and online galleries, art portals, online stores, online fairs and other formats have emerged. The transaction process is mainly: a large number of artists' works are put in the online space→ consumers browse and purchase works on the gallery website→ consumers negotiate the price with the seller through the gallery reserved phone→ pay through the gallery bank account published on the website→ the gallery owner couriers the works to complete the entire art transaction. Although this method shortens the time and space distance of traditional transactions and changes the way of consumer experience, in fact, it still solves the time and space problems of transactions, and does not fundamentally touch or think about the problems in art trading from a deeper mechanism level.
3. Platform trading stage: offline platform and online platform trading
With the establishment of the foundation of Internet transactions and the continuous innovation of the cultural and art industry, platform-based transactions have gradually emerged. The biggest value of the platform is that it is a platform with credibility based on the "three public" principle. Under the role of the platform mechanism, artworks can deeply explore the connotation value, better complete the discovery, promotion and development of the value of artworks, and facilitate the integration of the art market and its industry with other market resources, especially the integration and development of financial capital. The development of the platform is a process, and its form basically goes through the following stages: general art trading platform→ art comprehensive service platform→ Internet art financial platform. In fact, the development of modern industry needs the corresponding foundation, the two most important market foundations are the capital market and the factor market, the cultural exchange is an important factor market trading platform, its business innovation mainly has experienced the stages of art quota electronic trading, art portfolio property rights trading and art integration electronic trading. First of all, in the stage of electronic trading of art share, the core of the transaction is to use electronic trading to realize the popularization of art on the platform of the Cultural Exchange Exchange. In summary, the traditional transaction is one-to-one, one-to-many form, a 10 million yuan Qi Baishi work needs 10 million yuan to participate in the transaction, and the share is on the platform of the cultural exchange through a certain procedure, Qi Baishi 10 million works rights and interests are subdivided into equal amounts, such as according to the rules divided into 10,000 copies and assuming that there is no difference in value between these 10,000 works, then 1,000 yuan may participate in the transaction, objectively lowering the threshold of the transaction. However, the lack of corresponding supervision in this form of trading has led to the formation of social risks and the emergence of risks in the financial system, so the State Council issued Document No. 38 in 2011, which clearly pointed out that equal subdivision of art rights and interests cannot be carried out. Secondly, the art portfolio property transaction. That is, under the property rights structure, the rights and interests of art are divided and traded in accordance with the regulatory requirements of 200 people and 200 shares. However, because the combination of equity products transactions has few targets and few participants, it is impossible to carry out continuous T+0 transactions, and the income obtained cannot cover its operating costs, so this innovation also quickly fell silent. Third, the integration of electronic transactions of artworks. Standardize artworks are integrated, packaged, and then electronically traded to avoid the risks of equity segmentation. This business model is also the postage card transaction formed later, which avoids the problem of equity splitting, can be traded continuously in a T+0 way, and is also the electronic matching of standardized contracts, and the transaction scale of a year once reached 3.9 trillion during the peak period of the transaction, which can be described as a very rapid development. However, due to insufficient preparation for the corresponding market supervision, the trading model is not very mature, and this trading product was eventually stopped by the relevant state departments. Generally speaking, the business innovation of the platform of the Cultural Exchange has experienced an early stage of disorderly development and chaotic management, to the overall quiet period after the outbreak of risk concentration, and then to the breakthrough period of the leading exchanges actively exploring and leading the deepening of innovation mechanism and characteristic model innovation. As a new business format, its development experience has provided us with valuable experience in researching and practicing platform-based trading innovation. The Politburo meeting in April 2022 also put forward four major arrangements for the development of the platform economy, namely, promoting the healthy development of the platform economy, completing the special rectification and reform of the platform economy, implementing normalized supervision, and introducing specific measures to support the healthy development of the platform economy. Therefore, it can be said that the governance and development of the platform economy field has achieved phased results, especially in the context of the increasingly significant digital trend and the accelerating process, the development of the Cultural Exchange is expected to achieve further innovative breakthroughs in the process of digitalization under the premise of strengthening internal control and supervision, and within the framework of relevant policies.
