NFT: Metaverse Base Identity Token

At this point, NFTs are still in their early stages of development and constitute the 'identity card' of digital heritage which is increasingly used to protect personal property and has become the symbol of status and wealth in the world. the virtual world. Real world collectibles.

Blockchain technology, represented by NFT, will serve as the basis for the development of the metaverse and will demonstrate its value in many areas in the long term.

Non-fungible tokens (NFTs) refer to non-fungible tokens, which are commonly referred to as blockchain digital ledgers, and are commonly referred to as tokens issued by the developers of the Ethereum platform according to the cleaning model of the ERC721 standard.

Each token corresponds to a unique and irreplaceable digital identification. This digital ID typically includes the asset's metadata (or metadata link), all data exchanged, and the digital signature of the parties to the exchange, using NFT as proof of the members' transaction. .

Because they are not interchangeable, tokens cannot represent digital data such as images, sound, video, game elements, or other creative functions.

Principles of TVN:

The blockchain allows end users C or B to publish personal or business information (such as personal information, certificate, company financial information and certain market blockchain information) and also use non-homogeneous tokens. . It will be the next internet industry hotspot.

At this point, NFTs are still in the early stages of development and used more to protect their personal wealth, but the blockchain technology represented by NFTs will become the foundation for the formation of the metaverse and to show value in various fields over a long period of time. period. period of time. performance.

NFT :cologie:

Compared to most cryptocurrencies which have seen their market value increase thanks to advertising and hype over the past few years, there are differences between tokens which are homogenized and inconsistent.

The same type of FT can be converted into FT (Homogenization Token). This means that all FTs are the same so you get more copies for less cost so you have better value in the virtual world. .

In non-homogeneous tokens (NFT), each token is different, even though they follow the pattern below. This means that each token is unique and can be used to store unique information. An obvious task is to demonstrate ownership of an element.

There are three main policies for the development of NFT, ERC-721, ERC-1155 and ERC-998, depending on their publication date.

NFT chain value chain

According to token flows, the NFT industry value chain can be divided into three layers: layer layer, layer layer and application layer.

Source: chainnews

1. Infrastructure layer: basic technical architecture of the NFTNFT industry chain lowest level is the process including lowest level for public chain, side chain / layer 2, equipment design, token design, storage and wallet, etc. , with which various NFT applications and services are provided. layer on.

After Ethereum discontinued CryptoKitties in 2017, the company behind it, DapperLabs, realized that the existing blockchain could not meet existing requirements and decided to create the new blockchain, Flow.

Flow is specially designed for NFT digital ingestion and large-scale crypto games, it can solve the blockchain network congestion problem, achieve high scalability, and provide high-speed and profitable transactions. Today, many manufacturers are committed to Flow. In addition to key chains like Ethereum and Flow, this bundle also includes features like side chains, construction tools, and wallets.

2. Technical standards: NFT casting protocol and industrialization

These tiers include makers of virtual reality, digital writing, and IP games, as well as virtual sites like Sandbox and Cryptovoxels. They often directly connect developers and users and connect with future key NFT topics.

3. Application process: The applications provided by the tokens are designed primarily according to the requirements of the process.

It includes retailers like OpenSea and TokenTrove, data platforms like Nonfungible and CryptoSlam, and social platforms like Nifty's and Showtime.

This layer usually shows its value by collecting traffic and providing services.

The lower communication procedures of the NFT Home Ecology Guide include:

Ali's Ant Channel, Tencent's Zhixin Channel, and other affiliated channels;

Home channel Conflux, TRON, Xiaoyi NEO, Bytom BTM, Qtum quantum chain, etc.

Overall, the key structure of our national NFT ecosystem is not yet mature. With semi-centralized blockchains like Ant Chain and Zhixin Chain, the technology is also mature, secure and controllable, but the links in the chain do not interfere with each other. Public chain houses with limited radius, safe and manageable under perfect supervision, with sufficient reliability and market value have not yet been available in China.

In the current management and unfinished design environment, our national NFT trading platform, NFT project creators and investors are all at the inspection stage, and NFT trading is generally limited to the core functions of digital recording.

NFT Indoor Industrial Chain:

Source: GF Securities

In the NFT ecosystem, the standard revenue model is to sell NFT assets directly, pay the secondary company's exchange rate, and pay for the game.

Diagram of NFT Platform Business Model:

NFT segmentation piste

Based on the application and cost logic of NFT itself, it can be divided into Art-NFT, Fi-NFT, Game-NFT, and IP-NFT.

According to statistics from Nonfungible, the main applications of NFTs are writing, art and games, and by Q3 2021, NFTs will account for 75% of writing, 9% of entertainment and 7% of entertainment. games.

Currently the most used are NFT for loans, IP-NFT is mainly used for NFT in law, the most popular applications are NBA Star Card and Game-NFT generally uses NFT. Currently, the app is mostly made up of user-created in-game NFTs that can be redeemed for free.

NBA Topshot Cards:

Source : Action

The NFT industry has been booming since 2021, with the trade volume of OpenSea, the largest NFT trading platform, increasing by $ 3.4 billion in August.

In late August 2021, NBA superstar Curry replaced his Twitter avatar with an image of a red cartoon, which was traded at 55 ethers ($ 180,000) for one of Curry's favorite organizations on NFT doing business. business. Bought by Bored Ape Like the Kennel Club CryptoKitties (BAYC), these monkeys are unique and unique.

Because Curry has a huge global impact, many fans have purchased these avatars from the Marketplace and updated them on their Twitter account.

More red avatars from BYAC:

NFT function: metaverse signal strength

Metaverse relationships require a good sense of understanding and an open and inclusive environment, which is a deficiency in today's online games such as mergers and acquisitions.

Metaverse enables users around the world to communicate and communicate anytime, anywhere.

In jobs with similar behaviors, evaluation is most important. Finally, the standard design tools that work for hundreds of millions of people should be simple, fast, and accurate data analysis. NFT's non-repeatable, non-repeatable and simple design meets this requirement.

NFTs contain specialized assets or personally identifiable information. Everyone has unique characteristics and personal information. NFTs can aggregate and digitize personal data, educational data, address records and communications, store them on a blockchain, and provide them to individuals. It recognizes decentralized data storage, which can provide security and data distribution at the same time when using metaverse with multiple users.

Currently, the governance process and technological design of our national NFT ecosystem is not yet mature, and the industry is still limited to the significant digital recording industries. Internet companies such as Alibaba, Tencent, Visual China, and China Online have grown. . deploy, xa

On August 2, 2021, Tencent announced the "Magic Core" NFT industry software. So far, Tencent Magiccore has deleted all of the word NFT and replaced it with “digital collection”.

Alibaba also developed an NFT business platform based on Alibaba's ecology and started operating multiple NFTs, including Alipay payment code skins and multiple NFT integration protocols with Big IP.

Netease Cultural and Creative's Sansan studio released their first intellectual property for NFT design, Small Alpaca Sansan Celebration Gold, on Taobao in June 2021.

Building on existing community benefits, Visual China continues to improve the communication and income generation capabilities of the 500px community, and continues to use NFT technology to improve its communities, continue to support producers, expand markets and international markets and strengthen assets. We are creating a critical community and the best blockchain-based visual arts creative community in the world.

NFTs are digital insurance mandates stored on a blockchain that doubles the value of virtual currency, and NFTs income and tracking provides added value.

Referring to the overall awareness and management of the domestic environment, monitoring and insufficient NFTs can enhance the market value of assets. Great space for growth.