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Metauniverse series: exploring the pass of metauniverse NFT

2022-05-15 05:32:20Zhongjin dianjing

In the new social form of the meta universe ,NFT It is the core element supporting the economic system , Through the right confirmation and value measurement of digital assets , Realize the transaction circulation and value transfer in the meta universe . We think NFT It is an important infrastructure of the meta universe , This paper will study overseas mature enterprises NFT Market and head trading platform OpenSea, Analyze domestic NFT Market situation , And discuss the future development direction of China , With a view to the domestic yuan universe economy 、 Provide reference for the prospect of social form construction .  


NFT—— A pass in the meta universe .NFT(Non-Fungible Token) It is an encrypted digital certificate supported by blockchain technology , Used to record the ownership of virtual digital assets such as works of art or collections , It's unique 、 There is no substitute for 、 An integral 、 Programmability 、 traceability 、 Permanent preservation, etc . Based on the above properties ,NFT It can realize the copyright confirmation of digital assets 、 Enable digital asset transaction flow , And provide users with collectibility 、 Various consumption values such as investment and function , Important infrastructure constituting the meta cosmic economic system .

Explore overseas :NFT How does the market stand in the tuyere ? overseas NFT The market depends on 2017 Officially started in , In star products 、 Driven by the three directions of trading platform and underlying technology ,2021 The year ushered in an upsurge of development , Hot items are in short supply , Head products and secondary trading drive the rapid expansion of market scale . overseas NFT Trading patterns can be divided into Ebay And the class Gallery Two mainstream models , Present with OpenSea Leading the pattern of one super and many strong . We are right. OpenSea Case study , With a view to domestic NFT Provide reference for the development of trading platform :OpenSea The goal is to establish an open trading platform , docking NFT The buyer and the seller of the product , By charging 2.5% Transaction commissions realize revenue . We think , Lower user threshold 、 Good purchasing experience and continuous community construction OpenSea Core competitiveness , First mover advantage and scale effect help it meet the challenges of competitors , Secure leadership .

View domestic : The tide is rising ,NFT Where will the market go ? Compared with overseas , At home NFT The market development stage is relatively primary , Internet platforms have entered the market one after another after the market heat gradually rises ,2021 Became a domestic NFT The first year of the market . On the other hand , Due to the relatively strict domestic policy environment , At present, it is still PGC The primary transaction of digital collections is the core , The commercial marketing attribute is strong , We believe that the openness of the domestic market is relatively insufficient , There is a large room for expansion . Looking forward to the future , We believe that regulation will gradually regulate the healthy development of the industry , On the basis of legal compliance , The industry is expected to improve transaction liquidity and diversify content sources , Landing reality and confirming the right 、 Additional interest 、 Interactive applications and other application scenarios . We think , The user will be based on the NFT Enter a specific community , Participate in community communication with a new virtual identity 、 Entertainment 、 Space construction and other interaction , Complete the construction of new Internet identity , And this is building “ Meta universe ” The only way for bottom construction .


Industry policy risk ,NFT Technological progress is less than expected ,NFT The liquidity of the transaction is lower than expected ,NFT The security of the platform is not as expected , Legal authentication .


NFT—— A pass in the meta universe

What is? NFT? unique 、 A digital asset certificate that cannot be tampered with

NFT(Non-Fungible Token) Translated as “ Heterogeneous token ”, That is, an encrypted digital certificate supported by blockchain technology , Used to record the ownership of virtual digital assets such as works of art or collections . The voucher indicates the historical transaction information of specific digital assets 、 Digital signature of the counterparty 、 Asset metadata ( Or links to metadata ) And the relevant rights and interests given to the holder or creator , And by generating a unique code , Realize the ownership confirmation of digital assets 、 The circulation . We think ,NFT As an important infrastructure of the meta universe , Through the right confirmation and value measurement of digital assets , Realize the transaction circulation and value transfer in the meta universe , It is the core element of building the economic system in the meta cosmic social form .

Chart 1:NFT Project creation 、 issue 、 Schematic diagram of circulation process

source :ChainNews,OpenSea,Zora, Research Department of CICC

Compare non homogenous tokens (NFT)、 Homogenizing tokens (FT) Two application tokens , And bitcoin (BTC) Wait for native tokens ,NFT Benchmarking digital assets 、 And unique .

From the perspective of native token and applied token , Native currency is needed to maintain the normal operation of the blockchain system 、 Token embodying rights and interests (Coin), For example, bitcoin 、 Ether money ; On the blockchain system, it is the application token that produces a special way of use through secondary development (Token). Native tokens can be used directly as a medium of circulation , The application of tokens needs to have a target value , Behind it are the potential benefits of digital assets or certain interests .

From the perspective of different types of application tokens , Homogenization is the main difference between the two . Homogenizing tokens (FT) It is a token to replace the original currency in a specific scenario ; Heterogeneous token (NFT) Is a voucher representing the only digital asset , Can not directly exercise the trading function . Similar to issuing shares , Most of the project parties issue homogeneous tokens for financing purposes , There is no difference between each share , The value of the subject matter is a certain equity ; But non homogenous tokens are unique , Even tokens of the same item cannot be exchanged directly , In addition to giving rights and interests to the holder , More importantly, it targets specific digital assets .

The specific term ,NFT It has the following characteristics :

unique : Every NFT All have unique and unique codes , To prove the ownership of the corresponding digital assets . Although a document can be copied many times on the network 、 spread , But this is always the only original document .

There is no substitute for :NFT Not directly interchangeable with each other . Any unit of bitcoin or FT Are equivalent , Holders can exchange directly ; but NFT Unique characteristics make it necessary to mark legal coins or other equivalents in exchange , Reflect the characteristics of non homogeneity .

An integral :NFT As a record voucher for digital assets , It's complete . A unit of ether is allowed to be split into two 0.5 Units of ether are sold , And one NFT The transaction and circulation of assets must be carried out in an overall form .

Programmability : Using smart contract technology ,NFT Its programmability creates richer application scenarios . The developer is based on ERC-721、ERC-998 or ERC-1155 The three protocol standards are NFT Programming , You can set conditions flexibly in the transaction 、 Support personalized scenes .

traceability : Since its creation ,NFT All transactions will be recorded on the chain . therefore , The holder can easily trace the source 、 Tell the truth .

Keep forever :NFT Stored in a decentralized chain , Cannot be easily tampered with , For the preservation of digital assets 、 Collections provide a permanent choice .

Chart 2:NFT、FT And native tokens in substitutability 、 Divisibility 、 Anchored assets 、 The underlying protocols are different

source :CryptoKitties Official website , Research Department of CICC

NFT Product types are gradually enriched , At present, it is still based on Art / Mainly collectibles . according to Nonfungible The classification of , Main stream NFT The project includes art / collection (Collectibles & Art)、 Video games (Video Games)、 Meta universe (Metaverses) And tools (Utilities and Finance). among , Art and collectibles dominate the market ,2021 Years for NFT Total market contribution 64% The sales of . besides ,NFT In music (Music)、 sports (Sports) And other fields are also in the ascendant .

