With the increasingly declining floor price of so-called "blue-chip NFTs," recent underwhelming performance of @Azuki Elemental and @Memeland, and the average FOMO effect of @BoredApeYC's new game, the NFT market is facing an unprecedented crisis. PFP narratives, once created during the bull market's liquidity abundance, have gradually been debunked over time. Shockingly low project survival rates and the arrogance brought by winner-takes-all mentality have contributed to the current market-wide decline (PS: @WeirdoGhostGang Lil Ghost is still going strong).
Today, let's briefly discuss the possibilities of the next breakthrough in the NFT cycle. Here are my personal thoughts, and I welcome you to share your insights in the comments.
[PS: The following ideas are listed from easier to more challenging]
I. Membership Card#
Similar to the Pass card concept, holding an NFT grants VIP membership status in a specific project, brand, or platform. Apart from identity differentiation, members can enjoy exclusive services, discount offers, points redemption, jackpot draws, online and offline merchandise, and more. Essentially, the whitelist benefits of NFT projects are part of this gameplay.
Pros: Flexible entry requirements, ranging from low to high
Cons: Continuous effort and collaborations
II. Data Storage Device#
Music NFTs can be seen as a demonstration of data storage capabilities. NFTs are not limited to text, images, audio, or video formats. In essence, this represents a way to open up creator economies with relatively low entry barriers. People are not just buying NFTs; they are purchasing the stored data or content.
Pros: Simple functionality, diverse formats
Cons: Content requirements, payment segregation
III. Game Invitation Codes#
Games can vary in scale, from small ones like 4399 and 7K7K (e.g., Sewer Run, Monkey Box) to AAA productions like Phantom Galaxy and Ultiverse. NFTs can be used as closed beta invitation codes or proof of ownership for elite players.
Pros: High entertainment value, low user learning curve
Cons: Short game life cycle, high production requirements
IV. IRL Membership Tokens#
In the post-pandemic era, people are eager for physical interactions in offline spaces. The appeal of IRL (In Real Life) offline benefits surpasses the intangible ones. Experiences such as dining, entertainment, travel, shopping, and more.
On one hand, IRL benefits allow NFT holders to gather offline, creating collective memories. On the other hand, it stimulates brand consumption and loyalty. Compared to intangible online membership cards, the quality of IRL benefits depends on the offline service.
Pros: Direct benefits, tangible experiences, broad target audience
Cons: Longer implementation time, high costs, operational challenges
V. O2O Ticket Verification#
Imagine using just one NFT in your wallet to access various scenes such as museums, art exhibitions, concerts, and performances. Sounds exciting, doesn't it?
In the industry, both @Ticketmaster and @nft_tix have explored NFT ticketing applications and transformations.
Pros: Transparency, easy traceability, low issuance costs
Cons: Longer processing chain, outdated industry practices, privacy verification concerns
VI. Qualification Proof#
As a non-fungible token, NFTs to some extent play the role of Soulbound Tokens (SBTs). The important role for Web3 participants, also known as "Soulbound token holders," is to acquire early project NFTs as proof of participation. These NFTs, obtained through simple social media tasks or on-chain transactions, can be considered part of their online track record.
Additionally, the online reputation value of Web3 participants is yet to be fully explored. Abstracting work experience into an NFT and using it as an industry endorsement or consulting certification is a future direction to anticipate.
Pros: Clear and intuitive, explicit rights and responsibilities
Cons: Risk of fraud, challenges in ecosystem circulation
VII. RWA (Real World Assets) Benefits#
Real World Assets are not a particularly new concept, but within the context of Web3 narratives and tokenization, people are preparing for the real "Metaverse." This involves mapping real-world assets into various forms of rights, bonds, and fragmented packaged assets. The emergence of lending protocols can also attract more players to join.
Of course, NFTs can play a part in this process, as the boundaries between ERC20, ERC721, and ERC1155 tokens are gradually blurring. Fragmenting NFTs into tokens or airdropping tokens to NFT holders are common on-chain operations and marketing tactics. Even @CityDAO can experiment with these concepts to expand their narrative imagination.
Pros entry barriers, high profit potential, and vast market space.
Cons: Policy regulations, implementation of rights, risks of packaging low-quality assets
**To wrap up, here are a few thoughts for further discussion:
- What do you think will be the main theme of the next NFT cycle?
- Which practical use cases will emerge and lead the next wave of the bull market?
- What types of Web3 projects (not limited to NFTs) can guide 100 million people into Web3 and transcend bull and bear cycles?**
Looking forward to your shares and personal perspectives!
And at last but not least, hope is valuable, and the future of NFTs is bright to go through this hard period, and if you can ensure you hold one or more of those different kinds of NFTs above like Weirdo Ghost Gang, maybe you have gotten the ticket to next cycle of NFTs.
Author: wenser
Twitter: https://twitter.com/wenser2010
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