Did you know? The gang that speculated on shoes is now going to speculate on digital collectibles

Industry News 1years go (2022) Dexnav


Did you know? The gang that speculated on shoes is now going to speculate on digital collectibles

Did you know? The gang that speculated on shoes is now going to speculate on digital collectibles


The shoes, fried handbag tide play early not so hot, now the circle is fried digital collectibles. Sneaker player Lao Liu introduced.

In September 2019, Supreme 19 FW's opening season giveaway parachute toys in the secondary market was speculated to more than 2000 news broke the shoe circle, limited models of sneakers, tide play single product crazy hype, creating countless wealth myth. But with the later "shoe wear not speculation" regulatory restrictions, now the sneaker tide play market has long been no hot scene of yesteryear, and even some dismal. Shoe circle players usually in addition to occasionally stare at limited models of sneakers on sale, the eyes have turned to another market - digital collectibles.

"To show you how profitable this thing is," Lao Liu sent a screenshot of a digital collection secondary market offer, "these original only a few dollars or even free pictures, now can sell tens of thousands of dollars, you dare to believe it?

Did you know? The gang that speculated on shoes is now going to speculate on digital collectibles

The quotation chart of the secondary market of digital collectibles circulated in the circle of friends

NFT's name has long spread to all corners, becoming a more out-of-the-loop species than Bitcoin in blockchain applications. While civic and sports luxury goods have driven this track, which currently has a market cap of over $17 billion, the concept of digital collectibles has also caught fire.

The concept is rapidly rising under the layout of various major domestic manufacturers such as Tencent and Baidu, and the secondary market performance of A-share related concepts has been phenomenal, while within another non-public trading market, an even more exaggerated wealth effect is being staged. nft and digital collectibles, two seemingly interchangeable terms, have completely separated markets and players.

Young people's dream of new riches

"Digital collectibles can make 70,000 times more money, can NFT? Wang, a post-00s digital collectibles enthusiast, asked when talking about digital collectibles and NFT.

On September 24, 2021, Ant Group said in a statement that it had received a report from a netizen that Ant Chain and Ali Auction had joined forces to take down a transaction suspected of online fraud. A user with the ID of "Street Dance Geek" posted bidding information about the "Asian Games Torch" on the auction platform. Antchain said that "Street Dance Geek" attached the details of the digital torch collection on the auction page, confusing the difference between the digital collection and the physical torch, misleading buyers and suspected fraud, so the platform took down the corresponding offending goods and dealt with the user accordingly. The Hangzhou Asian Games Torch NFT was limited to 21,000 copies and sold for $39, but was speculated to be $3 million offsite at the time, with over 15,000 onlookers.

Did you know? The gang that speculated on shoes is now going to speculate on digital collectibles

Hangzhou Asian Games Torch NFT

This limited edition Asian Games Torch NFT is exactly the digital collectible that Xiao Wang said "can make 70,000 times more". Although the deal didn't end up being sold, players don't think so, "If it wasn't for the official interference of Ant, everyone thought it was very likely that it would have been sold at that price. Xiao Wang said.

The exaggerated 70,000 times is not present, but hundreds of times is still present.

As early as June 23, 2021, Alipay's ant chain fan grain went live with the first digital collection, "Dunhuang Flying Sky and Nine-Colored Deer," which was designed and issued by the Dunhuang Research Institute and offered for $9.90 + Alipay 10 points. The first of these is a new one, a new one, a new one.

The disappearance of the public trading platform has inspired players to fight, and players have formed off-site trading groups, and the "flying" digital collection has been speculated from a few thousand to tens of thousands, with different numbers having different asking prices. "Yesterday I sold 7,500, today it's 10,000, more than 2,000 less. One player who made 750 times profit still has some regrets.

Did you know? The gang that speculated on shoes is now going to speculate on digital collectibles

"Dunhuang Flying Sky and Nine-Colored Deer" Digital Collection

"Most digital collectibles are sold for tens of dollars or even a few dollars, even if the loss is not much, NFT I have learned some, too expensive, I can not afford to lose. Wang said here some frustration. It is true that most of the NFT projects now through various methods to get the whitelist qualification to participate in the pre-sale, 0.1ETH (about 2100 RMB) pre-sale price is already considered very cheap, and this for only 2000 yuan per month living expenses of the average college student Xiao Wang is very stretched. The digital collection is undoubtedly the perfect "NFT flat" for him, both to enjoy the fun of buying and collecting digital art, but also to be able to invest money at a relatively low cost.

