With the floor price of the so-called "blue-chip NFTs" decreasing, as well as the recent poor performance of @Azuki Elemental and @Memeland, and the average FOMO effect of the @BoredApeYC monkey box new game, the NFT market is facing an unprecedented crisis. The myth created by PFP narratives during the abundant liquidity of the bull market is gradually being shattered after the test of time, resulting in an alarming survival rate of projects and the difficult balance between the arrogance brought by winners taking all and expectation management. This has led to a general decline in the NFT market today (PS: @WeirdoGhostGang Little Ghost is still strong).
So today, let's briefly discuss the possibilities for the next breakthrough in the NFT cycle. Here are my personal opinions, and I welcome you to share your insights in the comments.
[PS: The following scenarios are listed from easy to difficult]
I. Membership Card#
Similar to the Pass card gameplay, holding an NFT becomes a VIP member of a certain project, brand, or platform. Apart from identity differentiation, members can also enjoy exclusive services, discount offers, point redemption, prize pool draws, online and offline merchandise, and gifts. Essentially, the whitelist benefits of NFT projects are also part of this gameplay.
Pros: Flexible threshold, can be low or high
Cons: Continuous work, introduction of cooperation
II. Data Storage#
Music NFTs can be seen as a demonstration of the functionality of data storage. The storage format of NFTs is not limited to text, images, audio, and video. Essentially, this is also a way to open up the creator economy, with relatively low barriers. People are not just buying NFTs, or not just NFTs, but rather the stored data or content.
Pros: Simple functionality, diverse forms
Cons: Content requirements, payment isolation
III. Game Invitation Codes#
Games can be big or small, ranging from 4399, 7K7K (such as Sewer Run, Monkey Box) to AAA productions (such as Phantom Galaxy, Ultiverse). NFTs can be used as closed beta invitation codes or proof of rights for big players.
Pros: Strong entertainment value, low user understanding cost
Cons: Short game elimination cycle, high production requirements
IV. IRL Equity Tokens#
In the post-pandemic era, people who desire offline physical space contact naturally find offline equity attractive. Experiences such as dining, entertainment, clothing, housing, travel, and shopping.
On the one hand, it allows NFT holders to gather offline and create collective memories. On the other hand, it can stimulate brand consumption and loyalty. Compared to invisible and intangible online membership cards, the quality of offline equity depends solely on the quality of offline services.
Pros: Direct benefits, tangible experiences, wide target audience
Cons: Longer time-consuming, high costs, difficult operation
V. O2O Ticket Proof#
Imagine that with just an NFT in your wallet, you can enjoy various scenes such as museums, art exhibitions, concerts, and music events. Isn't that cool?
In the industry, there have been explorations of NFT ticketing applications and transformations by @Ticketmaster and @nft_tix.
Pros: Transparency, easy traceability, low distribution costs
Cons: Long chain, outdated industry, privacy verification issues
VI. Qualification Resume Proof#
As a non-fungible token, NFTs to some extent play the role and function of Soulbound Tokens (SBT). Now, a crucial part of the Web3 community's activities is to obtain early NFTs from projects as proof of participation. Whether it's through simple social media tasks or on-chain transactions, the obtained NFTs can be considered part of the on-chain resume.
In addition, the on-chain reputation value of the Web3 community needs further development. Transforming one's work experience into an NFT and using it as an industry endorsement or consulting certification is a direction to look forward to in the future.
Pros: Clear and intuitive, clear rights and responsibilities
Cons: Counterfeiting issues, testing the circulation ecosystem
VII. RWA Equity#
Real World Assets (RWA) is not a particularly new concept, but in the packaging and tokenization of Web3 narratives, people may be preparing for the real "Metaverse," mapping real-world assets into various concepts of equity, bonds, and fragmented packaged assets. At the same time, the emergence of lending protocols can also attract more players to some extent.
Of course, NFTs can also play a role in this process, as the boundaries between ERC20 and ERC721, ERC1155 are gradually blurring. Fragmenting NFTs into tokens or airdropping tokens to NFT holders are common on-chain operations and marketing gimmicks. Even @CityDAO can explore this area to expand its narrative imagination.
Pros: Low entry threshold, high profit expectations, broad market space
Cons: Policy regulation, realization of rights, packaging risks of junk assets
Finally, let's throw out some ideas:
1⃣ What do you think will be the main theme of the next NFT cycle?
2⃣ What practical use cases will emerge and lead the next bull market?
3⃣ What kind of Web3 projects (not limited to NFTs) can guide 100 million people into Web3 and navigate through bull and bear cycles?
Looking forward to your sharing and personal reference answers!
Author: wenser
Twitter: https://twitter.com/wenser2010
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