4. Platform-based comprehensive service transaction method: e-commerce - art e-commerce - new art e-commerce
The transaction methods based on the comprehensive art service platform include: e-commerce→ art e-commerce→ new art e-commerce. First of all, e-commerce is a platform-based transaction method based on the Internet and comprehensive service platform, the primary task of its development is the construction of platform mechanism, e-commerce transactions are not only more comprehensive and competitive in payment, display and service, etc., at the same time, the transaction is more transparent, and the corresponding guarantee and service support are also more systematic and systematic. Secondly, the independent formation of art e-commerce is a professional trading mechanism continuously promoted by the Internet transaction of artworks under the guidance of the development framework of e-commerce platforms. In fact, the first stage of development of art e-commerce is the Internetization of traditional formats; The second stage of development is the platform-based transaction of the art industry, especially the display, transaction and service platform based on Internet technology, focusing on the transaction process management based on assurance transaction and the transaction traceability management based on registration. Although the mainland's art e-commerce has grown to more than 2,000 in 2015, the problem encountered in its development process is the difficulty of profitability, mainly reflected in the difficulty of increasing the unit price of customers. The reason is that the development of art e-commerce, at the beginning, pays more attention to technical innovation (product display, customer management and service, etc.), but lacks the necessary industry experience and its accumulation, and it is difficult to form the corresponding platform credibility, which leads to the unit price of each work can never be increased. The situation related to the large FMCG platform has done relevant data analysis, taking purple clay pot sales as an example, the results show that purple clay pot sales below 500 yuan are hot, but more than 500 yuan can hardly be sold, the deep reason is that the platform does not provide consumers with enough credibility and in-depth experience, so the purple clay pot purchased on the FMCG platform only needs to have the basic water soaking function, once it rises to the collection level of purple clay pot, that is, more than 500 yuan into the light collection stage, Consumers will shift from FMCG platforms to professional platforms. Third, new art e-commerce. With the development of digitalization and the improvement of infrastructure and the change of the network environment, the rapid rise of new art e-commerce, the basis of its development is the comprehensive service platform under the new development of digitalization, its essence is digital + art e-commerce, on the basis of integrating the previous stage of platform functions, more emphasis on data management and services, that is, credit investigation and credit management on the basis of digitalization. We see that almost all art e-commerce is now undergoing a change, that is, visualization, the entire transaction is becoming more and more visual, including the transaction process, experience process, credibility process, etc. are almost visualized. For example, the Weipaitang platform has changed or improved the credibility and in-depth experience of the platform, so that the annual transaction volume has reached a level that is almost equal to or exceeds the total size of the entire Chinese art auction market. Therefore, it can be said that the digital trend has promoted the rise of new art e-commerce, which continuously improves the credibility and immersive experience of the platform through the construction of digital scenes, continuously empowers industry experience and management capabilities into consumption scenarios, and is a comprehensive art service trading platform that provides credibility guarantee and immersive experience for purchasing behavior.
5. Digitalization: new infrastructure—digital scene construction—digital art assets
The process of digital transaction is carried out and completed under the guarantee of the blockchain system, including the functions of right confirmation, authentication, traceability and so on, and its transaction is completely digital, and the delivery and display of ownership is also completed in a digital environment. On the one hand, digital technology and new infrastructure construction promote the construction of digital scenarios, and the digital development of the market is also generated. Although the current digital development is still in its infancy, it has formed a mainstream. The digital scene here is different from the simple traditional consumption scenario, and it is the product of the system ecology of digital consumption, digital market, digital network chain, digital platform, digital credit, and digital governance. On the other hand, digital scenes require the adaptation mechanism of digital art assets, so the development and management of digital art assets has become an inevitable trend. Digital art assets are valuable, measurable and readable data asset information with data ownership (including mining rights, use rights, ownership rights, and management rights), and are new forms of digital collective assets based on digital platforms. Correspondingly, the key to the existence and deepening of digital art assets as a new asset form is to find the appropriate business form, operation mode and management mode, and build a corresponding support service system. Therefore, we say that the two key factors supporting the digital development and format transformation of the art market are the construction of digital scenes and the improvement of new digital infrastructure.
The above five stages basically summarize the basic historical development stage and the basic logic of the development of China's art market over the past 40 years of reform and opening up. From this, we can see that the Chinese art market is gradually moving towards a new stage of digital development, which is an important background for our research and discussion.
03
NFTs and digital art assets
Understanding digital art assets is the foundation for researching and exploring the development of digital art economy. There are three levels of importance in the study of digital art assets: First, how are digital art assets generated and what is its mechanism? Second, digital art assets are a system, what is its basic composition? Third, digital art assets are a new form, what is the structure of its system? These are the basic questions that must be answered in the process of digital art asset research, and the analysis and study of the structure of its asset form is a basic premise of digital art asset research.
1. The essence of NFT
NFT (Non-Fungible Token), non-fungible token (or non-fungible token), usually refers to the token issued by developers on the Ethereum platform according to relevant standards/protocols, and its production background is closely related to blockchain technology. In order to better understand NFTs, it is necessary to explain the concept of "token". In fact, the original purpose of the token is to improve the operational efficiency of the blockchain system and serve as a tool to evaluate the quantity, efficiency and quality of work within the system. For example, the rural production brigade has multiple production teams, and the token is similar to the "centimeter" of the production team, which is established for the production team to improve the efficiency of work operation and follow it in the subsequent distribution of labor results, and is an important means and tool for the measurement, evaluation and distribution of labor results. Of course, this analogy is not necessarily very apt, but it helps to understand the nature of tokens and why they are needed. Further analysis can see that the formation of tokens is generated within a system, such as the token of the first production team can only be used in the first production team system, if it is used for the second production team may not work, which involves the scope of use of the token, that is, the rules of the game of the technical system cannot be casually spilled over into the rules of the public. This is also the fundamental reason why tokens issued within some systems are strictly restricted by many countries and regions if they want to be used in the mass market, and even want to be exchanged with national sovereign currencies.
From a technical point of view, the characteristics of NFT mainly include the following points: (1) Unique identification: NFT includes attribute information describing each token in its code, which makes them different from other tokens; (2) Traceability: Each NFT has a record of on-chain transactions, from the time of creation to each transaction, all transaction processes can be traced, and irreversible and tampered with, so as to prove its authenticity; (3) Scarcity: Usually the number of NFTs is limited, and the extreme example is only one copy; (4) Indivisibility: NFTs cannot be traded as part of the whole, and cannot be divided into smaller denominations. NFTs, as warrants used to prove the sole ownership of digital assets, will play a huge role in gaming, artwork, collections, virtual assets, identity features, digital music, digital certificates, and more.
