Editor's Note: This article comes fromHay's theoryTwelve years ago, the birth of Bitcoin and the blockchain allowed people to truly own their own assets for the first time, making borderless value transfer possible. If the Internet is the infrastructure of the era of information civilization, then the blockchain is an exploration of the future value society, allowing human civilization to shift from the transmission of information and content to the interaction of assets and value, opening a new upswing for the evolution of civilization aisle. On the eve of the transformation of the blockchain era, we have seen the emergence of many assets on the original chain, and also witnessed the madness of DeFi, a financial system independent of the real world. But now we still can't achieve the integration of the two worlds on the chain and off the chain. Assets and value can only be circulated in a closed loop in an independent system. The key to solving this problem lies in the chaining of assets. I think the best asset carrier is NFT.

1. Preamble

After the emergence of the Internet, human society ushered in rapid development, subverting the production and transmission of information, and changing the evolution direction of civilization. But in the decades after this singularity, human beings have been obsessed with tinkering with the foundation of the Internet. Minor innovations such as new protocol standards, programming languages, technical hardware, and network equipment have made people tired of exploring the next one. The storm sweeping across the entire civilization, we have not seen new changes comparable to the birth of the Internet for a long time.

Twelve years ago, the birth of Bitcoin and the blockchain allowed people to truly own their own assets for the first time, making borderless value transfer possible. If the Internet is the infrastructure of the era of information civilization, then the blockchain is an exploration of the future value society, allowing human civilization to shift from the transmission of information and content to the interaction of assets and value, opening a new upswing for the evolution of civilization aisle. On the eve of the transformation of the blockchain era, we have seen the emergence of many assets on the original chain, and also witnessed the madness of DeFi, a financial system independent of the real world. But now we still can't achieve the integration of the two worlds on the chain and off the chain. Assets and value can only be circulated in a closed loop in an independent system. The key to solving this problem lies in the chaining of assets. I think the best asset carrier is NFT.

In the past NFT market, people tended to limit their attention to the application of its scarcity. This is the biggest misunderstanding of NFT. The development process of NFT.

Every evolution of human civilization is not only the evolution of technology, but also the evolution of thought. This article will try to unseal the thought, and expand the imagination of NFT in the encrypted world from the perspective of "NFT structure".

So where does the value come from?

2.1 Delivery of content

In the past, the carriages and horses were far away, letters were very slow, and there was only enough to love one person in a lifetime.

Nowadays, with the advancement of science and technology, information is unbounded, and communication across time zones has become commonplace. The Internet has become a rigid need of our basic society, and the transmission of network information has become a necessary component of communication. The logic of Internet information dissemination is to convert traditional different types of information into machine-readable 0/1 binary data through technical means, and then achieve information interconnection through data transmission between networks.

With the continuous development of science and technology, the Internet has also evolved. The wired network has changed from ADSL dial-up to LAN broadband to optical fiber. Mobile communication has undergone five changes. The innovation of the Internet has brought about the development of content delivery, which is reflected in the two dimensions of content form and ideology.

• rich content

The development of content digitization is a process of continuously expanding the amount of information that can be carried. From the early digitization of text to pictures, audio, and video, the content forms that can be carried and transmitted on the Internet are constantly enriched, and the functions and services derived from this are also increasingly penetrating. to daily life.

• ideological shift

In the era of Web 1.0, the Internet is only used as an information sharing platform, and content generation and consumption are often in a one-to-n relationship. Voice groups and early Internet companies control the role of content producers, and netizens, as consumers, can only be passive Receive information from the Internet. This stage is equivalent to the Internet’s functional reproduction of traditional books, newspapers and other information carriers, without the use of the characteristics of the Internet to endow it with new connotations.

