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The Next Wave of NFTs Will Begin with the Community

Community, education, and transparency are the foundation values of a new wave of NFT ventures like Doge Fight Club.

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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.”

ART & COLLECTABLES

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.

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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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ART & COLLECTABLES

Crypto-Vultures Profit from the Death of Queen Elizabeth

Only a few hours after the Queen’s passing, more than 40 meme tokens bearing her name have been released.

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Yesterday, according to Buckingham Palace, Her Majesty Queen Elizabeth II passed away. Although her loss triggered a global outpouring of sympathy and grief, it has also been exploited as a money-grab.

Elizabeth II, monarch
Grift endures eternally, but the Queen is gone.

There are over 40 meme coins on Ethereum and the Binance Smart Chain thanks to Queen Elizabeth’s passing (and at least one exploitative NFT collection).

While the news of the British monarch’s demise saddened people worldwide, cryptocurrency scammers took advantage of the occasion to launch dozens of meme coins with Queen themes on Ethereum and Binance’s BNB Chain.

Among the new crypto coins that were introduced are “Queen Elizabeth Inu,” “Queen Doge,” “God Save The Queen,” “London Bridge Is Down,” “Queen Grow,” “Rip Queen Elizabeth,” “Elizabeth II,” and “Queen Inu II.” Other tokens with the name of the next king, King Charles III, have also appeared. According to DexScreener, at least 40 separate meme coins appear to have been produced in the previous six hours.

The most liquid tokens, Save The Queen and Queen Elizabeth Inu, have already processed trade volumes of around $700,000 and $200,000 since their debut. At the time of writing, the price of Queen Elizabeth Inu is up 1,517%, while it has increased by 23,271% on Binance Smart Chain and 3,708% on Uniswap. Prices are incredibly unstable and exceedingly unlikely to persist.

The “Queen Elizabeth 69 Years NFT” NFT set has reportedly been produced. One image is said to represent each year of the Queen’s reign in the collection. The project’s aims should be questioned because Elizabeth II reigned for 70 years, not 69.

The crypto community, typically known for its gallows humor, mainly reacted negatively to the initiatives. When told about the NFT collection, NFT aficionado ThreadGuy said, “You’re going to hell.” Trader Byzantine General declared, “We’ve got to stop this crypto stuff.”

In 1926, Queen Elizabeth was born. She was the longest-reigning British monarch in history and passed away in Balmoral Castle at 96.

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ART & COLLECTABLES

One crypto sector, according to billionaire Chamath Palihapitiya, is experiencing a classic bubble cycle

One crypto sector may be going through a typical hype cycle, according to billionaire investor and software entrepreneur Chamath Palihapitiya.

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In a new episode of the All-In podcast, the CEO of Social Capital discusses the sharp decline in trading volume in the non-fungible token (NFT) market.

Palihapitiya offers Coachella and Burning Man as examples of major music festivals that strive to be distinctive but may wind up being mostly the same.

The billionaire contrasts NFTs and the overall art market with the two music events.

“I do believe that there is something going on; the simplest way to explain this is with the Burning Man/Coachella scenario. Many of these things are similar, but when some people approach anything new, they are too insecure to accept that it is similar to another item, so they spend a lot of time attempting to convince you that it is different. When someone says that a time is different, it’s probably not that different, as stated in the Warren Buffett quote, is an example. Or consider the other famous historical adage, “Things don’t always repeat in history, but they rhyme.”

All of this is meant to imply that, aside from major advances in science, not much new has been discovered recently. We keep repeating the same patterns, and one of them is the social capital that comes from making certain decisions and then having those decisions validated by others in order to feel valuable. And this occurred in NFTs, as well as, I’m sure, in the initial stages of several artistic movements. These events are more comparable than dissimilar because they have presumably occurred in a number of other markets as well.

Burning man and Coachella are same. The art market and NFTs are both the same. It doesn’t need to be unusual; you can simply appreciate it because you think it’s cool. I would just take it with a grain of salt and tell anyone who comes to you asking why it’s so different.

DappRadar reports that earlier last week, trading volume on popular NFT marketplace OpenSea reached a one-year low.

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