Read all the investment logic inside and outside the NFT industry value chain in one article

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Read all the investment logic inside and outside the NFT industry value chain in one article

Winkrypto

2021-07-09 05:00

本文约12081字，阅读全文需要约48分钟

Use the NFT value chain to straighten out the investment logic in this field.

Written by: Jasmine Zhang and Fiona He, Partner and Investment Manager of A&T Capital respectively.

Protocol Layer - NFT Minting Protocol and Primary Market - "Comprehensive"

This category represents the trading of multiple types of physicalComprehensive trading market. The mainstreaming of NFT is closely related to the NFT casting platform and the primary market, because the platform directly connects creators and users. On the one hand, the platform needs to further lower the threshold of user acceptance, improve user experience, increase user stickiness and participation, you can refer to Xianyu APP; on the other hand, the platform needs to provide creators with an easy-to-use NFT creation experience, and create The threshold for NFT is lowered enough to attract more diverse creators to display.

Mintable(https://mintable.app/): Provide users with a trading platform including private messaging, promotion, scoring and other functions, and introduce ERC-721 as a voting governance token, and introduce gasless item to attract users to stay on the platform for trading after casting.
Mintbase(https://www.mintbase.io/zh): Based on the trading market of the NEAR ecosystem, users can create and sell NFTs such as music, artwork, tickets, and photography.
VIV3(https://viv3.com/): The first trading market based on Flow.
Zora(https://zora.co/): Founded by the former product manager of Coinbase, the main product is a platform for creators or artists to distribute works. The product form is mainly media, including video, audio, files, etc.
Cargo(https://cargo.build/): Allow users to mint, buy and sell NFT on the platform, support Ethereum, xDai and Polygon
TerraVirtuafirst level title

Protocol Layer - NFT Minting Protocol and Primary Market - "Art/Collection"

this kindRepresents art/collection-based foundries and the primary market. Art projects value strong IP resources and artistic taste, while collection projects value future embedding threads and easter eggs. Among them, most of the art projects have a high threshold, requiring the creators to have a certain artistic background or have enough fans on social platforms before they can be admitted to the platform, which is contrary to what the encryption world advocates. entry, the concept of equality is contrary.

SuperRare(https://superrare.co/): Established in 2018, the earliest NFT artwork casting platform has a certain threshold for artwork and artists.
CryptoKitties(https://www.cryptokitties.co/): The digital cat collection and breeding game based on the collection blockchain technology launched in 2017 once accounted for more than 16% of the transaction traffic of the Ethereum network, causing the Ethereum network to be overwhelmed , Severe congestion occurred, transfer transactions were delayed, and transfers could not be made.
Makersplace(https://makersplace.com/): A rare art foundry trading platform.
CryptoPunks(https://www.larvalabs.com/cryptopunks): Founded in 2017 as an NFT built on Ethereum, it first inspired the ERC721 standard. It issues tokens by transforming the ERC20 contract, generating 10,000 completely different 24x24, 8-bit style pixel art images.
Rarible(https://rarible.com/): Founded at the end of 2019, it focuses on interesting works of art. It was founded by serial entrepreneurs of Russian origin and is the first NFT trading platform to launch governance tokens.
HashMasks(https://www.thehashmasks.com/): 16,384 unique portraits created by more than 70 artists around the world in 2021, in the form of blind boxes and users can name each painting, enhancing user participation and giving them tokens more value.
NBA Top Shot(https://www.nbatopshot.com/): A collection game based on the flow public chain. NBA Top Shot has reached an official IP authorization cooperation with the NBA, so that collectors can obtain genuine NBA star highlights through gamification, and can trade in the market within the platform.
Nifty Gateway(https://niftygateway.com/): A regulated currency marketplace for NFTs, acquired in 2019 by "Bitcoin billionaire" twins Tyler and Cameron Winklevoss, the exchange's first acquisition. The platform leverages Gemini's backend infrastructure to build a dollar exchange platform that allows users to buy NFTs with credit cards and cash them out directly into bank accounts when they sell.
Bored Ape Yacht Club(https://boredapeyachtclub.com/): NFT trendy play + member club.
Autoglyphs(https://larvalabs.com/autoglyphs): The second NFT project of Larva Labs, the CryptoPunks development team, is the Generative Art platform.
Meebits(https://meebits.larvalabs.com/): The third NFT project of Larva Labs, the CryptoPunks development team, consists of 20,000 unique 3D voxel characters that can be used by developers. Its owner can access the package containing the complete 3D model, freely render and animate Meebit, allowing it to be used in any game engine, 3D studio or as an avatar in the Metaverse. At the same time, Meebits can exchange Meebit directly.
Foundation(https://withfoundation.com/): Community-driven, high-threshold foundry trading platform.
Async Art(https://async.art/): Programmable art (mainly), music foundry trading platform.
KnownOrigin(https://knownorigin.io/): High-end art casting transaction (level 1, level 2) platform.
Avastas: Generate a trading platform for artworks.
Art Blocksfirst level title

