In fact, it has been less than 18 months since Beeple's work broke the circle and let many people know about NFT. But the changes in the industry are too fast, and new hot spots are dizzying, and there is a feeling of fleeting. Let us review the applications (events) that have had a profound impact on the industry from the following 8 examples.
1. CryptoKitties: the originator of chain games, one of the earliest NFTs
In November 2017, a blockchain-based pet raising game, CryptoKitties, the originator of blockchain games, attracted the attention of users. CryptoKitties occupied more than 15% of the Ethereum network within a few hours of its launch, contributed nearly 30% of ETH's transaction volume, and even directly caused the congestion of the entire Ethereum network; impression.
At its peak, a CryptoKitties even sold for millions of dollars, but after the bubble burst, CryptoKitties fell to the bottom. In the following 18 and 19 years, chain games entered an era of barbaric growth, with gamblers entering the market regardless of cost, and inferior project parties wielding sickles with exaggerated gimmicks. The exaggerated bubble of "chain games" finally entered a cooling period in Q2 of 2019.
CryptoKitties, as the originator of chain games, let more people understand the blockchain through games, and at the same time let people understand that if the growth rate of GDP in real economics cannot keep up with the growth rate of inflation, there will be many problems. The same applies - a good economic model is key to continuity.
2. "Everydays: The First 5000 Days": Digital artwork breaks the circle
In March 21, Beeple's digital art work - "Everydays: The First 5000 Days" was sold at Christie's for $6900w.
The transaction of this work is a milestone event in the history of NFT. The sky-high turnover made the term NFT, which was not popular at the time, break the circle; people saw the use cases of NFT in the field of art, and on the other hand, it also made people realize that the core of the price tag of NFT is the subjective value.
Beeple said: "NFT has greatly changed the trajectory of my life, and even more so for the wider art world."
3. First Tweet: From sky-high prices to nobody
In March 2021, Twitter's CEO, Jack Dorsey, sold the original tweet on the system (posted on March 21, 2006) for nearly $3 million. Dorsey mentioned that the cash raised from the NFT sale will definitely be converted to Bitcoin and then donated to a charity company called GiveDirectly, which distributes the cash to needy individuals.
In April 2022, the buyer recently put the NFT back up for auction, and the expected selling price starts at $48 million. After the auction ended, he received a total of 7 offers, the highest of which was $270, yes, not ten thousand.
The essence of NFT is still a cultural and creative industry, with stories as the core (maybe more applications will be extended in the future). Under the support of subjective value, there is no market without buyers. This also reminds users that liquidity is one of the most important attributes of NFT.
4. NBA TopShot: The Powerful Value of IP
NBA TopShot is a blockchain-based collection game jointly launched by Dapper Labs, the founding team of CryptoKitties, and the NBA. At that time, it almost rekindled users' enthusiasm for the NFT collectibles market by itself. NBA TopShot's star cards are not only collectible, the team will also develop game functions in the future to give it more playability.
Just like fans will buy CDs of their favorite idols, the game also unleashes the IP potential of NBA stars and the purchasing power of sports fans. However, relying on the powerful IP of many stars, NBA TopShot has attracted fans outside the circle of many NBA star groups.
The success of NBA TopShot gives investors a hint - a good IP has a very strong attraction and circle-breaking effect. Many NFT projects in the future have also begun to pay attention to IP attributes, and even the applications of the Flow ecosystem have begun to favor the powerful IP of Web2. shift.
5. The Sandbox: The prototype of the metaverse
Founded in 2011, The Sandbox is a decentralized gaming platform where players can create and own their own game worlds and profit from the virtual properties they create. In The Sandbox, the digital real estate is called LAND, and players can buy it and add games and assets to it freely.
The many metaverses led by The Sandbox have shown users many possibilities. NFT and blockchain technology bring proof of authorship (=creator) and proof of ownership (=owner). This ultimately makes it possible to establish primitive methods of trading digital assets, thereby opening up a virtual economy where assets and services can be valued, custodial, traded, and monetized.
In the Metaverse, it's what you own, create, or buy that defines your virtual self, so to speak. Blockchain and NFT have copied the real world, and with the help of technologies such as VR, people have seen the possibility of a real "second life".
6. StepN: Milestone of X2E
StepN was born at the end of 2021. The underlying layer is based on Solana. It claims to be the world's first "Move To Earn" NFT game (although it has also been questioned as a copy of Qubu). StepN has occupied the entire GameFi market at an extremely fast speed, becoming the most popular on-chain application in Q1 of 2022.
The expansion of StepN is very dependent on the inflow of a large amount of capital, and the larger the scale, the more difficult it is to attract new capital inflows to maintain returns; as the scale grows, the maintenance capital also increases exponentially. So when no new funds come in, its collapse is a matter of course.
StepN official said: "STEPN's goal is to push millions of people to live a healthier lifestyle, bringing them into the Web 3.0 world, while making a positive contribution to carbon neutrality." Innovative gameplay attracts runners, investors The eyes of various roles such as observers and bystanders have even led to the upsurge of project parties to imitate "X To Earn". As a milestone application of "X2E", it also reminds people that the current economic model cannot achieve a design similar to a perpetual motion machine, and continuous optimization can only slow down the time of death.
7. ENS: Digital Identity for Web3
ENS (Ethereum Name Service) was founded in May 2017. In the early days, it was a project incubated by the Ethereum Foundation; in layman's terms, ENS is the name system in the blockchain.
ENS is the singularity in the WEB3 milestone. ENS maps readable names to identifiers that can be recognized by blockchain and non-blockchain resource machines, such as ETH addresses. To put it simply, ENS resolves the .eth domain name into an Ethereum address, and replaces the irregular Ethereum address with an easy-to-remember ENS address.
ENS may not be the earliest blockchain domain name application, but it has become an industry benchmark. ENS allows people to see that NFT can also be used for domain name services similar to . com domain names, decentralized and self-protected. ENS can even be used as a personal identification (NBA star O'Neill once changed his Twitter name to "SHAQ.ETH"), a phone number in the Metaverse, address coordinates, personal ID, etc. ENS provides a practical identity system in Web3. Based on this, people can see many possibilities, and it is also an indispensable part of Web3.
8. Constitution DAO: A historic change in DAO culture
Perhaps Constitution DAO is not a milestone in the NFT field, but it has far-reaching significance for Web3, and I still decided to list it. In mid-November 2021, Sotheby's, the world's top auction house, will auction off an official first printed copy of the U.S. Constitution, the only surviving copy in the hands of a private collector. Many American users believe that the Constitution should be put back in the hands of the people. Thus, a founding team of nearly 30 people established the Constitution DAO together; they have only one goal - to obtain a copy of the constitution through fundraising auctions. In just six days, Constitution DAO crowdfunded more than 40 million US dollars, and the fermentation of things far exceeded everyone's imagination.
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NFT Labs provides relevant information only and does not constitute any investment advice.
NFT Labs provides relevant information only and does not constitute any investment advice.
Twitter：@LabsNft
