Mint Ventures 2022 NFT track development review

Mint Ventures

2022-12-31 16:47

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原文标题：《一览 2022 年 NFT 赛道发展》

原文来源： Mint Ventures

原文作者： Jessica Shen， Mint Ventures 投资经理

NFT trading volume and market value from 2020 to 2022

The 2020-2022 NFT industry has seen a lot of change in just two years. In many people's eyes, the concept of NFT in 2020 is just a castle in the air. By 2022, the asset and financial attributes of NFT have been deeply rooted in people's hearts. We have the following observations from the perspective of trading volume:

The overall market value of the NFT grew rapidly in 2021, but the volume of NFT trading fell sharply during the bear market in 2022

The explosion of PFPS on Ethereum in 2021 kicked off the first year of NFT, but this year NFT transactions on Ethereum are down more than tenfold.

The NFT assets of each public chain gradually show distinctive characteristics

NBA Top Shot on NFT's Flow, which started in 2020, and Axie Infinity NFT, which was then on Ethereum. By 2021, NFT assets will blossom in all public chains. Focusing on Ethereum, PFP asset transactions with strong cultural and artistic attributes will take the lead, opening the industry's imagination of the future of NFT. In 2022, due to the bear market environment, the NFT market cooled down and the trading volume around Ethereum NFT dropped by nearly 95%. However, PFP trading on Ethereum is still the dominant trend of the industry. At the same time, the NFT asset trading in the public chains with many GameFi and SocialFi ecosystems, such as IMX, BSC, Solana and Polygon, is more active.

From the point of view of public chain

· Ethereum and Solana continue to lead NFT transactions. Ethereum and Solana continue to lead in NFT transaction volume and are active in PFP transactions. However, due to frequent outage of Solana, the development of their upper ecosystem is limited and the loss of user confidence has a certain impact on NFT transactions on their chain.

· The ecological limitations of NFT OG public chain Flow are prominent. The old NFT public chain Flow uses NBA Top Shot to provide NFT enlightenment education for the industry. However, by 2022, the trading volume has decreased to less than 300 million dollars, and the NFT ecology of Flow chain is still growing around sports cards. Polygon is arguably the most promising NFT public chain.

· Polygon, with its low cost, relatively stable performance and EVM-compatible features, has become the preferred public chain for many brands and influential people to enter. These include Starbucks Odyssey, Donald Trump Digital Trading Card, and Reddit avatars, and the NFT of the Lens Protocol, a highly anticipated social protocol, is based on Polygon.

The explosion of NFT industry mainly relies on content. Art and creation are the soul elements of NFT at the present stage. The market recognizes the cultural attribute of NFT and the expectation of future ecological development with real transactions, and gives a high valuation to many PFPS. After the release of NFT, the mode of ecological construction has gradually formed a mainstream way in the industry. A few projects that establish ecology first and then release NFT have a better user base, and NFT without ecology has also won a lot of users' attention in a short time. After the craze and bubble of NFT gradually fades, people will pay more attention to the real meaning brought by Non-Fungible non-homogeneity. Utility and surrounding ecology will be the strategic focus of the project side, and NFT will be the core carrier. Compared with more consumption-based PFPS, more practical NFT assets are more liquid and have a stronger ecological basis, which is why these NFT assets can buck the trend during bear markets.

NFT-Fi Market in 2022

NFT-Fi track pattern

Compared withThe NFT industry landscape in 2021In 2022, the NFT market landscape has subtly changed, with some of the anticipated tracks not seeing much improvement, and some unexpected new players emerging to compete. A few trends we can see in 2022:

The market is competitive and increasingly aware of users

From transaction fees, Token subsidies, royalty rules to AMM mechanism innovation, refresh frequency of aggregator scanning, and multi-chain deployment of various exchange markets, we continue to see NFT exchange markets and aggregators making continuous attempts and explorations in order to better serve users, although some have succeeded, some have failed. While OpenSea remains the platform with the largest user base and highest transaction volume, we have also seen the emergence of Blur, which has been well received and welcomed by professional NFT traders, and this new entrant seems to have the opportunity to disrupt this pattern.

Aggregators are not an easy business

In 2022, there were a number of NFT trade aggregators in the industry, but Gem and Genie, two of the first aggregators, did not do well in terms of timing volume. In the trading platform for hundreds of competition, aggregator market demand and profit model are somewhat questioned by the market.

NFT lending is booming

By the first half of 2022 Yuga Labs dropped with a wave of BAYC and MAYC purchase, for NFT lending agreement has created some players' leverage, then at the end of December Ape Staking pledge function on-line, multiple lending agreement matching function, pledge income pool, Again, it attracted a lot of users. In 2022, it is also seen that NFT lending is the field where new competitors join the most in the NFT-Fi sub-track. Compared with fragmentation, futures, options and other products, there are rich varieties and relatively mature products.

The fragmentation protocol remains tepid

While it is clear that homogenizing non-homogeneous tokens is the way to improve liquidity, the fragmented protocols in the NF-Fi circuit have not injected the desired liquidity into the industry. An early participant in the fragmentation business, Niftex, has ceased operations, and Fractional.art this year reorganized its operations for Tessara. Other fractional protocol businesses have been tepid and have not acted as a liquidity valve for NFT as expected.

The NFT-Fi machine gun pool is ready to go

The development of the first tier of FTFi protocols such as lending, fragmentation and derivatives has not yet taken shape, but the machine gun pool business based on these interest-bearing protocols is already gearing up for a sprint. Projects such as Spice Finance, Insrt Finance and Protecc are all targeting this untapped wasteland, waiting for the NFT-Fi explosion to provide more user-friendly products for C-end users. However, the machine gun pool business is highly dependent on the Tier 1 NFT-Fi/DeFi protocol, requiring the ability to quickly capture market opportunities, timely adjust strategies and product updates. In addition, the overall market of machine gun pool business in the DeFi domain only accounts for less than 5% of DeFi protocol. We had to wonder how the market for NFT-Fi machine gun pools could break through.