Recently, the Next-Gen Digital Game Economy Cocos-BCX, Binance Smart Chain BSC and Block Beats, one of the sharpest Blockchain observers co-organized an NFT-themed MeetUp “Who Will Lead the NFT Together with Crypto Art” in Chengdu, China.
This MeetUp was hosted by BlockBeats NFT researcher Sleepy. COCOS-BCX Ecological Technology Contributor Reed, Chairman of BSC Asia Pacific Community Jeff, DEGO China Xavier, MathWallet Raine, Rocki China Celilia and other guests joined the meeting. They discussed the NFT, which can be used for all industries, and made great achievements in the field of encryption art. Meanwhile, they discussed the fields where NFT can continue the heat.
Here follows the summary of this MeetUp.
Sleepy: NFT’s Way Out of The NFT Circle
Sleepy from BlockBeats NFT researcher, as the host of MeetUp, started with his speech about the development of NFT. The first NFT project, CryptoPunks, launched in 2017, has a total of supply 100 million tokens. The current total transaction volume reached 234 million dollars. Most transactions occurred since Q4 of 2020. Today, the unit price starts from $49,000.
CryptoKitties led the way to make NFT “Out of the circle”. It was also the first NFT project that crashed the Ethereum network.
After “CryptoKitties”, the industry has entered a period of blooming. Until August of 2020, DeFi became a big hit. The combination of NFT and DeFi gave birth to representative projects like DEGO;
To date, one of the most popular chain games is NBA Top Shot.
Besides, it is the crypto art that sparked a boom in 2021. Nifty Gateway is one of the most hyped crypto art trading platforms. After being acquired, Nifty Gateway invited well-known artists including Beeple, Pak, Mad Dog Jones, and others to join the platform. Works issued by these encrypted artists brought revenues to them by auctions.
After gaining volume and money, Nifty Gateway began to support new artists, inviting artists without fans to publish works on this platform to spread the encrypted art ecology.
When NFT spread to the traditional field, Christie’s, Sotheby’s, and Phillips, the three top auction houses in the world, invited three artists to traditional auction houses to auction encrypted artworks. Beeple, Christie’s auctioned works, has a final turnover of 69 million US dollars.
After reviewing the development history of NFT, Sleepy brought out the theme of this MeetUp-“Who Will Lead the NFT Together with Crypto Art”, and guests to continue speeches.
Jeff: NFT Ecology and Data Sharing on BSC
Chairman of BSC Asia Pacific Community Jeff began his speech using 10 CNY as an example to explain the difference between FT and NFT.
Jeff said, “10 CNY is an FT (fungible token), because my 10 CNY are the same as yours. But NFT is a non-fungible token, each NFT can be unique.”
“We all use the Internet where we can create music, art, or write novels. Then we can combine these creative works with blockchain technology. It can be on the blockchain to ensure that the existing methods are to find a place on the blockchain, then tokenize it, and then transfer value. This is the current condition of NFT.”
Then Jeff described the classification of NFT as follows:
1. Artwork. Artwork usually displays on some trading markets and then works on projects.
2. Collectibles, as mentioned earlier, are known as programs like CryptoKitties, CryptoPunks, NBA Top Shot (Flow).
3. Combination of game/VR/virtual world and reality. Decentraland represents these crypto games.
4. Social media related to content. For example, the text on Twitter can be tweeted and cast into an NFT. Rocki made music into an NFT.
5. In terms of physical world assets, some people issue them in stores to make NFTs of the physical world.
Finally, Jeff shared the current landscape on Binance Smart Chain.
Reed: In terms of chain game development, choose side chain for the short-term, OP Rollup in the mid-term, and ZK Rollup in the long-term
Reed, Cocos-BCX Ecological Technology Contributor, described the new development trend of chain games from the Dark Forest.
He added, “Dark Forest” is a decentralized real-time strategy game, the concept comes from Liu Cixin’s “The Three-Body Problem”. The game is themed at space conquest. “Dark Forest” was recommended by Vitalik when DeFi was turning white-hot. Although this chain game is still rudimentary, it has a plug-in system. Developers can follow the problems they encounter in the game and develop plug-ins by themselves. “Dark Forest” is a niche while it has also formed its ecology.
With the help of Layer 2 and ‘Zero-Knowledge Proof’, “Dark Forest” successfully solved two problems that blockchain games have been facing. First, the frequent interaction between game operations and the chain affects the game experience which also causes a burden on the chain. Black box problem is the other problem that appears in games.
In addition, the entire game logic of “Dark Forest” runs on the chain, which is different from the previous chain games where only the core links and core logic are on the chain.
The current Layer2 technology of Ethereum develops rapidly. And there are various technical genres. It solves the scalability problem of Ethereum and then fully supports the operation of chain games. This is also one of the reasons why Cocos-BCX chose to embrace the Ethereum ecosystem and the BSC ecosystem.
