Will the Chinese style NFT "digital collection" be successful?
Recently, the NFT platforms led by Tencent and Alibaba have deleted the words NFT and changed their names to "digital collections" after receiving communication from relevant regulatory authorities. It is fortunate for the Chinese industry that NFT has not been killed by regulation. But will this NFT with Chinese characteristics be successful? It is completely different from the current NFT logic of the Western world. First, the driving logic. The core reason for the formation of the NFT trend this year is still the logic of the crypto industry, the formation of a market platform for constant trading, and the creation of a community of NFTs and traders, all of which is backed by the profit that is quickly gained. Profitable trading remains the core reason for the popularity of NFT, and OpenSea has already surpassed $10 billion in total trading volume, with a steady daily trading volume of around $50 million. Most of the participants are in it for profit, not for collecting. The Chinese style "digital collection" requires "resolutely resisting any form of malicious speculation on the price of digital creative works", and it is not yet known whether it can be opened for trading (the ant chain is held for 180 days), and it is difficult for auction houses to participate, so it is different in this essential driving attribute. First, the driving logic. The core reason for the formation of the NFT trend this year is still the logic of the crypto industry, the formation of a market platform for constant trading, and the creation of a community of NFTs and traders, all of which is backed by the profit that is quickly gained. Profitable trading remains the core reason for the popularity of NFT, and OpenSea has already surpassed $10 billion in total trading volume, with a steady daily trading volume of around $50 million. Most of the participants are in it for profit, not for collecting. The Chinese style "digital collection" requires "resolutely resisting any form of malicious speculation on the price of digital creative works", and it is not yet known whether it can be opened for trading, and it is difficult for auction houses to participate. Secondly, the logic of confirmation of rights. The second reason for NFT to gain mainstream recognition is based on the decentralized public chain to bring digital artwork to confirm and flow, and the collection of digital artwork has become possible. It is because digital collectibles are easy to copy and infringe that blockchain becomes more valuable in this area. To ensure the ownership confirmation of NFT, the vast majority of NFT will choose the decentralized Ethereum chain rather than other public chains with a higher degree of centralization. Chinese digital collections, based on the alliance chains under Tencent, Alibaba, etc. Third, the logic of participation in creation. In the traditional NFT network, anyone can create and upload in OpenSea, and any user who has a cryptocurrency wallet can directly participate in the purchase and and transaction. However, for Chinese organizations, completely free and open creation and participation and trading are impossible and must be vetted, which makes it difficult for them to gain the acceptance of the international NFT community and ecology. Fourth, native IP. The native NFT head IP led by CRYPTOPUNKS, bored ape yacht club, etc., which in turn drives a large number of native central IP, as well as many innovative projects such as Art Blocks, NFT DAO, etc. In contrast, digital collections with Chinese characteristics currently do not have independent native NFT IP, more of a subordinate to celebrities, games and even corporate advertising promotion. In summary, digital collections with Chinese characteristics are very different from traditional Western NFT in terms of underlying logic and overall ecology. We can't judge whether it will be successful in the future, but it must be a completely different route. In contrast, Chinese game studios that already have rich experience in going abroad and are more competitive in the field of blockchain games. Follow us Twitter: https://twitter.com/WuBlockchain Telegram: https://t.me/wublockchainenglish If you liked this post from Wu Blockchain, why not share it? |
Older messages
Global Crypto Mining News (Nov 1-Nov 7)
Monday, November 8, 2021
Author | Colin Wu
Top1 Rugpull Token: How Squid Game was born?
Sunday, November 7, 2021
On November 5, 2021 at 15:55, China Central Television (CCTV) posted a message and video titled "SQUID spikes to 0.1 cents in 5 minutes". CCTV:"SQUID", the cryptocurrency named
A thief with the least technical content destroyed the most yield protocol
Tuesday, November 2, 2021
On October 30, 139 million dollars was stolen from a Chinese yield protocol called BXH. The security incident occurred on BSC, and according to an official statement, the assets on Ethereum, OEC and
Global Crypto Mining News (Oct 25-Oct 31)
Monday, November 1, 2021
Author | Colin Wu
Is China About to Reverse Its Bitcoin Mining Ban? Here's What's Really Going On
Tuesday, October 26, 2021
By Colin Wu
You Might Also Like
WuBlockchain Weekly: SEC Expected to Reject Ethereum Spot ETF, ConsenSys Sues SEC, CZ trial is approaching and Top…
Friday, April 26, 2024
1. BlackRock's Bitcoin Spot ETF Achieves 70 Consecutive Days of Net Inflows link BlackRock is very pleased with the performance of its Bitcoin spot ETF (IBIT). Since its launch in January of this
Your bi-weekly crypto insights 📊
Thursday, April 25, 2024
Top data-driven insights from across the crypto space, to keep you ahead of trends. This week's top insight: Sei TVL per active address grew 10x since Flipside Crypto Onchain Insider Your bi-weekly
BlackRock’s historic 71-day streak ends as IBIT Bitcoin ETF sees zero inflows
Thursday, April 25, 2024
Fidelity and Ark only ETFs to record inflows as Bitcoin ETFs begin to cool off. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Your Last Chance to Make BANK on Crypto
Thursday, April 25, 2024
Open This or Miss Out
Inside Parcl: Trade Real Estate Like Never Before?
Thursday, April 25, 2024
Parcl, a pioneering Solana-based platform, aims to revolutionize the real estate market by introducing liquidity to this traditionally illiquid asset class. It created a comprehensive real estate index
Reminder: The 2024 Bitcoin Halving Has Successfully Been Completed
Thursday, April 25, 2024
We bring you the top stories in crypto every week! Stories like... Monday April 22, 2024 Sign Up Your Weekly Update On All Things Crypto TL;DR The 2024 Bitcoin Halving Has Successfully Been Completed
April 30 set for historic launch of Bitcoin and Ethereum ETFs in Hong Kong
Wednesday, April 24, 2024
Competitive fee structures revealed for new Bitcoin and Ethereum ETFs in Hong Kong. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
DeFi & L1L2 Weekly - 💧Ethereum Liquid Restaking Drives DeFi TVL to 2-Year Highs
Wednesday, April 24, 2024
Ethereum liquid restaking drives DeFi TVL to 2-year highs. Cronos unveils Spring Odyssey campaign powered by Galxe. Runes launch fueled Bitcoin miners' earnings to surge. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
DeFi & L1L2 Weekly - 💧Ethereum Liquid Restaking Drives DeFi TVL to 2-Year Highs
Wednesday, April 24, 2024
Ethereum liquid restaking drives DeFi TVL to 2-year highs. Cronos unveils Spring Odyssey campaign powered by Galxe. Runes launch fueled Bitcoin miners' earnings to surge. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
OKX Web3 On-Chain Anti-Phishing Security Trading Guide
Wednesday, April 24, 2024
Aurthor: OKX Web3 As we enter a new cycle, the risks of on-chain interactions are becoming increasingly exposed with the rise in user activity. Phishers typically use methods such as creating