In the era of Web2.0, the Internet has shifted from "information sharing" to "information co-construction", and the power of netizens on the Internet has been upgraded from "read-only" to "write-in". Morphologically, the main body and discourse power of the Internet are distributed to individual users, and everyone has the dual roles of content consumers and producers. This has brought about an explosion in the magnitude of Internet content, the demise of portal websites with parameters such as PV and UV as assessment indicators, and the birth of community-based Internet platforms with user quality as their core competitiveness. From BBS and Blog, which were prevalent in the early PC Internet, to YouTube, Facebook, Twitter, Quora and other content production communities in the mobile Internet today, they are all products of the Web 2.0 era.

To sum up, we can say that the development of the Internet = the development of digital content. In the past few decades, the Internet has brought subversion to the inheritance of human civilization, but this has also set a shackle for the future of the Internet. After all, its application has never been There is still a gap between leaving the scope of content (information) delivery and one of the important propositions of the Web3.0 era-the Internet of Value. In other words, although the binary data information transmitted by the Internet can generate value, the Internet cannot carry the value itself.

So where does the value come from?

In the real world, the best embodiment of value is assets. Real estate, stocks, bonds, and copyrights are all assets. These assets have not really integrated with the Internet at present, and there are no "real assets" on the Internet. To give a simple example, UserA transmits his real estate certificate to UserB through the Internet, but UserB can only obtain a picture, and no transfer of real estate value will occur.

Digital assetization: it is the embodiment of asset attributes of assets on the original chain. For example, the current BTC and ETH have their own asset attributes, which are mainly reflected in transfers and transactions in the early stages of development. With the development of DeFi, a wider range of financial activity scenarios such as lending and wealth management have been realized. The stage we are currently in is the period of digital assetization. The innovation of DeFi in various tracks is to build an on-chain financial system independent of the real society. The original on-chain assets can achieve an internal cycle of value in this system. However, this relatively closed development method is obviously not enough to shake the foundation of the traditional financial system. The market value of the encrypted market is only 400 billion US dollars, which is the highest ceiling for its future development.

2.2 Transfer of assets

• Assets on the original chain

Definition of assets on the original chain: assets originating in the blockchain world, decoupled from real assets, and completely decentralized. Such as BTC, ETH. But centralized stablecoins such as USDT are not included in this category.

Assets in the real world need the protection of legal provisions, sales contracts, and regulatory agencies. Similarly, legal loopholes, contract fraud, and evil organizations can make your assets evaporate instantly or change hands. Assets on the original chain do not need to consider this issue. The decentralized blockchain network can make the ownership and disposal of these assets belong to you permanently, and there is no possibility of any third party forcibly depriving assets.

• Two stages of on-chain asset transfer

From the perspective of the development path of asset transfer on the chain, there are two stages:

Digital assetization: it is the embodiment of asset attributes of assets on the original chain. For example, the current BTC and ETH have their own asset attributes, which are mainly reflected in transfers and transactions in the early stages of development. With the development of DeFi, a wider range of financial activity scenarios such as lending and wealth management have been realized. The stage we are currently in is the period of digital assetization. The innovation of DeFi in various tracks is to build an on-chain financial system independent of the real society. The original on-chain assets can achieve an internal cycle of value in this system. However, this relatively closed development method is obviously not enough to shake the foundation of the traditional financial system. The market value of the encrypted market is only 400 billion US dollars, which is the highest ceiling for its future development.

Asset digitization: that is, real assets are circulated on the chain. This is a very imaginative stage. If assets with value attributes in reality can be reflected on the chain and can circulate freely like assets on the original chain, then it is equivalent to the direct transfer of the total human economy to the blockchain. superior. Although this idea seems shocking now, under the development trend of the blockchain—especially the development direction of NFT, it is completely possible to realize it. The chain of everything may become a new era after the birth of the Internet in 1969. The novelty of human civilization.