Taking “Dark Forest” as an example, after analyzing the development possibilities of current chain games, Reed further elaborated on how to choose public chains for the current development of chain games. Features are as follows:
1. Performance. The chain should support real-time interaction between developers and players;
2. Low rates. At present, the fees of Ethereum are expensive, and BSC is a relatively good “replacement”;
3. Solid ecology. A solid ecology means that there are adequate users and assets;
4. Complete EVM support that can lower the development threshold for developers.
Based on these considerations, Reed believes Cocos-BCX also thought of a strategy when thinking about the selection of chain games, that is, short-term selection of side chains. For example, BSC can be selected as a typical Ethereum side chain, which can satisfy the demands. In the medium term, Cocos will choose OP Rollup, because OP Rollup’s EVM support is perfect, and the migration cost will be very low for developers. In the long run, ZK Rollup is a good choice. If ZK Rollup solves the EVM problem well, and if TPS can reach 20,000 like its newly- launched game zkPorter, it can support the operation of many applications.
Raine: Wallet is The Entrance to Blockchain
Raine, the head of MathWallet operations, shared three views on the current NFT industry from the perspective of wallets.
Firstly, she pointed out the relationship between wallet and NFT. A digital wallet is the entrance to the blockchain, carrying functions like asset storage, transfer, display, and transaction. This also applies to NFT assets;
She also pointed out the wealth effect of NFT. In early 2017, the popularity of “CryptoKitties” inspired the first major hot spot of NFT. But the long-tail effect of NFT at that time didn’t last long. And it didn’t break through the blockchain games to cause a greater craze. And this year, Beeple’s NFT paintings with 5,000 paintings on one sheet were auctioned with more than 60 million dollars, which directly detonated the upsurge of “inside and outside the circle”. Everyone is looking for ways to participate.
In Raine’s opinion, the biggest problem with NFT lies in the insufficient liquidity, “I traded in the secondary market for users now, and then I am out. I will not pay attention to this thing anymore. I placed the order there. Furthermore, I received the transfer, and after my pending order was over, I completed the transactions. People did not pay more attention to the future development direction of it in the secondary market.”
Third, she hopes everyone can participate in the NFT world. In Raine’s view, the application of NFT will be more extensive in the future. Her friend currently discussing with her when planning the comic show whether MathWallet can provide NFT support so that the comic exhibition ticket can be made into an NFT. And then organizers send NFTs directly to the user’s mobile phone, using NFT tickets as the ticket to participate in the exhibition.
“I think the NFT is very commemorative in the use case. After users get this NFT, they can remember that they have participated in this exhibition, or when they talked with their children in the future. It can be used as proof of attendance.”
“And the NFT can always be inspected on the chain. You can send it to your good friends or gift to them. I think this is very practical. From invoices to some small application scenarios. A VR movie called “Best Player” describes the future era. As far as the very virtual things in its movie scenes are concerned, I think the connection with NFT will become possible in the future. We are developing towards this vision and acquiring it.”
Round Table Discussion: The NFT industry is still young, More attention should be paid to structured descriptions after arousing interest
At the end of MeetUp, Jeff, Xavier, Raine, and Celilia respectively expressed their views on the NFT industry at the Round Table Discussion.
Jeff further shared the NFT projects he has observed so far, and further shared his views on NFT from the perspectives of privacy and copyright. “When we are really into something, we will pay much attention to its value. For example, we won’t exchange genuine items for pirated items. We will prefer genuine items. Similarly, when NFT is combined with DeFi, fake items have no value, nor can they be mortgaged, leased, or traded.”
“In terms of mobility, if you are a creator, your work relies on the local platform to circulate at first. But when you NFTize your work and put it on the Internet. People who like your work will spread from a region to all over the world. “
As the founder of DEGO China, Xavier bluntly stated that there are currently many projects with the concept of NFT that are valueless. “When the direction is wrong, it is useless to do whatever you do.”
Xavier believes, “At present, we are in the early stage where NFT has attracted people’s interest. People are beginning to pay more attention to the value of IP+NFT, but this is still a narrow direction. Next, we should pay more attention to the value of NFT as a structure. An NFT can contain information including name, picture, address, assets, etc. This can also further support the operability of the NFT, and users can freely create and trade their NFT assets.”
At the same time, Xavier said that NFT can solve the problem of mutual trust in the industry. It reduces the cost of transaction friction in the 1.5-level market. For example, the assets in the form of NFT with unlock time and a total number of distributors embedded in the asset. This can make the 1.5-level market flow. People no need to find a trusted friend and can rest assured that the market is secure.
Raine mentioned that it is a good direction to explore the current players’ display needs for NFT assets. It is also a contribution that the wallet can make to the NFT field. “When more developers join this field, there will be more inspirations, and even some things in “Top Player” will be realized. I think this future can be expected. I hope we can work together for a better one. Direction to guide the development of the NFT industry.”
Celilia, as the head of the music NFT project Rocki in China, explained from the perspectives of copyright and income. NFT will be able to solve the current problem of uneven distribution of benefits in the music industry. For example, relying on NFT, painters and musicians can directly sell to people who like their NFT works. A lot of trouble can be saved in the middle, and the development of NFT will also help to confirm copyright.
And Celilia believes that the current NFT ecosystem is still in an early stage. Under normal circumstances, too many NFTs will affect liquidity. And financialization is an important means to support the development of NFTs. Most of the current groups in the NFT market are those who are in the blockchain circle. Everyone focuses on making money than the artistry of NFT itself.
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