Protocol Layer – NFT Minting Protocol and Primary Market – “Game”

This type of application cites the current case of chain game developers using NFT to empower players in the game economy. In the past, the strategy of NFT game projects to attract players still lies inP2E(Play-to-earn) mode, which mainly uses the unique tradable characteristics of NFT props to create a suitable game economy, but lacks attention to the design of the game itself, which cannot attract long-term players in the currency circle, let alone attract Players outside the currency circle abandon centralized games and join blockchain games. After several years of precipitation, developers have gradually realized that a successful chain game needs a solid gaming experience to support it, and only with the blessing of P2E can the potential of chain games be fully unlocked.

Axie Infinity(https://axieinfinity.com/): Axie Infinity is a blockchain game that collects and raises all kinds of strange and weird creatures. In addition to the common collection attributes, Axie also added unique combat attributes, becoming one of the earliest NFT pets capable of fighting. The Axie team also launched a customized Ethereum sidechain Ronin for the game in February, using the POA consensus to increase the verification speed to ease the congestion of the Ethereum network and the pressure of the player's gas fee. At present, Axie has become a representative of chain games. In June, its sales exceeded US$121 million, a month-on-month increase of 351%, nearly three times the sales of the second-ranked NBA Top Shot (US$45.43 million).
Gods Unchained(https://godsunchained.com/): The first e-sports card game on the chain based on Ethereum, similar to "Hearthstone", users can freely trade and sell their cards, and have the ownership of the cards .
Zed(https://www.zed.run/): The first AR horse racing game on the blockchain based on Layer 2 of Ethereum, forming a one-stop NFT horse racing experience for recharging various gameplays such as raising horses, racing horses, watching games, etc. . Atari, the driving force behind it, has authorized Zed Run to play multiple game IPs such as "Asteroids", "Centipede", "Missile Command", and "Pong". In the future, as more horse racing players continue to join, the boundaries of gameplay and content will continue to expand.
Skyweaver(https://www.skyweaver.net/): Similar to Gods Unchained, it is a digital trading card game with actual trading functions. Players control the economy and the value of NFT cards based on the number of cards they forge in different game modes, the demand for certain cards on the store, and the number of players offering card sales on the store.
Alien Worlds(https://alienworlds.io/): DeFi games based on the WAX public chain, players can earn Trilium (TLM) through mining, and there is a certain chance of digging NFT every time they mine. Trilium can be used to pledge to one or more of the six Odaily in the game. After signing up as an Odaily director candidate, players will have the possibility to rule the Odaily. NFT game cards will introduce innovative ways to play over time, including "shine" to upgrade cards and fight in fighting games
Sorare(https://sorare.com/): Ethereum-based fantasy football game developed by startup Sorare. Players can purchase and trade NFT player cards certified by clubs or leagues to form their own teams, and each has its own level of scarcity and uniqueness. The rating of each player card is based on their performance in real games. Players can participate in fantasy football games on the platform after matching a complete lineup and receive cards and token rewards.
Mega Crypto Polisfirst level title

Protocol Layer – NFT Foundry Protocol and Primary Market – “Metaverse”

This type of application represents the currentThe case of Metaverse using NFT as a way to confirm the rights of digital assets. At present, compared with the early applications such as art and collectibles, the metaverse ecology in NFT still has considerable room for development. The current problems that need to be solved are as follows:

1. ApplicationHigh hardware threshold, the optimization is not perfect. The user's computer needs to reach a certain configuration to be able to run the rendering screen of the open world smoothly. In the future, the project party still needs to make a trade-off between screen performance and smooth game experience.

