2. The popular business model of NFT and the contributions
The development of NFT has experienced several ups and downs. Since 2017 to the present, lots of NFT projects have been explored and have made certain achievements. The upgraded technology supporting both FT and NFT multi-token standard ERC1155 also made it possible for NFTs to prosper.
NFT enjoys hundreds of potential applications. And we only discuss the current popular business models.
2.1 NFT + Art auctions
There is no doubt that the frequently mentioned NFTs are tied with the sky-high auction sales lately. In the previous article, we mentioned Beeple’s NFT works, Dorsey’s first tweet, and so on.
In fact, as early as the beginning of 2018, crypto art exhibitors SuperRare and KnownOrigin started to help artists publish and promote their works on the chains. At the same time, OpenSea, one of the world’s largest NFT trading platforms, provided an auction platform for artworks.
Thanks to its scarcity, artworks can be sold at a sky-high rate. NFT enables digital art works to acquire a unique and traceable on-chain ID, ensuring their scarcity. Meanwhile, the managing and editing rights are separated from each other and the artist can retain the right to modify the work and obtain permanent equity of the work.
It is a win-win solution for both artists and holders. While more and more artists are devoted to creating NFTs, it further enriches the “treasure house” of collectors.
2. 2 NFT + Sports Cards
NBA Top Shot, a video-based virtual basketball trading card officially authorized by the NBA and built on the Flow blockchain, has generated $200 million in sales last month, and more than two-thirds of the transactions are conducted in the past month. The famous star LeBron’s dunking moment sold for $208,000, breaking the record.
The NFT sports cards stems from the huge market for fans. For fans, collecting NBA “moments” is like collecting NBA star cards, and it flourishes under the influence of sports superstars.
At the same time, with more and more star teams participating, the digital football NFT collection platform Sorare may become the next NBA Top Shot.
2.3. NFT + Mystery box
In recent years, mystery boxes have attracted the attention of many people thanks to its artistic and mysterious nature, and has become a new way of relaxing and collection. Opening a mystery box is like choosing a new candy from a chocolate box. You never know what you’re gonna get. The sense of uncertainty makes people feel more satisfied after getting an unexpected but satisfactory product.
THe digital mystery box containing 16,384 NFTs Hashmasks, created by more than 70 artists around the world were sold out within 5 days. It generated more than 14.34 million dollars in transaction volume, once ranked first in the OpenSea platform data. User they can name their NFTs which increases the scarcity of Hashmasks and makes it a digital ID portrait of the user.
It is difficult to accurately measure and estimate the combined unique artwork and the fun experience of unboxing and NFT mysterial boxes still have a huge market.
2.4 NFT + Games
As the first field to explore NFT, games have made many attempts along with their in-depth development. At present games like VR games, online games, collecting games and card games have developed a lot.
Gods Unchained, one of the most popular blockchain-based NFT games these days, has the same style as Hearthstone. However, unlike Hearthstone, players have the ownership of cards and can freely buy and sell, providing fans with a better gaming experience.
With the further development of NFT, equipment, pets and even characters in traditional games can be held as assets in the form of NFT. Players can also make profits while playing the game and further contributing to the trend.
2. 5 NFT trading platform
The main NFT trading platforms include OpenSea, Rarible, Nifty Gateway, MakersPlace, Super Rare, VIV3 and so on.
OpenSea compares itself to eBay of NFT version. It is currently one of the largest NFT trading platforms in the world. Users can buy most of the current mainstream NFT products on it, including Axies, CryptoKitties, ENS domain names, etc., and many art auctions are also carried out on it.
Rarible is similar to OpenSea. It is completely decentralized and users will gain RARI governance via buying or selling NFTs.
Nifty Gateway is a NFT trading platform where users can purchase NFTs directly with credit cards and exchange the benefits into US dollars and transact to personal bank accounts when selling them.
MakersPlace is committed to generating blockchain fingerprints for each work of artists and creators, and is one of the currently active digital art markets.
Known as the digital art market with a global network of artists, Super Rare provides artists with a new source of income and provides collectors with a place to store and trade art assets.
As this year’s new project, VIV3 is the first integrated market on the Flow public chain. It has brought a whole new experience by directly integrating artist’s smart contracts.
Of course, with so many platforms, there will be competition. For example, when there are more and more ride-hailing softwares, a new role will be born, that is, the aggregation platform. Just like AutoNavi Map that brings together many ride-hailing softwares, a platform that integrates many other NFT trading platforms will be in need, and this is exactly what NFTmart is, the cross-chain NFT trading market of Polkadot.
2. 6. NTF + Other business models
In addition to the business models mentioned above, NFT can also be combined with related fields such as identity authentication, music, finance and insurance, intellectual property, and ticketing.
Its high transparency, security, decentralization, and unique features can prevent records from being misused or hacked, and will provide more opportunities for artists, independent musicians as well as companies.