In essence, NFT is a non-fungible token concept generated on the basis of tokens or virtual coins in the blockchain technology system, that is, it is an asset state formed by the token mechanism in the blockchain technology and blockchain system, and is an important digital art asset. The development of NFT can find a new asset generation path for us, which is very innovative. To further understand it, we need to grasp the following two points: First, NFT is a concept in the blockchain system. That is, the background of NFT generation is the development of blockchain, and NFT does not exist without blockchain. Secondly, NFT is a digital asset minting mechanism based on a blockchain system. On the one hand, although the formation mechanism of NFT is exactly the same as that of tokens, it has uniqueness and immutability in the circulation process, but its efficiency is different from that of tokens, and it is no longer a token in the traditional sense. In other words, the token is a virtual currency within the blockchain system, and its most important feature is homogenization, so it can circulate indiscriminately within the system, and once it exceeds its system scope, it is difficult to circulate. And NFT is a non-fungible token, is no longer a token in the strict sense, it is the only, each NFT is different, can not be like a token in the system for undifferentiated exchange, circulation, it has become a mechanism to use the token to mint digital assets in the blockchain system, so it is no longer a token in the strict sense, which is the biggest difference between the two. On the other hand, since NFT can be expressed as various forms of digital assets such as digital collections and digital ownership, it needs to be clear that NFT is by no means a proper noun for digital collections, nor is it equal to digital collections, but the minting mechanism of digital collections. It can be said that it is precisely because of the NFT minting mechanism in the blockchain system that rich digital art assets in the process of digital economic development can be minted.
2. NFT and digital art assets
NFT is essentially a digital asset minting mechanism based on blockchain, while the digital art asset form is formed based on the NFT mechanism minted in the blockchain system. The understanding must avoid the tendency to equate digital art assets with digital collections. At present, there are many discussions on data elements and digital collections in China, and the concept of digital art assets is rarely mentioned, but in fact, data is the basic form of transmission and the carrier of content, and its essence is a product of public sharing in the context of informatization. In the context of digitalization, it is a kind of resource that is generated under the conditions of decentralization of the blockchain system, and can be shared in the Internet space according to certain regulations, and its transactions need to be premised on confirmation of rights, valuation, pricing, etc. That is to say, the realization of data transactions must first transform them into digital resources, systematize them, and then assetize digital resources. Here, studying how digital art assets are integrated with the real economy, real life and real scenes can be said to be a strategic topic and strategic direction for the development of the digital art market and its industry.
3. The basic form of digital art assets
The development of digital art assets in China has a unique asset form, and is a system, its form structure has its systematic composition, if its asset form structure is classified, in a nutshell, it can be roughly divided into the following four categories:
The first category is digital art asset forms. It means that there is no physical form of physical artwork, from creativity, creation, carrier to circulation, etc. are completely completed in the digital state of the asset form, it is not like Chinese painting, which has both pen, ink and paper, but also can be installed in the physical form of the frame, displayed in the real space. Most of the current digital collections are in this category, such as the two NFT skins "Dunhuang Feitian" and "Nine-Colored Deer" released by Alipay and the Dunhuang Art Research Institute, and the most prominent feature is that the whole process from the creation and production of artworks to the final transaction is completed in digital scenarios through digital technology.
The second category is the form of digital content art assets. Including the digitization of physical content and digital content assetization, such as music, dance, etc., its content can be digitized and form corresponding digital assets, so it can be called the asset form of digital content. Tencent released the first domestic NFT trading APP "Phantom Core", and launched the NFT product "Limited Edition Thirteen Invitation Vinyl Record NFT", Tencent Music is also actively exploring the application practice of NFT in the field of digital music, NetEase Planet, NetEase Tianyin, NetEase Cloud Music jointly launched NetEase Cloud New Year Special Digital Collection is the first AI music digital collection in China.
The third category is the form of composite digital art assets. Composite digital art assets are an asset form that will exist in large numbers in the process of digital art asset management transactions in the future, and it is also a very important innovative breakthrough in the development of digital art assets. Composite digital art assets are asset forms formed by combining physical art assets and digital art assets, and have corresponding art entities. For example, through digital means to convert physical objects into equity digital copyrights, so as to form NFT digital assets, this digital copyright and physical artworks can have a one-to-one correspondence, through the transaction process of digital copyrights, the ownership of physical artworks will also circulate. This correspondence actually opens the door for us to manage the entire digital art asset, making digital art assets not only a purely digital concept, but also a direct connection with the traditional art market, so that digital rights and interests are related to physical forms of artworks. In the specific transaction process, in fact, in addition to the rights and interests of digital assets, digital art assets can also be further expanded with corresponding physical assets (red wine, intangible cultural heritage products, etc.) in addition to artworks. Of course, in the process of combining with physical assets, how to ensure that there is a one-to-one correspondence between digital rights and interests, and ensuring that this correspondence will not change in the entire circulation process is the core issue in the innovation of composite digital art assets, and it is also a difficult point in development, which needs to be paid attention to at all times.
The fourth category is the form of digital art assets based on data. That is, using data resources, through value discovery means such as models and algorithms and value mining processing, a new type of asset form with certain value is formed. For example, various markets, various indexes, various databases established, related consulting reports, consultant reports, etc. released by the art market are common data art assets, and this asset form has received more and more attention, especially in the context of digital development by all kinds of consumer investors. On the one hand, data is an important productivity factor, and the research and analysis of market trends, forms, structures and other factors are inseparable from the support of data services. On the other hand, many companies in the current market have grown into large enterprises and groups because of their data assets. It can be said that the core competitiveness of digital enterprise operation is data. Of course, as an asset resource, data needs to be safely processed, processed and systematically managed in order to form an effective sharing and circulation mechanism, which needs special attention.
