The next industry outlet: NFT digital collections, is it an opportunity or a bubble?

introduction

In March 2021, the work "Every Day: The First 5000 Days" by artist Beeple, which took more than 5,000 days, as the first purely digital artwork in history to be publicly auctioned, fetched up to $69 million (approximately approx. 450 million yuan), setting a new record for the highest-grossing works sold in online auctions, and NFT began to break the circle, attracting attention from all walks of life.

What is NFT? Its full name is Non-Fungible Token, which refers to a non-fungible token, which is suitable for the only cryptocurrency token representing digital assets. NFTs are secured by the underlying blockchain, which means ownership records are immutable, no trusted third parties are required, and their transaction and ownership history is publicly visible and verifiable.

Since last year, the explosion of NFT has created one after another myths of getting rich. The founder of Twitter's first tweet sold NFTs for $2.9 million; as of May this year, Jay Chou's "Boring Ape" series of NFTs has risen from the launch price of 0.08 ETH to 147 ETH, an increase of 1837 times in one year; according to According to NFT Go data on June 21, the transaction volume of CryptoPunks in the past 7 days exceeded 20 million US dollars, an increase of 320%.

(Image source NFTGO, data as of June 21, 2022)

NFT's "Chinese Language" - Digital Collection

In my country, NFT also has a more localized name - digital collections. At the moment when the economy is under tremendous upward pressure, the NFT digital collection industry, as an emerging business model, is increasingly sought after by various industries, making digital collections a A popular track was launched, setting off a wave of cultural consumption.

However, there are also essential differences between digital collections and NFTs. Foreign NFTs are based on public chains, open to everyone, and can be freely traded, and the content of the collections has not been reviewed; while domestic digital collections are based on alliance chains, most of which are built and managed by the government. It is only open to nodes that join the organization alliance, which reduces its financial attributes to a lower level. The content of digital collections must be reviewed for content before they can be published on the chain.

In addition, due to regulatory reasons, various digital collection platforms have not opened secondary transactions, and only support personal collection or free transfer, which limits the circulation and greatly reduces the risk of speculation.

But even so, it cannot stop the enthusiasm of capital and players to enter the market. China Times reported that according to incomplete statistics, as of June 15, the number of domestic digital collection distribution platforms has exceeded 500. In sharp contrast, in February 2022, there were only more than 100 digital collection platforms in China.

(Photo source China Times)

In addition to financial attributes, digital collections are also interesting, social, and scarce, and are popular with young people. Unlike NFTs, digital collections in my country are more of a brand marketing scenario, combined with IP, brand, culture, etc. . Moreover, the authentication and confirmation of digital content is realized through blockchain technology, and it also has the value of viewing and collecting. Since this year, banks, schools, enterprises, etc. have been involved in the marketing battle centered on digital collections. It is worth mentioning that Xinhua News Agency released the first set of news digital collections in December last year, which to a certain extent also reflects the recognition of the value of digital collections by Chinese officials.

(Photo source Sina Weibo @Xinhua News Agency)

At present, domestic digital collection platforms can be roughly divided into two categories. One is the platform of major domestic manufacturers such as Magic Core, which has strict restrictions on the secondary market, and the other is the platform launched by start-up companies, which has restrictions on secondary transactions. Very little, there is still room for hype.

In general, it has only been half a year that NFT digital collections have really attracted attention in my country. The legal nature, supervision subjects, and supervision methods are not yet clear. There are also various chaos in the market, and the business model is still in the exploration stage. For players or companies, is it more of an opportunity or a bubble?

Big coffee talks about NFT digital collections

For the above questions, at 20:00 on July 6 (tomorrow night), we invited front-end technical experts, Tencent Cloud TVP Teacher Da Moqiongqiu and Tencent Cloud Zhixin Chain Director Wang Leqing to be a guest in the live broadcast room to communicate and discuss with everyone. .

In this live broadcast, they will discuss with you:

• What is an NFT digital collection?
• What is the current environment of NFT digital collections, and how should individuals/enterprises respond?
• How to use NFT digital collections to help the development of various industries?

If you are eager to learn about the new fields and new opportunities brought by NFT, then you must not miss this live broadcast!

Add Yun Xiaozhu WeChat: tvp1215, reply "NFT" to join this live broadcast exchange group, you can communicate and interact in advance, and participate in the interactive lottery in the group!

TVP technology sleepless night

TVP technology sleepless night - technology speaks freely, sleepless at night. Focusing on the latest, hottest and most concerned technical topics, senior experts in various fields are invited to talk to TVP celebrities, deeply analyze the technical principles, gain insight into the trend of Internet technology, collide with sparks of thinking, and illuminate the night of technology.

Haoyun Recommended - Zhixin Chain

Zhixin Chain is a compliant and open alliance chain created by Tencent based on domestic independent and controllable blockchain technology. The chain has been connected to a number of credible institutions to jointly provide safe, objective and fair technical services to the society.

The goal of Zhixin Chain is to build a compliant, easy-to-use and open underlying blockchain platform and become the blockchain operating system of China Web3. Zhixin Chain currently has rich practical experience in the field of digital collections, and has already listed high-quality assets in different fields such as music, art, cultural creativity, sports, etc., which provides a prosperous ecological foundation for the circulation of value on the chain.