The existing so-called decentralized governance is only a phased solution for the "rule of man" mapped to the chain. We can only hope that those giants who hold a large number of governance tokens can provide fair and Correct decision-making, their will represents the movement of the encrypted world, just like a few people in power in the centralized real world. At this stage, people only have blockchain technology, and do not really have "blockchain thinking". Taking the encrypted world to a higher level requires the evolution of everyone's thinking, so that the civilization on the chain can fully transition from a "society ruled by man" to a "society ruled by law". Code is Law is the past tense, and only Law is Code is organizational evolution. Intelligence is "collective wisdom". Are the current "country", "money" and "ideal" we live in necessary for survival? In fact, they are not, they are all fabricated products of our imagination, phantom and real bubbles are indistinguishable from the moment our wisdom is born, and only imagination is the core competitiveness.

• On-chain governance

The significance of asset digitization and on-chain is to move valuable assets in the real society to the chain, so as to realize actual use scenarios such as confirmation, payment, and circulation of real assets on the chain. But there is still a mountain on our way to this beautiful vision - how to conduct asset evaluation, the current encrypted world and the real world are completely isolated, and "oracle machines" are needed to transmit credible information off the chain to the chain , as a bridge between the two, but we have not yet been able to find a truly reliable oracle that can provide this service. If the assets or information on the chain itself are fake, then the chain will be meaningless, and spam information will not be converted into valid information because of the chain.

Regarding this issue, the current mainstream view is to let the centralized regulatory agency take on the role of the oracle machine, evaluate, authenticate and authorize the assets, and then put them on the chain. This seems to be a "perfect solution" for the combination of reality and the chain, but the biggest bug is the regulator acting as a "black box".

For example, one of the culprits of the 2008 subprime mortgage crisis was the three major rating agencies Moody's, Standard & Poor's, and Fitch. They took money from the banks and packaged C-rated bonds and A-rated bonds into B+ rated bonds. asset pack. How can this historical lesson be guaranteed not to repeat itself on the chain? Who will oversee the regulator? Who will supervise humanity?

The centralized capital verification method is to use traditional empiricism to deal with the new thing of the blockchain, and the centralized organization plays a decisive role in it, making the asset on-chain itself a false proposition.

In contrast to the encrypted world built by the assets on the original chain, due to the rendering of the idea of ​​decentralization, DeFi is more inclined to the emergence of collective wisdom, dispersing governance rights to participants in the form of governance tokens, and then through smart contracts Execute governance decisions to achieve the goal of decentralized governance. This seemingly equal rights and democratic design is not foolproof. A small number of capital giants can still rely on a large amount of capital investment to easily occupy most of the governance tokens and monopolize governance rights. The Matthew Effect and Pareto Law in the real world will It takes effect again on the chain, and many DeFi projects that are now in sight are like this, wearing the cloak of a new decentralized financial order, driving the reverse of traditional finance.

The existing so-called decentralized governance is only a phased solution for the "rule of man" mapped to the chain. We can only hope that those giants who hold a large number of governance tokens can provide fair and Correct decision-making, their will represents the movement of the encrypted world, just like a few people in power in the centralized real world. At this stage, people only have blockchain technology, and do not really have "blockchain thinking". Taking the encrypted world to a higher level requires the evolution of everyone's thinking, so that the civilization on the chain can fully transition from a "society ruled by man" to a "society ruled by law". Code is Law is the past tense, and only Law is Code is organizational evolution. Intelligence is "collective wisdom". Are the current "country", "money" and "ideal" we live in necessary for survival? In fact, they are not, they are all fabricated products of our imagination, phantom and real bubbles are indistinguishable from the moment our wisdom is born, and only imagination is the core competitiveness.

Therefore, when we think about the logic of the blockchain world, we may have a dialectical mentality and refer to the reality. The existence of the blockchain world does not necessarily need to compromise with reality. Maybe it's not the blockchain going to humans, but humans going to the blockchain. Sometimes a big change will destroy the original old world. What really needs to be changed is the pedantic financial system in the past. We should not go in the wrong direction.

