NFTs (Non-Fungible Tokens) have experienced fluctuations and changes in the market, gradually showcasing their unique charm and infinite potential as an emerging category of digital assets. As a highly scalable digital asset, NFTs are increasingly demonstrating significant market prospects in consumer applications, not only providing proof of ownership for digital assets and strong ownership protection for consumers but also playing an important role in promoting the diversification and personalization of digital assets.
On the eve of the DevCon summit, the first global NFT developer summit "NFTCON 2024," jointly initiated by PANews and NFTScan, will officially take place on November 11 in Bangkok, Thailand. This event brings together globally renowned NFT projects and experienced crypto practitioners, including Animoca Brands, Mask Network, Mint Blockchain, BNB Chain, Pudgy Penguins, PANONY, UniSat, and Movement Labs, to deeply explore the current development status and future opportunities of NFTs in various fields such as MEME, social, cultural, commercial, and social charity.
The Outlook for NFTs Remains Positive, Urgent Need to Expand New Growth Paths
"In the past few years, NFTs have attracted significant attention from artists, tech experts, and investors, opening up new profit avenues for creators and providing collectors with unique digital assets, allowing the public to glimpse the immense potential of blockchain technology. Although the current NFT market faces many challenges and uncertainties, several core indicators show that the market is gradually stabilizing. At the same time, the NFT ecosystem is quietly changing due to market demand, intense platform competition, and evolving narrative trends, indicating that the existing NFT system urgently needs new empowerment and innovation. The combination of some innovative paths brings more development opportunities in areas such as DeFi, RWA, consumer applications, and public chains," noted Sunny NG, partner at PANONY & PANews, during the keynote speech on "Unlocking the NFT Universe."
PANews released the latest NFT industry report at the event, which deeply analyzes the current development status of the NFT market and explores potential paths for sustainable development, helping everyone to better understand the complexity of the NFT market and gain insights into its possible future innovative paths.
Rose, head of the Mint Blockchain ecosystem, further pointed out that despite some pessimistic voices regarding the future of NFTs, the market has not disappeared and is evolving. Ecosystems like Solana and L2 (such as OP Mainnet, Base, and Mint Blockchain) are gradually becoming the main forces in NFT activities, indicating that developers and NFT creators are shifting their attention to other ecosystems.
She also revealed that after Mint Blockchain's independent online launch, it has gradually joined the OP Superchain ecosystem, with active users exceeding 5 million and on-chain transaction volume surpassing 10 million. The Mint Blockchain ecosystem mainly focuses on three areas: NFT + applications (games, DeFi, and social), NFT passes, and simplifying NFT creation.
In the keynote speech on "The Future of Decentralized Social," Mask Network founder Suji Yan reviewed the history of cryptocurrency and cyberspace, pointing out that the emergence of Bitcoin represents a global financial freedom movement that does not rely on a single national government, and both Bitcoin and NFTs are products of this decentralized revolution. "In the new digital world, NFTs are not just financial tools but tools for achieving independence, freedom, and revolution, helping us redefine the value and power of cyberspace. In the future, we may see new forms of nations based on NFTs, new social agreements, and even new cultural movements."
As underlying technologies continue to develop, the combination of NFTs with cross-chain and L2 technological innovations is further enhancing their application in diverse scenarios, giving rise to new business models and economic ecosystems. In the roundtable discussion on "How NFT Underlying Technology Expands to Diverse Use Cases," Sarah, head of business development at BNB Chain, candidly stated, "We need to truly think about how to apply NFTs in our daily lives and find practical application scenarios, especially as we see many consumer DApps striving to guide Web 2 users to Web 3, whether related to IP, content, gaming projects, or even digital identity. Overall, I believe the future of NFTs will find broader applications in real use cases."
Wishlonger, co-founder of Pharos Network, also believes that although PFP NFTs were the mainstream in the past, innovation was limited. Returning to the essence of NFTs, they are tools that can be used to create new value, and he believes NFTs can serve as an entry point to Web3, helping new users enter this field.
Fries, Chief Operating Officer of RareShop, added that the true potential of NFTs is not limited to PFP avatars but lies in how to combine NFTs with real-world assets. For example, NFTs can be applied to tickets, artworks, fashion, real estate, and even investment fields, all of which could become the next growth points for NFT applications.