2. Compared with other blockchain fields, Metaverse currentlyLack of gameplay and wealth-creation effects that fit its own advantages. At present, most of the content in the Metaverse ecology is still built around NFT collectibles. Collectors exhibit their collections in every corner of the Metaverse, just like a 3D Opensea. There are not many attractions for open world players.

3. The player group is still limited to users in the circle,Can't reach the masses who don't pay attention to the blockchain. This requires a combination of strong IP + smooth user experience + innovative NFT Metaverse gameplay.

Cryptovoxels(https://www.cryptovoxels.com/): Build a virtual world on Ethereum. To build, develop and sell real estate parcels on encrypted pixel blocks, users will own their own land in the form of NFT, and can hang out different NFT collections in the building.
Decentraland(https://decentraland.org/): A virtual world built on Ethereum, similar to cryptovoxel, providing land in the form of NFT, avatar clothing, and content servers. In addition, Decentraland uses its exclusive cryptocurrency MANA to provide subsidies for various operations and plans of the metaverse, and as a currency for transactions between users.
The Sandbox(https://www.sandbox.game/): A pixel sandbox construction game similar to Minecraft and Roblox. Players can create digital assets in the form of NFT in The Sandbox VoxEdit and upload them to the store. Simple through Game Maker Drag and drop ways to create games on your estate to engage other players.
Somnium Spacefirst level title

Protocol Layer – NFT Foundry Protocol and Primary Market – “Fan Economy”

Under the traditional fan economy, neither fans nor idols are the biggest beneficiaries in this ecology. Instead, the centralized social platform serves as a medium for creators and fans to connect, and earns most of the revenue by inserting advertisements and algorithm recommendations between creators and users. On the other hand, the interaction between idols and fans is often monotonous and one-way. The advantage of NFT is that it can connect fans and idols more efficiently, and encourage two-way interaction between idols and fans. The fan economic platform around the NFT ecology needs to set up suitable economic incentives and mechanisms for both fans and creators, so that "common people" can become idols and encourage more originality.

BitClout(https://bitclout.com/): It allows users to use cryptocurrency to speculate on Creator Coin, which is an NFT based on celebrity fame. It is built on its own custom blockchain and supports complex social networking activities such as posting, profiles, following, and other speculative functions. It is a POW blockchain specially designed to run social media, everyone can have their own Creator Coin, and can buy and sell at will.
Rally（https://www.rally.io/): allows creators to launch their own social tokens. Rally is governed by its native token, RLY, and fans can purchase creator tokens to support their favorite creators and receive special benefits determined by the creators. Developers can base their business models driven by their own social tokens and share the economy with fans. The platform can also combine its native governance token RLY with the creator's social token and mint it into a new token, while designing a Layer 2 solution that allows instant transactions, dollar purchases, and the inherent value acquisition mechanism using the bonding curve.
Roll(https://tryroll.com/): Create ERC-20 tokens on behalf of users, while providing storage and trading places. The distribution model is that the supply of each social token is 10 million, of which 2 million are directly issued to content creators, 1.2 million belong to the Roll platform, and the rest will be linearly unlocked every month for three years. Once social tokens are issued, creators can sell them, distribute them to fans through the Roll app, put them up for sale or strictly peer-to-peer, or exchange them for other tokens on Uniswap.
Mirror(https://mirror.xyz/): Mirror’s platform token $WRITE (ERC-20) represents the authority of authors to publish content on the platform. Content creators need to destroy $WRITE to open their own columns. The Mirror team A group of creators are selected as the first writers on the platform and $WRITE Race is held every week, and tokens are given to authors voted by community users to enable them to open columns. Authors can issue tokens to fans at the beginning of their works For crowdfunding, after the work is completed, it will be uploaded to the chain in the form of NFT, and the income from article reprinting, rewards, and auctions will be divided according to the contributions of fans in the crowdfunding.
Chilizfirst level title

Application Layer - Finance - "Liquidity Agreement"

This category mainly represents NFT as the underlying asset,Provide NFT pricingagreement. There are currently three solutions: one isbuyer pricing, such as TopBidder pricing through bidding;seller pricing, such as NiftEx/NFT20/NFTX through sellers pledge NFT and generate ERC-20 to provide initial liquidity to generate pricing; the third isthird party pricing, For example, Upshot generates pricing through the predictive behavior of random users. These liquidity protocols are necessary financial underlying facilities, providing NFT value discovery for complex upper-level applications.