The innovative exploration of digital art asset forms can effectively promote the development of related industries. Taking digital art assets in the form of digital content as an example, the production of content in the blockchain system is very important, and the asset form bred by it is many times larger in scale than the content production carried out by traditional media, which provides us with many opportunities for innovation and development. Although there are a large number of digital art asset forms based on digital art or digital art creation, and many digital collections are generated based on the digitization of content, compared with its huge development space, the digital art assets in the form of digital content we see now are only the "tip of the iceberg". When studying and exploring the form of digital art assets, we must emphasize that we must not only focus on the part of the asset form that we are interested in or curious, and ignore the complexity and richness of its asset form, because the development of digital resources and its assets is more important than the allocation, and digital art assets not only have rich art asset forms and structures, but also each form has a large number of business development opportunities waiting to be discovered and explored, and the market for asset allocation of its resources and its asset forms is very broad.
04
The circulation and trading of digital art assets (NFTs).
The biggest problem brought about by the emergence of digital art assets may be their circulation and transactions. How do digital art assets flow? What is the logic of its development? What are the current modes of circulation? What are the similarities and differences between these models? How to innovate different circulation modes? What kind of logic to follow in the process of innovation and so on, it can be said that we should pay special attention to at present.
1. The basic logic of digital art asset (NFT) trading
The trading logic of digital art assets depends on different trading regulatory regimes and environments. Digital art asset trading is mainly divided into domestic (mainland, excluding Hong Kong, Macao and Taiwan) and overseas sectors, and its transaction issues are not only the pain points of current industry and research community, but also the core of this part of the research and discussion. In fact, the understanding of the basic logic of digital art asset trading needs to be constantly clarified from the characteristics and differences between domestic and overseas transactions and domestic and overseas transactions.
(1) Blockchain system transactions
The international NFT transaction time is long, and the basic logic of its operation is: through the blockchain system digital assets and virtual currency to complete the transaction, that is, the NFT (digital asset) formed in the blockchain system through the token (virtual currency) to complete the transaction, its transaction can have a relationship with the mass market customers The premise is that the virtual currency and the legal currency can be exchanged, that is, in countries that do not prohibit virtual currency in the world, use legal currency and virtual currency to exchange, and then trade with NFT through virtual currency. Finally, a complete transaction system based on the blockchain system is formed. It should be noted that its core is the exchange or value exchange relationship formed between virtual currency and legal currency.
(2) The transaction logic of mainland digital art assets (NFTs).
Since NFT is a virtualized digital asset, its trading is currently subject to particularly strict regulation in China. On the one hand, virtual currency and fiat currency (RMB) cannot be exchanged with each other; On the other hand, fiat currency (RMB) cannot be priced in any form for virtual currency; At the same time, there cannot be any mapping relationship between virtual currency and legal tender (RMB). This indicates that domestic NFT (digital art assets) transactions cannot complete the complete transaction process in the blockchain system, so it is necessary to realize its transaction with the help of the construction of the second and third scenes, which is the basic logic of domestic digital art asset (NFT) transactions, and further shows that the identity of NFT has returned to the concept of assets, which has nothing to do with virtual currency, and is an asset traded in the second and third scenarios, and is a digital art asset. At present, the transaction forms of the second and third scenarios can be sales in galleries, auctions and other scenarios, as well as transactions with other mall platforms on e-commerce platforms. It can be said that digital art assets (NFTs) can currently be completed as long as they are not traded through virtual currencies in the blockchain system.
Figure 1 NFT transaction logic
(3) Differences between domestic and overseas digital art asset (NFT) transactions
One is technology. The technical basis of domestic and overseas transactions is different, which is manifested in the fact that overseas transactions mainly rely on the public chain of the blockchain. In other words, digital art assets (NFTs) are minted with an NFT mechanism on the public chain. Most of the domestic transactions are mainly minted in the NFT mechanism in the blockchain alliance chain, which is the difference between the technical foundation of the two.
The second is the product. The products on which overseas digital art assets (NFTs) rely on are mainly digital art, which emphasizes the uniqueness of creation and aesthetics, including more rights (collection rights, ownership, copyright and peripheral development rights, etc.), so it can be derived and developed on a large scale, and can create high value. The products on which domestic digital art assets (NFTs) rely are mainly digital collections, which have the uniqueness of the main technical level, that is, the uniqueness given by blockchain technology, so they only have the right to collect. Since the collection right of digital collections is very thin and the space is small, it is difficult for domestic digital collections to be peripheral and derivatively developed, and it is difficult to create greater value, which is not only the defect of mainland digital art assets, but also the direction and breakthrough point that should be innovated and breakthrough in its future development.
The third is operation. It is mainly manifested in the major differences in the logical structure of domestic and overseas digital art asset (NFT) transactions, and the formation of these differences is mainly caused by supervision. Overseas digital art assets (NFTs) can be publicly traded, including secondary transactions. In mainland China, when the existing regulatory system, concepts and methods are not yet perfect, in the face of digital collections with only collection rights, if unlimited transactions are opened, a huge bubble may form. We know that the ultimate purpose of art trading is to achieve value discovery, and the digital collection itself due to the small value space, so even if it is large-scale, the formation of massive transactions is difficult to promote the discovery and amplification of the value of the collection, and even lead to speculation and the formation of bubbles, so the mainland's supervision of digital collections has not opened up secondary transactions, and some of the so-called circulation, such as gifts, airdrops, blind boxes, etc., are the peripheral exploration of the right to sell, not the concept of secondary transactions. At present, the mainland has an important value orientation for the supervision of digital collections, that is, the digital collection is only defined as a commodity, and it is a limited form of commodity (can only be sold, not secondary trading), and its assetization and financialization development are inhibited as much as possible, which also verifies the current basic regulatory thinking of relevant industry management departments.