The reason for this misleading statement is that empiricism limits the imagination of the entire industry. From the short-lived highlight of NFT in 2017 to the slow development in recent years, many people lost their way because of the popularity of CryptoKitties. They bound NFT with art, cards, scarcity, etc. in their mind-set, but did not realize this. It is only a small part of NFT application scenarios.

NFT stands for Non-fungible Token, which is the relative concept of Fungible Token (FT). The biggest difference between the two lies in "uniqueness" and "divisibility", which makes NFT more suitable for benchmarking assets in the real world ——After all, the evolution of civilization has made all things have differentiated descriptions. Even a mass-produced consumer product will have different production dates and inkjet codes.

Existing views often describe the NFT market as an independent track, making a fuss about its scarcity, and using encrypted artwork and game cards as the main value output channels. This is actually a very strange phenomenon, as no one will regard FT as an independent market.

The reason for this misleading statement is that empiricism limits the imagination of the entire industry. From the short-lived highlight of NFT in 2017 to the slow development in recent years, many people lost their way because of the popularity of CryptoKitties. They bound NFT with art, cards, scarcity, etc. in their mind-set, but did not realize this. It is only a small part of NFT application scenarios.

The future application of NFT should be very extensive. Its existence enriches and refines the breadth and depth of Token's use. Its rise should be smooth and silent, and all categories can be related to it. After all, the relationship between NFT and FT is Equivalence and complementarity. Compared with FT, NFT should be a concept in a larger category, just like the non-standard transaction in the real world is much larger than the standard transaction.

2. Face value: 10000USDT+500ETH

3.1 NFT structure description

• a leaf

"The value of NFT is not in the rarity, but in the description of the structure."

Let's take Leaf as an example to discuss how the structure description can endow NFT with new ideas.

There are no two identical leaves in the world, and every leaf we pick up on the ground is special. If I own a leaf, I think its veins are beautiful and unique, and I think it is worth 2,000 yuan, and you recognize this value and are willing to buy it, then its value is 2,000 yuan, which comes from our "consensus". If you think it is only worth 1 yuan, then our consensus does not match, either I will sell it at a lower price, or wait for someone with a consensus value of 2,000 yuan to appear and buy it.

This is an example of the scarcity application of NFT. Nowadays, encrypted works of art often rely on this rough "abstract consensus" to hype the price. Although it is undeniable that there are a small number of encrypted works of art with unique artistic charm, most of them are pure idiots, and the purchase intention of players is limited to finding a pick-up player who is willing to pay a higher price.

If we convert this leaf into a "structure" that wraps assets, allowing it to add more attributes beyond the "abstract consensus" of rarity, then the description of this structure may be:

• 0. Image: Leaf

• 1. Name: Mulberry leaves

• 2. Face value: 10000USDT+500ETH

• 3. Category: Synthetic Assets

• 3. Category: Synthetic Assets

• ……

Players need to complete the official task during the event. After completing the task, they can cast an NFT shovel wrapped with a random amount of DEGO for free. These NFTs have structural properties, and the number of wrapped Tokens determines the "basic face value" and "level" decision It improves the mining efficiency of NFT shovel and can be used as an added value of premium.

If this leaf is an NFT asset on the chain, then the structure description can enrich its value connotation. The first application is the structure that wraps FT encrypted assets, such as using BTC and ETH to cast NFT to form an asset package, which is equivalent to an index fund wrapped in multiple stocks in the real world. If this NFT is given a functional value (such as DeFi mining) or bound to a painting, then its value will be higher than the face value of the FT spent for casting.

Corresponding to the real world, the best example is the "school district house" with Chinese characteristics. Houses with the same area and floor may have different school districts because of a street difference, which makes the price skyrocketing. Among them, the area and floor are the "face value" of the guarantee, and the geographical location and school district attributes are the "consensus value" that triggers the premium.

• NFT blind box

Blind boxes, more than half of the purchases are "blind", and less than half of the purchases are "boxes".

