Produced by the Polkadot Ecological Research Institute, it must be a boutique (the article is very long, it is recommended to collect it first and then read it)
Produced by the Polkadot Ecological Research Institute, it must be a boutique (the article is very long, it is recommended to collect it first and then read it)
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Why is a JPG image worth $69 million?
This is at Christies auction in March 2021. After the digital painting EVERYDAYS: THE FIRST 5000 DAYS (EVERYDAYS: THE FIRST 5000 DAYS) by the well-known digital artist Beeple was sold for a sky-high price of US$69 million, most people who eat melons Face full of questions.
The single price of the NFT avatar known as Boring Ape has reached 2 million US dollars; many well-known brands have begun to issue their own brand NFT or digital collections; the size of the NFT market has jumped from a few hundred million US dollars to a market of tens of billions of dollars; The craze has spawned many metaverse players, and all of these seem to be related to Beeples painting.
therefore,At the same time, we can see that NFT has become a new marketing method for brand owners in a sense, which has greatly changed the traditional commercial digital marketing model and is more in line with the preferences of young people.therefore,
, and the growth of this market has not stopped, and it is still sought after by everyone.Commerce in PolkadotCommerce in Polkadot
We will explore around the NFT field.
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How is the NFT market doing now?The first is the total market situation. Overall, compared with the situation in 2021, it has set a new growth record and reached 19.2 billion US dollars. However, according to the data in April, the overall market situation has a downward trend, which is different from the entire Cryptocurrency market. The negative performance of the market is commensurate, but。
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Of course, the number of participants in the NFT market has also jumped from about 20,000 to 2 million. From the perspective of the blockchain to which the NFT market belongs, it is still dominated by the Ethereum ecology, and even the market share has increased from 2021 to 200,000. 66.92% has increased to the current 86.75%, which further squeezes the development of other public chain NFTs. This seems to be no different from what we perceive in the market. After all, the current mainstream NFTs have chosen Ethereum as the cornerstone for development.
pictureFrom the figure above, we can also find that although the market size of Ethereum is expanding, public chains like Solana and Avalanche have quietly expanded their market share, which deserves our attention.Overall, we can find that
After a year of crazy expansion, the NFT market seems to have reached a turning point
, although we are not sure whether this is the beginning of a downward trend in the market or a rest zone for upward development, after experiencing rapid growth, it is bound to need a period of digestion.
However, we need to think about whether the current dominance of Ethereum in the NFT market will change. After all, other public chain ecosystems have also begun to access their own NFTs. Perhaps this will also bring new impetus to market expansion. With an ecology like Polkadot that is just about to penetrate the NFT market, unexpected things may happen.On the other hand, the current NFT market is also subject to the promotion of the Crypto market, so it is currently changing with the overall fluctuations of Crypto.But one thing can be believed,
, after all, more assets in reality will be reflected in the NFT world, which will also bring greater impetus.
Now that we have talked about the layout and development of Polkadot ecology in NFT commercialization, let’s start with how Polkadot ecology is combined with NFT, and observe how it will empower NFT through the differences in the underlying technology.
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How to implement NFT on Polkadot?。
At present, NFT on Polkadot is technically achievable, mainly based on two methods.
The first is to use the NFT standard on Ethereum
The Substrate framework behind Polkadot has an EVM pallet, which means that all parachains can be compatible with EVM based on this.。
At present, the Polkadot ecosystem already has EVM-compatible parachains such as Moonbeam, Acala, and Astar. Therefore, users can use familiar NFT standards on EVM, such as ERC721 or ERC1155, to generate NFTs on these parachains.
The second is a new NFT technology based on Polkadot technology
The RMRK standard is a set of rules and specifications on how to interpret the special graffiti on Polkadot/Kusama, called Remarks, which has been upgraded to version 2.0. In the case of a contract, an NFT system of arbitrary complexity is formed.
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Can Polkadot usher in its own NFT Summer?
As the saying goes, one side supports the other side. This is also true for the public chain ecology. Each public chain has its own narrative, and there are also a group of projects and users who believe in these narratives, and this has also formed different ecological groups for each public chain.。
As far as the current hot NFT projects are concerned, technology is not a barrier to these NFT projects. Therefore, the success of these NFT projects that have been verified on Ethereum can theoretically be replicated on other public chains. This can be seen from the development of DeFi.
