【Review】Can NFT Become a Breaking Point for This Year

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On November 6th,2020,Cocos-BCX was invited to participate in the online AMA of “2020 Knowledge Create Wealth·Focus on NFT Industry” jointly organized by PANews, Lianchaguan, and LIANDU.Together with 9 big NFT projects like Coin of Darkness 2, DEGO,SANDBOX ,etc. brought the theme of “Can NFT Become a Breaking Point for This Year” for sharing.Cocos-BCX Ecological Operations Officer Yuechao Zhang attended and shared on behalf of Cocos-BCX.Sharing content is organized as follows:

Hello everyone, let me introduce the progress of Cocos-BCX.

Cocos-BCX ,the platform for next generation of digital game economy,aims to create an integrated multi-platform runtime environment for games, providing blockchain game developers with convenience and completeness in the development process, while bringing users a brand new gaming experience in an unprecedented gaming status , meanwhile all assets acquired in the game will be wholly owned by our users.

There is a relatively complete ecology on chain games, the above gamefis include:《Crypto Knight》、《Dragons Must Die》、《Snake》、《Cocos Shooting》、《Token Planet》、《Xpet》、《Panda Games》、《Go Block》、《Ganghood Survivial》etc. excellent gamefis.

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In the NFT field, we have the Cocos1808 standard. Users can create nft assets independently at a very low cost, and support the split and synthesis of atomic operations.

1. The country’s largest ChinaJoy e-ticket is produced using the 1808 standard of the Cocos-BCX chain

2. In DeFi ecological projects such as Croswap and CFS, the 1808 standard NFT is used as the basis for dividends, which is similar to the DEGO.

Can NFT stand alone and become a new wave?

In fact, the popularity of NFT has something to do with DeFi, especially the financial gameplay of theDeFi project is really eye-opening, broadens the mindset, and gives a life-saving shot to the chain that has been silent for a long time.

Although the DeFi craze has declined, we have seen that real high-quality projects have settled down, such as Uniswap, Curve, DEGO and other projects, which will surely become more powerful over time.

But I think it is difficult for NFT to be on its own at present, and it needs to be more deeply integrated with games and DeFi.This may be a way out.For example, we see that DEGO is doing very well in this regard.

1. The widely used protocol is ERC 721, which is relatively simple and embarrassing, and requires more flexible standards to be established.

2. At present, the application scenarios of DeFi have not been deeply explored. No matter it is chain games, encrypted artwork, DeFi+NFT, they have not produced a big wealth creation effect.

3. As an asset, NFT itself is more produced and traded in the native digital world, which takes time to be received by more people.Although the NFT connection is larger than three years ago, it is still belonging to a niche side.

In the longer term, the future of NFT is bright, but the road is tortuous.

How would the NFT restart this time be different from two or three years ago?

I will typically analyze from the gamefis, in fact, the previous chain games were very different from the current chain games.

The 18-year chain games are mainly based on EOS and TRON, which have a certain effect on wealth creation.I believe that many people have already made money from it.But now the chain games are very different. For example, the chain games on our chain, as well as the Forgotten Artifacts and Hyper Dragons, are actually100 percent serious games, and the quality is really good.

The application scenarios of NFT have also been greatly expanded. As time goes by, after more than two years of depression, we have found that many infrastructures are more mature, and it is improved a lot than before.

The concept of NFT is very large, that is, it can be a digital asset in the native digital world or a digital mapping of the real physical world.This process is developed through continuous exploration.

In the future game field, can the combination of NFT and DeFi also activate the liquidity of game assets?

I think this area is very imaginative. So far we have seen some good cases.

For example, the synthesis, dismantling, and pledge of digital assets in the game “Crypto Knights” on the Cocos-BCX chain, as well as the NFT+DeFi mining method in DEGO are also both very good .

So now,the big problem with NFT assets is liquidity.The most fundamental reason is value anchoring.This is especially serious in encrypted artworks, which basically lack liquidity.We can see that DEGO has a par value, and the hero cards on the Crypto Knights have a mortgage amount.These are excellent innovations that can greatly enhance liquidity.

Regardless of the blockchain as a threshold, I think the fun of chain games is really a good start,of course, we must distinguish between good and bad products.

The chain of the chain game has two cores: information can be verified and assets have ownership.The former one is especially important for the BC category, and the latter is revolutionary for games. We know that in the early days of mobile games, the worldview of the game was very large, and the assets in it were very valuable, but the era of mobile games was different.The rapid iteration of the game and the separation of the system made the transaction of game assets greatly hindered.

But the chain games are different.The assets belong to you.You can control them freely according to the rules of the contract.This will give the original chain games great imagination, but it is very challenging for economic models and worldview design.For example,Dragon Must Die, Crypto Knight, Evolution Land, and Neoworld are all representatives of original chain games.

Bottleneck: Blockchain has high operating thresholds and high costs.Chain game games have a long development cycle, high cost, and few users.The problem must be a long-term thing. Just like Rome was not built in a day,and things did not get developed up right away.We are not prophets, we can’t know the future accurately, so we just need to DeFi’s current development that we could not predict two years ago.

At the end,let me talk about the planning of Cocos-BCX on NFT

Chain game:Promoting the 1808 standard continuously, supporting the development of excellent chain game projects within the ecology, and emerging more and better chain games

Offline scenes: Landing projects like ChinaJoy digital tickets and artworks

NFT+DeFi: Learning and exploring more ways to play, including cooperating with more projects (not only limited to Cocos-BCX’s own chain ecology)

Expect more good projects to emerge, and we can be an important participant among them.

My sharing is over, thank you for your listening.

About Cocos-BCX

Next-Gen Digital Game Economy. Game engine, IDE and blockchain for decentralized game development. Website: cocosbcx.io

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