NiftEx(https://www.niftex.com/): Launched in May 2020, allowing pledged NFTs and splitting their ownership into ERC-20 to facilitate liquidity. As of July 7, the market value of all pledged NFTs was $4.4 M.
Upshot(https://upshot.io/): Open Beta will be launched in May 2021, using the prediction market to provide NFT price discovery, no need to enter the exact price, just complete a series of simple multiple-choice questions, and choose you from two random paintings considered more valuable.
NFT20(https://nft20.io/): Launched in November 2020, allowing NFT to be pledged and generate its ERC-20 token derivatives, which can be traded on dex such as Uniswap to promote liquidity. As of July 7th, the market value of all pledged NFTs was $1.4M.
NFTX(https://nftx.org/): Launched in January 2021, allowing pledged NFTs and splitting their ownership into ERC-20. As of July 7, the market value of all pledged NFTs is $3.2M.
TopBidderfirst level title

Application Layer – Finance – “DeFi+NFT”

This category primarily represents protocols that utilize NFTs as asset representation tools. NFT can be seen as the evolution of Token, from only representing indifferent assets to defining more unique values. This category will produce "DeFi" NFTs, such as Uniswap LP tokens and yinsure insurance policies. Compared with NFTs minted by art and collectibles minting agreements, these NFTs are mainly reflected in the different casting methods, which are minted through financial activities.

Uniswap V3(https://uniswap.org/): Launched in May 2021, the LP Token is represented by NFT, which defines the liquidity value under different market-making strategies. As of July 7, the total lock-up volume is $1.8B.
Aavegotchi(http://www.aavegotchi.com/): Launched in March 2021, obtained by mortgaging the interest-paying deposit certificate aToken on the Aave lending platform, expanding the use of NFT to the game scene.
Dego(https://dego.finance/): Launched in September 2020, the project airdrops NFT GEGO with different rarities through blind boxes, and gets DEGO token rewards after staking, and can also participate in community governance by holding NFT . In the future, users can also mint NFT through DEGO tokens. As of July 7th, the market value of all pledged NFTs was $9M.
Yinsure.finance(https://yinsure.finance/): The unique insurance policy is tokenized as NFT, which can flow in the secondary market, increasing the liquidity of the policy.
Memefirst level title

Application Layer - Finance - "mortgage lending"

The main representatives of this categoryNFT is used as the underlying asset to realize the agreement of mortgage lending. At present, due to the lack of liquidity and pricing problems of NFT, mortgage lending can only be realized in the form of P2P. But referring to the iterative path of DeFi, from ETHLend to Aave, P2Pool may be the next upgrade path.

NFTfi(https://nftfi.com/): Launched in February 2020, in the form of P2P, borrowers put their own NFT assets on the market as collateral, and then the lenders in the market quote. As of July 7, the loan amount was $4.8m.
Pawnhouse(https://pawnhouse.io/): The beta version will be launched in July 2021. It is also in the form of P2P. Borrowers put their NFT assets on the market as collateral, and then the lenders in the market will quote.
Taker Protocolfirst level title

Application Layer – Finance – “Asset Management Tools”

This category is mainlyAsset management tools at the upper layer of the NFT industry chain, similar to asset management platforms such as Zapper and DeBank in DeFi. Currently there are few projects.

NFT Bankfirst level title

Application layer – pan secondary market

This category is mainly the secondary market formed after NFTs are cast. Unlike the primary market, this type of platform will assume the responsibility of the secondary market, mostly including NFTs produced by the main casting platform.

OpenSea(https://opensea.io/): Launched in December 2017, it is currently the largest NFT trading platform. June sales were nearly $150m.
Auctionity(https://www.auctionity.com/): The beta version was launched in January 2018. It is an on-chain auction house for encrypted collectibles.
TokenTrovefirst level title

Application Layer – Vertical Domain – “Data”

There has not yet been a comprehensive NFT data fielddata provider. Existing data is either not comprehensive enough in terms of NFT coverage, or not complete enough in terms of data dimensions. In addition, there is also a lack of a full-featured NFT search engine, which is an important traffic entry in the future.

