NFT Ecosystem: An Assessment of 2021 Events and Future Prospects

The blockchain industry has seen rapid development and change in recent years. From budding in 2017 to smart contract in 2018 to DeFi in 2020, NFTs are arguably the hottest content of 2021.

NFT was launched in 2015, with the first launch starting in 2017, and 2021 will bring rapid growth. In the first half of 2021, the total market value of NFTs will be $ 2.5 billion. Sales reached $ 1.5 billion in July alone. However, in the first half of 2021, the NFT industry has gradually stabilized.

Unlike cryptocurrencies, central bank digital currencies, stablecoins, etc. that can be used despite naming, flexible use and transformation, each NFT is unique, indivisible and irreplaceable, creating a new development with value. and the digital art media industry.

One of the first application scenarios for NFTs was virtual acquisition. Access to work using NFT is essential for writers, artists and producers as it affects the scarcity of resources. Due to their uniqueness and the result of greater use this year, DFTs have evolved into a way for some to prove their financial standing and identity. In the future, NFTs will gradually expand from artistic investing to streaming media, real estate, loans, etc., connecting to a wide range of applications in many fields.

By 2021, what new data applications have NFTs developed and what data implementations can they take to the next level in 2022? Let's find out together.

NFT feature: Art

NFT art, commonly referred to as "Cryptoart", is one of the largest NFT business segments. Painters, designers, musicians and many more create NFTs through blockchain-based casting platforms to better manage sales.

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SuperRare is a social networking platform for designers and developers of blockchain technology. Developers can create digital designs and tag them on the Ethereum blockchain. Using smart contracts, writers can buy and trade works, and expenses can be reimbursed to producers.

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Rarible is an open source, non-archival platform that allows users to create, sell, and create collections. Each user can create and publish their own artwork or use Ethereum to purchase the collection. Users have the ownership and intellectual property rights of NFT. Buyers and sellers can trade on Rarible at an almost unreasonable price.

Pixlr Genesis

Pixlr Genesis aims to compete with the Louvre, MoMA and the National Gallery to create the world's largest virtual museum created by Pixlr, the world's leading online image editor. The Pixlr Genesis ecosystem includes 5 modules: "Gallery", "Auction", "Casting", "Masterpiece" and "Community". Since its inception, Pixlr Genesis has announced 10,000 unique "over" NFTs developed by AI algorithms. From the point of view of a work of art, each "pass" represents a unique work of art. “Pass” represents the right to display NFT works in virtual museums. Pixlr Genesis also works with popular broadcast media NFTs to help artists build bridges from which artists can engage with their communities.

NFT Small: Often

Physical devices can become a thing of the past as Ethereum provides a simple and viable way to create high quality digital products, including NFTs or NFTs that interact with real world packaging. .

Cryptopunk

The first batch of NFT, CryptoPunks, was released in the summer of 2017. It is the first NFT project launched by Ethereum and developed the basis of the ERC-721 token model that governs the NFT ecosystem for today. . . With just 10,000 punks separated into aliens, monkeys, zombies, and humans, this is a rare and sophisticated collection. CryptoPunks is the founder of NFT and is widely regarded as the start of the "Art of Crypto" movement. Cai Wensheng, director of well-known payments company Visa, Meitu, Hong Kong actor Shawn Yue and founder of public channel TRON Sun Chenyu all own the cryptopunk NFT.

boring red yacht club

Bored Ape Yacht Club is an algorithm provided by Yuga Labs, an American company Web3, to create 10,000 Bored Ape Yacht Clubs to provide customers with a multitude of products and services. Each monkey's characteristics are randomly generated, so each monkey has their own unique historical style, outfits, earrings, eyes, mouth, and fur. Celebrity rapper Post Malone, famous party Jimmy Fallon, famous investor Mark Cuba, legendary hip-hop producer Timbaland, NBA legend Shaquille O'Neal, and more. is all Boring Ape NFT owned.

NFT function: game

Ethereum-powered blockchain games are heading into the future of 'Play-to-Earn'. Players can play, earn more money, and trade standard NFTs play an important role in toy ownership.

Axi Infini

Axie Infinity is a Pokémon-like NFT game where users can collect, watch and fight unique Axie monsters for glory and benefit from trading and selling NFT game tools. Axie Infinity is not only the biggest Ethereum game, but also one of the most used Ethereum apps. As a pioneer in the field of the "gold" blockchain, we are taking the first step in the NFT and GameFi craze this summer. It has also allowed blockchain games to enter the frenetic phase of development in recent months.

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Sorare is one of the best sports leagues which has found success participating in some of the biggest football leagues in the world. Players use digital business cards to build their fantastic squad and then battle in the game to see who is the best leader in soccer. The game runs on Ethereum and all player cards are NFT. At the time of writing, Sorare is recognized by 215 international football clubs, including Real Madrid, Juventus, Bayern Munich and other well-known clubs.