Fourth, supervision. In addition to the operational supervision mentioned above, the difference between domestic and overseas digital art asset (NFT) transactions lies in the relationship between virtual currency and legal tender. Overseas, many countries support or allow the corresponding exchange of virtual currency and legal currency, and digital art assets (NFTs) can realize a complete transaction process within the blockchain system. In the territory, because the state strictly restricts the corresponding exchange of virtual currency and legal currency, and even does not allow any form of value mapping relationship, this determines that digital art assets (NFT) are impossible to achieve a complete transaction process in the blockchain system, and it must realize transactions based on legal tender (RMB) on third-party independent platforms in the second and third scenarios, in order to finally realize the complete transaction (issuance) process of digital art assets (NFT).
(4) The innovative logic of the mainland digital art asset (NFT) trading model
In fact, the innovation logic of the mainland digital art asset (NFT) trading model is not a technical problem, but a solution problem, and the key is to find the adaptation of supervision and trading mode. How to achieve compliance and legality, and realize digital art asset (NFT) trading without breaking through the red line of supervision is the core point of the exploration of innovative models. Much of today's innovation is still actually being explored within blockchain systems, which can easily touch regulatory redlines and be difficult to last. We emphasize that the real innovation is to use the mechanism of the blockchain system to promote the formation of digital art assets, and then trade digital art assets with the public in the second and third scenes, on new independent platforms. In other words, NFT is to use the application of the blockchain system to complete the formation of NFT assets and maintain this mechanism. At the specific operational level, first of all, we should not do too much "articles" in the blockchain system, but strive to explore the transaction model, based on the blockchain system to use the NFT mechanism to mint the formation of digital art assets, and maintain its operation with strong support services, and then make it complete the transaction in the second and third scenarios. Secondly, the future space of innovation and exploration lies in the type of digital art asset form (digital, content, composite, data-based digital art asset form) or the way to complete transactions with customers based on new independent platforms. In summary, if NFT is regarded as a mechanism guarantee and an application, then the problem of compliance and legality can gradually find an effective solution. Third, on the basis of two points, we should explore the continuous construction of digital scenarios and continuously promote the emergence of possible innovative consumer applications.
05
Digital Art Assets (NFTs) and an Innovation Framework for Art Financial Services
The architecture of the innovative development of digital art assets, especially the innovation architecture of digital art assets in the development of art financial service system, and the direction of development under this architecture are issues worth exploring. It can be said that in the innovation of digital art assets (NFT) and art financial services, if there is no high degree of cognition and lack of the concept of architecture, then the so-called many innovations are cognitively ambiguous, risk-boundary, and operationally dangerous, that is, innovation without scientific logic and architecture is doomed to failure.
1. Digital art assets (NFT) and art financial service innovation framework
In the process of discussing digital art assets (NFTs) and art financial services innovation architecture, we can analyze from the following figure:
Figure 2 Digital art assets (NFTs) and art financial services innovation architecture
First of all, digital art assets (NFTs) and art financial services innovation need strong foundation support. It is mainly based on digitalization to form new infrastructure, and then develop to form digital infrastructure. We know that the infrastructure we used to talk about was mainly roads, railways, electricity, etc., and then developed to the continuous rise of the Internet, and then the Internet became an infrastructure, and then the continuous enrichment and development of Internet services such as payment systems and settlement systems, the continuous integration and development of big data, artificial intelligence, blockchain and other technologies, and the emergence of new infrastructure. Today, the integration and development of digital technology (including digital scene construction technology), metaverse, WEB 3.0, computing power technology, etc., these technologies are no longer cutting-edge technologies in the typical sense, but have become the foundation of the digital process, and then further developed into digital infrastructure. Based on the development of digital infrastructure, the development of new forms of digital economy has formed a climate and has developed rapidly. Especially in recent years, with the continuous development of metaverse technology, it has continuously driven the hot development of the new form of digital intelligence of the digital economy based on it, and its key is that it is centered on the construction of scenarios, which is a scene that realizes the integration of virtual and reality and promotes a new in-depth consumer experience. It can be said that the metaverse is a cutting-edge technology in terms of technology, but in terms of digital scene construction, it is also the infrastructure for a new form of digital intelligence in the digital economy. Due to the rapid evolution of technology and infrastructure, we must face the trend of rapid digital change with a spirit of continuous learning. The inevitable trend of this development is to continuously build a digital integrated service platform on the basis of digital infrastructure and further form a new ecology of digital development. That is, a digital integrated service platform + ecology built based on digital infrastructure. In fact, the development of new digital industry formats and new forms of digital economy ultimately determines its development scale, structure and format or the basic condition for form richness is the digital integrated service platform + ecology built based on digital infrastructure. It can be said that without the digital integrated service platform + ecology, the scale of digital economy development cannot be further expanded, and the form of digital art assets is difficult to enrich and expand.