Since Compound announced the launch of liquidity mining in May 2020, a large number of DeFi projects have been driven to learn from this method, and many DeFi projects have sprung up like mushrooms, opening the well-known DeFi Summer
The rapid development of DeFi on Ethereum also makes Ethereum account for more than 95% of the TVL of all DeFi. Since the success of DeFi projects mainly lies in the level of mechanism design without technical barriers, in 2021, many emerging public chains have developed their own ecology by learning from the successful DeFi projects on Ethereum, and launched different ecological incentives in each After that, each public chain ushered in a wave of explosive growth. It can be said that 2021 is the year of the outbreak of the public chain.Subsequently, the TVL of the entire DeFi rose all the way, reaching 25 million US dollars at one point. At the same time, other public chains also began to emerge, gradually eroding the market share of Ethereum. The TVL ratio of DeFi on Ethereum has also dropped from more than 95% to about 60%.。
Although, from the above NFT report, we can see that the proportion of Ethereum has become higher, but in the long run, the development of NFT is not just the existing PFP-like gameplay.
With the continuous exploration of more NFT applications and the continuous development of the ecology of new public chains, the proportion of NFTs in each public chain is likely to replicate the path of DeFi
Therefore, for Polkadot, it will be a matter of time to usher in its own NFT Summer. It’s just that the macro-economy has a great impact at this stage, and even traditional industries have a downward spiral reaction, and the Crypto industry is naturally the same.
Fund confidence in the entire market is insufficient, and it will take a certain amount of time to wait. The key word is still the cycle. Do things according to the right time, place and people, and project development should follow the rhythm of the cycle.。
However, compared with DeFi, NFT mainly relies on the influence economy in a strict sense, and will be influenced by KOL and some celebrities and famous enterprises. Therefore, it may be necessary for each public chain to develop its own NFT player group and influence circle. more time.
However, the new public chain also has new advantages. For Polkadot, there are several possibilities for NFT to explode on it
One is the successful NFT project on other public chains, which is still blank in the Polkadot ecosystem. Developers and users of the Polkadot ecosystem will aim at a substitute market.
Second, the new NFT implementation method based on Polkadots new technology may give birth to a unique NFT project that is not easy to implement on other public chains.
Third, NFT is currently divided into two categories, one is Crypto’s native NFT assets (such as CryptoKitties), and the other is NFT endorsed by some influential traditional institutions, such as NFT sneakers issued by adidas.
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Of course, the above-mentioned possibilities are just some of our opinions, not facts. We need to continue to observe how the NFT of the Polkadot ecosystem will develop, and don’t rush to draw conclusions.
RMRK
first level titleNFT projects on Polkadot。
RMRK is the NFT standard of Polkadot ecology, which originated from a proposal called Polkadot Asset JS submitted by Bruno, a technical educator of Polkadot and Kusama, to the Polkadot treasury.
RMRK is like Lego in the NFT field, it allows NFT to develop and customize without restriction
RMRK is realized by graffiti and marking in the extension field of the Kusama relay chain, and RMRK itself can be understood as a set of interpretation rules for graffiti. for example:Bruno, the founder of RMRK, said that RMRK is currently the most advanced NFT standard. This is no exaggeration. RMRK has more flexible and richer functions than other NFT standards.
Multi-resource NFT (Muti-resource NFT): A multi-resource NFT is an NFT that has multiple resources corresponding to it equally. RMRK supports adding multiple resources to NFT. Based on multi-resource NFT, with some code commands, various use cases of NFT can be realized.
Conditional Rendering and Reactive NFTs (Conditional RenderingReactive NFTs): In the logic block of NFT, the condition parameters can be varied. If combined with oracles (Oracles), information outside the chain can also be introduced as conditional parameters to achieve more interesting changes.
NFT custom fields (Custom Fields): The most powerful feature of RMRK is the customizable metadata fields. This allows NFT collection issuers to fully customize their NFT metadata, NFTs within a collection will inherit their collections mutable fields, but each NFT instance can override them individually. The function of custom fields makes RMRK an extremely flexible NFT standard, and also makes RMRK a superset of all previous NFT standards.In addition, RMRK also has
Nestable NFT, bundled transfer, combined NFT
It is precisely because of these features that RMRK created the first NFT market Singular on the Polkadot ecosystem. Singular is not limited to pictures, but also supports video, music, 3D objects and PDF.
In addition, the first use case of RMRKs combined NFT can be seen through Kanaria. The Kanaria bird collection is a limited series of NFTs launched by the RMRK team, demonstrating different functions of the RMRK standard.At present, the RMRK standard has been upgraded to 2.0, and all the above NFT functions have been realized. RMRKs technical solution has made more developments in Polkadots ecological NFT in the fastest and most concise way.
On May 16, 2022, the RMRK token, as the native token of the NFT 2.0 protocol on Polkadot, was fully authorized on the Statemine public interest parachain
, which is a historic precedent: for the first time allowing non-native tokens to be used to pay for transactions on Statemine.
