Cocos-BCX Reed：Regular users can first hold NFT concept tokens with better liquidity than NFT assets
On September 5th, Cocos-BCX technical contributor Reed made a NFT-themed sharing at the 2020 CHAINSIGHTS Global Blockchain and Digital Finance Summit.
Reed said that the current blockchain industry lacks good application scenarios, so that NFT lacks asset targets that are conducive to circulation. Taking games as an example, the NFT transformation of traditional games involves too many interest entanglements, and the industry lacks native NFT games. This is what the industry needs to achieve and is one of the directions that Cocos-BCX is exploring.
NFT is a medium for mapping offline assets to online in the process of asset data
According to a semi-annual report released by NonFungible.com on July 7th, the value of NFT USD transactions in the first half of 2020 soared to 230 million USD, an increase of nearly 300% year-on-year, with 78,881 active users, an increase of 5.7% over the same period.
NFT has become an existence that can compete with DeFi, and has become prominent in the field of encryption art.
Reed believes that based on the development path of digital assets-digital assetization and asset digitization, the current digital assets represented by BTC and ETH have multiple asset attributes. Taking DeFi as an example, the blockchain is building new financial ecology.
At the same time, from the perspective of asset digitization, the essence of asset digitization is to map offline assets digitization to online, and the imagination of digitizable assets is huge, such as various fixed assets represented by real estate, tickets, etc. Vouchers that often appear in life, lively artworks, medals that prove community contributions, etc.
For example, Cocos-BCX provides NFT ticket support for ChinaJoyPlus, and this year ChinaJoyPlus is reported to have 600 million online traffic.
These assets are communicated online and offline through NFT, so the NFT market has great potential.
The scarcity of high-quality applications limits the development of NFTs
Since “Crypto Cat” caused the market to pay attention to NFT assets, and even broke the circle to bring traffic and funds, NFT has fallen into a relatively stable state. The popularity is still there, but there is no climax.
In the face of this situation, Reed analyzed that it is because the industry currently has fewer ecological applications based on the flow of NFT assets:
“For the current hot DeFi situation, the ERC-20 asset targets with value on Ethereum are very rich, which can support the demand for DeFi applications and support more financial needs, such as lending and leasing.
However, the current NFT does not have such a circulation scenario. There are fewer applications that can support the NFT circulation. People who own encrypted assets do not mean that they have NFT assets simultaneously. This makes it difficult for NFTs to become as fast as DeFi.
If you want to change this status quo, you need to solve it from two aspects: 1. Continue to create excellent NFT applications, focusing on games and artworks; 2. NFTize valuable off-chain assets to. Introduce more high-quality NFT asset targets. “
For regular users, the liquidity of the Token of the NFT concept is better than that of the NFT asset
The concept of the blockchain industry rotates fast, and when the concept is hot, it may not be the most perfect time. NFT is a relatively high-quality direction of the blockchain industry, but the NFT sector also has problems such as insufficient liquidity, traceability of transactions, and visibility of collection owners.
Reed said that for ordinary people, in the current situation, instead of choosing NFT artworks with erratic value, it is better to choose Tokens with the concept of NFT. The liquidity of the latter is generally better than the former.
In addition, once the blockchain transaction NFT works of art privacy issues, once a scale is formed, there will be people who will respond to their needs to solve the problem. Now this demand is still in a small state, and it is not worth building a new project alone.
Finally, Reed emphasized once again: “From the perspective of the development path of digital assets, NFT will definitely be promising in the future. I hope that on the one hand, there will be more good NFT applications on the chain, and with the production of high-quality NFT targets, The NFTization of off-chain assets is also a broad market.
We can imagine that when the house is traded in the future, the transfer triggers the contract, and the loan and the relevant interest rate are determined, and the ownership of the house is transferred. There is no need for cumbersome intermediate processes. Think about it, can’t be too beautiful! ”
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