"By combining the advantages of Web3 and Web2, we can drive large-scale adoption and acceptance," Cheryl Law, head of Pudgy Penguins in the Asia-Pacific region, shared at the event about Pudgy Penguins' rapid growth and brand expansion. She disclosed that in the past, Pudgy Penguins enhanced brand value and market penetration through charitable activities, community building, and collaborations with well-known brands. For instance, Pudgy Penguins collaborated with Walmart to launch toys, all of which sold out in just five seconds, and integrated QR code technology to combine toys with blockchain for a digital experience.
Breaking Through NFTs: Dual Empowerment of Brand Culture and Business
When discussing the future of NFTs, Victor Zhang, co-founder of Smart Token Labs, stated in a roundtable discussion that although the NFT market remains speculative, more and more projects are beginning to focus on the practicality of NFTs, such as NFT membership cards, NFT tickets, and NFT physical products combined with e-commerce. Additionally, FT is often limited to specific blockchains or ecosystems, restricting its use cases and value. Jasmine Tran, head of the Dagora project, also believes that in the future, NFTs will not just be collectibles, but there will be more innovative applications centered on practicality, especially those combined with traditional brands.
Sebastien Borget, co-founder and COO of The Sandbox, further cited that the application of NFTs in the gaming industry is thriving. For example, the integration of the Telegram network and multi-platform support allows games to reach a large number of users, promoting the widespread application of NFTs in the gaming field. The potential of NFTs in the tokenization of real assets is also gradually being explored.
Regarding the future challenges of NFTs, Grant Gerbeg, head of the Movement Labs ecosystem, stated that the expansion of the NFT community is facing dual challenges from external behaviors and education. In particular, the behavior of individual members may negatively impact the overall image of the community, thereby damaging the overall value of the project. He also pointed out that NFTs need to make the public realize that they are not limited to simple avatars or artworks; their true value lies in the rich functionalities and infinite possibilities behind them. Therefore, education is key to breaking through and promoting the development of NFTs.
Grant Gerbeg, head of the Movement Labs ecosystem, also believes that NFT projects need to reduce market volatility through education and enhanced user understanding to promote more sustainable development.
Additionally, in the roundtable discussion themed "Exit or Enter: Perspectives on the Future Economics of NFTs," several crypto leaders conducted an in-depth discussion on the future development trends of NFTs, particularly offering many insights on innovative paths. Among them, Yat Siu, co-founder and executive chairman of Animoca Brands, stated that in the long run, NFTs will become "cultural capital" in the crypto space. To some extent, NFTs and MEME coins have many similarities, just in different eras. From the perspectives of economic capital, social capital, symbolic capital, and cultural capital, MEME coins and NFTs operate in the same domain, with the former leaning more towards economic capital and the latter more towards cultural capital. He further pointed out that unlike other crypto projects, the economic model of NFTs places greater emphasis on cultural value, which is the deepest "TVL" in any economy.
Vivian, a core contributor at UniSat, believes that the current NFT market is in a consolidation phase. Although market prices are significantly volatile, she personally thinks this is healthy for the entire ecosystem. This phase marks that people are no longer blindly chasing trends and can avoid flooding into the market at unreasonable prices. She is very optimistic about Bitcoin NFTs and explains that Bitcoin is the safest blockchain and has the most untapped potential.
"I am personally very optimistic about NFTs because they can be combined with Bitcoin and even with emerging technologies like artificial intelligence (AI)." According to Yang, an investment manager at Bing Ventures, NFTs have two promising areas: the consumer side and the infrastructure side. From the consumer side, NFTs are a very good tool to attract more users to join the community and increase user stickiness. From the infrastructure side, NFTs can also be combined with real-world assets (RWA) to support fields such as financial tools. From an investment perspective, we are more focused on the application scenarios of NFTs, especially the actual value in finance, lending, real estate, and other fields. If an NFT's application scenario has no practical use, its investment potential will be significantly discounted.
Dinghan Luo, a partner at Jsquare, and Fang Yuan, head of Antalpha Ventures, also expressed optimism about NFTs. They believe that NFTs are not just cultural products, but we also need to see the potential of NFTs in practical applications, especially in financial tools and real-world assets (RWA), which is key to making the entire NFT industry more complete. NFTs can be valued from the perspective of network effects, but they are often more symbolic, cultural, and even social. How NFT projects find suitable market positioning and business models is crucial for the sustainable development of projects in the industry.
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