NFT functionality: meta-universe

After Facebook announced last month that it would focus on improving meta-globalization and changing its name to "meta," the craze for the "meta-edge" spread around the world. whole, and big companies around the world like Microsoft and Disney continue to invest in the world. construction of the meta world. Arguably, the metauniverse has NFTs that specify ownership of objects in the virtual world, from land to home to clothing, and can be turned into NFTs as long as users can have their own. As a result, Metaverse has also developed new applications for NFTs.

Virtual real estate / building, an integral part of the encrypted meta-world process, is created in the form of an NFT. Users can invite other players to help "create" land or rent from developers to earn money.

Decentraland

Decentraland was first developed in 2015 and first released its beta in 2017. In the 2021 NFT wave, it is slowly becoming one of the most powerful meta in the world. Users can buy land, visit homes, take a walk, or meet people. Decentraland has become a hub of the cryptocurrency meta-world. It is worth noting that the Ministry of Foreign Affairs and Trade of the Caribbean island nation of Barbados (Barbados) has signed an agreement with Decentraland to establish a digital embassy.

Sandbox

The sandbox runs on the Ethereum blockchain, giving players the freedom to create their own virtual world, use their imaginations and imaginations, and customize it as they see fit while collaborating with others. Sandbox has started to work together in a virtual world, where players can spend their time completing various tasks to obtain the treasure. It is worth noting that Sandbox received funding of $ 93 million last month, led by the SoftBank Vision Fund of Japan.

CryptoVoxel

CryptovoxeleLs is the world's virtual global causes of the chain connection. The website has completed the edit tools. People can buy products and soft virtual photos, the store that can feel virtual museum, shops, and players. Cryptovoxels also give photos of virtual pictures and dialogues.

NFT capability: media streaming

In March of this year, when crypto artist Beeple's digital work "Everyday: The First 5000 Days" sold for over $ 60 million at Christie's auction, NFT became a worldwide hit. art, with the participation of some musicians and artists. for.

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OpenSea is the most popular NFT foundry platform in the NFT industry. Artists can strike on multiple channels such as Ethereum and Polygon. File formats that Opensea supports include MP3, MP4, and WAV.

“Music NFT is changing the way fans connect with their favorite artists. Producers of everything from 3LAU to Imogen Heap are rethinking blockchain and the desire for change. The changes in a business that do not operate independently are obvious. "-Opensea

King

Royal is an NFT music platform that launched in May, and thanks to the seeds in August, organizations such as A16z and Coinbase have joined in and raised $ 16 million. The logic of royal industry is very clear. This means that as a musician designing and selling NFT projects, fans can receive expenses for future activities after purchase. The royal producer is DJ producer 3LAU. 333 NFTs were released on 3LAU's new single, "Worst Case," which they tested in late October, accounting for 50% of streaming media subscriptions. Problem is, this song now has over 3 million plays per month.

asynchronous art

Async Art is an Ethereum based music / art design platform. Async Art is made up of two sections: “Master” and “Layer”. Masters are at the heart of the profession. The owner can have multiple layers. The illustration can be changed by the "Edit layer". For example, an artist can create multiple states for the sky to paint from a single layer, so your work can see multiple states such as rain and sunlight. After applying to become an Async artist, developers don't need any technical knowledge and just slice their work into layers during the upload process. When selling an item, the developer can set “Buy Now” or “Open Auction”, and the designer decides when the auction ends.

Listen to us

Audius is a Solana blockchain-based distributed music sharing platform that aims to enable artists to directly earn a fair income for their work by removing the hassle of connecting the support and value of the music service. Specifically, platform users can use tokens to activate music or display advertisements to activate tokens. When a user listens to a song in a decentralized music library, the wallet is paid. About 85% of this income goes to the artist. The rest comes from the musicians and design teams.

NFT functionality: broadcast

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The mirror was created by former a16z partner Denis Nazarov, similar to the article blogging platform Intermediate. Currently, the main role of Mirror is media coverage, NFT writing, campaigns, financial aid, revenue sharing, voting, etc. The job description is important, and if you identify the NFT option, many items are created in the post-release script which can be understood as the NFT of the script. These items are only visible when the user is shopping, otherwise they will not cause anything when they click. In addition to NFTs when posting content, users can create other types of NFTs in a single edit, including image and video formats. The loop between content design and NFT sales.

NFT function: public services

In the beginning, NFTs were often associated with traditional media such as art, music, gadgets, etc. But now NFT can be used to define anything including records. These uses are expected to increase over the next few years.

For us

Ethereum Domain Name Services (ENS) allows Ethereum users to create and manage Ethereum domain names. These decentralized names are given by NFTs such as ethereum.eth, and compared to long alphanumeric addresses, portfolio management of these NFTs is much easier.