Chart 3: art / The collection is currently NFT Mainstream market types

source :Nonfungible, Research Department of CICC
notes : The time period of data statistics is 2021 year

Chart 4: All kinds of NFT Representative project

source :Nonfungible,Cryptoslam,OpenSea, Research Department of CICC

NFT The geometry of value ? Realize the capitalization of digital content , The virtual economy... Meets the needs of the system

The tide of the meta universe is rising ,NFT Or become an important infrastructure for building a virtual world economic system . Metauniverse is considered to be the development direction of the next generation Internet form , One of its key features is the intention to establish a complete and mature 、 An economic system of interaction between reality and reality .NFT unique 、 Traceability 、 Permanent preservation and other characteristics , It can solve the problem that virtual world assets can be copied indefinitely in theory , Protect scarcity 、 Return to value itself . We think ,NFT Realize that digital assets can be owned , Meet the needs of the virtual world economic system , Its copyright is confirmed 、 Trading realized 、 The value of collection makes NFT Increasingly attracted market attention .

Copyright confirmation : Equity certificate of anchored assets

Digital content ecology is increasingly rich , There is an urgent need for effective media to define ownership . According to the statistics of the National Copyright Administration ,2020 In, the market scale of China's Internet copyright industry reached 11,847 One hundred million yuan ,“ Much starker choices-and graver consequences-in ” During this period, the compound annual growth rate was nearly 25%. Behind the ecological enrichment and diversification of digital content , Network infringement 、 The problem of piracy comes one after another , Put forward higher requirements for the copyright management of the virtual world . Take network literature as an example , According to Qianfan estimation of Analysys ,2020 The loss of pirated Chinese literature in 60 One hundred million yuan , Equivalent to the size of the online literature market 20.9%.“ Sword net 2021” Action period , The national copyright administration has deleted infringing and pirated links 119.7 Ten thousand , Close infringing and pirated websites 、APP1,066 individual , Investigate and handle cases of Internet infringement and piracy 1,031 Pieces of . In addition to the severe blow , Officials pointed out that the interest chain of online piracy has matured 、 The difficulty of obtaining evidence and safeguarding rights is still worthy of attention . As an equity document that anchors a particular asset ,NFT The attribute of non homogeneity provides a new idea for copyright protection .

Chart 5:2020 In, the market scale of China's Internet copyright industry exceeded trillion yuan

source : State Copyright Bureau , Research Department of CICC

Chart 6: The loss of online literature piracy in China is large

source : Analysys sails , Research Department of CICC

Protect the rights and interests of creators and copyright owners , Stimulate the ecological vitality of content . Based on decentralized blockchain Technology ,NFT Smart contract records every NFT unmatched Token ID、 Resource storage address and various information , And usually difficult to tamper with . For creators , stay NFT Asset traceability can always be carried out in the resale process of , And collect a certain proportion of royalties in accordance with the provisions of the contract , Facilitate the author's rights protection and income acquisition of original works , And then encourage them to create more high-quality content . For the copyright owner ,NFT Conducive to copyright management , Better coordination between the author and the creator , Provide a new commercial form for the development of copyright resources .

Trading realized : Improve liquidity , Facilitate value transfer

Digital content capitalization , Realize transaction flow .NFT Expand digital assets from digital currency to text and image 、 Video audio 、 Game props and other types , Any digital content can be accessed through NFT In the form of , Capitalize Abstract equity , Give property right attribute and realize clearly marked price . Cooperate with the development of blockchain technology , After the digital content is linked, the circulation range is expanded , The convenience and liquidity of transactions have been improved . therefore , Expandable content , as well as NFT Make 、 The gradual reduction of transaction threshold , Make the professional team 、 Independent creators and ordinary people can participate in NFT Making 、 In the process of offering and transaction circulation ,NFT And supporting industry system endows virtual content with strong liquidity , Realize value circulation .

Digitization of physical assets , Promote circulation and transmission . For calligraphy and painting 、 Cultural relics 、 Precious and scarce physical collections such as porcelain , Official sale NFT, Anchored collections or limited copies of them , It has increasingly become a popular trend . for example , Qi Baishi's first social digital collection 《 Group shrimp map 》 On 2021 year 12 month 31 It appeared at Jiahe auction on the th . With the help of works NFT turn , Expand user coverage , Expand the circulation objects of products to general consumer groups . Besides , The entity asset information is linked , Facilitate information traceability and ensure authenticity . We think , utilize NFT The circulation of may replace the transaction settlement of physical assets or be NFT Possible application directions .

Chart 7: assets NFT Can simplify its trading process , Improve liquidity

source :NFTGO, Research Department of CICC

Chart 8: There are many kinds of NFT High asset liquidity

source :NFTGO, Research Department of CICC

notes : The date of statistics is 2022 year 5 month 5 Japan ; Mobility = Sales volume of all items under various categories / Weighted average of circulation

Consumption value : Collectibility 、 Investment and functionality

from C End user perspective , We believe that collectibility 、 Investment and functionality are the key to its purchase NFT The main motivation of the product :

Collectibility : art / The collection is the most widely distributed NFT Asset type , It provides convenience for the collection needs of ordinary consumers . Ordinary people buy at a low price NFT, It can meet the curiosity of collecting high-end value products , And because of the form of limited sale, the scarcity is guaranteed . Besides , Buy 、 Show avatars or star cards with strong social attributes NFT product , It is also gradually becoming a way to flaunt one's own interest 、 Trendy behavior of looking for a common circle .

Investment :NFT Uniqueness of assets 、 Scarcity makes some users value their future appreciation space and liquidity , Will buy NFT Products as a way of investment . With CryptoPunks In the series Ͼ #4156 For example , As the highest cumulative trading volume [1] Products , In the last two transactions , The transaction price is determined by 2021 year 2 month 19 Japanese 124.6 Ten thousand dollars up to 2021 year 12 month 10 Japanese 1025.7 Thousands of dollars , The appreciation rate exceeds 8 times .

Functionality : The part represented by game props NFT Is an asset certificate , It also has unique use value in specific scenes . First of all , Allow players to benefit from entertainment . for example Axie Infinity Of “ Play and earn (Play-to-earn)” Pattern , Players can buy 、 Raising and breeding electronic pets , Then earn income from the trading market . second , Protect the legitimate rights and interests of players . We think , By giving game props “ Marked price ” And create a decentralized trading platform , Both meet the needs of players to buy 、 The need to sell accounts , Reduce offline trading losses ; It can also avoid the official modification of the game 、 Shutting down the server brings the potential risk of virtual assets disappearing .

