On April 17th, BlockBeats together with the next-generation game digital economy platform Cocos-BCX, and Binance Smart Chain BSC co-hosted the NFT-themed MeetUp-”Who will lead the NFT together with crypto art?” in Chengdu, discussing together with DEGO China, MathWallet, Rocki and other guests on the site to discuss the new trend of NFT.
At the beginning of the event, BlockBeats NFT researcher Sleepy traced the origins of NFT on the topic of “The Way Out of NFT”, and took stock of NFT from the initial projects such as Mooncats to the NBA Top Shot, which was out of the circle this year. At Christie’s auction of stunningly priced Beeple works, the NFT market has experienced exponential growth in both transaction volume and the number of participants. The growth of the NFT market is instant, so what will happen in the future, is the topic mainly Sleepy discussed with several guests.
As the first guest speaker, Jeff, BSC’s Asia-Pacific community manager, started from the science popularization of NFT, and briefly introduced some of the works and principles of NFT. He shared with the audience more than 500 NFT ecological projects currently deployed on Binance Smart Chain (BSC). Jeff said that BSC will support NFT seed projects in the future.
Jeff briefly explained some of the advantages for NFT choosing the BSC chain. Including very low gas fees, memes on the platform, full stack of NFT issuance tools, support for a variety of Ethereum NFT token standards etc..
The Dark Forest game once again pushed the blockchain games in front of crypto users. Cocos-BCX ecological technology contributor Reed set the Dark Forest game as an example and briefly analyzed the new trend of blockchain games development for the audience. Reed believes that although the Dark Forest game seems to be a simple web game, it has formed its own ecology soon after its launch. The main reason is because the game has a plug-in system which allows developers to improve anytime and anywhere based on their own feelings in this game. Through open source, community development of games has become one of the success factors of the Dark Forest game.
Reed believes that current blockchain games can basically be developed based on Layer 2 technology, and on the reason why to choose Layer 2, Reed also gave his own suggestions: The Layer 2 solution has high performance, low gas fee and EVM fully supported which are very suitable for constructing projects.
At the end, Reed combined Cocos-BCX’s own experience to express the necessity of embracing the Ethereum ecosystem in both aspects of project and individual investor.
Ms. Qing, the NFT wallet of Math Wallet’s Operation supervisor, shared his own ideas on the current NFT market on the topic of “How to Operate a Wallet and Seize the Opportunity”. She looked at the development of NFT from the relationship between the wallet and NFT, from the perspective of the wallet, and combed the progress of the NFT field.
Ms. Qing concluded that in the early days of NFT, original users and traders in crypto formed the basic group of the NFT market,in which wallets participated in the NFT entry. However, the NFT at that time was generally immature, with many shortcomings and weak marketing effects. Nowadays, with the rapid release of NFTs, developers are more active. Although they have made up for the shortcomings of participating users, the rapid popularity has also led to problems too such as higher participation thresholds and insufficient liquidity, under this scenario, the trading volume is not much comprimising.
The centralized outbreak is not entirely a good thing for NFT. Ms. Qing believes that the development of NFT in the market should be introduced step by step. Similar to DeFi, the continuous development after the emergence of gameplay innovations attracts more users and developers to explore and develop the market. The current situation of NFT is not very friendly to many newbikes. In addition, Ms. Qing also pointed out the liquidity problem of NFT, after the user’s secondary market trades, there will be no follow-up tracking. For the imagination of future scenarios, she proposed that perhaps NFT tickets will be an application direction in the future, and may even be combined with AR.
In the roundtable session, Jeff, BSC Asia Pacific community leader; Celilia,Rocki’s China Manager; Heifeng Li,DEGO China Sponsor ;Ms. Qing ,Math Wallet NFT wallet operations manager and Sleepy, BlockBeats NFT researcher together discussed many current hot trend of NFT.
Regarding the ownership of the NFT itself and the value it holds, Celilia of Rocki mentioned that Rocki is an ecosystem of music media, and the rights of users are ensured through copyright protection. For phenomenons like when users paid for music piece first and then do second hand trade, Celilia mentioned that this is a problem involving the concept of NFT-related storage. With the increase of works, the concept of IP generation and its storage collection will be brought about, and it will be adjusted based on different mechanisms guide to increase users’ copyright awareness in later.
For question above, Jeff believes that it can be seen from these two points. First, the love for the work itself will encourage users to buy genuine products. Second, the concept of NFT+DeFi will help reduce piracy. The data on the blockchain is available. Pirated products will naturally lack the market. Without circulation, it will be naturally eliminated.
Heiyang Li answered this question in the sense of NFT. He used the experience of Huanren Chen, a famous music producer in Hong Kong, China to explain why NFT can attract more artists and music producers. The current creative environment for musicians is not good, and the real income for musicians is not high. Therefore, musicians including Huanren Chen who want to explore whether NFT can bring some economic changes to these outstanding music producers in the future.
On the issue of how to have both liquidity and uniqueness, Celilia believes that the entire NFT ecosystem is still in a very early stage of development. Therefore, when the quantity is large, the liquidity will decrease. The financialization of NFT is a relatively important support for the flourishing of NFT. Financialization is a very important foundation to ensure the prosperity of subdivision tracks, because most users really do not come for art, but for making money from the appreciation of assets.
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