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Wheat wallet Lu Yaoyuan, DEGO China Heiyangli and Flow CBO Mik Naayem talked about project progress and NFT market opportunities.
At 6pm on March 9th, 2021, Math Wallet held the 18th issue of the Math Show. It was fortunate to invite PM Lu Yaoyuan from Math Wallet, Black Pear from DEGO China, Mik Naayem from Flow, and Special Host Winkrypto AnneJ. , The theme is “Whether NFT is the next opportunity for gold prospectors”, the following is a wonderful transcript of that evening.
Heiyangli : I believe that many of my friends around me have digged into DEGO’s early mines. DEGO is a DeFi + NFT project. Many people ask me what is DEGO? In fact, in my cognition, DEGO is different from 99% of the projects on the market.
If you are interested, you can take a look at DEGO’s roadmap and log. Its borders are relatively fuzzy. Early anti-monopoly popular mining and later airdrop blind boxes are challenging our understanding and cognition of NFT.
DEGO’s functional sections are not fully disclosed at present. For example, the hunter functional section inside has not yet been opened, and Dandy’s usage scenarios have not been publicized. I think DEGO itself is also evolving, and this evolutionary process is that all of us are participating in it. Recently, one of their new products, TreasureLand, has a turnover of 3 million U.S. dollars on BSC, which is already BSC’s largest NFTmarket.
I personally think that DEGO is actually a borderless product, because in the future, its layout will not only include NFT marketing, but NFT marketing has many innovative things. Furthermore, DEGO may announce a new gameplay around April, which is different from all NFTs currently on the market at this stage. Personally, DEGO is an exploratory experimental product, because the team itself should also be thinking about a question: In addition to encryption art, what else can NFT do?
You can understand that DEGO is a financial experimental product with NFT plus DeFi. What does it want to do? What is the future territory? What is the application scenario? I believe that it will gradually become public, and it is absolutely fundamentally different from the products on the market.
Lu Yaoyuan: Hello, everyone. This is Lu Yaoyuan. I am responsible for the ecology and application-related products of the wheat wallet public chain. I have some understanding of NFT.
Let me first introduce the current situation. Recently, the NBA Top Shot has surpassed the historical total transaction volume of CryptoKitties in Flow, and it has a tendency to go out of the circle.
It is beneficial to the blockchain industry and the NFT track. Recently, its historical transaction volume has surpassed CryptoKitties as the current largest NFT application.
The large number of participants and most of them are users outside the circle, which can make them gradually understand and believe in the blockchain and NFT technology, and even they do not need to know the principle to already use the blockchain application. It is not easy to explode as an NFT application circle. I personally think that there are three reasons.
In the history of the collection of star cards, fans have already accepted such peripherals, and can accept electronic star cards and blockchain star cards.
The fan economy, the recommendation of NBA stars and the popularity of the development team have made collectors of this kind of collectibles enthusiastic.
The experience of Internet products does not require collectors to first learn to use blockchain and create wallets.
Secondly, NFT is gradually becoming a hot spot in the market. Cent’s first Twitter bid is 425 W, and a picture of Beeple’s Christie’s auction is currently also 350 W. Encrypted celebrities, KOLs, musicians, artists, and stars have tried this Race track.
Personal classification of NFT has the following types:
The first is art, like digital art.
The second category is collectibles, such as crypto cats, signs and symbols on the chain, or collectibles with a stronger industry nature.
The third is games, like NFTs issued by game applications, which have stronger gameplay.
The fourth is voxel 3D, which represents some future NFTs combined with VR and AR.
The fifth is sports, such as football, basketball, baseball and other IP-supported NFTs that map reality.
The sixth is a relatively large functional NFT, including domain names, members, and corresponding NFTs with services, free advertising, discounts, mining governance, and DeFi combination.
The whole trend, or hotspot, will change with the changes in the market, playing with the new rather than playing with the old.
In terms of collection value, art, collection, and sports have high unit prices, poor liquidity, and high premiums. Practical and functional NFT is the best, and the services provided are more realistic.
For more NFT content, you can use Math Wallet to experience.
Host AnneJ: Before the event started, we had already collected a wide range of questions. Regarding some questions submitted by some group friends, please come and chat with us with the 3 guests tonight.
In the field of NFT art, how to distinguish valuable works, how to distinguish the high and low prices, what is the most valuable investment and collection area of NFT?
Lu Yaoyuan: It is very difficult for ordinary players to look at artworks from the perspectives of taste, humanities and history. Everyone hopes to buy high-value works at a low price. This behavior is called “picking out” in the antique market. ; Buying low-value, or even worthless works at high prices is called punching.
It is more difficult to become a master of art, and it is relatively easy to become a master of data. You can compare the author’s works through the historical transaction price, the number of Twitter fans, the popularity of the works, and the IP heavyweight. Many pitfalls can be avoided.