Many people compare blind boxes to figures and models, although they are similar in nature. But buying a blind box is not just to get the cute doll inside, the greater pleasure lies in the moment when you open the box and see if the doll inside is the one you want.

As we all know, things are rare and expensive, and the value of an item is not only determined by its cost, but also by its rarity. There are one or two popular blind boxes in each series, and the quantity is relatively rare. Coupled with the deliberate hype of some people, these styles are often 50% more expensive than the original price! Not to mention that there will be extremely rare "mysterious models" in each series, and they will even be sold at even more exaggerated prices.

CryptoKitties in 2017 can be called the originator of NFT. The shortcoming of CryptoKitties is only the intrinsic value. Its scarcity can be completely guaranteed by the decentralized consensus algorithm. Show a picture of a kitten, and then say it is one in ten thousand 1. Rare cats are generated with a probability of 1/100,000, so there are really so many probabilities that no one can fake; if they can’t be copied, they really can’t be copied—the ERC721 standard is also public, and there is no fraud troubled.

Even the founder of the game has no way to violate the rules of the algorithm and secretly generate countless rare cats for arbitrage. However, traditional blind boxes are produced in a centralized manner by an enterprise. The so-called "rareness" is completely guaranteed by the reputation of the enterprise. It is expected that there will be no better market, and the bubble will burst soon, so they can obviously easily manufacture a large number of rare blind boxes in the workshop, and then sell them in the market for arbitrage.

For example, the scarcity of CryptoKitties is a simulated natural scarcity, just like stones in the soil and fish in the water. After the development team sets the probability, it will become a smart contract on the Ethereum chain when it goes online. The development team cannot Modify it easily; while the scarcity of the blind box is artificially created, just like a person deliberately pinches a water pipe with a large mouth of a bowl to be as thin as a finger, and then pours water little by little to sell for money, and says he will I have been pinching it so fairly, and never secretly release water to anyone.

If a structure design is introduced for NFT, what will be the effect?

In 2020, DEGO and Aavegotchi endowed intrinsic value on the basis of CryptoKitties in the past, which not only retained the scarcity, but also solved the problem of usage scenarios. In particular, DEGO made reasonable use of "structural thinking" and organized an unprecedented "shovel pumping "Activity.

Players need to complete the official task during the event. After completing the task, they can cast an NFT shovel wrapped with a random amount of DEGO for free. These NFTs have structural properties, and the number of wrapped Tokens determines the "basic face value" and "level" decision It improves the mining efficiency of NFT shovel and can be used as an added value of premium.

Due to the difference in random "face value" and "level", this event has become an NFT "blind box draw". High-value NFTs theoretically have higher basic pricing and premium space, and players will be curious and speculative. Driven by psychology, we continue to extract blind boxes, and virtually become creators and contributors to build the NFT world. Moreover, these NFTs will not depreciate due to a large number of outputs. These low-level shovels in the later period also have more usage scenarios, such as "casting", "synthesizing", "forging" and so on.

Due to the difference in random "face value" and "level", this event has become an NFT "blind box draw". High-value NFTs theoretically have higher basic pricing and premium space, and players will be curious and speculative. Driven by psychology, we continue to extract blind boxes, and virtually become creators and contributors to build the NFT world. Moreover, these NFTs will not depreciate due to a large number of outputs. These low-level shovels in the later period also have more usage scenarios, such as "casting", "synthesizing", "forging" and so on.

Introduce the concept of bond pool

• Proof of nToken rights and interests

cToken is an interest-earning Token launched by Compound V2, and it is also a certificate for users to deposit assets in Compound. cTokens were originally used by Compound to simplify the user’s experience of lending and earning interest in the on-chain lending market.

Before the introduction of cTokens, lenders needed to lock funds in a pool to earn interest. In this way, the funds locked in the lending market can only be used after they are unlocked, and the amount of funds that can be loaned by the lender will also be reduced when withdrawn. After the launch of cTokens, this side effect can be avoided, because the funds on the Compound platform will be circulated in the form of cTokens in the open market, which will not affect the funds locked in the platform, so it will not reduce the amount of funds of the borrower .

