Partner of OFR: Thoughts and Future Trends of NFT NYC

Original title: "NFT NYC Summary & Reanalysis of NFT Value"

Original Author: jxblock.eth, OFR Partner

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Part.1 NFT NYC Participation impression

No.1 Never buy a main stage ticket.

The organization of the main venue is extremely chaotic: there is no meeting on site and on the official website Agenda, I don’t know what is the order of the speeches that day, what is the background of the speakers; no one checks the tickets in the main venue, just enter casually, buying 1000 knives + tickets is a waste; there are too many speakers, so that a large number of speeches are of low quality and low quality As a result, the panel guests are not familiar with each other, and there is no rehearsal and drafting in advance.

In short, don’t go to the main venue.

No.2 Numerous side events, not effective but exhausting

There are various after parties and side events organized by various project parties and funds. It seems that the NFT circle does not feel the cold winter of the currency circle's plunge, and the venue is basically full. Therefore, you must plan which activities to go to in advance. You don’t have to go to every game, and there is no need to run 3-4 activities in one night (it’s just me). In the end, your physical strength is easy to run out, and socializing is not purposeful. Random socializing Low quality and low efficiency, and most of the runners are the same group of people.

It is best to register tickets or invitations in advance, and arrive at the venue about 10 minutes in advance, otherwise you may be rejected by the security guards at the gate if you line up in the crowd or find acquaintances to bring in. (This article does not apply to girls, girls bring their own access control cards, iykyk) Of course, if the market gets stronger next year, there may be no need to queue up.

No.3 NFT holders events are must-gos

Blue-chip projects such as Bayc, Doodles, Coolcats, Azuki, etc. have held holders events. To qualify for the event, you need to hold NFT and participate in the registration, and then draw a lottery to get the list. The quality of these activities is generally very high, not only in a variety of forms, such as the launch of doodle, azuki's enter the alley, BAYC even invited Lord Dog and Eminem (it was really tears for several days to miss Eminem). Moreover, most of the participating guests are old players in the NFT circle, and the quality is much higher than the general after party.

It is recommended to pay close attention to the Twitter and Discord of each blue-chip project or your favorite project 2 weeks before the start of NFT NYC, so as to ensure that Sign up as soon as the event registration information appears, and the chances of winning will be greatly increased. If you are not selected for some events, you can also use the add one quota you have drawn to exchange with others.

In summary, doodles is the most well-prepared for activities, bayc spends the most money, azuki is the most oriental, and goblintown is the most cult. As a big blue chip, CloneX did not hold a decent event, which can be said to be the most disappointing. In addition, the absence of Solana’s NFT group reflects to some extent that Solana’s NFT project party still lacks long-term investment planning and the ability to reach the mainstream.

The above is the experience of participating in NFT NYC for the first time. Compared with the old players, I have stepped on a lot of pitfalls, and I am also tired I hope it will be useful to you.

Part.2 Talk about NFT value and future trends

Looking back at the development of NFT, the initial appearance of NFT was defined as in-game assets. This road was composed of cryptokitties and a series of early crypto on-chain games with NFT elements. So far this one The genre has been passed down into two branches: one is various P2E games led by Axie, and NFT is used as a gold mining tool; the other is like Decentraland and Sandbox, selling land to make money, but the land purchased cannot directly generate returns.

Later, NFT appeared as an encrypted art platform represented by Superare, and began to expand NFT from the category of game assets to collectibles, art The product is essentially a luxury niche consumer product, and its high participation threshold makes art NFT can only be circulated in small circles. But art NFT has proved one thing through auction events such as Beeple, that is, NFT can be a high unit price product. In this way, although the characteristics of low liquidity of NFT have not been eliminated, due to the generation of high unit price NFT, the trading volume of the entire NFT market can increase.

The NFT application scenario that really ushered in the explosion is PFP (social application avatar), which most people did not expect. The reason is that the value of PFP is rooted in web2 applications, and the applications that we use avatars are all web2 applications, such as WeChat, Twitter, Telegram, Instagram and so on.

The value discovered by PFP is the value of Web2 that has not been monetized (Monetized). Before the emergence of PFP NFT, there was no window for the social network avatar of Web2 applications to This is a new uncultivated area of monetization of social relationships on social apps, resulting in paid scenarios.

The previous common analysis article attributed the value of NFT PFP to the sense of showing off or social identity, cultural identity is inaccurate, social identity The recognition with the cultural circle is only the result of the value of the PFP NFT, not the reason for the value. The real reason is that the NFT has discovered the undiscovered residual value in the Web2 social relationship.

So, the question is, what is the next popular NFT application scenario?

Let's take a step back and think about another question, why CryptoPunks, the originator of avatar-like NFTs, appeared in 2017, but it won't be until 2021 Before January, no CryptoPunks cost more than $1,000 each?

The reason is very simple, originally CryptoPunks were regarded as NFT artwork Auctions are no different from beeple, pak, etc. There is no category of NFT avatars. The following passage is excerpted from a New York Times report on 3/11/21:

After the rare models of CryptoPunks were hyped as encrypted works of art, the unit price went up. Naturally, it was used by the buyer as the avatar of the social app, and after the buyer changed the avatar, it formed a secondary communication effect on its social network. As a result, the number of Punks followers increased, and the purchase volume also increased. So, I tend to think that the application of PFP avatars, the emergence of this new category opportunity is a series of "mistakes".

In terms of attribution, we can only say that the necessary condition is that the volume and price must find the foothold of their outbreak, Quantity - Web2 value of social network; Price - auction and hype of artwork NFT. But the reverse is not a sufficient condition, so it is difficult to find an opportunity for disruptive innovation, sometimes it is really luck.

Of course, we can’t wait for luck to hit the project, we may miss the opportunity of CryptoPunks, but the success of BAYC and Azuki is There are traces to follow, such as clear image positioning, high-quality art production, refined operation of community culture, etc., this kind of analysis is overwhelming, so I won’t go into details.

Going back to the original question, what are the new opportunities for NFT besides PFP?

Looking at:

1. Category iteration

The unit price of the head NFT is not low. Previously, it was hoped to simulate it through fragmentation Ordinary token transactions, but the problem is that fragmented tokens are not NFTs themselves, and what traders actually buy and sell is not NFTs, but fragmented NFTs.

I think this problem can be solved in another way. The particles of NFT should be cut as fine as possible. For example, the number of issued in a series is 10 The unit price of each NFT will become very small, and using a batch aggregation trading tool similar to the next-generation Gem/Genie can achieve an experience similar to trading fungible tokens.

This only needs to solve one problem: what should such a huge number of NFTs be?

It must not be the avatar, there is no such person on the earth to use so many avatars, it must be a huge number of objects category. Musical notes perhaps? code? pixel? address?

So what does each NFT represent? Does it make sense to combine or not? I have no answers to these questions.

2. Expansion of the scene

Through the previous traceability, we found that the NFT scene excavates social value that has not been monetized.

Going a step further, are there other scenarios we use every day that have never been monetized?

For example, the short videos you watch every day, or the newsletter chats you watch every day, Twitter you use, and maps you use? What scenarios can NFT be naturally added to?

The problem here is too complicated, so I won't expand it for the time being.

But it can also explain why I am not optimistic about most of the current music NFT products. The simple sales model is actually repeating the already Products that are monetized are not of great significance.

To sum up, temporarily as the thoughts and notes of this NFT NYC conference, I would like to share with all insightful people and entrepreneurs Discuss together.

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