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Among them, Wu Yifeng, founder of the one-stop DeFi+NFT social platform Torum, said that NFTs of artworks are used for collection, display, and showing off, and they are neutral about this type of NFT. When will this trend end? No one will have a definite answer. How can NFT as a work of art survive in the market? Wu Yifeng believes that the combination of NFT and social platforms has great potential, and it satisfies the basic show-off psychology of users, and Torum is such a one-stop DeFi+NFT encrypted social platform.

The following is the full text of Wu Yifeng’s speech, edited by Odaily, enjoy~

Hello everyone, first of all, I am very happy and honored to participate in this NFT online forum held by Odaily. Let me briefly introduce myself. I am from Malaysia. I am the founder and CEO of Torum. I am a front-end web developer and a member of the vice committee of the Malaysian Blockchain Association.

First of all, let’s talk about the recent trend. Everyone puts NFT’s attention on GameFi. When I personally came into contact with these recent GameFi projects, I think this is a good way to bring real value to NFT. It is open and transparent.” The "Play to earn" mode is a very novel way of playing, because in the previous traditional games, the economic model was that players paid to the development company. Under such circumstances, the final result of the player is to continue to recharge. But in the "Play to earn" mode, we can see a lot of opportunities, return power and opportunities to make money to players, and then form a very virtuous circle.

In addition to GameFi, we can see that there are many NFT types on the current NFT track. In the GameFi we just mentioned, there are NFTs that are endowed with practical uses. Before GameFi, there are some NFTs that are artworks. In the near future, there have been a lot of art NFTs on overseas platforms, such as Bored Ape Yacht Club, Cryptopunk, etc., and the transaction volume in the past seven days has been amazing. I am in a neutral state for this type of NFT. Everyone should look at this matter with a conservative attitude. It is hard to say whether there will be a more novel and creative gameplay than NFT in four years, and it is a track that everyone is more willing to pay attention to. Today I would like to discuss with you the mentality of users buying art NFTs. Are we doing it for hype, or for collecting and appreciating this NFT? I think everyone should have an answer in their hearts, how long will this matter last? Everyone can think about it. Can the new market cycle continue until then? I think everyone should re-examine the original intention and itself of the artwork NFT.

I personally think that this kind of NFT is a kind of existence for collection, display and showing off, but there are big problems in this market. When everyone is looking for NFT of art, the mentality is Distorted and wrong, many people have a hype mentality from the beginning, thinking that I can make money in this industry, so I buy it. But think about it, when will this trend end? No one will have a definite answer. But for us, as an encrypted social platform, art NFT is essentially an electronic commodity for display, show off, and collection. Our approach is to integrate this NFT shopping mall into social platforms. We think this is the best opportunity for NFT of art. Of course, this NFT is not limited to artworks, including DeFi NFTs, which can be integrated with social categories.

Torum is a one-stop DeFi+NFT encrypted social platform. We believe this combination is very novel in this market and has the potential to be the next trend. Torum's goal is to build the world's largest one-stop cryptocurrency ecosystem. It is not only an encryption platform, but we also have many different functions. According to recent data, the number of registered users is close to 100,000, covering 205 countries. The user groups are mainly from the United States, Canada and other countries where English is the main communication. The number of daily active users and monthly active users is considerable. Our investment partners and strategic partners mainly come from more than 20 institutions such as Huobi Ventures (Huobi Capital) and Consensus Lab.

How does NFT as a work of art survive in the market? I think that the combination of NFT and social platforms has great potential. It satisfies the basic showing off psychology of users, because after users buy NFT in the mall, they often have no place to display it. Putting NFT on the mainstream social platform, for an ordinary user, it is just a picture, but only the insiders in the cryptocurrency market know its value. This is the focus we bring today, including If you are interested in other developments, you can pay attention to Torum. We are about to launch the Torum NFT mall and combine it with social platforms. There is also NFT launchpad. If the project party wants to acquire more users and build a community on our social platform, they can publish their NFTs on it and sell these NFTs to other users in our community.

Of course, we also have an airdrop area. We have cooperated very closely with Huobi’s smart ecological chain in this area. Not long ago, we also reached a cooperation with butterswap. At present, the development of Torum is mainly focused on the PC side, and the mobile version of the App will be launched in the future. Welcome everyone to experience it first.

All in all, we are a one-stop platform, and NFT is the track we focus on in the near future. Other features include a real-time AMA chat room, which allows more people to conduct some community operations on this platform, or cooperate to increase exposure; moreover, it will also include some DeFi liquidity mining and mining rewards It depends on the user's contribution and activity on our platform; and there is also NFT pledge. We have conducted a round of IDO before and sold our NFT. You can get the DeFi pool as a pledge, and there are reward commissions and other functions. Some basic DeFi infrastructure will also appear on Torum, including cross-chain.

We are also considered to be relatively few in the near future and have done relatively successfully. We cannot say that we are very successful, but recently, especially overseas, the Torum project is actually one of the best in the social track.

This is the end of my sharing. Torum will officially launch a limited edition commemorative NFT. You are welcome to register, and you can trade after the mall is online. Thank you very much for listening to our views on NFT and introducing your own projects.