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Source: Kevin
Original title: BitKeep Founder’s Interpretation NFT: All skyrocketing NFTs have done these 7 major dimensions
This year, many new and old faces have entered the NFT market. The emergence of LooksRare and X2Y2 "blood-sucking attacks" once surpassed OpenSea in transaction volume; Uniswap acquired the aggregator Genie and also began to enter the NFT track; the multi-chain coexistence market represented by Solana divided up 17% of Ethereum's market share . The
competition is injecting new vitality into this young market. The market is growing and the transaction scale continues to grow. In May this year, the single-day sales of NFT on the Ethereum chain exceeded 600 million US dollars for the first time; trading tools are iterating step by step in the competition, batch listing and trading, "listing NFT is mining"... . The evolved gameplay and functions have activated a larger user base; at the same time, the number of NFT projects is also exploding, and players are dazzled by the endless types and works.
Web3.0 multi-chain wallet BitKeep has included more than 60,000 NFT projects since it launched the NFT market section this year. Founder Kevin spent a year to understand the seven dimensions of all skyrocketing NFT projects. This article comes from Kevin's summary.
1. Builder
NFT The target users that the NFT project should attract should be builders, rather than wooly people and short-term arbitrageurs. This is particularly important and is also the biggest test for the team. Speculators are common, but builders are rare.
Builder gathers together because of resonance and identity. For example, mfers, which represents the postmodern mourning culture, attracts millennials who feel powerless in the face of work pressure and social difficulties. In the emotional whirlpool of negativity, confusion and even despair, people are very It is easy to be impressed by NFT characters with a high degree of restoration and generate empathy .
thus gave birth to a highly spontaneous community. Unlike projects that require team announcements, NFT projects with builders also have members who voluntarily maintain and promote the community's ideas and spirit. mfers builders contribute to the project just like Bitcoin miners, and the success of Bitcoin today is not driven by speculators, but thanks to countless miners and evangelists. Builders expand the scope of the project in Web3.0 through their own construction. That kind of sincere attitude and belief, that kind of mentality that is not driven by profit, gave birth to phenomenal products.
mfer #6148 (Photo taken by Kevin)
2. Innovation
Every blue chip project is unique.
Many people believe that innovation is to create something new that does not exist before. This understanding is actually not accurate. Innovation is more commonly about changing a way of thinking and perspective. The reason why most people are unable to innovate is that they only have one perspective or stick to one mode of thinking. For example, if they see that running shoes are popular, they will make a replica of running shoes. There are countless imitation disks on the market, and homogeneous imitation will only make users aesthetically tired. If the product features are lackluster, it will basically be declared dead as soon as it goes online.
Web3 is an industry that encourages innovation. Entrepreneurs need to keep an empty cup at all times, throw away the old thinking framework, and shape the unique selling points of their products. In Web3, there will never be the next CryptoPunks, there will never be the next Boring Ape, there will never be the next Azuki, there will never be the next STEPN... because every work that can be remembered is exactly the same as the last one. no the same. No one will pay for the next monkey because people only need one, but innovative projects will never end.
is like the recently popular Strxngers. Its unique point is that it reveals a new type of contemporary social relationship: like-like friendship, which uses perfunctory like behavior to express a state between people, which is very consistent with the atmosphere of the NFT circle. This concept has strong meme cultural attributes. In the metaverse, everyone is a stranger.
Strxngers Rating: 70/100
3. Team
Behind the successful NFT there is always a team that deeply understands finance, consensus, community and art.When
evaluates NFT projects, the overall strength of the team is a key indicator that BitKeep examines. Past successful cases, credit endorsements, network influence, the ability to create excellent works, and community development capabilities are all bonus points. I roughly divide the NFT team into four categories:
1. Design type: Have strong artistic ability and originality, but are relatively weak in the direction of commercialization. Specific representatives include Azuki, a two-dimensional Japanese comic with exquisite painting style and low co-creativity, and animal anthropomorphic works with different emotions of bored apes, which require high aesthetic and originality of the team.
2. Marketing type: Most of the core team have advertising background and have strong storytelling and marketing capabilities . It is suitable for some works with low art creation threshold, such as cartoon-style Beans and doodles, and pays more attention to the team's business planning and execution capabilities.
3. Resource-based: The team has a wide network of contacts in the Web3 circle and has strong financial strength. Cryptopunks, the early natives of the NFT market, and Moonbirds launched by Crypto whales are all of this type.
