With the rapid development of the NFT market, developers are frantically designing platforms that use NFT in innovative and surprising ways.
Brief overview
1. The trading volume of the NFT market surged by 57% in the summer of 2020, bringing the value of the industry to approximately US$100 million.
2. The new NFT platform can realize partial ownership of digital assets such as artworks.
3. The DeFi platform began to use NFT as collateral for loans or derivatives.
When most people think of non-fungible tokens (NFT) (provably the only cryptocurrency token), they think of virtual trading cards and images of digital art markets. But facts have proved that the meaning of bubble-like financial assets is much more than that.
The NFT market has exploded in the summer of 2020, and transaction volume has soared by 57%, bringing the value of the industry to approximately $100 million. Now, developers are frantically designing platforms that use NFT in innovative and surprising ways.
The new agreement for the art market can divide the NFT into thousands of parts and then stitch them together; the game platform sells land for the decentralized virtual world; and the NFT accepted by the loan agreement is used as collateral.
1.
The rise of digital art decentralized finance (DeFi) has pushed the NFT industry to the money printing machine. Emerging platforms make it easier to trade and speculate on digital art. Some provide you with additional cryptocurrency tokens for trading NFTs, while others allow you to purchase part of the NFT.
NIFTEX, headquartered in Singapore, allows NFT to be divided into thousands of replaceable ERC20 tokens. You can buy a part of the cryptocurrency artwork and then on the decentralized exchangeUniswapTransactions on the Internet without buying a small portion of cryptocurrency artworks.
Duncan Cock Foster, co-founder of Nifty Gateway, a crypto art market, said that although he is skeptical of investors who may invest in art purely for speculative purposes, he thinks the experiment is "great." He said: "If you do it only as an investment, but just want to get financial returns, then you do it wrong and you are doomed to fail."
Hubert said, but segmenting NFTs will open up new markets. Developers can build tools to rent out virtual video game land and tax the people who build on it. Or a tribe can allocate a share of a virtual sword so that different members can kill the dragon at their convenience. "This will only develop further. These NFTs will have more and more complex rights," said Hubert, whose platform has generated approximately $1.8 million in revenue since its launch in May.
2. "Peasant Uprising"
Yat Siu, the chairman of Animoca Brands, is one of the people engaged in this work. Siu's company sells NFTs that represent video game products, such as virtual racing cars and auto parts. These NFTs are wholly owned by players, who can resell them on the secondary market. "We believe that NFT essentially represents property rights in the digital world. From a social perspective, as long as you introduce real property rights into the community, magic will happen." "Magic" based on real estate is "necessary for capitalism to function." condition".
For video games, Siu believes that NFTs can solve the unfair status quo, in which the game company controls access to the items sold to you.
If you buy character skins and emojis from the world's most popular game "Fortnite", you don't own the content. If you violate the rules of Fortnite, the developer can kick you out of the platform and take your props. Siu sneered at this. He added that in 90% of the cases, you have to believe that the company is centered on your interests, because this is not how the game company makes money. Now Xiao Zheng leads the peasant uprising. He considered himself like a serf in the Middle Ages, free from the feudal hegemon.
Animoca Brands’ premier game The Sandbox will release its first public beta next month.
The sandbox looks like "Minecraft", and it feels like "Second Life". In this virtual world, players can do whatever they want and trade Linden Dollars with user-created items. This is Second Life The virtual currency named by the creator of Linden Labs.
Sandbox sells $LAND, which is a kind of NFT representing the internal plot of the game, where brands can build their own virtual world. The Smurfs bought a whole piece of land in a pre-sale and paid with the sandbox currency $SAND. On this basis, they will build a virtual Smurfs village. Brands such as Animoca, Care Bears and Shaun the Sheep are also on the platform.
It should be noted that the revolution mentioned by Bernard Shaw is clearly capitalism. NFT leads a new wave of pay-to-win video games, and financial freedom is only effective when you like micro-transaction-based games. Xiao said: "This is a niche market."
3. The DeFi NFT market supported by NFT
goes deeper. Some platforms are using NFT as collateral for loans or derivatives.
"The ability to use creative works as collateral or derivatives will open up a whole new financial market, which may have huge network effects," said Eden Dalivo, global managing director of the Chinese blockchain network Conflux. Dhaliwal) and NFT artist Song Ting collaborated to create the NFT market Tspace said.
This year, the DeFi insurance agreement Nexus Mutual The underwritten year.finance insurance contract is listed on the NFT market Rarible. The coverage of Nexus has soared from US$1 million in January to US$48 million today.
In this way, you can purchase DeFi smart contract insurance without investing any funds in the agreement itself, which will pay the funds if the hacker violates the agreement.
Rarible also provides users with additional cryptocurrency tokens to use its platform. Users use its platform to trade NFTs on Rarible with the sole purpose of obtaining these governance tokens, which is also known as a "yield farm".
“As the DeFi infrastructure continues to improve, it will only grow faster over time,said Han Wen Chua, Senior Vice President of Zilliqa Ecosystem Growth. Zilliqa is a blockchain platform that supports multiple NFT market.
this article only represents the author does not necessarily represent the official position of the leofinance community
I have gone on AtomicHub around October of last year after an email from Crypto.com questioned its users if we were aware of NFT and how it works and the possibilities that it possessed. I am new to crypto in general but since I have been getting into it I figured I may as well check it out. I went as far as creating my own free wax NFT lol it was pretty complex process but with the step by step tutorial I was able to complete it. After hours of doing this and creating my first one I was exhausted!! But it was really cool learning about how programmable the NFT can be made. Mine was really simple and basic, but I could at least get a grasp of the potential it had if in the right hands. Thanks for the read \m/
Posted Using LeoFinance Beta
extraordinary and how much fee you spend for the nft that you make?
The NFT on atomichub were free to make, at least the basic one that I made. But it was interesting that I could add a value to it, along with a quantity I could make and a bunch of other things. I attempted to create just a simple NFT card with a picture and description but the depth of it is impressive if one had the capability to dive into it.
Posted Using LeoFinance Beta