Chart 9: The user is in NBA TOP Shot Show... In the community 、 Like the collection

source :NBA TOP Shot Official website , Research Department of CICC

Chart 10:Axie Infinity Players earn... Through games AXS Tokens,

source :Axie Infinity Official website , Research Department of CICC

Chart 11:2021 year 2 month 19 The day is coming 2021 year 12 month 10 Japan CryptoPunks Series of products Ͼ #4156 The appreciation rate exceeds 8 times

source :Nonfungible, Research Department of CICC

Explore overseas :NFT How does the market stand in the tuyere ?

development history : Star products 、 trading platform 、 Bottom technology boosts NFT Market growth

Look back ,NFT The market has gone through its infancy 、 Starting point 、 Construction period and outbreak period , We think star products 、 The ecological construction of trading platform and underlying technology is an important force to promote the development of the industry :

Chart 12: since 2017 After the concept was gradually formed in ,NFT market 2021 The year saw explosive growth

source :Cryptoslam, Official websites of all platforms , Research Department of CICC

Germination stage (2017 Years ago ): class NFT The project appeared before the formal formation of the concept .2012 Colored coins born in (Colored Coin) It is considered to be the earliest class NFT Pass card , It consists of a set of bitcoins with specific attributes , Can represent currency 、 Commodity certificate 、 Smart Property and other financial instruments .2014 year , Point to point trading platform Counterparty establish , Support asset creation 、 Decentralized trading . Most of the projects in this period were created around the field of cryptocurrency , Did not attract much attention from market participants .

Starting point (2017 year ): Pioneer projects lead encryption market innovation . Thanks to the increasingly mature Ethereum environment , first NFT project CryptoPunks On 2017 year 6 Month appears , from Larva Labs Publish on the blockchain 10,000 Pixel Avatar , Image is introduced into the market as an encryption asset for the first time . thereafter ,Dapper Labs 9 The monthly release is dedicated to building NFT Of ERC-721 standard , And in 11 This month, another popular NFT product CryptoKitties. according to NFTGO Statistics , At its peak CryptoKitties Your wallet address is 4.48 m . Same year , To explain the encryption cat and ERC-20 Differences between other items under the standard , founder Dieter Shirley Formally put forward NFT The concept of , The market began to explore the potential space of encrypted assets .

Construction period (2018-2020 year ): The trading platform and underlying technology improve the ecosystem .CryptoKitties After the heat cools down ,NFT Market returns to calm , Enter the construction stage . Trading platform ,2018 year 2 month OpenSea establish , And quickly grow into the largest NFT trading platform , Its unrestricted entry form of creators is reduced NFT Issuance threshold , Speed up NFT The popularity of the market . Besides ,SuperRare、Nifty Gateway、Rarible And other trading platforms have also been established . In terms of underlying technology ,Polygon Equal side chain and Layer 2 The plan is beginning to take shape 、Metamask etc. Web3.0 Smart wallet continues to improve 、ERC-1155 And other new standards ,NFT The market infrastructure is further mature . meanwhile , At this stage , Axie Infinity(2018 year )、NBA Top Shot(2020 year ) And other popular projects have been launched .

The outbreak period (2021 Years later ): The supply is rich , Celebrity effect helps heat up .2021 year , Rich and diverse content 、 Celebrities and celebrities IP The entry of , Speed up NFT Market growth .3 month ,Beeple The works of 《Everydays: The First 5000 Days》 With 6,934 A high price auction of $10000 , Cause widespread market concern . And then , Yao Ming 、 Jay Chou 、 Murakami ( Japanese artists )、Jack Dorsey( The founder of twitter )、Mick Jagger( The lead singer of the rolling stones ) Celebrities from all walks of life have successfully released their own NFT, It's about entertainment 、 game 、 sports 、 Music and other fields ,NFT Exposure continues to increase , drive Axie Infinity Wait for the head item to 3Q21 Climb the trading peak . according to Cryptoslam Statistics ,2021 In the world NFT The total amount of transactions realized in the market 186 Billion dollars ( The same period last year was 3,232 Thousands of dollars ).

2022 year 1 Monthly decentralized trading platform LooksRare establish , With a low handling fee (2%)、 Users share revenue 、 Token airdrop and other mechanisms , The turnover once exceeded OpenSea, Push up again from 3Q21 The market trading volume that has declined since reaching the top . But according to Dune Analytics Statistics ,2 From the middle of the month OpenSea Our daily trading volume has again exceeded LooksRare. in consideration of LooksRare It is still in its infancy , There are a lot of wash and sell transactions , We think whether the platform can maintain its popularity in the future , Become NFT A strong challenger to the market competition pattern , It remains to be seen .

We think , Blockchain 、 The underlying technologies such as smart wallet are NFT Lay the foundation for market development , Empower NFT Efficient implementation of the project ; The innovation of platforms and products injects a steady stream of liquidity into the market , Realize the prosperity of both supply and demand ,NFT The market can be in 2021 Years of accumulation and thin hair , Usher in the first round of boom .

Market situation : The scale of users is growing rapidly , The head effect of the product is obvious

2021 Since then ,NFT The market scale expands rapidly . Trading volume ,2021 year NFT The total number of transactions in the market reached 4,336 Thousands of pieces of , The increase over the previous year was more than 40 times ; The maximum number of transactions in a single month is 592 Thousands of pieces of , Year-on-year growth 39 times . In terms of average transaction price ,2021 Annual average monthly trading price 365 dollar / Pieces of , Year-on-year growth 10 times ; The highest average transaction price in a single month is 1,043 dollar , Year-on-year growth 17 times . We think NFT The rapid expansion of transaction scale is due to NFT And related concepts into the public view 、 Excellent performance in head Events , Promote strong market transaction demand .

Chart 13:NFT The number of transactions increased significantly , The average trading price fluctuated up

source :Cryptoslam, Research Department of CICC

User side : The shortage of supply stimulates the rise of prices , The retention rate of users is relatively low . In terms of quantity ,2021 year NFT Number of active wallets 257 m , More than the beginning of the year 28 times ; buyers 230 ten thousand people , More than the beginning of the year 30 times ; The seller 120 ten thousand people , More than the beginning of the year 37 times . The number of participants at both ends of supply and demand has increased significantly , However, the phenomenon of short supply is obvious :2021 The annual growth rate of active smart contracts is only 401%, Reflect active NFT Project supply is far less than the surge in market demand . We think , This not only drives the stock NFT Items with rising prices , It also attracted some highly speculative 、 Projects with low added value enter the market , Increase the market's desire for high-quality projects . In terms of quality , All kinds of NFT The overall retention rate of users is low ,3Q21 The highest retention rate is only 13%, The general level is concentrated in 5%-10% Section . We think , This mainly reflects NFT Still emerging markets , Users mainly try new things .

