As the NFT market cools down, there is an opportunity to learn from its explosive growth

What is different in three months. Back in March, when Beeple’s large non-fungible token was sold for $69.3 million, the atmosphere was enthusiastic. You don’t have to go far to find the bold statement that crypto art is the next bold frontier of culture—providing opportunities for fledgling creators and changing the way we interact with masterpieces.

Now we are in June and things look a little different.The historical highs of Bitcoin and Ethereum are distant memories, and Thought-provoking data published by Protos It shows that since its peak in early May, NFT sales have plummeted by 90%. (Some people question this data).

Now is a good time to reflect on how far we have come and where we are going next.Endless column inches are now working on the demise of NFT as an asset class-drawing the creepy similarities Hundreds of articles and tweets Warning Bitcoin has been trending towards zero since its inception. (one of coming (September 2020, shortly before the start of the dramatic bull market in cryptocurrencies).

Although the crypto market is quite turbulent now, those who have a catastrophic impact on NFTs may be quite short-sighted.

Take a look at what Beeple (real name Mike Winkelmann) told CNN in March: “NFT is very exciting as a technology, and many people compare it with the early days of the Internet. In the early days of the Internet, you have a lot of hype, and you have a lot of hype. Speculation, and then there was a bubble, and the bubble burst. But it did not eliminate the Internet. People continued to use the Internet.”

Essentially, his point is: NFTs with real utility will continue to exist. In fact, it’s worth noting that Protos’ research emphasized that crypto collectibles such as CryptoPunks managed to remain resilient during this bearish downturn. (Indeed, Sotheby’s Sold a rare CryptoPunk for $11.8 million Just last week-it called the new world auction record).

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The NFT sector may be hit in the short term, but this does not detract from the uniqueness, provable scarcity and indivisibility of these assets-completely changing the concept of ownership. The use cases of non-fungible tokens have not yet been imagined, and the development and innovation of this industry is still in its infancy.

The explosive growth of this industry has led to obstacles. Sometimes, there is little supervision during the verification process. The congestion of the Ethereum blockchain, the birthplace of NFT, also hinders development.

One way to help the NFT industry recover from its current malaise is to increase public awareness of the opportunities these tokens present-and greatly reduce the cost of creators to mint their own tokens. Currently, due to the high transaction fees and gas cost of Ethereum, digital artists who are just starting out risk overspending on minting NFT-if their art is not sold, they may not be able to recover these fees.

It is essential to create an environment where irreplaceable tokens are easy to find and cheap to buy and sell.

answer

A platform that strives to make it easier for everyone to use NFT is mobile network — A developer-friendly blockchain, energy-saving and safe. Its end-to-end NFT aggregator concentrates digital assets in one place. Currently all users are exempt from gas fees, and the ecosystem gives them the opportunity to easily tag their digital content at the lowest cost.

This, combined with the gamification experience, injects fun, intrigue, and excitement into the NFT space. By using “blind boxes”, rare and valuable tokens will be hidden, waiting to be discovered. The project hopes that this will provide a new element of surprise to be part of the MOVE Network community.

Some of the main focuses of MOVE Network include ensuring that these assets can be easily traded and laying the foundation for NFT tickets-this innovation can achieve new emotional value for fans participating in the event, while ensuring that tickets can only be resold and eliminated under certain circumstances The risk of counterfeit products entering circulation.

In the past 12 months, MOVE Network has completed beta testing to enable its platform to be used for demonstration purposes. Established a cooperative relationship with H Collective, the company often cooperates with Hollywood’s top producers and talents. It is hoped that this partnership will pave the way for NFT to revolutionize the film industry. At the same time, the platform also successfully completed a seed round of funding of 1.5 million US dollars to promote its global expansion and the development of blockchain technology that powers its ecosystem.

Film tycoon Sid Ganis, who has served as executives at Sony Pictures, Lucas Pictures and Warner Bros. studios, also joined MOVE’s advisory board. He said: “The film industry is constantly changing and innovating. Over the years, I have been fortunate to be a part of these changes. Now, movies and content are entering the crypto market through NFT, which is another major shift into the global entertainment world of the 21st century. . I am happy to bring what I know into this process.”

MOVE’s NFT market is scheduled to be launched in the third quarter of 2021 and will be equipped with “blind boxes”. There will also be a MOVD token sale, after which the cryptocurrency will be listed on major exchanges. Later this year, more entertainment industry partners will be unveiled-a decentralized NFT trading platform will be launched on the Binance Smart Chain.