If we replace the common FT in DeFi with NFT, that is, mortgage NFT for borrowing, wealth management or liquidity mining, then a certificate of equity similar to cToken (tentatively named nToken) can also be generated with the casting of NFT, which is similar to The advantages of cToken are similar. When the NFT asset is in a certain agreement, the user does not need to unlock it, and can take the nToken to other agreements to obtain more income, or directly conduct transactions, which corresponds to the real world, similar to UserA's mortgage in the bank The house in the bond is directly transferred to the name of UserB.

Of course, nToken can also use more imagination to explore the possibility of more applications of its own besides cToken. For example, since nTokens are minted with NFT, can multiple nTokens be combined to form a new asset portfolio to capture more value?

• Create a differentiated value distribution system

In Compound, through factors such as the number and time of cTokens held by users, we (or smart contracts) can judge their participation, contribution and understanding of the product from the side, but the dynamic information that FT can accommodate is limited. If By displaying cToken in the form of NFT "structure", more dimensional data can be added, and smart contracts can use this as a basis for judgment to assign differentiated revenue coefficients and governance weights to different users.

In the same way, NFT can also reshape the LP Token of AMM DEX. Taking Uniswap as an example, the income of liquidity providers is only related to the dimension of the amount of invested funds, whether it is an old player or a new player, whether it is a loyal Believers or opportunists, everyone is equal before the rules. This superficial equality will instead increase the capital monopoly effect and virtually damage the interests of real contributors. If the LP Token is displayed in the form of NFT, the time dimension is added, and the additional weight is calculated according to the duration of the liquidity provided by the user, which is similar to the currency age in PoS, so that players with consensus can get the higher reward they deserve Gold, platform governance tokens will also be distributed to more players with governance capabilities.

The mining computing power division and speculation penalty mechanism currently used by DEGO are preliminary explorations in the differentiated value distribution system. If the subsequent DeFi can combine computing power, LP Token, governance rights, etc. If all factors are presented in the form of NFT, then the governance system of the entire DeFi world will usher in a drastic change, and the situation where capital rules everything will be completely replaced by consensus.

• Introduce the concept of bond pool

Although NFT is a Non-fungible Token, in fact, the contract can set an "NFT framework" other than the "NFT standard". Assuming that under the same "NFT framework", this framework can become a "pool", and NFT mortgages can be changed into When FT is generated into "bonds", NFT can be traded in batches like FT, so the liquidity problem that has plagued NFT for a long time can be solved.

We can get some inspiration from the existing blockchain games using NFT. There are often different types of assets in the game, such as game characters, character accessories, weapons, weapon accessories, pets, etc. These assets can be mapped on the contract as Assets with different "classifications" can generate more subdivided game scenarios. For example, thresholds can be set in the game. Players who have "classifications" as "Role 1" and "Pet 1" can enter the specified copy.

• Scalability of GameFi Assets

GameFi is gamified finance. In the future, DeFi monetary policy may become more gamified, and users' assets will become the equipment used in DeFi games.

We can get some inspiration from the existing blockchain games using NFT. There are often different types of assets in the game, such as game characters, character accessories, weapons, weapon accessories, pets, etc. These assets can be mapped on the contract as Assets with different "classifications" can generate more subdivided game scenarios. For example, thresholds can be set in the game. Players who have "classifications" as "Role 1" and "Pet 1" can enter the specified copy.

On this basis, it is also feasible to introduce "GameFi thinking" into the real-world financial market in a more in-depth manner.

At present, there are NFT standards that claim to support the separation of ownership and use rights, but they often lack the parameter of "time". That is to say, the owner of NFT cannot specify the use time when granting use rights to other users. The separation of ownership and usage rights has become a simple concept, such as the BCX-NHAS-1808 NFT standard for blockchain games launched by Cocos-BCX.

