With the popularity of avatar NFT, the application hotspot of NFT may start to shift from encryption art to social.
Written by: Funky
In 2021, NFT (Non-Fungible Token), which represents human ownership in the digital world, broke out of the circle. According to Nonfingible.com statistics, the transaction amount of NFT in the first half of 2021 exceeded the threshold of 1 billion U.S. dollars. Reached 1.263 billion US dollars, a year-on-year increase of more than 4 times. Among various NFT applications such as artworks, collectibles, games, and virtual worlds, the most socially attributed collectibles account for 66% of the transaction amount, which stands out. At the same time, it can be observed that in the top ten major NFT trading lists such as Opensea, Nonfungible, DappRadar and other star projects such as CryptoPunks, Meebits, Hashmasks, Bored Ape Yacht Club, collectors are basically used for social networking , Use these NFTs as your own Twitter, Instagram and other social platform account avatars, so as to show your identity on the Internet, find colleagues, exchange and share. Therefore, the application hotspot of NFT is shifting from art trading to social, and NFT social is likely to become the next NFT hot spot.
NFT social networking, DeFine occupying potential track
Some experts believe that the NFT social platform provides NFT holders with a platform for display of collections and price discovery. In the social environment of human society, Proof of Passion (Proof of Passion) such as artworks, limited-edition sneakers, and records provide people with channels to exchange values ​​and collisions of inspiration. The advent of NFT makes it easier for people to show their hobbies to others in digital form; secondly, NFT’s token incentive mechanism can further improve the originality of social media content and encourage creators to provide more interesting, unique and valuable The content ultimately improves the overall value of the platform. Third, the NFT social platform allows content creators to have free promotion and sharing channels, and can skip middlemen and establish more direct and transparent communication with fans. Creators can publish work-related NFTs through social platforms anytime and anywhere to raise funds for creation, and these NFT-form works/fan tokens will also appreciate along with the works, and can be used as proof of fans’ hobbies for display on social platforms .
DeFine, which was renamed on May 13th, was announced. Compared with emerging projects such as Showtime, Nifty’s, Only1, Nafter, this NFT social platform is different in that it faces the Asian market and serves artists, musicians, Internet celebrities, and games. Daren and other creators. The DeFine platform promotes various social interactions, participation and exchanges between creators and their fan groups by using the market functions of digital assets such as NFT, social/fan tokens and real assets on the blockchain. The holders of the social/fan pass will have many rights, including joining the creator’s private community, and having an exclusive channel to access the creator’s NFT, products, content, etc.
Identity medal system, DeFine builds NFT social network
The ultimate goal of DeFine is to become a social platform for creators and users to freely communicate and build communities in the digital world. DeFine users can identify and interact based on the NFT social profile of their contributions and achievements in the digital world. To this end, DeFine has developed a unique NFT social profile: When users connect their wallets to the DeFine platform, they can view and understand others’ NFT-based social profiles, access private message groups and their related content, and the system can also Recommend associating friends based on their activities.
DeFine also newly launched an open digital badge identity system based on NFT, using NFT as the only identifier of behavior and loyalty on the chain. This limited honor badge will be rewarded to users who have good historical behaviors or interactions on the blockchain, such as giant whales, liquidity providers, DeFi miners, etc. And those users (such as hackers) who commit malicious acts will be labeled as non-honorable. DeFine plans to issue DeFine honor badges with different levels of gold, silver and copper to major mining and trading companies based on the number of smart contract interactions of the head DeFi products.
DeFine builds an NFT-based social network through this unique Web 3.0 social information system. For example, building a digital credit system to pave the way for NFT+DeFi. Just like Alipay’s Sesame Credit, users can mortgage its badge of honor to obtain loans. If the user does not repay the payment on time, his badge of honor will be destroyed and a non-honorable label will be affixed. For another example, creators can forge and issue their own social tokens, and can reward fans through special NFT first release unlocking, private communities, products or content and other priority participation rights to increase fan participation and stickiness.