Recommend the following two data sites
The stored value of NFT is not only determined by the work, but also by the collector. The price of the NFT with 1k dollars sold in the market, the price of encrypted celebrity collections and ordinary people’s collections in the secondary market will be very different, so many collection stories cannot be simply imitated and combined copy.
In terms of collection unit price, most NFTs are artworks, and in terms of return rate, functional NFTs have higher growth.
Moderator AnneJ: How do you think about the current users’ high sentiment towards NFT auctions? Are most of the NFTs on the market worthless? How is its value evaluated?
Heiyang Li: Before discussing this issue, we need to be clear that value does not equal price.
Based on this premise, we proceed to the next dialogue.
I think the current situation of most NFTs on the market is
- no value
- No price
Why is there no price? Because most of the long-tail NFTs have no liquidity and cannot be sold at all.
We can think about it and lengthen the timeline. Today, three years later, are there still people willing to buy the NFT we bought? Of course, we are talking about probability here, after all, not every project can be like Cryptopunk.
Why is there no value? Here I think that no price does not mean no value.
“Value” is a metaphysically very abstract concept. It has many “assessment criteria”:
- “Relationship Theory”
- “Nature Theory”
- “Emotional Theory”
- “Need to say”
- “The amount of labor”
- “Subjectivity theory”
For me, the novels I wrote when I was young are very precious to me. This value is very great to me, but it is of no value to others for the time being. Why is it said that it is temporary? Because I don’t have this kind of influence right now, you can think about the value of Lu Xun’s childhood notes.
If I leave a fortune in history in the future, will the NFT issued on behalf of me suddenly become very valuable?
Today we are discussing the broad value, which is the standard that most people in the world may recognize in the future, and affirm that I am not worthy of the title “collector”. I don’t have a particularly brilliant aesthetic, so I will only share with me on behalf of myself. The more important criteria for judging NFT:
- Work author
- Work background
1-3-4 These three points actually don’t need to be explained. For the second point, let me explain. If a country uses NFT for the first time in the future to award outstanding talents, would it be very special?
Host AnneJ: When can Flow be extracted from the NBA top shot?
Mik: Thank you. NBA Top Shot is currently on the Flow chain, and NFT related events are cast and recorded on the Flow chain.
Dapper wallet is currently a custodial wallet supported by Circle, so users will have a very smooth use and payment experience, because we have built Dapper wallet and Flow on the parachain.
Dapper Wallet has not yet integrated with the Flow client, which will connect Dapper Wallet to all other wallets on Flow, such as Blocto.
Our team is currently working on this. The new feature allows users to move their Top Shots to other wallets, such as Blocto. Hopefully, it can be done as soon as possible.
Moderator AnneJ: Why is Flow a good blockchain for decentralized applications?
Mik: First of all, Flow is not only suitable for NBA Top Shot, but also for all companies or developers who want to develop applications and want to attract millions of users. At present, we have hundreds of developers on Flow.
Developers like us will face many problems when trying to build a blockchain on other public chains, so we created Flow. The problem to be faced when building is not only scalability, but we also need a faster chain, but at the same time, it needs to be easy to use and safe. At the same time, it needs to be convenient for users to access APP. Finally, it needs to show the true advantage of blockchain-composability.
Therefore, we built Flow from the ground up to make it a scalable blockchain without sharding, so that developers can conduct business here, and ordinary non-encrypted users can also use these apps.
Moderator AnneJ: Do you have any detailed plans for supporting artists to create on Flow? Or what are the future arrangements?
Mik: Artists and creators are very important to the blockchain ecosystem and its applications. For ordinary people to understand the advantages of blockchain, that is the ownership of creative content, and Flow has formed an ecosystem composed of third-party developers The system strongly supports artists and other creators.
Viv3.com is Flow’s first art market and has changed the lives of many digital artists. For example, Ben Maura held an NFT airdrop for the first time last week, and sold the entire collection worth $2 million in 7 minutes.
We also have many developers who help us create new markets and stores for athletes, musicians, artists and other creators, including Opensea!
The great thing about Flow is that the cost of doing this is very low, so people who are not very wealthy can also buy encrypted art. Just like Ben Mauro, more than 3,000 people participated in this event. This creates a sustainable fan base for artists, not like on Ethereum, where only a few people can participate in airdrops.
For different types of creators, dozens of new markets have been developed on Flow, which I think will be able to attract a whole new wave of creators and fans to join the blockchain world.
Moderator AnneJ: The NFT market is gradually heating up. What is your attitude towards the next development of the NFT ecosystem? At what stage might an opportunity be born or explode?
Mik: Although NFT is very hot now, and NFT artworks are sold at record prices, I think we are still in the early days. Currently, only thousands or tens of thousands of people own NFTs, but it is clear that in the future everyone will own their own assets, which will allow the budget for developing applications to increase and allow people to promote the quality of NFT applications.