Chart 14:NFT Market participants have increased significantly , Relative demand exceeds supply

source :Nonfungible, Research Department of CICC

notes : Active smart contract means enabling NFT Total number of smart contracts traded , A project can use multiple smart contracts ; Active wallet means buying 、 sell NFT assets , Or use NFT Play games and other interactive behaviors

Chart 15:NFT The overall retention rate of market users is low

source :Nonfungible, Research Department of CICC

notes : Some games on the side chain NFT Transactions are not included in the statistics .

Product side : Obvious head effect , Hot projects focus on virtual image assets .

In terms of volume of popular projects , Head projects account for most of the trading share of the market . By 2022 year 5 month 5 Japan , stay Cryptoslam a turnover TOP10 In the project ,TOP3 The trading share reaches 70%. We think ,NFT With strong community effect , Its value mainly comes from the wide recognition of digital assets , Therefore, popular projects are based on first mover advantage and effective marketing promotion , Influence is easy to achieve snowball effect .

In terms of popular project types , With CryptoPunks、BAYC Virtual image class represented by NFT The most times on the list . Such projects are no longer limited to traditional static profile images , Such as CloneX And other projects are launching dynamic 3D image 、 Increase interactivity and sociality , Lay a foundation for the idea of establishing a meta universe community platform .

Chart 16: Total transaction volume TOP10 Project Overview ( By 2022 year 5 month 5 Japan )

source :Cryptoslam,NFTGO, Official website of each project , Research Department of CICC

Trading end : The secondary market is active . according to Nonfungible Statistics ,2021 year NFT The trading volume of the secondary market reached 124.29 Billion dollars , Year-on-year growth 376 times ; The primary market has a turnover of 29.39 Billion dollars , Year-on-year growth 85 times . The secondary market accounts for 81%, An increase over the previous year 31.73ppt. We think , The secondary market liquidity is overseas NFT The key reason for active trading .

Chart 17: Secondary market driven NFT Trading has gone up

source :Cryptoslam, Research Department of CICC

Competition pattern : How strong is the trading platform , Two business models coexist

NFT The creation of 、 Casting and circulation applications constitute a complete value chain of the industry . The upstream of the industrial chain includes infrastructure layer and content creation layer . The former refers to the provision of public chain / Side chain 、 Token standards 、 Bottom technology providers of services such as smart wallet , The latter refers to artists from all walks of life or IP Fang . The middle reaches of the industrial chain mainly complete NFT The production of 、 Issuance and initial transaction . among , One type of participant is a professional trading platform , As a media connection technology provider and Creator ; The other type of participants is the project side , To own NFT The project builds a platform to complete the primary market release . The downstream of the industrial chain is NFT Application channels and secondary transactions , Application channels include curation 、 social contact 、 Financial and other multi-functional platforms ; Secondary trading platforms mostly span the primary and secondary markets , It runs through the upstream and downstream of the industrial chain , So it is NFT An important node of the industrial chain .

Chart 18:NFT Industry chain map

source :ChainNews, Official websites of all platforms , Research Department of CICC

OpenSea Leading , How strong is the trading platform . Comprehensive trading platform OpenSea It has obvious advantages over its competitors , Look back 12 Trading share of mainstream platforms in the last month , except 2022 year 1-2 Month by LooksRare Online impact ,OpenSea Always with super 50% The market share of is in the first place , And up to 98%. Other mainstream platforms have their own characteristics 、 Just as , Due to platform Hotspot Events 、 Differences in head items , The trading volume of each platform fluctuates within a certain range . among , Art Platform SuperRare And comprehensive platform Rarible Rotate in three or four places , The monthly trading volume is roughly 1,500-3,000 $10000 range , The peak value can reach 4,000 Thousands of dollars .Foundation The monthly trading volume of other platforms is about 500-2,000 Thousands of dollars .

Chart 19: How strong is the mainstream trading platform ,OpenSea Over market share 90%

source :Dune Analytics, Research Department of CICC
notes :2022 year SuperRare There are many statistical vacancies in daily trading volume , The share is underestimated

The two mainstream business models cover multi-level customer groups . Positioning according to platform 、NFT type 、 Entry mode 、 Differences in sales expenses, etc , We believe that the current trading platform can be divided into two business models , Namely class Ebay Patterns and classes Gallery Pattern :

class Ebay Pattern : Covering many fields 、 Low transaction threshold . With OpenSea、Rarible、LooksRare The platform represented by is similar to NFT In the market “Ebay”. Market positioning is generally comprehensive 、 Multi domain trading platform , Allow users to cast their own products 、 Exhibition 、 transaction NFT, Widely attract all user circles .NFT Assets also show the characteristics of diversification , Basically covering art 、 game 、 sports 、 Virtual world and other mainstream NFT type . In terms of settlement mode , Low threshold helps expand coverage : The platform does not set limits on creators , Any user can create freely after registering 、 transaction NFT works . In terms of sales expenses , Platform charge 2%-2.5% The sales and service fee of , At a low level in the industry . therefore , Such platforms are often rich in works 、 Large scale of users 、 The price range is wide , However, the low entry threshold also leads to the uneven quality of platform works , Users are required to screen by themselves .

class Gallery Pattern : Professional art form Limited Sales . With SuperRare、MakersPlace、Nifty Gateway The platform represented by, etc. is similar to “Gallery”( Art gallery ). Market positioning , The platform focuses on the hottest art field , Provide curatorial space for art creators , And most of the works are limited sales .NFT Assets include static assets / The dynamic image 、3D works 、 Art forms such as audio or video . The entry mode has a certain threshold , Most of them are invitation system or application system , The right to settle in is in the hands of the platform party . In terms of sales expenses , The rate of this kind of platform is relatively higher than that of the first mode , The service charge for the first sale is up to 15%. Overall speaking , This kind of art trading platform is specialized 、 Characterized by branding , Mainly for professional art creators and connoisseurs . Some platforms also set up a collector consulting team , Provide... To global customers NFT introduction 、 Exclusive sales docking 、 OTC acquisitions 、 Market intelligence mining and other support services .

Chart 20: Different NFT Trading platform model comparison

source :ChainNews, Official websites of all platforms , Research Department of CICC

The third type of platform revolves around specific NFT Project structures, . Beyond the above two modes , part NFT The project also has its own platform , Targeted to meet the needs of users . for example , Blockchain game Axie Infinity The players can play in Axie Infinity Marketplace Browse on 、 Buy or sell electronic pets ; Sports star Events NBA Top Shot Have their own official website to support transactions , And provide users with community display 、 Communication space ; Introduction CryptoPunks、The Meebits Wait for the head item Larva Labs It also has its own official website for special display . Compared with the first two models , This kind of platform is mainly built to support a hot project , At the same time, it is also for the distribution team to establish brand awareness 、 An important way to create a community atmosphere .

case analysis :OpenSea——NFT Trading market leader , Lower threshold + Enrich products and achieve user scale advantages

OpenSea Now NFT The trading platform with the largest total market scale , Its development has gone through the initial stage of the market 、 Low tide and outbreak . We think , In the process of its development ,OpenSea Relying on its own first mover advantage and scale effect , Long term continuous operation , The accumulated experience is of great significance to China NFT The platform has certain reference significance . therefore , We use OpenSea Case study , Sort out the history of the platform 、 Clarify the business model 、 Explore competitive advantage , With a view to domestic NFT Provide reference for the future development of trading platform .