Cryptoart.io(https://cryptoart.io/): A data platform focusing on the field of encrypted art. Provides information about encrypted artwork, encrypted artists, and macro encrypted art data analysis.
Nonfungible(https://nonfungible.com/): A data platform covering Ethereum NFT, including mainstream NFT projects in the market, historical and real-time NFT industry data, and NFT-related industry research.
NFTGuru（https://nftguru.io/): Track data using Opensea APIs, featuring comprehensive search capabilities.
CryptoSlam!first level title

Application Layer – Vertical Domain – “Curatorial and Community”

Communities are driven by intrinsic values (such as social status) and extrinsic values (such as future development). It is the curator's job to create an ecosystem for these two motivations to live in harmony. For general NFT creators, one of the pain points is that they cannot get initial traffic for their works. We are now seeing curators bundling premium services to build deeper relationships with their superfans. Therefore, while curating projects help NFT creators to market themselves, they can also discover more potential value for users.

Whale DAO(https://whale.me/): The curation community, through the issuance of a community token, issued the FT token Whale based on the pledged "valuable" NFT. As of July 7, the Whale asset pool was valued at $4.5 m.
Flamingo(https://flamingo.finance/): Flamingo is a DAO organization focusing on encrypted art investment. Its members have the right to jointly decide the NFT artwork to be purchased, and can split, borrow, and mortgage the NFT purchased by DAO , curating and other activities. There are certain threshold requirements for becoming a Flamingo DAO. Some ETH must be donated as a membership condition, and the maximum number of members is 100.
MetaPurse(https://www.metapurse.fund/): MetaPurse is a crypto-community-native venture capital fund funded by MetaKoven that focuses on investing in crypto art, virtual assets and funding early-stage projects. Different from other ROI-driven encryption funds, MetaPurse takes promoting the NFT ecology as its main goal. It recently showcased its purchased encrypted art by curating an NFT VR exhibition.
Friends with benefits(https://www.fwb.help/): FWB is a private social platform based on a Discord private server, which gathers a group of creators and thinkers in the encryption field. Participants need to hold a certain amount of native token $FWB to join this social circle. $FWB has a constant supply of 1 million.
Collab.land(https://collab.land/): Collab.land is a solution based on Telegram Bot to help crypto startups build early communities. For NFT creators, Collab.land will assist them in curating, and participants at different levels in the creator's community will display exclusive content.
Arkfirst level title

Application Layer – Vertical Domain – “Social”

Reference reading:

"A&T Capital: NFT will define the final form of future cultural output"

https://www.chainnews.com/articles/280342994903.htm

Nifty's (https://www.niftys.com/): Nifty's is an NFT-focused social media platform that connects premium publishers, brands, and creators with collectors, curators, and a fan community that emerges around them together. The innovative platform provides an easy-to-use interface that allows members to create, collect, discover and curate digital art and other collectibles in the NFT world. Utilizing the technology of the MEME protocol, Nifty's will provide creators with a premium, robust, flexible and secure platform to launch their NFTs.
Showtime (https://tryshowtime.com/): Showtime provides a social platform for crypto art creators to display their works, helping creators and crypto art investors discover value.
Nafter (https://nafter.io/): Nafter is a social platform that turns short content into NFT. Similar to Instagram, creators can convert their created posts into NFTs and profit from selling the viewing rights of the posts. At the same time, users can also pledge the platform's native token NAFT or the content creator's revenue share to the personal account of the favorite content creation.
Only1 (https://only1.io/): Only1 is a social media platform focused on content in the form of NFT. Unlike content creators on Nafter who can sell an NFT form of content to multiple people at the same time, Only1 enables only one person to obtain the ownership of this NFT form through an auction. Users who obtain the ownership of this NFT content through auctions can issue the right to view the content by charging the native token $LIKE.

The reason why we have conducted frequent research on the NFT track recently is because we have seen the potential of NFT no matter from the transaction increase of the project party, the increase of users or the exploration of NFT by various industries outside the circle.

In the future, almost everything can be certified, and NFT can be regarded as an open API interface. Developers and users can release creativity through access, thereby creating an infinite future. We look forward to being an important part of building this future.

Acknowledgments: Thanks to A&T Capital interns Jeffrey and Steven for their practice in Meitu and game tracks.