The buzz around non-fungible tokens has risen in 2021, from the art world to gaming to sports. However, as the technology evolves, NFT developers look into using trustworthiness, long-term rewards, and chances for education and collaboration to form communities.
Then followed the boom, when multimillion-dollar artwork sales made headlines worldwide, and early NFT holders became billionaires overnight. But, as a culture of buying and “flipping” NFTs evolved, they were quickly followed by a surge of cash-ins and copycats.
However, the community utility of NFTs may have saved them; when weekly trade volumes on key NFT platforms plummeted last spring, they rebounded with vigor in July and August. The comeback was ascribed in part to the success of NFT artists informing communities around their projects.
Soon, celebrities were proudly flaunting their NFT avatars on social media, symbolizing their membership or sense of belonging to a specific collection.
Community Comes First
“People invest in the community very early on—and they expect to be rewarded for it,” says Elliot Ngai, co-founder of Doge Fight Club, which released its first collection of 6,200 unique Doge Fighter NFTs on November 14.
However, derivative avatar projects are no longer adequate to entice NFT-hungry buyers. Doge Fight Club is part of a new wave of NFT projects that aspire to be more than just a collection of artwork by forming active communities around them to teach, educate, and entertain their users.
Didi Frichti, a member of the Doge Fight Club, said:
“Joining the Doge Fight Club has been the best move I’ve made during my NFT adventure. If you’re new to this, it’s the ideal place to be, whether for trading advice, regular crypto market analysis, or the NFT watchlist. It’s all about helping one another.”
Doge Fighter NFT holders have access to the Fighter’s Corner, a community for like-minded people to meet and talk about their NFTs. They can also vote on the assets and decentralized autonomous organization (DAO) of the community.
The Educational Incentive Program
Many early NFT groups sprang out around their particular projects as an afterthought. At the same time, the first wave of NFT holders rallied around the soaring valuations of crypto ventures such as CryptoPunks and Bored Ape Yacht Club. As a result, NFT projects are now putting the community first, including incentives and demonstrable value from the start.
Because there is an intense hunger for useful, actionable knowledge among newbies to the crypto sector, Doge Fight Club has turned its Fighter’s Corner into an instructional hub as well as a gathering spot. Doge Fighter owners can get help and advice in the form of trading tips and crypto-lessons here. “As a member of the larger crypto sector, we’re a great entry point. Our roadmap is heavily targeted toward education in its design. Education is utility,” Ngai explains.
To help its community, the project is also creating educational audio and how-to video content and commissioning research reports—something Ngai claims no one else in the NFT field has done to a gold level. Knockout Reward Points ($KRP) – daily prizes earned by staking your NFT – can be used to access these resources.
Members must keep their Doge Fight Club NFT if they wish to access the Fighter’s Corner; this feature fits with customers’ waning interest in merely flipping NFTs for profit. “This is not the community for you if you’re going to flip,” Ngai remarked.
Beyond Opacity: NFTs in the Future
As of May Chau, Doge Fight Club’s Marketing Lead explained, people’s expectations of NFT initiatives also change. “The due diligence you must perform […] raises everyone’s expectations.”
NFT holders have become increasingly suspicious of rug pulls, scams, fraud, or founders simply losing interest and abandoning their projects; therefore, the days of faceless founders and questionable pedigree around NFT initiatives are soon becoming a thing of the past. In addition, regulators are becoming more interested in NFTs as they grow more integrated into the global financial system, which means that full transparency will soon become non-negotiable for NFT start-ups.
To that end, the founders of Doge Fight Club have guaranteed that they’re ahead of the game by doxxing themselves for the sake of accountability. The crew is also proud of its long history in the fintech industry. Ngai, Wister Ng, the other co-founder of Doge Fight Club, and Chau currently work at Knit People, a Canadian cloud payroll and payments company.
That openness should help them develop their initiative; Doge Fight Club wants to build a full-fledged metaverse platform at some point down the road. The idea of shared virtual space has caught on, with everyone from Facebook to Nike putting their stake in the ground—but with Doge Fight Club’s emphasis on community, the NFT project is ideally positioned to ride the metaverse wave. “When we say Metaverse, we don’t mean a video game,” Ngai clarified. “It’s a community, a place where people can come together and chat about subjects they care about.”