4. Deep cultivation type: Have solid and profound thinking in the NFT field, and aim to operate sustainable commercial projects in the long term. It can be said that most of the projects that stand out and have been verified by the market basically belong to this type.
4. KOL
After completing the research on the entrepreneurial team, I often ask: Has this project received widespread attention from KOLs? Has it become a work favored by community opinion leaders? Whether it is
giant whale or KOL, this is the way this NFT community communicates with the entire Web3 industry from an explicit perspective.
The innovation and team strength we mentioned earlier, all these efforts will definitely be recognized by KOLs like this. This is a way to confirm the feasibility of the project. If no matter how good a project is, no influential person expresses goodwill or goodwill to them, or holds their NFT, then it is almost impossible for this project to gain audience recognition, establish connections in the user circle, and prove the value of the work. Possible things.
, like the builder mentioned above, determines whether a community user is a builder. A basic indicator is whether he is willing to use NFT pictures as avatars and hang them on Twitter , Facebook or Telegram. In the same way, judging whether a KOL approves the project depends on whether he actually uses the NFT. Obtaining recognition from KOL is also the password for BAYC’s success.
BAYC Rating: 93/100
5. Economic
We used to think that NFT was just NFT, but gradually we discovered that from AXS, to MANA and SAND, to APE, to GMT, there is a complete token economic system behind the skyrocketing NFT. The
NFT project relies on substantive content to impress the audience, but the content contains more than just a picture or an art design. What NFT sells is a commitment to the future rights and interests of investors. These rights include potential increases, sustainability There are bonuses or other derivative benefits. It is quite difficult for
to build a complete token economic system. The issuer needs to be able to look at the overall situation and plan the entire ecology from scratch. It can be said that the economic system dominates the success or failure of the entire project. The bigger the project, the more perfect and watertight the design of the economic system. If the economic system is not well designed, it will be difficult for NFT to develop in the long run.
For example, let’s look at YGG’s first-year financial report. The income of gold-medium members exceeds 10 million US dollars. The monthly income of Axie’s advanced players is 10 times that of ordinary blue-collar workers in Philippines , and GMT’s 5-fold increase in the 20 days since it was launched. The advanced economic system is While bringing tangible rights and interests to investors, it also promotes the NFT project to become a legend.
6. Evolution
Crypto itself is constantly evolving, with smart contracts in 17 years, DAPP wave in 18 years, exchanges taking the C position in 19 years, and 20 years later, DeFi has opened a new era, expanding from Ethereum to a multi-chain ecosystem, and today it is superimposed on Layer 2 , GameFi, NFT, Metaverse...product iteration, project evolution, and continuous exploration to become the most suitable work for the current moment. Iteration of
means overthrowing and starting over, maintaining a zeroing mentality, and abandoning existing success and progress at any time. A project itself can constantly evolve, not because of a willingness to innovate, but because in the process you become something other than yourself.
"The Most Expensive TXT" Loot makes people excited because of its arbitrary composability and usage. Everyone can cast and publish it by themselves. Everyone can recreate around simple text, protocol interaction, and production. Music, making peripherals... Just like the building blocks we played with as a child, this feeling of creativity being ignited has great meme effect.
7. Price
NFT The core of the project is price and liquidity. No matter how beautiful the concept of a work is, the price has no narrative and no communication power. Therefore, whether the trend of the secondary market is strong and in a growth trend is also what we measure. An important indicator.
In this regard, the INO sector of the BitKeep NFT market has achieved outstanding results.
BitKeep INO (Initial NFT Offering) is the BitKeep wallet NFT issuance platform. By providing users within the platform with priority Mint rights for high-quality applications, NFT applications can benefit a wider range of NFT enthusiasts and creators. Several issues have been online and have performed well in the market. The most recent issue of OutSad has increased by 330% from the issue price, and has ranked among the top 30 on the OpenSea 24-hour hot list.
The above seven words are the seven dimensions that best reflect the value and judgment standards of NFT. At the same time, the first letters of these seven words Builder, Innovation, Team, KOL, Economic, Evolution, and Price happen to form BitKeep.
When a fast-growing project or a blue-chip project appears, the consensus of this project must overwhelm most other projects on the market, and it must also be that this project considers these seven key dimensions more comprehensively.
Editor in charge: Kate