The NFT social identity developed by DeFine is not only limited to the DeFine platform, it can be interoperable between different blockchains and meta-universes in the future. NFT-based social data can be used in different meta-universes, where users’ activities are reflected in their personal data. For example, users can earn medals of honor by achieving achievements in different meta-universes.
NFT PLUS, giving NFT actual value and social scene landing
Different from traditional Internet social networking, NFT social networking will directly promote the circulation of digital asset rights and interests carried in the form of NFT. In response to the industry pain points that NFT has few application scenarios, low turnover rate, and lack of actual value anchoring, DeFine launched the innovative NFT+DeFi product NFT PLUS, which solves the problem of NFT by binding the NFT to the actual rights and interests of measurable value. The subjective issue of assets gives NFTs actual value, which makes NFTs have higher liquidity and investment value, allowing NFTs to truly land in various scenarios, especially social scenarios.
The technical solution of NFT PLUS
DeFine’s first collection series “DeFine Four Seasons” launched at NFT PLUS at the end of July and early August contains 4 unique NFTs, designed based on the four seasons of the year, and each NFT holder will get a special offer on the DeFine platform. Redeem DFA during the time period, open personal channels, open private channels for NFT holders in a specific season, participate in DAO governance and other rights. Each quarter’s NFT can be exchanged for 1000 DFA tokens within a specific time period. Before the redemption date, holders can trade seasonal NFTs on the DeFine platform or other mainstream NFT markets. The first collection of the DeFine seasons was sold out within one minute on the Binance NFT market. Together with the sales on the DeFine platform, a total of 100 autumn collections were sold.
The rights and interests of NFT PLUS designed by DeFine include physical rights and interests such as albums of popular artists, subscription warrants for limited edition luxury goods, such as tickets for popular concerts/sports events, reservations for popular scenic spots, reservations for popular restaurants and other service rights, as well as Financial rights and interests such as priority participation rights for high-quality assets. Due to the unique attributes of the NFT, each equity will have its own unique label, allowing the value of each NFT to be objectively measured and providing it with high liquidity, which ultimately greatly enriches the application scenarios of the NFT.
NFT Pad, connects users and NFT projects
As an important extension of NFT PLUS, DeFine has recently launched the NFT Pad, which gives users the opportunity to participate in the investment of new projects early, and also helps projects lower the entry threshold for NFT issuance by providing initial liquidity. NFT Pad is currently based on the first-come-first-served principle of equal distribution of NFT projects. In the future, it plans to add a lottery model to ensure that participating users can benefit from the inherent scarcity of NFTs. DeFine also plans to give back part of NFT Pad’s income to users, and add a pledge function to motivate DFA token holders, and allocate new shares to NFT Pad based on the amount of DFA held by users. For projects that publish NFT on NFT Pad, DeFine will allocate part of the NFT Pad revenue to help the project achieve its goals. The NFT Pad will also empower the project to motivate early supporters and gain community attention through the NFT launch. According to the needs of different projects, various standards and game mechanism functions will be launched one after another. In DeFine’s NFT Pad, 246 Sypool NFTs were sold in blind boxes on September 1, and they were all sold out within 30 seconds of being on the shelf. On September 9, Sypool will continue to open the second round of NFT Pad.
Due to the above-mentioned NFT social platform card slot and product innovation, DeFine successfully obtained a strategic investment of 5 million US dollars. Huobi Ventures, South Korean e-sports & entertainment company Abyss, South Korean listed company Pearlayss led the investment, and the participants included Draper Dragon, NGC Ventures, SevenX Ventures And ONBUFF, an NFT fund owned by Japanese game development company SNK, which owns brand IP such as The King of Fighters and Hungry Wolf Legend. Individual investors include American DJ and producer 3LAU. In addition, DeFine is also listed on Huobi, Gate.io, Poloniex, Huobi Korea and other exchanges, greatly increasing DeFine’s influence in the NFT field and bringing NFT into the mainstream market of games and entertainment.
Disclaimer: As a blockchain information platform, the articles published on this site only represent the author’s personal views, and have nothing to do with the position of ChainNews. The information, opinions, etc. in the article are for reference only, and are not intended as or regarded as actual investment advice.
