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Metauniverse industry special report: NFT's emerging blockchain application

Time : 11/01/2022 Author : wxprj4 Click : + -
        In a narrow sense, it refers to a chain type data structure that combines data blocks in a sequential manner according to time sequence, and ensures that data cannot be tampered with and forged by cryptography; Generalized blockchain is a new distributed infrastructure and computing paradigm that uses block chain data structure to verify and store data, uses distributed node consensus algorithm to generate and update data, uses cryptography to ensure the security of data transmission and access, and uses smart contracts composed of automated script codes to program and operate data. In terms of form, blockchain is a chain data structure that combines data blocks in chronological order in a sequential manner.
        Each block mainly includes three parts: 1) data information. The specific information type is related to the provisions of the blockchain protocol. For example, in the bitcoin system, it is transfer information, including payer, payee, bitcoin quantity, etc. 2) The hash value 2 indicates all the information contained in the block. 3) Hash pointer, containing the hash value of the previous block, indicating the information of the previous block. Hash pointers can connect blocks one by one to form a "blockchain"; The core architecture of blockchain has become mature. From the perspective of technological innovation, blockchain is the result of integrating and innovating theories and technologies spanning different fields such as computers, distributed systems and Cryptography in the past decades.
        At present, a blockchain technology system based on distributed systems, P2P networks and cryptography and supplemented by various improved technologies has been formed. According to different application scenarios and design systems, the blockchain system is generally divided into public chain, alliance chain and private chain. (1) Each node of the public chain can freely join and exit the network, and participate in the reading and writing of data on the chain. When running, it is interconnected with a flat topology. There is no centralized service end node in the network. (2) Each node of the alliance chain usually has a corresponding entity organization, and can join and exit the network after authorization. Various institutions and organizations form an alliance of stakeholders to jointly maintain the healthy operation of the blockchain.
        (3) The write permission of each node of the private chain is under internal control, and the read permission can be selectively opened to the outside according to the demand; (report source: future think tank). Blockchain cryptocurrency is divided into two categories: native currency and token. The former, such as bitcoin and qtum, has its own main chain and uses transactions on the chain to maintain ledger data; The latter, such as BOT and ink, are attached to the existing blockchain and use smart contracts to record the ledger. Tokens can be divided into two types: homogeneous and non homogeneous. Homogeneous tokens, i.e. ft (functional token), typically take Ethereum erc20 and qrc20 as the basic standards, and are mutually replaceable and nearly infinitely split tokens.
        While non homogenous tokens, i.e. NFT, are unique and inseparable tokens, such as encrypted cats and tokenized digital tickets. NFT is a digital credential that can anchor objects in the real world. NFT can map to specific assets (including digital assets such as game skins, equipment, virtual plots, and even physical assets), record the relevant rights and historical transaction flow information of the specific assets in the identification information of its smart contract, and generate a unique code that cannot be tampered with for the specific assets on the corresponding block chain. NFT can be used to represent various assets, such as virtual collections, in-game assets, virtual assets, digital art, real estate, etc.
        NFT's ownership does not prevent others from inspecting or reading it. NFT does not capture information and then hide it. It just captures information and then discovers the relationship and value of the information with all other information on the chain. Protocol layer: including NFT casting protocol and primary circulation market, liquidity protocol and defi + NFT. NFT casting agreement (Mint & amp; launch) and primary circulation market (sell & amp; trade): most agreements take both of the above into account to further capture value. This layer is based on NFT's primary transaction capture value. For example, mintable introduces the concept of gaslesitem to attract users to cast and conduct subsequent transactions on the same platform. After the transaction, NFT will be linked to capture the first level transaction value.
        Liquidity protocol: mainly used for value discovery of NFT. Such protocols do not cast NFT, but price NFT in various ways. Defi + NFT: mainly NFT cast by defi activities, capturing value through casting activities. Application layer: mainly applications derived from tokens generated based on the protocol layer, such as opensea, a representative project of the pan secondary market. The most common profit modes in the NFT ecosystem include: 1) direct sale; 2) Secondary market transaction fees, 3) game internal economic transaction fees; The popularity of defi has further enriched the profit model of game NFT: governance token, revenue sharing token, defi subscription, defi mortgage, native token, etc., such as opensea, cryptovoxels and other platforms;.
