3.0 NFT Era

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Avatar for arslankhalid
2 years ago
Topics: Cryptocurrency, NFT

NFT 1.0 era, the first model

NFT is currently a popular sector. From the perspective of NFT's potential, NFT can form a relatively deep linkage with many fields. In fact, if you look at the history of the development of the NFT segment, you will find that the concept of NFT really began to be clear from the beginning after the advent of the crypto cat.

In June 2017, a project called Cryptopunks was launched and was built on Ethereum. The two founders of Cryptopunks created a role asset with a total of 10,000, which means that every two assets are not the same. At the same time, these assets could be collected free of charge on Cryptopunks, which contributed to the prosperity of secondary market transactions at that time. These assets are "semi-homogeneous" assets between homogenized assets and non-homogeneous assets, but also during that time ERC-721 standard assets gradually emerged.

Therefore, NFT emerged with the continuous expansion of the crypto cat market, an emerging concept at that time, but at that time NFT was more positioned in the fields of encrypted collectibles and game assets. Starting in 2018, the very clear NFT sector is gradually entering the modern NFT period.

In the era of NFT2.0, profit-seeking and maturity of the market

After the advent of CryptoKitties, collecting or trading cryptocats can bring huge profits, but also attracted many developers to join the competition in the NFT field, which also makes the NFT field an unprecedented development. In 2018 and 2019, due to the mature trading markets like Opensea and SuperRare in the NFT field, NFT assets have formed a good liquidity depth. Although NFT has deeper applications in certain asset confirmation, synthetic assets and other sectors, the market as a whole is now based on collectibles, art and gaming assets as the main value form of NFT.

The outbreak of the DeFi market in the first half of 2020 has further promoted the FOMO sentiment and siphon effect in the cryptocurrency market. In addition to the DeFi participation methods such as liquid mining, due to sufficient market funds to snap up some NFT assets and sell them in the short term, it has also become A more efficient profit-seeking model. The most successful of these is the NBA Top Shot. According to statistics, as of January 2021, NBA Top Shot has reached a transaction volume of 1 million US dollars. And Opensea transaction volume in February 2021 reached 93.904 million US dollars, an increase of nearly 9 times compared to January.

Although NFT already has a relatively mature trading system, the market as a whole is driven by profit-seeking. Users participate in the NFT sector mainly through transactions and become members of the trading role. From the perspective of the NFT sector as a whole, a large number of NFTs are only concentrated in the niche art circle. With the continuous improvement of NFT infrastructure, the role of users will no longer be limited to traders. Ordinary users will also be able to become the creators of NFT assets, empowering their NFTs through different scenarios.

In the era of NFT3.0, Deeply empowered the NFT

Therefore, investors can deeply participate in the NFT sector, which is the key to the transfer of NFT market value from the surface to the deep level. At present, there are also many NFT infrastructure supporters who continue to promote the development of the NFT sector, helping NFT move from the 2.0 era to the 3.0 era.

FOXNFT is one of them. As the infrastructure supporter of the NFT sector, FOXNFT allows users to mint, store, issue and trade NFT assets based on the platform. NFT has considerable application prospects in all-round fields such as finance, games, collections, and social networking, while FOXNFT can empower NFT in a full range and deeply link with brands. FOXNFT uses BSC as the bottom layer, which can relatively guarantee the user's transaction efficiency, reduce transaction costs compared to Ethereum, and build a good foundation for the extension of the NFT scenario.

From the perspective of the traditional Internet, everyone can build their own brand and create their own IP. However, the centralized world is generally less open and lacks fairness. The decentralized blockchain world more embodies high openness and high customization.

FOXNFT can help many original IPs and provide a complete one-stop solution for NFT assets. For example, if you, as a painting author, build your own brand and IP through your own works, then FOXNFT can help you issue your own NFT assets, regardless of whether it is issuance, transaction or storage.

Polkadot allows developers to build parallel chains of shared security and so on through the Substrate framework. Developers can focus on the functions and logic of their own products without worrying about other unrelated sectors. Similarly, FOXNFT can help original IP creators to concentrate on constructing their own works without excessive worry about factors outside the works, such as creating and trading NFTs, etc., to further promote the integration of NFTs and original IPs.

Within the FOXNFT ecosystem, a DeFi market has also been constructed. Although there is consensus in the traditional NFT sector, the overall liquidity of assets and the utilization rate of assets are still very low. FOXNFT allows users to pledge their NFT assets to obtain corresponding income in the form of DeFi. By pledge of NFT assets, the user's income will be reflected in the form of ecological token FOX. Based on the consensus on the value of NFT assets, original IP users can use this as a basis to empower their NFT brand assets in depth.

NFT currently has more mature applications in the game field, collectibles and souvenirs, and FOXNFT has also made a deep layout in the games and souvenirs. In the game sector, FOXNFT supports some game development teams and helps them create exclusive NFT assets for user distribution, build ecological incentives, and destroy them to get FOX rewards.

Souvenirs and collectibles are more about consensus value. NFT, as a non-homogeneous asset, is the most suitable carrier for souvenirs and collectibles. For example, as an NBA fan, you will definitely be aware of some historical moments such as the Nuggets vs. Trail Blazers playoffs, Lillard made 12 three-pointers in a single game, Anthony ranked tenth in total career points and so on. And FOXNFT will record historical events and make some memorable historical nodes into NFT. As a user of certain hobbies, this type of NFT asset definitely has a very special meaning. This type of NFT assets will be used as investment products, with excellent value and reducing investment risks.

In addition to being an NFT all-round support ecosystem, FOXNFT is also a social ecosystem based on NFT. In the social section of FOXNFT, various roles condensed in the FOXNFT platform, such as creators, investors, and users, can conduct in-depth exchanges and conduct joint discussions on NFT to promote the overall positiveness of the NFT ecosystem.

to sum up

For the NFT sector as a whole, it has gradually leapfrogged from the early 1.0 era to the 3.0 era. We can see that based on NFT infrastructure such as FOXNFT, users will no longer only participate in the NFT sector as traders. Judging from the characteristics of NFT, it has great application prospects as a whole. At the same time, the application of NFT is even more advanced. At present, we can see that NFT has matured in the fields of art, collection, games and even other applications. At the same time, FOXNFT also allows NFT to seamlessly connect with many commercial sectors.

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2 years ago
Topics: Cryptocurrency, NFT


Arslan bro keep it up #crypto #nft

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