Additionally, RMRK has been added to Multichains list of bridgeable currencies and can be traded on various decentralized exchanges in the Ethereum ecosystem.
Unique Network
The NFT flexibility and composability brought by the RMRK standard endow NFT projects with greater imagination, and full authorization also opens the door to many possibilities.
Unique Network is an NFT chain built on the Polkadot and Kusama networks, dedicated to providing users with feature-rich and flexible configurable solutions, including multi-level authorization, an economic model that supports freemium (Freemium) application marketing, and multiple management options, advanced fraud protection, and more.。
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also,Unique Network is the infrastructure of a new generation of NFT, with a unique and advanced economic model, which will exempt B2C users from transaction fees, help artists unleash their full creativity, and bring democratic NFT ownership to art creators and consumers structure, which will take the NFT ecosystem to a new level.。
also,
Unique Network has also launched a Freemium Gaming Program, which will provide game developers with token sponsorship, technical support, marketing and resource assistance
The open-source component repository on Unique Network enables anyone to launch their custom NFT minting solutions, wallets and galleries, and participate in the metaverse through these.
Recently, Unique Network provided its team with NFT solutions through the new Germinators program of the Sovereign Nature Initiative (SNI), establishing a governance model and enabling the ecosystem to function in its own way, ultimately allowing them to develop projects in the most environmentally friendly way.
So far, Unique Network has launched two NFT projects: Substrapunks, an NFT collection from Hackusama, and Chelobricks, which was shown on Polkadot Decoded.In addition, on April 20, 2022, Unique Network won the 14th Parachain Auction of the Polkadot Network, and will then officially launch its own governance and functional tokens.
Efinity
With the interoperability, scalability and security of the Polkadot network, it will be beneficial to provide composable advanced functions for NFT creators, marketplaces and platforms
. This will not only change the blockchain industry, but also revolutionize the NFT space.Efinity is built by Enjin on Polkadot and specially designed for NFT. As an online game community creation platform established in 2009, Enjin has long been committed to the development of blockchain games.
Efinity brings the worlds first trustless NFT marketplace
, provide incentives for users who bring liquidity to NFT, and provide an accessible, infinitely scalable and decentralized infrastructure platform for the Metaverse.
Efinity aims to make NFT cross-chain to achieve platform aggregation and eliminate transaction friction. It is completely decentralized and open. Users can bring any NFT in any blockchain without blockchain wallets or payment of transaction fees. into Efinity.。
Efinity provides a highly scalable solution for the NFT space, providing a way for users to participate in the NFT economy, allowing interoperability between ecosystems, rewarding those who utilize NFT to interact, and providing seamless user experience.
In addition, Efinity also plans to establish paratoken as a standard for token migration across different parallel chains in the Polkadot ecosystem, as well as a standard for entering and exiting Ethereum and other EVM systems. Created a precedent for NFT liquidity.
Currently, Efinity conducts non-functional testing to provide support for the Polkadot ecosystem, Metaverse, blockchain games, decentralized infrastructure, NFT DApps, and more pioneering projects.
Efinity connects the digital assets in the Enjin ecosystem to the Polkadot ecosystem, and uses its advantages to accelerate the NFT subdivision track in the Polkadot ecosystem。
postscript
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postscript
If the emergence of NFT in 2021 is a product of the development of blockchain and Web3 to a certain stage, then the maturity and stability of the NFT market in 2022 is the general trend.。
The commercialization of NFT has provided a new development direction and assistance for all walks of life, and also provided the necessary infrastructure for the current global metaverse.
NFT is no longer just a niche game for a few people, but a storm sweeping the world
More and more traditional companies are also involved, making it a topic of conversation for the general public. Universal Music Group, NBA, MasterCard, and Amazon have deployed one after another, and NFT has become one of the most important businesses in the blockchain field.
As an important part of the Web3 era, Polkadot ecology has not ignored the important track of NFT. The proposal of RMRK provides the necessary foundation for the diversification and aggregation of NFT, and it is very likely that more interesting and complex NFT application projects will be born.*The information provided by the Polkadot Ecological Research Institute does not represent any investment hints. The published articles only represent personal opinions and are for reference only. Since there are no policies and regulations related to digital assets in China, users in mainland China are requested to pay close attention to the development of Crypto.
*The information provided by the Polkadot Ecological Research Institute does not represent any investment hints. The published articles only represent personal opinions and are for reference only. Since there are no policies and regulations related to digital assets in China, users in mainland China are requested to pay close attention to the development of Crypto.
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