3.3 Future usage scenarios of NFT

• Separation of ownership and usage rights

As a structure, NFT has more application attributes than FT due to the complex nature of carrying value. If the oracle machine solution is mature enough, it will be possible to realize the NFT of assets on the chain in the future, then the application boundary of NFT will expand again, and the application scenarios of commodities, real estate and other assets in the real world will have the opportunity to be transferred to the chain, such as real estate Leasing, commodity trial, pawning of precious metals, etc. These applications are different from peer-to-peer asset transactions, which do not involve the transfer of ownership, but give other users limited usage rights.

Tracing back thousands of years of historical civilization development, human beings have established a relatively complete legal system off-chain. In the part about civil property rights, we have signed contracts in black and white, documented them, and divided the ownership and use rights of assets.

Smart contracts, that is, to restore the law with codes, without human intervention, we can directly integrate contracts into NFT, giving birth to a new regulatory path. Balance justice, efficiency and fairness to realize the rule of code.

At present, there are NFT standards that claim to support the separation of ownership and use rights, but they often lack the parameter of "time". That is to say, the owner of NFT cannot specify the use time when granting use rights to other users. The separation of ownership and usage rights has become a simple concept, such as the BCX-NHAS-1808 NFT standard for blockchain games launched by Cocos-BCX.

• NFT pawn

Pawning in the real world refers to obtaining a certain amount of funds by pledging valuable assets, and paying the principal and interest before maturity to recover the assets. If the principal and interest cannot be paid in time, the assets will belong to the pawnshop. Applying this set of logic to the encrypted world is similar to over-collateralized lending, but the difference is that lending is an interaction between individuals and the platform’s fund pool, while pawning can be a peer-to-peer transaction. When UserA initiates a pawn request, the smart contract transfers the right to use the NFT to the pawn shop or the individual user UserB who accepts the pawn business. UserA obtains a certain amount of funds according to the asset value of the NFT package. If UserA fails to deliver the principal and interest when due, the NFT The ownership will be transferred to the pawnshop or UserB.

• NFT leasing

This transformation of assets and value will not be limited to the evolution from information interconnection to value interconnection, but with the blessing of blockchain, it will promote the overall chaining of human society, from a centralized information society to a decentralized value society. What follows is a brand new on-chain governance system and value distribution method. Assets and value will no longer be restricted by law or the rule of man in a small country or territory, but will achieve absolute privatization and Free circulation, and relying on the governance of collective wisdom to create a higher-dimensional human civilization.

4. The transition from the information society to the value society

The application of the Internet has changed the way of information transmission and civilization inheritance. People's communication, content production, knowledge acquisition, and ideological dissemination have all been integrated into binary codes, making today's modern information society with a big data explosion possible.

The emergence of the blockchain allows us to see more possibilities for value generation and transmission. We have witnessed the digital assetization process of a Bitcoin from scratch, and we are also exploring the value prospect of asset digitization from zero to infinity. Behind this is the ideological evolution spawned by technological progress, so that we no longer settle in the current stable and boring social, economic, and financial systems. Starting from the ideological anchor of "NFT+", we look up to the deeper starry sky.

This transformation of assets and value will not be limited to the evolution from information interconnection to value interconnection, but with the blessing of blockchain, it will promote the overall chaining of human society, from a centralized information society to a decentralized value society. What follows is a brand new on-chain governance system and value distribution method. Assets and value will no longer be restricted by law or the rule of man in a small country or territory, but will achieve absolute privatization and Free circulation, and relying on the governance of collective wisdom to create a higher-dimensional human civilization.

After the introduction of structure description in NFT, we are not far from this future. Perhaps after the 100th birthday of the Internet, we will be able to break through the on-chain and off-chain barriers and realize a large-scale asset on-chain. The value on the chain will account for the majority of the total human economy. At that time, the control of civilization by centralized institutions will be greatly weakened, the society embraces the blockchain, and human beings move towards a new world.