The non-fungible token (NFT) space can be said to be one of the most popular aspects of encryption and blockchain technology. In fact, NFT has often become a topic and has aroused great interest both inside and outside the industry.
NFT is becoming more and more attractive outside of the crypto space, so that major brands such as Visa and Budweiser are now buying popular items from popular collections. These initiatives are different from corporate interactions that usually involve the creation of non-fungible tokens of their own digital goods.
As in the case of encryption and blockchain transactions, the massive adoption of major traditional players has triggered a frenzy driven by FOMO. As other collectors joined this trend, the lower price limits of several NFT collections rose sharply.
In addition to the current hype, some encryption proponents said that NFT not only provides meme appeal, but also can become a “killer application” of Web 3.0. If these assertions are proven to be correct, then irreplaceable tokens may become a channel for emerging decentralized online gamification investments and become the focus of the next iteration of the Internet, similar to how e-commerce and social media dominate the current cyberspace .
Visa acquires cryptopunk
August 23, Visa announced that it has Buy cryptopunk#7610 49.50 Ether (Ethereum)-Approximately US$149,939 at the time of writing. This news can be said to have caused a sensation in the crypto field, and even in other fields, some CryptoPunk was sold out by wealthy buyers keen to participate.
CryptoPunks is one of the “OG” NFT alliances in 2017, long before the current hype around non-fungible tokens. This series was created by Larva Labs in June 2017 and contains 10,000 pixelated images with a size of 24 x 24 pixels and an 8-bit pixel art style.
Punk is hailed as the source of inspiration for the NFT’s ERC-721 token standard, and it is also a pioneer of the generation art based on blockchain.
At the time of the initial release, interested collectors can get Crypto Punks for free. Since 2020, as NFTs have become more and more popular, retro (at least in terms of irreplaceable token standards) collections have become more and more sought after.
According to the Larva Labs website, the cheapest CryptoPunk that can be purchased is Pricing 119 ETH (approximately 400,000 USD). According to reports, after the news came out, several owners delisted their punk after purchasing Visa.
As of this writing, the 30-day trading volume of CryptoPunks has exceeded $5 billion. CryptoPunks trading activity is More than half of NFT transaction volume Recorded in August.
Chinese Internet billionaires have also got on the train and spent huge sums of money to acquire CryptoPunks.
Nowadays, advanced NFTs like CryptoPunks seem to Has become a status symbol Similar to the Lamborghini charm of early cryptocurrencies. Now, it is common to see celebrities from inside and outside the encrypted world using popular NFTs as their profile pictures on social media accounts.
NFT adoption and corporate brand management
Cuy Sheffield, Head of Cryptocurrency at Visa, elaborated on the reasons for buying CryptoPunks, “In order to help our customers and partners get involved, we need to understand first-hand the infrastructure requirements for global brands to buy, store, and utilize NFTs.” Although companies adopt NFT is not a new phenomenon, but actually buying NFT instead of launching a digital collection based on the company’s products makes Visa’s move very novel.
Jesse Johnson, founder and COO of Aavegotchi creator Pixelcraft Studios, told Cointelegraph that Visa’s entry into the NFT field is just the “tip of the iceberg.”
“In the coming months and years, the market will increasingly see brands, organizations, and companies accepting NFT. It will start as a new way to connect with customers, but it will eventually develop the entire industry.”
Johnson told Cointelegraph that the popularity of NFTs will push the entire industry to re-examine and re-adjust their incentives with customers.
According to Christian Ferri, the co-founder and CEO of NFTPro, NFTPro is a company that provides NFT marketing guidance for global brands such as Prada and Lamborghini. The company’s interest in non-fungible tokens includes investment and marketing, as well as promoting the growth of young people. Brand engagement.
In an interview with Cointelegraph, Ferri said that the current hype surrounding expensive NFT collections will fade, and said:
“As the market changes, most (if not all) NFTs have nothing to do with high status. Even if they do not disappear, high equity names will fall sharply. This dynamic will bring people’s attention to the new scale of digital value again. Buyers will look for and request digital real products from known names, which have a higher and more predictable weight under a broad consensus.”
The interest of the business community in NFTs has grown, and several major brands are hoping to gain a foothold in the market. Social media giant Facebook said that NFT will become part of its digital asset wallet service Novi.
According to reports from China, ByteDance, the parent company of popular social media platform TikTok, may also be considering entering NFT.According to reports, bytedance founder Zhang Yiming statement The company plans to make NFT venture capital in the WeChat NFT group on August 26.
NFT, gamification investment and Web 3.0
As NFTs have become a channel for digital ownership, some commentators have begun to emphasize the gamification investment potential of irreplaceable tokens, especially in the context of the emerging decentralized network architecture. In some respects, NFTs may be emerging to reflect the changes brought about by e-commerce and social media in today’s cyberspace.
According to Ferris, “NFT will become the backbone of the third wave of commerce or virtual commerce.” From digital avatars to virtual and augmented reality (VR/AR), games and meta-universes, NFTs are gradually penetrating into the evolving digital matrix. Multiple levels.
This increase in penetration has also triggered discussions about possible interactions with the main pillars of the digital world, such as e-commerce and social media. In fact, some companies are already seeking to develop infrastructure that will exist at the intersection of NFTs and social media, gaming, and e-commerce.
“NFT gives true ownership of digital items, which can often be used as utilities,” Johnson told Cointelegraph, adding:
“Companies can use NFTs for many different purposes, but the biggest use is games. The “game earning” aspect of NFTs will be revolutionary in the next few years. Through the transformation from static digital collectibles to tokens, creation It has real utility and will lead to the next generation of NFT, especially as more and more companies and companies participate.”
In fact, playing games has become a major part of the NFT field, and games like Axie Infinity have attracted the attention of players all over the world.The increasingly popular games to earn NFT games are Show possibility May be located in The intersection of games, blockchain and virtual economy.
In early August, Jenny Q. Ta, the founder of the blockchain-based social media platform CoinLinked, said in an interview with Cointelegraph that NFT may be the missing link in seeking to disintermediate the Internet. According to Ta, NFT will promote content ownership in Web 3.0 and create a new virtual economy.
Tas CoinLinked was recently acquired Provided by NFT aggregator platform HODL Assets. After the acquisition, HODL Assets hopes to launch its NFT market service, which will also combine e-commerce and social media functions.