Platform history : Lead in , Continue to cultivate and meet the market boom

Starting point (2017 end of the year -2018 year 2 month ):CryptoKitties Inspire founders to transform .OpenSea The predecessor is a blockchain based sharing system WiFi project . stay NFT Establishment of industry standards 、 Advance projects CryptoKitties When it appears , The founder transformed the project into a focus on Service NFT Trading platform , And in 2017 Online at the end of the year OpenSea The beta .2018 year 2 month ,OpenSea Official release , It is positioned as “ Encryption of goods Ebay”.

Trough period (2018 year 3 month -2020 year ): The overall performance of the market is cold , The platform continues to streamline its operation .CryptoKitties The short boom dissipated ,NFT The market has returned to calm ,OpenSea When it was first launched, it did not cause great repercussions . According to the Dappradar Statistics ,2018 year 2 month OpenSea Users have used up to 933 Person time ,3 The month fell to 321 Person time , Major competitors in the same period RareBits It is no longer operational . Under the dual pressure of industry and competitors ,OpenSea Focus on your own position , Take a variety of measures to successfully spend “ The cold winter ”:

Open source : Receive commissions to ensure basic cash flow .OpenSea Commission is stipulated at the beginning of the launch , Comparison RareBits No first sale service charge and refund Gas Fee mechanism , The former effectively avoids excessive consumption in the cold winter of the market , Ensure continuous operation .

throttle :OpenSea Previously, the team size was streamlined . By 2020 year 8 month ,OpenSea The size of the team is only expanded to 7 people , On the one hand, a small and professional team can save redundant expenses , On the other hand, it can also improve the execution efficiency .

External excavation : Explore new external projects inclusively . Thanks to unrestricted market positioning , Cooperate with the initiative of the founder , In the early days OpenSea Listed projects outperform their peers , The open market is beginning to take shape .

Internal innovation : Innovative new features , Build a first mover advantage .2020 end of the year , new function Collection Manager go online , The user sold NFT There is no need to pay the chain cost before , Only charge when consumers buy Gas fee . The first functional innovation has expanded the supply of creators , Settled in combination with diversified projects in the early stage 、 Low threshold friendly atmosphere ,OpenSea Keep attracting a 、 Secondary market users , Liquidity continues to improve , The first mover advantage has been established before the outbreak of the industry .

Chart 21:OpenSea And competitors launched in the same period RareBits Comparison of early users

source :Dappradar, Research Department of CICC

Expansion period (2021 Years later ): Market warming has helped the platform set records , Valuations are rising rapidly .2021 year NFT The popularity of the market boosts OpenSea Rapid expansion of scale . according to Dune Analytics Statistics ,2021 year 3 month , The monthly trading volume of the platform exceeded... For the first time 1 Billion dollars ;4 month , The cumulative number of transaction users exceeded 10 ten thousand people ;7 month ,OpenSea The trading share in mainstream trading platforms has reached 93%;2021 The annual trading volume is 146 Billion dollars , Year-on-year growth 603 %. meanwhile ,OpenSea It is also increasingly concerned by the capital market , stay A16Z The lead cast has completed A、B Round of funding ,2021 year 7 The monthly valuation is up to 15 Billion dollars .2022 year 1 month , from Coatue Management、Paradigm Lead investment ,OpenSea Recapture C Round of funding 3 Billion dollars , Valuation of 133 Billion dollars .

Chart 22:OpenSea The development process of has gone through the initial stage of the market 、 Low tide and outbreak

source :OpenSea Official website ,Dune Analytics,IT orange , Research Department of CICC

notes : The transaction scale is only included in Ethereum main chain Ethereum Transactions realized on , Side chain transactions are not included

Business model : Connect buyers and sellers , Generate income from trading commissions

OpenSea It's docking NFT Trading platform of market buyers and sellers . The seller corresponds to the buyer OpenSea Creation of the main interface (Create) And explore (Explore) Two basic functions . The seller completes the creation and successfully sells NFT, Go through building NFT Project set 、 Create or upload NFT And choosing to sell , And carry out sales royalties 、 Setting of pricing method ; The buyer explores the function , You can browse... On the platform NFT assets , If you find your favorite product , You can pay the price or bid according to different sales methods . In the process , By increasing the number of wallets and blockchains supported by the platform side 、 Improve the volume of up chain assets and expand asset types , Undertake the function of maximizing transaction convenience , Build a converged market .

OpenSea The main source of income is the commission charged in the transaction . stay OpenSea Every transaction completed on , Platforms will charge 2.5% The sales and service fee of . stay NFT In the market , Some community driven 、 The token governance platform will return the service fee income to the user group . But as a stable market leader , Community governance is not OpenSea Our marketing focus , The founder of the team has control , All service fee income is owned by the platform .

Chart 23:OpenSea Platform page display

source :OpenSea Official website , Research Department of CICC

competitive edge : Inclusive and open , Building NFT Aggregate market

OpenSea The goal is to establish an open trading platform , Let a wide variety of NFT The market can be integrated 、 Searchable 、 Circulating , Create a user-friendly platform atmosphere in multiple ways . We think , Lower user threshold , Good purchasing experience and continuous community construction build the core competitiveness of the platform .

1 Low cost of use 、 High compatibility and simplicity of operation , Lower the user threshold .OpenSea A series of mechanism designs reflect the idea that everyone can participate , Simplify the difficulty of getting started , Improve the attractiveness of the platform .

Low use cost : First ,OpenSea Unrestricted entry allows anyone to create their own NFT works , This fundamentally reduces the entry threshold of the platform ; second , Initiate “ Upload without Gas cost ” The function of , Further expand the user base ; Third ,2.5% Our sales rates are lower than most of our competitors , Cooperate with Ethereum side chain , Reduce customer transaction costs .

Strong compatibility : In terms of quantity ,OpenSea Compatible smart wallet 、 The number of blockchains is leading . at present , The platform supports MetaMask、Coinbase Wallet etc. 13 A smart wallet ; Support Ethereum、Polygon、Klaytn Assets on the three chains . among ,Polygon As Ethereum The side chain of , The two can interact with each other , To alleviate Ethereum Network congestion pressure , Realize the acceleration and reduction of transaction fees . follow-up ,OpenSea It will also promote and Flow、Tezos And other blockchain cooperation .