NFT Show Europe was all about innovators of the Future of the Internet: web 3.0, metaverse, blockchain, and digital art￼
Valencia, October 10th 2022: NFT Show Europe, the leading event on Web 3.0, Blockchain, Metaverse and Digital Art took place in the futuristic venue of the City of Arts and Sciences in Valencia, Spain. From the 17th to the 18th of September 2022, #NFTSE attracted over 2300 visitors from 59 countries.
The show featured a packed conference programme with world-renowned speakers. Topics covered included the use of Blockchain and Web 3.0 oriented technologies in traditional businesses, gaming, sports, fashion, art and collectibles, among others.
First edition beyond expectations
“The event showcased the very best in European talent, demonstrating the unstoppable growth of these technologies and its potential in both business and artistic innovation.” explains Patrick Cyrus, Marketing Manager of #NFTSE22.
“We already count with the support of big players such as Tezos, Polkadot, Zeroframe, Crypto Page, Block Ape Scissors or Wert. All of us were equally impressed with the level of potential collaborations and we are already looking forward to the next edition.”
NFT Show beyond Europe
#NFTSE gathers some of the most influential companies and artists to discuss the latest trends and developments. The event was a major boost for the web 3.0 industry companies, fostering new partnerships and collaborations, which helped to solidify its position as a major meeting point in this world.
With visitors from 59 countries attending, the event showcased the latest in blockchain and web3 technologies and its potential applications in the real world.
The speaker line-up was formed by industry leaders such as Takayaki Suzuki, CEO of Metatokio and Esen Tümer, Founder of Metaverse Hub. Other notable speakers included Hide Uehara, Director of Business Development for Square Enix or Sam Hamilton, the Creative Director of Decentraland Foundation.
Showcasing more than 170 artworks by artists such as Zancan, Solimán López, Pablo Alpe, Ulysses, A.L. Crego or Jenni Pasanen, the art exhibition included exclusive minting by fxhash.com, workshops, interactive installations, panel discussions and XR experiences.
Conclusions & Trends
“Web 3.0 technologies provide a way for users to create and interact with digital assets in a virtual space. These technologies have the potential to revolutionize many industries, including gaming, art and finance. NFT Show Europe provided a platform for leading experts to share their insights on those industries in a futuristic business-art atmosphere.” adds Esen Tümer, Founder of MetaverseHub based in Turkey, Istambul.
NFTs and crypto are transforming the art industry by providing creators with a new way to monetize their work and by giving collectors a new way to invest in art. They can be used to track and prove ownership of everything from digital art to in-game items. One of the barriers is the acquisition of cryptocurrencies which is already approached by companies such as Wert.
“We enable the consumers to purchase NFTs with credit or debit cards just like normal or virtual goods … if you’re in the NFT, Generative Art and Web 3.0 space (NFTSE) is just the perfect spot to do that.” explains George Basiladze, Founder of Wert.io.
There is no doubt that the web 3.0 users have the potential to change the way we live, work and play. By harnessing the power of the internet, these technologies can help us to connect with others in new and innovative ways and help us to access information and services that were previously out of reach. With the right support and investment, web 3.0 content will help us to create a more inclusive and connected world.
The producers of NFT Show Europe are already planning the next stages for 2023.
Logan Paul’s unsuccessful NFT Investment: Over $620K to $10
Logan Paul, a well-known YouTuber, has lost millions of dollars as a result of the current crypto winter.
Logan Paul, an American YouTuber, actor, and social media star, holds a $623,000 unrealized loss as a result of his investment in an NFT from the Azuki line.
Also unsuccessful is his involvement with cryptocurrency. The market collapse has reduced the value of his possessions by more than $500,000.