Secondly, with the support of digital infrastructure, digital art assets (NFT) and art financial service innovation also require basic technology bearer and technical system, that is, blockchain system. Whether it is for blockchain mechanism, NFT or Web 3.0, in fact, the most fundamental foundation is the Internet and blockchain system. At the blockchain system level, after the generation of digital assets, two modes have emerged in the circulation link: with virtual currency participation and without virtual currency participation, that is, involving two circulation modes at home and abroad. From the perspective of products and products, the difference is that domestic products are mainly digital collections, while overseas products are mainly digital artworks. In fact, both digital artworks and digital collections are digital art assets formed through the minting mechanism of NFT.
Third, at the innovation level of digital art assets (NFTs), it is necessary to pay attention to the transaction side, asset side, format end and server side. These four ports are the basic areas of innovation and development in the circulation of digital art assets. The first is the trading side. On the one hand, although digital collections are subject matter and can be sold, how to strengthen their circulation capabilities at the level of compliance and legality requires continuous exploration of new methods. On the other hand, in the new consumption scenario, special emphasis should be placed on the discovery, design and value empowerment of digital collections, which is an important direction for the innovation and recovery of digital collection innovation at the transaction end. The second is the asset side. With the growth of wealth and strong management demand of high-net-worth people, how to realize the digital economy and the continuous growth of digital assets, the innovation of digital art assets has become an important issue that must be faced at present. In summary, the main strategic direction of its innovation includes three orientations: digital asset allocation, wealth management and new scenarios of asset circulation. The third is the business format. At this port, it is necessary to do a good job in the development of four new formats: the digital industry format formed by the assetization of digital resources, the format formed by the digitalization of existing industries, the new format formed by the integration of digital and existing formats, and the new format formed by digital governance. Among them, it is very important to effectively promote the development of these four formats, that is, the government management department must clarify its own positioning. The experience of market economy exploration has made us realize that the government should be a good government, more to rely on laws and regulations, management system and system innovation, industrial policy, fiscal policy and other measures to carry out institutional innovation to influence and guide the development of the market, and further promote the convergence of the market and industry by optimizing the development environment, rather than too much involvement in the market to plan the road map, both as an "athlete" and as a "referee".
2. Innovate the basic logical architecture
The development of art management in the context of digital economy requires the construction of new systems. Why do you say that? Mainly because of the continuous change of digital infrastructure and art management research objects and research methods, the construction of the art management system itself has undergone tremendous changes, and it can be said that a new architectural form has emerged in the art management system itself. This new structure can be said to be very different from the traditional art management system, which requires careful research and analysis What is the new form of the art management system itself? What are the elements that include it? What is its structure? What are its system functions? The relationship between the system and the environment, that is, what characteristics and laws the system behavior has, etc., need to be carefully studied. It is precisely because of the new leap in the art management system, the discipline system and practice system based on the new art management system will need to be reconstructed and reshaped in order to form a new system that is compatible with the new system form. This is also a major topic that must be explored in the study of arts management under the conditions of digital economy.
Figure 3: Basic logical architecture
(1) The basis of digital art assets (NFT) and art financial service innovation is digitalization, and then a new digital infrastructure is formed based on digital technology, and a digital comprehensive service platform is further formed on the basis of new infrastructure. The construction of a digital integrated service platform aims to support the business related to the service and management of digital art assets, mainly including consumption (collection), allocation, trading (issuance) and wealth management. First of all, in terms of consumption, at present, many people in the process of digital art asset consumption because of the fear of touching the red line of compliance and legality, so the subject matter of consumption is called a collection, in fact, compared to the name, the consumption level is more important than the name, based on a comprehensive service platform, in a compliant and legal mode of trading and circulation. Secondly, in terms of allocation, the allocation market of digital art assets (NFT) is very huge, not only including pure digital art assets, but also digital content form art assets, composite form digital art assets, and digital form digital art assets and other four asset forms, therefore, for its asset allocation must broaden the horizon, not too limited to a certain type or a certain asset form. Third, in terms of trading, the development of digital art assets (NFTs) is actually the key to the circulation of transactions. At present, the main form of transaction circulation is the issuance of digital art assets (NFTs). Fourth, in terms of wealth management, the current four forms of digital assets can be innovatively explored on the digital comprehensive service platform, relying on the construction of digital scenarios. Only the digital scene built on the basis of customer-centric, credit management as the core can better develop the four major formats of consumption, allocation, trading and art wealth management, and achieve personalized demand satisfaction. At present, everyone is paying attention to the concept of new consumption, in fact, the most prominent thing in new consumption is the consumption demand for fast food, fragmentation, personalization, diversification, diversification, intelligence, and convenience, which are all problems to be solved in the process of digital scene construction. The above is the basic logical framework around the core of digital art assets, relying on digital scenes for innovation. Of course, how to innovate and develop each asset form and format requires us to further conduct specific research and exploration according to the classification of types.