Chart 24:OpenSea Compatible smart wallet 、 The number of blockchains leads the industry

source : Official websites of all platforms , Research Department of CICC

notes :Rarible List only Ethereum Wallet for support ,Tezos and Flow There are other exclusive wallets on the chain, which are not listed here

The operation process is simple : One side , Users only need to upload files 、 Fill in the name, product description and other steps to create a NFT. Optional information also includes NFT Custom properties 、 Grade or number , And special functions such as setting the hidden content of the holder , It is convenient for the creator to operate with one key . On the other hand , Users can also choose to import assets directly from a third-party platform .

2 Asset types are rich and diverse 、 The retrieval algorithm is powerful , Provide users with a good purchase experience . Comprehensive asset category superposition and advanced retrieval algorithm ,OpenSea To meet the personalized needs of users .

NFT Asset diversification , The coverage scene is rich : In terms of total amount , According to the official website , stay OpenSea On-line NFT Project set (Collections) Has accumulated more than 200 m , Contains a single NFT The total number of products exceeds 8,000 Thousands of pieces of . From the perspective of type , The platform covers art 、 Collection 、 game 、 Nine types of sports NFT, Provide users with rich choice space .

The retrieval algorithm is powerful , Optimize the user experience :OpenSea Allows users to retrieve information according to the characteristics of different items NFT. for example , Yes CryptoPunk and BAYC For buyers of , There is a big difference in the labels of the items belonging to the two items :CryptoPunks According to different skin colors 、 Classification of hair accessories and accessories ,BAYC In the hair color 、 There is a distinction between eye and facial movements . According to the issuer in casting NFT Properties set when ,OpenSea Added custom filters for each itemset , It is convenient for buyers to filter and search different items .

Chart 25:CryptoPunks and BAYC Have their own retrieval filters on the platform

source :OpenSea, Research Department of CICC

3 Community investment project back feeding platform .2022 year 2 month ,OpenSea Introduction Ecosystem Grants and OpenSea Ventures Two community investment projects . The former is mainly for development NFT Casting and trading tools 、 Support new user entry and resource provision 、 Three types of teams that create high accessibility and inclusive space , Give financial support . The latter revolves around Web3.0 Invest in Ecology , Focus on the multi chain world 、NFT Social and gaming 、NFT Standard agreement 、 Four directions of transaction activity analyst or aggregation tool . We think , The launch of the two investment projects will help the platform to better improve the infrastructure 、 Master cutting edge technology .

Sum up , First mover advantage and scale effect help OpenSea Secure leadership . Under the influence of events such as token airdrop ,Rarible and LooksRare And other community governance platforms once exceeded OpenSea, But in terms of user size ,OpenSea Still in a dominant position . We think ,Rarible and LooksRare There is community decision-making 、 Token governance and other characteristics , Closer to Web3.0 Conception . However, when the market is not yet fully mature , The increase in sales often comes from trading , That is, a small number of speculators complete most transactions , The platform does not attract user circles that can bring continuous liquidity increment . conversely ,OpenSea The accumulated first mover advantage and scale effect are enough to make it face the challenges of competitors .

Chart 26:OpenSea、Rarible and LooksRare The basic situation of the platform is relatively

source :Dune Analytics, Official websites of all platforms , Research Department of CICC
notes : Data up to 2022 year 4 month

View domestic : The tide is rising ,NFT Where will the market go ?

Industry Overview : The development stage is relatively primary , The layout of large factories has accelerated

At home NFT The market development stage is relatively primary . At home NFT The industry started late , since 2Q21 Internet platforms began to enter ,3Q21 overseas NFT The popularity of the market drives big factories to enter the market one after another , Launch your own NFT trading platform . However, due to the differences in market environment at home and abroad , The path chosen by the above platform is differentiated from the overseas model , At present, the primary transaction of digital collections is the core . We think ,2021 It's in China NFT The first year of the market , It can be divided into two stages :

Starting point : In the early stage, we mainly learned from overseas experience .2021 year 4-5 month , The music copyright industry has NFT Cooperation in the field :4 month , Douban music copyright company Vfine Music And streaming media NFT trading platform CyberStop Achieve cooperation , Musicians can publish on the platform NFT;5 Month spark Yinyue released the brand Free Spark, Become the first domestic focus on music NFT Issuing agency , Then music bee launched NFT plate , Protect musicians 、 transaction 、 Rights protection services . Besides , Integrated trading platform NFT China is also in 5 Monthly online , With UGC Ecology as the core , Location and OpenSea similar . We think , On the one hand, music copyright companies took the lead in entering the Bureau , Reflect the domestic demand for NFT Our knowledge still focuses on copyright protection , More as a supplement to their own business line ; On the other hand ,NFT China is online in the public chain to facilitate docking with overseas markets 、 Rich liquidity , The platform model refers to overseas experience ; As a whole , The market tries to learn from overseas markets .

Development period : The tide is rising, attracting big factories into the game . With the hot overseas market , Domestic right NFT The depth of cognition , Major Internet platforms began to launch their own NFT trading platform : Alibaba 2021 year 5 In June, through Alibaba auction organization NFT The auction , And in 6 In June, the ant chain vermicelli released a joint name NFT product ,12 In June, it was officially announced to upgrade ant chain vermicelli to a digital collection platform “ Whale probe ”; Netease in 6-7 Month has used its entertainment IP Introduction NFT Commemorative coins and blind boxes ,2022 year 1 Netease planet was launched in June · Digital collection platform ; tencent On 8 Online trading platform in January “ Psychedelic nucleus ”, First limited sale 300 Mei Yousheng 《 13 invited 》 Digital art collection , Then Tencent music (TME) Announce on QQ The first collection of music online . Visual China is in 8 Announced the use of NFT Technology empowerment 500px After community , On 12 The trading platform was officially released in June “ Meta vision ”. in addition to , JD.COM 、 Baidu 、 Byte jitter, etc NFT field .

At this stage, the layout of large factories has accelerated , The distribution content is expanded to be based on its own IP Or all kinds of digital collections with copyright , Exchange a limited amount 、 In the form of blind box , Positioning is mostly social functions such as collection and display , There are differences with overseas models .

Chart 27: Big factories have entered the domestic market one after another NFT market

source : Official websites of all platforms , Research Department of CICC

Chart 28: Main products launched in China NFT Overview of the platform

source : Official websites of all platforms , Research Department of CICC
notes : Data up to 2022 year 5 month

Market comparison : Limited openness , The extension space is vast

The domestic policy environment strictly prohibits virtual currency transactions and illegal token financing . First , Strictly prohibit the speculation of virtual currency trading . As early as 2013 year , The central bank and other five departments have issued 《 Notice on prevention of bitcoin risk 》, All financial and Payment institutions are prohibited from engaging in bitcoin related businesses ;2021 year 9 month , Issued by the national development and Reform Commission and other departments 《 On the regulation of virtual currency “ dig ” Notice of the event 》, take “ dig ” Activities are classified as eliminated industries .2022 year 4 month , Three associations jointly issued 《 On Prevention NFT Initiatives related to financial risks 》, To prevent speculation 、 Money laundering 、 Risks and hidden dangers such as illegal financial activities . therefore , All the major enterprises in China NFT All platforms use RMB as the transaction currency , Virtual currency settlement is not supported . secondly ,2017 Issued by the central bank and other seven departments in 《 Notice on preventing the financing risk of token issuance 》 Identify token issuance financing as illegal financing .NFT There is a certain sensitivity as a token , Most domestic platforms define it as “ Digital collection ”, And prohibit secondary market transactions from the perspective of anti speculation . Sum up , Due to the strong domestic regulatory environment ,NFT The attribute of investment goods is weakened .