Did you know? The gang that speculated on shoes is now going to speculate on digital collectibles

Screenshot of the profitability of Xiao Wang's recently sold digital collection

Xiao Wang shared his recent profit, "Fight a bike into a motorcycle, in case you get rich? He said this may represent the dream of riches of many young people like him in the circle.

The new plaything for young people

"This "proof" gives her a feeling like collecting a real artifact, which stems from the most primitive human desire for possession, "In a sense, by owning it through the millennia, I have established a connection with it and the ancient civilization, heroic stories and grand history behind it. Speaking of his digital collection, Jessica, a digital collection enthusiast, couldn't contain her excitement, which is a digital collection of "King Yue's Sword" authorized by the Hubei Provincial Museum.

Did you know? The gang that speculated on shoes is now going to speculate on digital collectibles

Hubei Provincial Museum presents the "King Yue's Sword" digital collection

This is just one of the more than 50 pieces in her collection. In her spare time, she opens the digital collection platform and zooms in and out to look at the details on the collection. If it's a 3D piece, it can also be rotated for viewing. With 3D technology, one can see the patterns, stones, and inscriptions on a 3D "King Yue Sword" very close up, "the difference is just that you can't really touch it.

Did you know? The gang that speculated on shoes is now going to speculate on digital collectibles

WhaleQuest Releases "Zodiac Heritage" Digital Collection

What is not difficult to see in the release of digital collections is that there are many authoritative institutions endorsing and top IPs adding to it. In the past, CCTV and Shanghai Securities News, the statutory media of the Securities Regulatory Commission, entered the digital collections, which enhanced consumers' confidence in investment. Later, during the Spring Festival, the digital collection platform of Ant Chain, WhaleQuest, joined hands with 24 museums to issue 3D digital collections such as "Tiger Relics", "Twelve Chinese Zodiac Relics" and "Treasures of the Town Museum". On January 19, the digital collection reached the 10th place in Baidu's hot search, and then the digital collection Baidu index soared. "Yesterday, we just went to draw Feng Zikai's digital collection, and it's probably hard for such IP of cultural relics to appear on foreign NFTs, right? Jessica describes the advantages of domestic digital collections.

Did you know? The gang that speculated on shoes is now going to speculate on digital collectibles

Baidu index keywords "digital collectibles" search trend

When it comes to asset validation, NFT has the advantage of decentralization because it is deployed on public chains such as Ethereum. Blockchain is a distributed ledger, all data is open and transparent, and once written in the block, it cannot be modified, thus individual NFT assets are guaranteed in terms of corroboration. The vast majority of domestic digital collectibles platforms such as WhaleQuest (Ant Chain) and Phantom Core (To Trust Chain) use the technology of Alliance Chain, which treats a few equally powerful participants as verifiers, rather than an open system like the public chain, which allows anyone to verify the blocks. The disadvantages of the federated chains are obvious; the transaction rules and asset ownership are not actually controlled by the users, but by these digital collectibles platforms.

"It doesn't matter if it's a public, affiliate or private chain, with so many authorities backing it up, the big players can't run away like some NFT projects," she said. Jessica said that most investors of digital collectibles, like her, do not care whether the digital collectibles really belong to them or to the platform in the end. With the backing of a big platform and authority, they are more willing to believe that digital collectibles are safer than NFT projects, which sometimes have fraudulent problems.

With a large consumer base creating this new market, Rhythm BlockBeats has found in the community that new digital collectibles are being released on an hourly basis. On April 1 alone, 33 new digital collectibles were released, with unit prices ranging from 10 to 30,000. Some platforms have even made a detailed schedule for new products, with a recommendation index. The game of stock speculation and shoe speculation is recreated on digital collectibles.

Did you know? The gang that speculated on shoes is now going to speculate on digital collectibles

Photo source: Forty Views

NFT and digital collections cut off the market

"Grabbing digital collectibles is easy, and I taught my parents to grab them with me, but I haven't figured out how to buy NFT until now. Kevin, 90, seems to be complaining a bit.

Compared to digital collectibles, the threshold for NFT is too high. To participate in NFT requires a lot of relevant knowledge pavement: learn the concept of wallet, private key, address, whitelist, mint, etc., but also to know the science of Internet, transfer, distinguish between various public chains, but also beware of Crypto World in a variety of scams and phishing links, and even English is also one of the important reasons to dissuade many investors.