Thanks to the success of NBA Top Shot, a new round of entrepreneurs has received financial support from venture capital and investors to enter our field, which will improve the APP budget and the overall quality of NFT applications.
These new developers will focus on encryption peripherals and mainstream consumers, which may attract millions of new users, so by the end of this year, I speculate that more than 5 million people will have NFTs.
But in 2022, the emergence of those high-quality, high-budget apps will have a great impact on the market, and the number of users will increase from millions to hundreds of millions. In the next 6 to 12 months, mainstream artists will launch their first NFT, which will cause a sensation.
But in the next 12-24 months, developers will develop more sticky products, transform users from one-time purchases into daily activities, increase user stickiness, and build a large market.
Finally, the combination of NFT and DeFi is of great value because people can borrow, lease and subdivide their NFTs, and use funds to buy more NFTs, which will help our industry grow by orders of magnitude.
Heiyangli: NFT is only the earliest stage. Most people pay attention to the ip entry similar to the NBA top shot. Recently I discovered that many companies outside the circle also want to come in and make a quick cash. In my opinion, this The golden period is very short, and there is no innovative approach. There are many aspects of the NFT industry. We look at the NFT track from the perspective of ip. I think there are three stages:
In the first stage, when a large number of IPs are overheated, entrepreneurs in the market, whether they are related to NFT or not, are looking for IPs everywhere, even investment institutions and the media are starting to look for IPs, and everyone wants to get a share of it. At present, ip is still a new thing. In the short term, institutions will fomo each other, and even recently a top foreign institution is investing in a third-rate ip project to raise funds. Needless to say, domestic Internet celebrities can all come out to make an NFT project, and institutions actually voted…
Summary of the first stage: ip> channel
In the second stage, homogeneous competition, the result can be imagined. After a large number of IPs enter the market, weak IPs will not be competitive, and the market will quickly become fatigued. At this stage, the advantages of the head project will slowly manifest.
Summary of the second stage: ip= channel
The third stage is to fight for ip utilization and long-term ip projects, long-term ip acquisition and in-depth cooperation to build an ecological moat. Many entrepreneurs have not thought about this. Why venture capital is willing to invest is to find the CEO who knows how to spend money best. In the same way, ip will always converge on the strongest projects, because they know best how to monetize and how to better develop the boundaries of the use of ip, and even how to protect the reputation of ip.
Summary of the third stage: ip< channel
The above is just my understanding of the business in the NFT+ip field. To be honest, I am not excited about these combinations.
I am more interested in NFT+DeFi, which is a breakthrough in the boundaries of NFT and even the blockchain industry. I firmly believe that NFT is a kind of technical infrastructure for blockchain to better describe the world.
As the scale of the NFT market gradually grows, a large number of NFTs remain in the wallet and become silent assets. How to improve the capital utilization rate and mortgage these assets so that both supply and demand parties can profit from it. Based on this, there is NFTfi, although I don’t approve of its current model, but in the long run, someone must run out of this track.
At this stage, the liquidity of NFT is insufficient and the transaction threshold is too high. How to make NFT transaction easier, as simple as FT? Based on this, there is NFTx. Although I still don’t approve of its model, in the long run, someone must run out of this track. And, it is said that they have taken the check from DCG.
ETHLend was particularly optimistic in the early days. In the bear market in 2018 and 2019, the ETHLend team overhauled its product and released Aave in early 2020.
This is Aave’s estimated weekly income in the near future. By the way, Stani is also one of the angel investors of NFTfi.
NFT and FT are relative, it should not be an independent existence, just like no one treats FT as an independent track, in reality, the transaction of non-standard products is much larger than that of standard products.
Currently I am optimistic about the field of NFT+DeFi. DEGO has driven the trend of “NFT blind box”. Next, DEGO will launch a product that will subvert everyone’s understanding of the use of NFT. I believe this will make people rethink NFT and Financial relationship.
Lu Yaoyuan : The NFT track is more imaginative than DeFi. Although the infrastructure is weaker than DeFi, it will get better and better. In the future, more and more people will be accepted, the richer effect in the market will become more widespread, and the market size will rise again. When one order of magnitude and more scenes are obtained, NFT will naturally become a hot spot.
To put it simply, we are optimistic about the long-term development of NFT, but we need to restrain short-term FOMO sentiment. At present, liquidity is an unresolved problem of NFT. A few NFT applications can compensate for liquidity through token incentives.
Host AnneJ: Thank you very much to the “show” friends who participated in the Math Show #018 event tonight. You can also participate in the “The He/She you want to see” event initiated by the Math Show, recommend and help you want to be on the “Math Show” “The guests you meet will have the opportunity to be a surprise MC and have a face-to-face conversation with the guests you want to meet.