Chart 29: Under the background of strict supervision, domestic NFT The market mainly emphasizes the concept of digital collection

source : Official website of the Central People's Government of the people's Republic of China , Research Department of CICC

Domestic multi structure self owned alliance chain . And most overseas NFT The platform relies on the public chain and has different architectures , At home NFT Multi platform architecture runs on the alliance chain . The public chain allows anyone to read 、 Send transactions and participate in consensus , Wider coverage , And all nodes in the chain are public , It has the characteristics of complete decentralization , The possibility of malicious tampering is low ; The alliance chain is jointly managed by multiple institutions , Each organization runs multiple or one node , Data is transmitted only between institutions . Due to the fixed number and identity of nodes , Compared with Ethereum and other public chains, the data processing efficiency is higher . But the characteristics of incomplete decentralization , Make the alliance chain have the possibility of data modification . Besides , The alliance chain still lacks unified industry standards , The application solutions provided for different developers are also different , Inconvenient NFT Assets flow across platforms .

Chart 30: The alliance chain is jointly managed by multiple institutions

source :ChainNews, Research Department of CICC

Domestic platforms are based on PGC The mode is the main , Strong commercial marketing function . Sold on domestic platforms NFT There are two main sources : First of all , have IP derivative . for example , Jingdong in “ Lingxi ” The first batch of online NFT With a mascot “Joy” For prototyping ; And Netease's launch of the alpaca three three three commemorative coins 、《 Never stop 》NFT Blind box, etc . second , Co artists or other co artists IP. for example ,“ Meta vision ” That is, visual China relies on the copyright content accumulated for many years , Finish right 500px From the upgrading of the image community , The first products include well-known photographic works 《 I want to go to school 》 etc. . We think , Current domestic NFT The application scenario of the platform focuses on commercial marketing services : One side , Distribution through professional creators based on specific events or IP Digital content , emphasize NFT The commemorative value of , Cooperate with brand 、 Goods or IP Publicity of ; On the other hand , Receive through a limited amount 、 Blind box extraction 、 Specific user exclusive and other forms of non sales acquisition , Attract user groups from other business lines to participate NFT Community . Take Netease planet · Take the digital collection platform as an example , Its platform application scenario is positioned as brand marketing 、 Goods with goods 、 Exhibition linkage and fan operation .

Chart 31: Netease planet · The digital collection platform defines the application scenario as brand marketing 、 Goods with goods 、 Four directions of exhibition linkage and fan operation

source : Netease planet · Digital collection platform , Research Department of CICC

Future outlook : Supervise or further regulate , The application scenario continues to improve

At home NFT The market is still in its infancy , There is still a lot of potential space to explore . Learn from overseas relatively mature experience , We think the future is in the market environment 、 Circulation process 、 The promotion of creators and buyers in four directions , Or give birth to a new ecosystem of the industry :

market environment : Regulatory environment or further regulation . The policy environment is out of the need to maintain the order of the economy and financial market , Highly sensitive to virtual currency and token transactions .NFT The market is in full swing , However, there is no clear and standardized regulatory system to restrict , Potential money laundering 、 Financing and other risks cannot be ignored . We think ,NFT The healthy and long-term development of the market is inseparable from the further regulation of supervision .2021 Since, relevant departments and organizations have formulated industry standards 、 Put forward relevant policy proposals , Specifically, there may be deepening supervision in three aspects :

Strengthen copyright protection :NFT It can become the starting point of blockchain applications in the field of copyright . if NFT The copyright registration and rights protection mechanism has been improved , Make 、 issue 、 The copyright protection of sales and other links has been implemented , On the premise of compliance ,NFT Or can play a deeper role in copyright authentication 、 Fight against piracy and other aspects .

Strengthen issuance management : Similar to traditional publication distribution ,NFT The illegal and bad contents in the issuance need to be supervised and managed , Cultivate a healthy and upward digital content creation atmosphere , Promote the dissemination of excellent culture , Consolidate the sound production foundation of the entertainment industry .

Strengthen transaction supervision : Relevant departments to be issued NFT Trading platform access system 、 Raise the threshold of administrative examination and approval , Strengthen the supervision and management of transaction data , Strengthen the crackdown on illegal speculation . We believe that the promotion of digital RMB may boost NFT Regulatory transactions . According to official statistics , By 2021 year 12 month 31 Japan , The pilot scenario of digital RMB has exceeded 809 m , Covering major areas of the country , Accumulated opening of personal wallet 2.61 One hundred million , Transaction amount 876 One hundred million yuan . Digital RMB has centralized supervision 、 The characteristics of government credit endorsement , With the NFT Application combination , It can avoid overseas NFT The market is exposed to the risk of fluctuations in the value of priced currencies such as ether , It can also facilitate the background supervision of relevant departments .

Circulation process : On a compliance basis , Develop secondary market and domestic public chain . Re creation of the secondary market 、 Re trading can be NFT Inject higher liquidity into the industry , At present, due to the purpose of preventing speculation, the platform does not open secondary trading , but “ Whale probe ” And other platforms now support conditional donation . We think , If the platform regulations become more and more perfect , It is expected to meet the compliance requirements while gradually liberalizing the secondary trading 、 A literary creation 、 Gifts and other functions , Explore more diverse ways to play . Domestic public chains can complement the industry ecology , Previously, the tree graph chain (Conflux)、 Wave field chain (TRON)、 Little ant chain (NEO) And other domestic public chains came into being in the popularity of the blockchain market , However, limited by domestic environment and technical limitations, it has not caused great repercussions . We think , With the maturity of domestic blockchain Application Technology , Carrying domestic public chain may become an important choice to expand the radiation range of platform transactions .