Did you know? The gang that speculated on shoes is now going to speculate on digital collectibles

Domestic digital collection platform is easy to operate

In the case of a domestic digital collection platform, for example, participation in a digital collection offering requires only three steps: enter the website, click on the lottery, and get qualified to pay. For many digital collectibles enthusiasts, digital collectibles present a more hands-on collecting opportunity, and the learning cost of purchasing NFTs is too high.

Did you know? The gang that speculated on shoes is now going to speculate on digital collectibles

A sneaker information platform on the sale of digital collectibles

"Digital collectibles are largely bought by young people. According to Kevin, in the digital collectibles exchange group he joined, he rarely saw anyone over the age of 35, and more than half of them were post-95s. When it comes to the reason why young people are so enthusiastic about digital collectibles, Kevin said that some of them take this as a way to manage their money, and these people have also experienced "speculation on shoes" and "speculation on handicrafts", and now the new trend is digital collectibles. At present, many sneaker information platforms have also joined the digital collectibles interface, in addition to monitoring the sneaker tide play and other on-sale situation, each digital collectibles platform is also included in their monitoring list.

The Stigmatization Chain and Regulation of Digital Collectibles

"It's illegal for you to do NFT, right?" Alex, who has just been involved in digital collectibles for a month, asks.

This question may seem ridiculous at first, but it is indeed a question that many digital collectors wonder about, and it is also the "sword of Damocles" in the minds of many NFT practitioners.

The regulation of virtual currencies in China has always been very strict. As early as last year, the National Development and Reform Commission and other 11 departments announced that virtual currency "mining" activities would be officially classified as a phased-out industry; at the same time, the Central Bank and other 10 departments clarified that virtual currencies do not have the same legal status as legal tender, and related business activities are illegal financial activities. Although NFT is not equivalent to virtual currency, given the similar blockchain technology base of NFT and homogenized token applications, and the risk of NFT speculation and financial productization, with the promotion and popularity of NFT applications, the future minting, issuance, sale and circulation of NFT may be subject to regulatory intervention.

The development path of digital collections in China follows a different business model from that of overseas markets, exploring and establishing Chinese rules and standards in terms of distribution, sales and circulation. First, domestic mainstream digital collectibles platforms such as WhaleQuest emphasize that digital collectibles are backed by the actual value of specific artworks and do not have any monetary attributes such as payment functions. Second, unlike overseas where virtual currencies are used as bidding and trading currencies, domestic digital collections are priced and traded in RMB, which largely ensures the stability of the value of digital collections. Thirdly, domestic mainstream platforms are structured on the alliance chain, and the blockchain technology provider can design its usage and trading rules, and the digital collectibles issued on the platform can be designed from the source to achieve non-transferability (i.e. not opening the secondary trading market for the time being), which makes domestic digital collectibles can be truly "demonetized".

From a practical point of view, the strict "limited conversion" has reduced the occurrence of speculation to a certain extent, but also triggered a large number of over-the-counter trading chaos. The grey and black industries are growing, and OTC trading has become a high incidence of fraud, with scams like "fake guarantors" occurring from time to time, and the amount of fraud ranging from a few hundred dollars to tens of thousands of dollars. For the whale probe has 180 days transfer period and other problems, some players also through the preparation of the transaction contract to sell in advance to profit, after lifting the transfer restrictions and then transfer the goods. But whether such contracts are really legally valid is a big question mark, "the contract is based on the law. Although the contract will provide what three times the compensation clause, but the platform does not support the resale, no legal effect, everything is a waste of paper.

In response, Whale Scout customer service responded: "Whale Scout does not support any form of resale behavior, please beware of the risk of fraud.

The wealth effect created by NFT and digital collectibles is quite similar, but in reality they are two very separate markets, which for various reasons are full of prejudices and chains of contempt between them. It is true that Lao Liu, Xiao Wang, Kevin, Jessica and Alex are a group of speculators, a group of young people with a strong curiosity for new things. There is no way to predict what will happen in 180 days, when the transfer will be officially liberalized - but what is known is that the experience of snapping up digital collectibles will bring them not only monetary profit, but more importantly, the simple and primitive joy of collecting - like stamp collecting. -It's like stamp collecting.

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