(2) Construction of digital comprehensive service platform
In the innovative development of traditional art finance formats, the art comprehensive service platform can be said to be a foundation for research and exploration and art finance innovation. Then, for the innovation and development of digital art assets, we say that the digital integrated service platform built on digital infrastructure is also a foundation for the innovation and development of digital art assets, and also a foundation for business innovation and development. Because only by making the digital integrated service platform systematic and solid, the innovation and development of digital art assets can have a foundation, premise, management and risk control, which is a fundamental part of the innovation and development of digital art assets. The structure diagram of the traditional and digital integrated service platform system is shown below:
Figure 4 Internal structure of the integrated service platform
Figure 5: The internal structure of the digital integrated service platform
In the basic logical architecture, the construction of the digital artwork comprehensive service platform is the key issues involved in the blockchain system level, including product mechanism, supporting service system, integration relationship between financial institutions and supporting service system, etc., and the internal structure of the platform is manifested as: First, it relies on the "three public" principles (openness, justice and fairness) to build, with credibility of the digital artwork comprehensive service platform; Secondly, through the credibility of the platform, the industrial and market support system and service system are further integrated. Among them, the support system includes regulations, policies, systems, management, supervision (industry self-discipline, standards, internal control), etc., and the service system includes confirmation of rights, identification, evaluation, traceability, collection, data services, logistics, etc.; Third, the support and service system based on the integration of the digital art comprehensive service platform has the ability to manage risks, and can effectively connect with the financial system (securities, banks, trusts, insurance, bonds, funds, etc.), so as to innovate and form related service products to realize the socialization of art services, and once its platform pattern is formed, the platform resource integration ability will be greatly improved, so as to realize the resource aggregation and cultivation of platform users at all levels of society, institutions, enterprises, individuals, etc. Along with this comes the continuous enrichment of the basic features of the platform. It is necessary to pay special attention to the fact that the digital art comprehensive service platform is not a simple concept, but a basic functional form, which needs to be further digitized, and it is necessary to use the digital financial system, supporting service system and digital products and services to meet diversified, diverse and personalized social needs, only in this way can we well complete the basic business of digital art asset innovation and development. It can also be said that only a digital comprehensive service platform based on digital infrastructure can complete the transaction of digital art assets on the basis of realizing the casting of digital art assets by the NFT mechanism, and continuously innovate to form new formats, build a richer ecology, and develop a more mature new form of digital art economy.
(3) Evaluation of digital integrated service platform
We often encounter the question, that is, how do we evaluate a comprehensive service platform? Is it good or bad? On this basis, we further extend the question of how to evaluate a digital integrated service platform. It will often be encountered in the process of theoretical research and practical discussion, so a theoretical summary and improvement should be made here.
To evaluate a comprehensive service platform, there are many criteria and indicators, but from the perspective of systems theory, there are several key angles, which we call dimensions here. Broadly speaking, there are five main dimensions:
The first is to see whether this comprehensive service platform has a corresponding birth certificate. That is to say, whether he has the corresponding qualifications, if this comprehensive service platform needs corresponding supervision, whether it has the relevant procedures and qualifications for pre-approval.
Second, whether the products or services operated by the integrated service platform are compliant and legal. Especially. Has it touched the following three red lines: First, is it involved in illegal fund-raising and illegal storage? Second, is it involved in illegal pyramid schemes? Third, is it involved in illegal sales?
Third, is the operation of a comprehensive service platform standardized? Is the transaction structure scientific and reasonable? For example, whether the four separation principles created in practice, such as the platform of the Cultural Exchange Exchange, have been implemented on the corresponding comprehensive service platform, etc., these are a very important indicator to observe whether an integrated service platform is standardized and whether the operation is scientific and effective.
The fourth is whether the comprehensive service platform promotes and promotes the continuous progress of product innovation and service innovation, or the continuous improvement of efficiency. Because an integrated service platform can only better meet the diverse, multi-level and personalized social needs if it continuously innovates products and continuously improves services. The function of the integrated service platform can be better played, which is one aspect; On the other hand, whether the comprehensive service platform effectively controls risks and effectively promotes the effective docking with the financial system, supporting service system, resource system and demand system, which is a very important indicator for the innovation and development evaluation of the comprehensive service platform.
In addition, the last and most important evaluation indicator is whether the comprehensive service platform promotes the value discovery of digital art resources and their assets. In other words, does the comprehensive service platform promote the speculation and bubble generation of digital art resources and their assets, or does it promote the value discovery of digital art resources and their assets? This is the ultimate watershed in evaluating the good and bad of an integrated service platform.
3. Innovative basic business structure
Discussing the business structure of digital art assets (NFT) and art financial service innovation is actually to discuss how to innovate different forms of digital art assets based on the digital integrated service platform.
(1) It is necessary to analyze its business structure based on the digital integrated service platform (see Figure 5 above). The business structure of digital art asset innovation is generally divided into six major levels:
First, a digital integrated service platform;
First, the form of digital art assets;
The third is the construction of digital scenes;
Fourth, the basic path of business innovation;
Fifth, innovative products and services;
Sixth, diversification, diversification, and individualized social needs.
Only by clearly understanding the digital integrated service platform and analyzing its business structure and corresponding levels can we better understand the basic business and structure of innovation.
(2) On the basis of the construction of the digital integrated service platform, you can refer to Figure 5 above, focusing on the transaction side, asset side, format end and service side, but we should pay more attention to the innovation of the asset side and the transaction side.
First of all, focus on the asset side, because this business structure is a digital art asset (NFT) formed by a blockchain-based mechanism traded on the digital art comprehensive service platform, and its transaction structure is scientific, and it is completed in the second and third scenarios with legal tender rather than virtual currency.