Creator : Richer content sources . As a Creator , overseas NFT The market includes UGC Patterns and PGC Pattern , Give consideration to the breadth and depth of the user circle . Through development UGC Mode can give users more free creative space , Expand the platform NFT Quantity and type of products , Attract ordinary users to the platform 、 An important way to participate in Ecology . Take tianxiaxiu digital collection platform TopHolder Take the cooperation mode with microblog as an example , Microblog users can access... On their personal home page TopHolder, After application and review, the original microblog can be linked and stored in the certificate , stay TopHolder sale 、 Show on Weibo .TopHolder Relying on the huge content creator resources of microblog , Expand the source of platform works ; Microblog creators have more diversified ways to realize , Output through content 、 Fan interaction , With other creators 、 Collectors communicate about digital collections , Social value is recognized . In terms of creative content , Now the major platforms have covered the existing copyright resources 、 Own and joint names IP And other main materials , In the future, the competition between platforms may continue to focus on signing artist resources 、 Further develop its IP And heavy joint development . We think , There is room for deep excavation in these three ways : First , The choice of artists or co nominees is now mostly the art, culture and Museum team , game 、 sports 、 Music and other fields need to be enriched . secondly , Nowadays, the most popular virtual image category overseas NFT The project is still in short supply in the domestic market , We expect domestic platforms to use their own resources IP Or develop original IP Create similar projects , Enhance platform community properties .

purchaser : The application scenario is gradually implemented . Review overseas markets , Can be used for NFT The products are divided into three categories :1) Practicability of copyright confirmation NFT;2) Digital collections and other consumer goods NFT;3) game 、 Meta universe 、 Financial derivatives, etc Web3.0 World NFT. At present, only the first two scenarios are implemented in China , We expect the industry to launch deeper applications in the future :

NFT+ Real right confirmation : With the characteristics of permanent preservation and tamper proof ,NFT The functionality of can be extended to the confirmation of personal identity and physical assets , It has natural utilization value in Digital Management . Personally , Put your ID card 、 Personal information certificates such as academic certificates are linked , Integrate multi regional information , Improve the management efficiency of relevant departments . On physical assets , The chain of physical asset warrants can facilitate traceability 、 Circulation transactions , Promote the cross regional circulation of assets . for example , Hainan International Culture and art trading center has the first compliance center in China NFT Digital property rights trading center , We have begun to try out physical art digital vouchers and property rights transactions , Through full payment and full goods 、 One to one real name transaction 、T+5 Transfer mechanism 、 Eliminate electronic matching and other mechanism design , Avoid traditional digital copyright transactions or “ speculate on the stock market ” The pain points . We think , In the future, the chain scope of physical assets can also be extended to real estate 、 Car production and other types , combination ARVR Technology to create a remote house 、 New purchase experience .

Chart 32: Hainan International Culture and Art Trading Center ( to grant authorization )NFT Flow diagram of development center

source : Haiwenjiao official website , Research Department of CICC

NFT+ Additional interest : Give the holder a specific interest ,NFT It can become a link between publishers and users , Provide the original user base for the platform to build a comprehensive community in the future . for example , Digital platform Ezek And Jay Chou's trendy cards PHANTACi Jointly launched phantom bear NFT(PhantaBear), At the same time Ezek Club My membership card , Holders can enjoy different levels of interests . according to Ezek Official website information , Future members are expected to hold NFT, Enter the virtual concert or virtual real estate organized by the platform , Explore more possibilities .

Chart 33:PhantaBear NFT The holder is Ezek Various rights and interests can be enjoyed in the four-stage layout

source :Ezek Official website , Research Department of CICC

NFT+ Interactive application : Play blockchain games 、 Virtual real estate is highly representative NFT Future period . From the domestic situation , Many platforms are already App Set the exhibition hall for the user's collection in , But mainly limited to the collection display 、 Friends visit and other functions , Slightly less interactive . According to Reuters ,2022 year 3 In June, Tencent invested in overseas blockchain game companies Immutable, Take the lead in publicly setting foot in non digital collections NFT field , It can be seen that large domestic factories have begun to try the layout of a new stage . Learn from overseas , Chain Tour Axie Infinity And the virtual world Decentraland They are all head projects in their respective fields . The former is a card strategy game , Players collect 、 Training 、 To cultivate 、 Breeding elves Axies, You can trade Axies And game land benefits , And through daily tasks 、 Players will be rewarded with tokens in battle , Now it has become the number one in terms of transaction volume NFT project . The latter is a virtual world based on Ethereum , Users can use tokens MANA Buy 、 Rent or sell virtual land ( There is an upper limit ), And create... On the land 3D scene ; You can also design 、 Wear or sell clothing 、 Virtual image elements such as accessories and body features NFT, In a new image “ life ” In the virtual world .

We think ,NFT Not just products , It's also a community experience . Whether it's copyright confirmation 、 Collection display or interactive application ,NFT In the ideal picture described behind , The user will be based on the NFT Enter a specific community , Participate in community communication with a new virtual identity 、 Entertainment 、 Space construction and other interaction , Complete the construction of new Internet identity , And this is building “ Meta universe ” The only way for bottom construction .

Risk warning

Industry policy risk : At present, it is clearly aimed at NFT The policy of the industry has not been issued yet , If the relevant regulatory policies are improved in the future , Industry development or more standardized ,NFT Promotion and application may be affected . And China is cautious about the field of encrypted assets , In combination with the recent tightening of supervision on the Internet and entertainment industry ,NFT In the game 、 Or limited in application scenarios such as metauniverse .

NFT Technological progress is less than expected :NFT Emphasize the uniqueness and authenticity of the work , If the anti-counterfeiting technology fails to effectively iterate and upgrade , This leads to a large number of unauthorized products being released on the chain , It is difficult for the platform or creator to trace and authenticate , Will reduce the purchase price NFT The attraction of assets to users .

NFT The liquidity of the transaction is lower than expected :NFT Mainly realized through the trading and circulation of digital content . In terms of content supply , If the audit mechanism is not perfect , A large number of works with uneven content flooded the market , Or it is difficult to form a continuous attraction to users ; In terms of circulation mechanism , If secondary circulation channels are always limited , Lead to NFT Decreased liquidity , User purchase NFT You can only collect yourself , May lead to NFT Insufficient liquidity .

NFT The security of the platform is not as expected :NFT The application in the field of copyright depends on the characteristics that can not be easily tampered with , but OpenSea And other trading platform accounts are still stolen , So as to transfer the risk of account assets . If platform anti-theft technology 、 Insufficient traceability of back office transactions , Lead users NFT Assets cannot be recovered after being stolen , Will affect NFT The actual landing value of .

Legal authentication : of NFT The legal recognition norms of assets need to be implemented . One side , Copyright of digital content 、 The assignment of commercial rights and other rights is relatively vague , In case of disputes or lack of effective protection ; On the other hand , Pirate NFT Whether the assets are subject to relevant laws 、 How platforms or creators protect their rights , Legal solutions to be improved .

[1] Data sources :Nonfungible

Source of the article

This article excerpts from :2022 year 5 month 9 It has been released on 《 Metauniverse series : A pass to explore the meta universe ——NFT》

Zhang Xueqing ,CFA SAC Practicing certificate No :S0080517090001 SFC CE Ref:BNC281

The tang dynasty     Jing SAC Practicing certificate No :S0080121040028 SFC CE Ref:BSD813

money     kay SAC Practicing certificate No :S0080513050004 SFC CE Ref:AZA933

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