Losses in Logan Paul’s Critical Papers
The well-known YouTuber joined the cryptocurrency bandwagon last spring when the values of most assets were surging, just like many other people. A few months later, he spent almost $2.5 million on NFTs, joining the trend. The most expensive thing he bought was a piece from the Azuki collection, which cost him $623,000.
However, the YouTube celebrity has suffered significant financial losses as a result of the unstable state of the bitcoin market and the NFT niche, at least on paper. The Azuki NFT currently trades around $10, as Paul recently made known, a drastic decline that sparked debate in the cryptocurrency world.
Many Twitter users made fun of the celebrity for using non-fungible tokens to transact at a time when there was obviously excitement in the industry. Others asserted that digital collectibles are frauds and should not be purchased. Some, however, contend that the price decline is a result of the current bad market and that once the next bull run begins, the valuation will rise.
It’s important to note that the NFT transactions were booming at the time he purchased the things. OpenSea’s trade volume spiked to almost $500 million for a single day at one time last summer, but in recent months, it has struggled to reach $10 million.
Paul has added bitcoin and other alternative currency to his portfolio in addition to NFTs. He recently acknowledged that he had lost almost $500,000 on such investments when he first entered the ecosystem at its peak last year.
Unfortunately for others that followed suit, this year has seen a significant decline in the value of the cryptocurrency market, which now has a total valuation of less than $1 billion (down from $3 billion a year ago).
Millions are Lost by KSI
The British rapper JJ Olatunji, a.k.a. KSI, was another prominent YouTuber who was severely hurt by the crypto market decline.
When Terra’s native token, LUNA, began to fall in price in May, he took the chance to predict that the price will eventually rise again. When the asset was going for about $25, KSI invested $2.8 million of his wealth in it.
He had no idea that the token would keep declining and eventually fall to almost nothing, wiping away the rapper’s multi-million dollar investment.
KSI is a strong supporter of the cryptocurrency market, especially bitcoin. He claimed that BTC will be crucial to the monetary system of the future last year. The rapper continued, claiming that he would have given each UK citizen £100 worth of bitcoin if he were the Prime Minister.
BTC is the ideal investment vehicle in KSI’s opinion. He believes that after ten years, individuals who have some exposure to the asset will “be laughing”:
“I feel like a lot of people are trying to search for quick money like, ‘Oh, I want to get in and out,’ but they’re not really seeing that. I’m prepared to travel a considerable distance for this.
Ford is getting ready to enter the Metaverse with digital cars and NFTs
A month after the company announced significant personnel reductions, it has filed a trademark application covering its future initiatives in the Metaverse and NFT space.
Ford Motor Company, an American automaker, has filed 19 trademark applications across its key automobile brands as it prepares to enter the realm of nonfungible tokens (NFTs) and the Metaverse.
Mike Kondoudis, a trademark attorney licensed by the United States Patent and Trade Office (USPTO), disclosed in a tweet on Wednesday that the business had submitted a total of 19 trademark applications covering its car brands, including Mustang, Bronco, Lincoln, Explorer, and F-150 Lightning, among others.
The trademark applications include a projected online marketplace for NFTs and virtual versions of its businesses’ automobiles, trucks, vans, SUVs, and clothes.
Ford intends to produce digital images of its vehicles, SUVs, trucks, and vans that will be verified by NFTs, according to USPTO filings submitted by the automaker on September 2.
The business also disclosed plans for “downloadable virtual commodities,” or “computer programs,” that would include apparel, accessories, and parts for vehicles for usage in “online virtual environments,” such as virtual and augmented reality trade exhibitions.
Additionally, there are plans to develop an online marketplace for “others’ digital artwork” as well as “online retail shop services featuring non-fungible tokens (NFTs) and digital collectibles.”
Less than a month after Ford Executive Chairman Bill Ford and CEO Jim Farley announced significant personnel reductions from its global workforce to decrease corporate expenses; Ford has decided to enter the Web3 area.
Ford isn’t the first automaker to enter the Metaverse market.
While premium automakers like Bentley and Lamborghini have already launched NFT collections, automakers including Nissan, Toyota, and Hyundai have indicated ambitions to enter the fast-expanding Metaverse market.
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