Secondly, pay attention to the trading side, and the most fundamental thing is to pay attention to customers and trading systems. Specifically: first, asset-side innovation, first, we must pay attention to the allocation of digital assets. In the past, asset allocation was mainly securities, precious metals, real estate, cash, etc., but in recent years, alternative asset allocation such as red wine and art has increasingly entered the field of people's life and asset allocation. Under such circumstances, how to integrate digital art assets into the asset allocation system as an asset form and become a tool and means for asset allocation is a problem that needs to be seriously explored. The second is to pay attention to the management of wealth. Nowadays, more and more wealth management institutions have established corresponding, large-scale wealth systems. How to effectively manage and isolate such wealth systems, so as to achieve the security, preservation, appreciation, circulation, income, etc. of wealth, how to let art assets intervene in the wealth system, so that the entry threshold of art assets is lower, and wealth management can be more convenient and effective is an important direction of asset-side innovation. The third is to pay attention to the circulation of assets. In addition to the allocation and wealth management of digital assets, in fact, at the industry level, we must also pay attention to the circulation of assets. In the past, we paid more attention to "data", in fact, data has transmission functions and sharing functions in its original sense, so that data transactions actually ignore the premise of data transactions, one is that data transactions must have demand, the second is that rights must be confirmed, and the third is that valuation and pricing must be valued, these are important prerequisites for its transactions, ignoring these premises will be a reverse trend towards the development of the entire Internet and blockchain technology, which is anti-scientific. Therefore, it is necessary to admit that the data itself is first of all a resource, the most important mission is circulation and sharing, and its transaction must first be assetized, and then it can further talk about the circulation of assets and the construction of the platform, and in the development of new formats to conform to the law of business development, pay attention to the formation of a new monopoly based on the right to speak rather than based on the market mechanism.
Second, transaction-side innovation is actually to pay attention to the circulation of digital art assets on the one hand, and the value empowerment of digital collections and the integration with fashion consumption on the other hand. At present, digital collections are more catering to young people's fashionable consumption, so how to integrate the fashionable consumption value with the design and aesthetic value of the collection to form a new consumption value is a big topic to explore, and it is also an important aspect that determines whether innovative breakthroughs can be made. On the other hand, whether the launch of the digital yuan can form a new scene in the process of digital art asset circulation.
06
Related hot issues
The research and exploration of digital art assets can be said to be just beginning, and there are many difficulties and hot issues, and it is difficult for us to list and discuss them one by one. In this part, we focus on some basic issues that people are more concerned about and easy to confuse.
1. Yuan Universe
After the continuous rise of NFT, many concepts and explorations have attracted people's attention, such as blockchain, WEB 3.0, metaverse, etc., especially recently, more and more people pay attention to the development of the metaverse and its industry. In fact, the metaverse is an abbreviation of a virtual world parallel to the real world, which is guaranteed by technical means, can carry content and has application functions, and is a system, scheme and mechanism, and even a lifestyle. Among digital art assets, the metaverse is more about providing us with scenes of display and immersive interactive experience, and is an important means of digital consumption experience scenarios. At present, the metaverse is more of a concept, and its industrialization still needs a long development process, requiring the preparation of many general technologies such as interaction, experience, wearable, and human-machine interface, so it is difficult to use it as a completely consumer platform. For the development of the metaverse, we believe that we should talk less about concepts and more as a means of scene construction, which may be more landed. Of course, with the development of metaverse technology and the maturity of human-computer interaction technology, one day in the future it may achieve a very good immersive interaction with the real world, the combination of virtual and real, and the combination of data and reality, but as far as the current situation is concerned, the exploration of the metaverse and its industry has just begun.
2. The development prospect of NFT
We have repeatedly emphasized that NFT is a minting mechanism for blockchain-based digital assets. In the process of developing the digital economy, it is certain that the development prospects of NFT as a mechanism are huge. We have repeatedly stressed the need to vigorously develop art finance and capitalize artworks and their resources, because the current operation of the Chinese art market is still in a one-to-one, one-to-many situation, and has not yet deeply participated in the huge financial system, resulting in the total transaction scale of the Chinese art market has always been difficult to exceed 400 billion. If we convert artworks and their resources into art financial assets, then we can trade them within the scope of financial assets, and then the transaction will circulate on the asset platform with a scale of more than 300 trillion, and the difference between 400 billion and more than 300 trillion is the most primitive and fundamental reason why we emphasize the development of art finance. In the process of transforming artworks and their resources into financial assets, NFT, a digital art asset minted based on the blockchain mechanism, has extremely rich formats, with the help of NFT, we can build digital art finance with digital art assets as the core in the future development. In other words, with the continuous development of the digital economy, the financial system will also be further digitized, and the corresponding management object is digital art assets, and its development prospects are immeasurable. At this time, the risk control of digital assets will be directly related to the development of the financial system, and if we want to gain something in it, we must intervene and study in advance, which is the deep reason why we emphasize the construction of a financial service system with digital art assets as the core.
3. The core of digital development
In the process of digitalization of the art market and its industry, the prelude to the digital art economy has begun, and the development of its business formats is full of vitality and continuous enrichment. In this process, we found that the core of digitalization is digital art assets, and digital art assets must meet new consumption and new needs through the construction of digital scenes, and also need a strong supporting service system as a guarantee. Among them, at the level of digital scene construction, the digitalization of credibility and the digitalization of in-depth experience are crucial, and the means of construction must emphasize customer-centricity and credit management as the core. Therefore, we want to emphasize that the continuous deepening of the integration of new consumption and new technology promotes the digitalization process of the art market and its industry, and the continuous development and deepening of scene construction is the premise for the continuous development of the digital art economy, because only with rich digital scenes, digital art assets and their forms will continue to emerge, and the development of the digital art economy will continue and prosper.