Besides ENS, Unstoppable and Handshark are also worth listening to.

According to ReportLinker's estimates, the number of registered users is expected to reach 512 and the number of registered users is expected to reach 3 million by 2027. If NFT registrations can reach 5-10% market share, the total business NFT brands will increase. more than 20 times more than today.

NFT Fonction: DeFi NFT

The two most dazzling stars in the cryptocurrency ecosystem are NFT and DeFi. Last year we saw the integration and innovation of NFT and DeFi.

NFTX (NFT fragmentation)

NFTX is the platform for building business applications for NFTs and also serves as a platform for NFT fragmentation. Users can place NFTs in NFTX vaults and issue Exchange ERC20 tokens (vTokens) that represent church assets. In most cases, NFTs are insoluble and expensive. However, NFTX facilitates the NFT industry, especially by expanding the current industry for new NFTs. That is, the ERC20 token was issued after the NFT provided the proof for the lake. Fragmented NFTs improve the performance of exchange rates and open up the value of assets.

NFTfi

NFTfi is the NFT loan platform. NFTfi can meet the lending needs of users and the needs of NFT assets, and it can be said that it is ahead of NFT DeFi. The principle is the same as an ordinary mortgage, except that the mortgage is always one-to-many (associations for several lenders) while NFTfi is multi-to-six. Borrowers have put their NFT assets in the market as a liability, and in the market, the borrower has an estimate (the loan amount, the loan term, and the total repayment as it increases). The borrower ultimately chooses the loan and receives the wETH or DAI from the lender. At the same time, the NFT lender is stuck in an NFTfi smart contract until the borrower repays the loan on the last day (the loan term is 7, 14, 30., 90 days). If the loan is not repaid before the due date, the lender will receive the NFT loan.

Infrastructure TVN

public channel

Currently, Ethereum is still the best NFT blockchain because it is the most functional. Note also WAX and Flow, which are public channels focused on NFT, ImmutableX, Layer2 solutions focused on NFT, and BSC, Solana and Polygon, which have appeared on public channels. While Ethereum's role is important, Ethereum's exchange rate remains a long-standing issue. Ethereum's exchange rates are higher than other blockchains, with BSC trading at around $ 0.45, flows at $ 0.02, and polygons at $ 0.0001.

The best NFT game studio

DapperLabs: We are developing CryptoKitties, NFT games that were once popular with the entire crypto industry. Gambling once caused Ethereum to stagnate. To avoid Ethereum's high exchange rates, DapperLabs developed Flow, a public-focused channel for NFTs. Additionally, the NBA Top Shot Series NFT, shared by the studio and NBA officers, was also popular with fans.

Animoca Brand: A Hong Kong-based game development company. Animoca Brand has been involved in blockchain since early 2017 and has developed a wide range of partnerships with a variety of large investments. Currently, Animoca Brands' blockchain games include the Metaverse The Sandbox, including the platform game GAMEE, the 3D action game Phantom Galaxies, and the simulation game REVV. It should be noted that the company has also developed a niche market for NFT branded products called Quidd, with partners such as Disney, Marvel, Game of Thrones (HBO), Star Trek (CBS) and NBA.

NFT Dao

DAO Management: DAO Management refers to the use of tokens to determine community management responsibilities to achieve community management and governance management. Currently, most of the NFT trading platforms are Rarible and Mintable, the NFTX and Meta Universe Decentraland index fund protocols.

DAO Investment: Venture DAO is an important part of integrating NFTs and DAOs at this stage. decide, invest, own or release the NFT art collection. . Currently most of them are JennyDAO, Whale, PleasrDAO, etc.

Collectible DAO: Collectible DAO refers to a group of people who often purchase the same collection of NFT to create a community with a common vision and understanding of the individual, NFT they will relate to, and Write DAO is better than 'a club. Bored Ape Yacht Club, Bored Ape Kennel Club, Cool Cat, Meebits, and Wicked Cranium all fall into this category.

concludes

NFTs are very young in the crypto industry, over time the packaging industry, assets and new users grow rapidly. By 2022, meta-universes, fragmentation, streaming media, and other applications still have the potential to grow rapidly. The emergence and growth of higher usage should allow the NFT ecosystem to access the vision of larger cryptocurrency investors.

As one of the most directly connected and experienced blockchain and value-added integrators, NFTs are expected to continue the craze 'out of the loop'. In real life, silver toys, old songs, movies, photos, and even real estate can be divided into heterogeneous assets. Many innovation firms or individuals with large brains have started using blockchain devices to extract treasure from the chain in order to complete the process in an easier way.

NFT is no longer an industry need, but an industry that can generate profits like DeFi. The TVN industry is generally still insignificant compared to the art industry. This year NFTs have been used extensively in digital graphics, what will NFTs do in the future? Only time will tell.