Connect with us

ART & COLLECTABLES

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.

Published

on

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

The UAE is the First Country in the Middle East to Issue NFT Stamps

The United Arab Emirates has taken a positive stance on cryptocurrency. To honor National Day, the country’s postal service is now releasing NFTs.

Published

on

#nft #uae #post "stamps #dubai #abudhabi

To honor the federation’s 50th National Day, the United Arab Emirates’ postal service is releasing nonfungible token (NFT) stamps, adding to indications that digital collectibles are gaining public appeal worldwide.

The Emirates Post Group, or EPG, revealed this week that it is the first postal body in the Middle East and North Africa to issue digital-collectible stamps. The new stamps are blockchain-based digital twins that will be marketed as digital collectibles linked to their physical counterparts and will be unveiled on December 2nd, National Holiday.

A total of four stamps will be printed, each with a unique design based on a national subject. After scanning a QR code printed on the card, buyers will see the digital design connected to the actual stamp they purchased. Next, users must scan a QR code hidden beneath the card to unlock the digital item on the blockchain.

Embracing NFTs, according to EPG CEO Abdulla Mohammed Alashram, is in line with the company’s objective of becoming more digitally focused. EPG is “exploring how the introduction of blockchain technology might streamline and enhance our processes and provide other competitive benefits” in the wake of the COVI-19 outbreak.

When questioned if the NFT stamps are a one-time dive into blockchain or part of a larger strategy to embrace the new technology, Alashram indicated EPG intends to release more digital stamps in the future:

“The use of the most up-to-date digital technologies in our operations also caters to the technology-savvy age that seeks digitally accessible services. We’re working on new NFT stamps as part of our attempts to bridge the gap between traditional postage stamps and the digital world.”

The United Arab Emirates has taken a progressive stance on blockchain technology and digital assets, with local regulators pushing for a plethora of crypto-friendly policies. In September, local officials in Dubai’s economic free zone adopted a new legislative framework that supports cryptocurrency trading and related activities, potentially paving the way for broader acceptance and innovation in the emirate.

In late October, the Dubai Financial Services Authority, or DFSA, addressed the rules surrounding so-called investment tokens. The framework is designed to give investors and market participants legal certainty.

Continue Reading

ART & COLLECTABLES

An NFT Armageddon Could Arrive Next Month, According to a Bitcoin Expert

The main NFT projects have been treated with care by 2021. During an initial February spike, non-fungible tokens such as NBA Top Shot and CryptoPunks led the charge.

Published

on

#nft #armageddon #nfthours

Following various dips and dives and a strong comeback in many key NFT projects over the last eight months, the future seems bright.

Charles Edwards, the founder of Capriole Investments and a crypto executive, sees the end of the year as a probable NFT winter. So let’s take a look at what we’ve seen so far and what we might expect in the future.

An NFT Winter?

In a recent tweet, Edwards makes an excellent point, pointing out that the improvements in NFTs this year have been ludicrous. While many in the crypto community have “diamond hands,” it’s realistic to assume that many will look to protect taxable gains before the end of the year:

The conversation in Edwards’ responses, on the other hand, offers a fascinating discussion on the logic of purchasing and selling. There are primarily two points of feedback: some believe that much of the selling pressure has already occurred (to which Edwards responds, “You think it’s done?”), and others believe that much of the selling pressure has yet to happen. Others argue that individuals will sell losers rather than winners.

Are people selling their significant initiatives to make money? Or will the most vulnerable NFT projects be those in the middle to lower tiers? Many people believe that the world’s Bored Apes and CryptoPunks will be immune to such selling pressure. This is based on the fact that those have been extraordinary winners this year, with unrivaled returns (and also the formation of clearly lasting communities with high financial barriers to entry now). Why sell when the future is so bright when these attributes are present?

Overall, no one knows what the eventual result will be (and there’s reasoning in both camps), and it’ll most likely be a test of the long-term belief system that underpins NFTs.