        NFT: deploy NFT contracts on the blockchain supporting NFT, point to data content or assets through external links, and NFT owners can customize storage content; Circulation mode: 1) sale: NFT owners can customize the price, sell on public websites or applications, or adopt the auction mode; 2) Purchase: first, you need a digital wallet that can store NFT and cryptocurrency. After purchasing NFT, the key of its ownership certificate will be saved in the wallet. The NFT is still stored on the blockchain, and the owner can see its ownership information. Most exchanges charge transaction fees; Take opensea as an example. Through simple account registration, work import and other operations, you can launch NFT and trade.
        As of October 2021, there were 13336 cryptocurrencies in the world, with a total market value of US $2.6 trillion. An increase of 150% over the end of 780 billion US dollars in 2020; The top five market values are bitcoin, Ethereum, ripple coin, Boca coin and litecoin. NFT: the anchoring value of digital assets has initially shown. On March 11, 2021, for the first time in Christie's history, the digital artist beeple's NFT work "every day: the first 5000 days" was auctioned in the form of non homogenous tokens (NFT). The opening price was US $100, and the final transaction was US $69.346 million, making it the third highest price for the works of living artists; From the perspective of origin, the first NFT like token coloredcoin was born in 2012.
        In 2017, the first NFT project virtual image collection cryptopunks was born. According to dapprad's statistics, NFT sales reached US $2.5 billion (about RMB 16.16 billion) in the first half of 2021, far higher than US $13.7 million in the first half of 2020; NTF's total market value exceeded US $40 billion. According to the latest data from the blockchain analysis website coinecko, the total market value of NFT has exceeded $45 billion. As of September 2, 2021, the top three NFT tokens by market value are thetanetwork, axieinfinity and chiliz; The fields covered by NFT include collectibles, games, artworks, domain names, financial products, virtual worlds, etc.
        The top three application fields in 2020 are virtual world, art and games, with market scale accounting for 25%, 24% and 23% respectively. In 2021q2, the proportion of collectibles rapidly increased to 66%, art accounted for 14%, and sports accounted for 7%. (report source: future think tank). Tencent: on August 2, it released the first NFT trading app "magic core" in China, and launched the NFT product "limited edition 13 invited vinyl record NFT". The "magic core" service agreement shows that the app is an "entrance to access, share and purchase NFT digital works". At present, it has been opened for download in app markets such as app Bao. The first phase of the product is priced at 18 yuan, with a limited number of 300. It will be officially launched at 20:00 on August 3.
        Alibaba: launched NFT products such as "Dunhuang Flying sky", "nine color deer" skin, "European Cup scoring King digital Cup". The running water of axiinfinity in August exceeded the glory of the king, and the accumulated revenue in 2021 exceeded $1 billion; Mir4, which has joined the blockchain technology and tokens, has been online for only two months, and tens of thousands of people around the world are online at the same time. Compared with traditional game companies, roblox has separated from the valuation system of traditional game companies; The current PS corresponds to 46.9 times of 2020, which is significantly higher than the industry average; The net profit is still in a loss state and cannot be directly compared; Compared with Facebook, Tencent and BiliBili, PS and PE are still significantly higher than the above social platforms. The market value of a single user (total market value / Mau, Tencent is wechat + QQ users) reaches US $289, which is equivalent to Facebook, lower than Tencent but significantly higher than BiliBili; From the perspective of the valuation system, the capital market's valuation of roblox has deviated from the positioning of the game company. Instead, it targets the Internet platform, giving a significant valuation premium to the prospects of the meta universe.
        NFT accelerates digital capitalization and enlivens the secondary market trading system, which has great potential commercial value for secondary creation, trading, derivatives and even artist brokerage of content works; Typical examples are nbatopshot (which can be compared to the traditional NBA player collection card). The content of the card is the iconic actions of star players. In addition to the pictures and words of star players, it also has dynamic presentation methods such as GIF or short video, and is divided into three rarities: ordinary, rare and legendary. According to cryptoslam data, as of August 29, 2021, the cumulative sales of nbatopshot reached $701 million, with 550000 owners and the highest transaction price reached $387600.
        NFT helps to improve the benefits of the whole life cycle. Creators have the opportunity to continuously benefit from NFT circulation; Take the trading platform superrare as an example. When conducting a first-hand transaction, the artist gains 85% of the income, and the platform gains 15%; When the artwork continues to be sold, the creator will receive 10% of the royalty income. In addition, the platform also launched the Tibetan royalty. The first Tibetan will get the Tibetan royalty from 1% to 50% according to the number of flows, until it reaches zero. The second collector is from 0.5%.
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