What We’ve Noticed

DappRadar is a wonderful source of information about crypto and NFTs. When we look at 30-day marketplace data, we can see that most of the top names suffer volume drops. On the 30-day data, OpenSea, Solana’s Magic Eden, centralized Flow platform NBA Top Shot, SuperRare, and Rarible are all showing volume drops. Some of those who defy the odds? Decentraland has witnessed a recent uptick in popularity, Axie Infinity continues to lead the play-to-earn sector, and WAX platform and cross-market AtomicMarket have also fared successfully.

Continue Reading

ART & COLLECTABLES

Bored Apes and CryptoPunks Accounted for Eight of the Top Ten NFTs Sales Last Month

Athletes, entertainers, and personalities from popular culture are flocking to the NFT.

Published

on

#nft #boredapes #crypto #topsalespunks #

According to NonFungible.com, four Bored Apes and four CryptoPunks accounted for eight of the ten largest NFT sales in the last 30 days. A plot of land in Decentraland and a digital art piece developed by XCOPYART named “A Coin for the Ferryman” for 1,330 ETH ($6 million, the highest-selling) were the other two NFTs sold.

On November 22, the top Bored Ape (#544) sold for 675.01 ETH ($2.81 million), and on November 11, the highest CryptoPunks sold for 500 ETH ($2.38 million).

According to OpenSea, the Bored Ape Yacht Club was the most popular NFT collection in terms of monthly volume traded on their platform, with a total amount of 44.8 thousand ETH (about $193 million), as seen below.

CryptoPunks and Bored Ape Yacht Club are two of the most popular NFT collections

Larva Labs created the CryptoPunks NFT collection in 2017 as 10,000 randomly generated pixelated characters on the Ethereum Blockchain. Anyone with an Ethereum wallet was able to mine for free. CryptoPunks is credited with being one of the first NFT projects. Musicians like Jay Z and Snoop Dog have owned Punks, and Larva Labs just announced a partnership with one of Hollywood’s leading talent agencies.

“CryptoPunks have become some of the most sought-after NFTs on the market,”

Sotheby’s contemporary art specialist Michael Bouhanna remarked.

Four years later, the Bored Ape Yacht Club was formed, with each member being a distinct Bored Ape. The collection was launched in late April 2021 by anonymous developers and each ape cost between 190 and 200 dollars (0.08 Ether). According to CNET, the collection was sold out within 12 hours of its debut. Many celebrities will eventually join this club.

Is the Bored Aped Yacht Club on its way to becoming the new celebrity hangout?

The Bored Ape Yacht Club has recently caught the attention of several celebrities, including American rapper Future, who shared his Bored Ape on his Twitter profile photo on November 28 with the phrase “gm.”

Late-night TV star Jimmy Fallon joined the club in November, and shortly after, American rapper Post Malone unveiled one of his Apes in his new music video with The Weekend, “One Right Now.”

NBA player Stephen Curry, ex-NBA player Shaquille O’Neal, international DJs/producers such as Steve Aoki, The Chainsmokers, and Marshmello, and Dallas Mavericks owner Mark Cuban are among the other famous members, according to NFTnow.

There is no shortage of celebrities entering the realm of NFT ventures, and this could provide valuable support to the projects.

Continue Reading

Trending

bitcoin
Bitcoin (BTC) $ 58,650.00 0.86%
ethereum
Ethereum (ETH) $ 4,757.04 1.87%
tether
Tether (USDT) $ 1.00 0.20%
chiliz
Chiliz (CHZ) $ 0.447300 2.03%
enjincoin
Enjin Coin (ENJ) $ 3.58 1.40%
decentraland
Decentraland (MANA) $ 4.52 4.37%
flow
Flow (FLOW) $ 12.64 1.00%
the-sandbox
The Sandbox (SAND) $ 6.54 4.81%
wax
WAX (WAXP) $ 0.658447 6.06%
ecomi
ECOMI (OMI) $ 0.006819 18.45%
terra-virtua-kolect
Terra Virtua Kolect (TVK) $ 0.426459 0.42%