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The theme of the round table forum is "Can NFT become a new explosive point of the public chain ecology? ", seven industry guests were invited to discuss, namely: Amber, head of Dapper Labs China, Chris, head of Solana China, Wilson, head of Avalanche Asia, John Wang, director of Neo ecological development, and Charlie Hu, head of Polygon China , Acala community open contributor YuZhu, Conflux co-founder Zhang Yuanjie.
Regarding whether NFT can take over DeFi and become a new window for the application of public chains, Amber gave a positive answer. She said that in the process of blending the decentralized world and the centralized world in the past, it was difficult to find non-financial-driven growth points, and traditional big brands did not have a strong demand for embracing the blockchain. With the rise of NFT, large companies, brands, and artists realize that NFT can allow them to interact more directly and naturally with fans, and has a long-tail effect.
Regarding the connection between DeFi and NFT, Wilson believes that the two complement each other and grow together. "I think the market in the future will always expand. During the expansion, it may merge, and during the integration, it may split. Therefore, it is a process that complements each other. It cannot be said who develops better and who develops weaker."
John Wang believes that NFT and DeFi are not a successor concept, but parallel concepts. Unlike the more obscure concept of DeFi, NFT is more acceptable to outsiders. Previously, we saw that hundreds of billions of assets entered the encrypted market through Token, and in the future there may be another few thousand or even trillions of assets entering it through NFT. Moreover, the assets behind NFT are more diverse, which can be legal currency, real artwork, collectibles, etc. "If it is very convenient to bring real assets into the blockchain, I think NFT will be a traffic portal in the long run. It can allow new blood to enter the encryption industry, which is more important to the development of the industry."
Yuzhu said that NFT can be better combined with DeFi to enhance the development of DeFi. Not only games and works of art, but also more off-chain physical assets on-chain, using a platform like Acala to solve the financing and liquidity problems caused by the low circulation efficiency of such assets. This will also be a good supplement to HyFi. After digitizing real assets or virtual assets on the chain, it will be further improved and supplemented. Combined with the liquidity mining model, it can also solve some liquidity problems in the NFT asset trading market.
Wilson said that the first impression of NFT is that it is a work of art, but this is only a form of expression. Its essence is to present the cold code in an intuitive form, which can express mood, state and generate income. "Everyone hopes to reflect their own personality and value, and then generate dissemination, and finally generate value. The core of the development of NFT and GameFi is to open up a new world for everyone."
The guests also introduced the layout of each company in the NFT market. Chris said that Slolana is not only a public chain that can only do DeFi, but also supports the development of NFT projects. In the past three weeks, the volume of NFT transactions on Solana has grown rapidly, reaching 180 million US dollars, and the transaction volume in the last seven days was 64 million US dollars. The growth of data is mainly due to the wealth effect brought by a single NFT project, which drives more NFT projects to be sold on Solana. "With the development of Solana and the wealth creation effect of NFT, more Ethereum and other ecological NFT writers will come to Solana to publish." Regarding future planning, Chris mentioned that Solana will have its own NFT trading platform in the future; Game tracks and NFT tracks will also be set up in the next hackathon to motivate developers.
Talking about support for NFT projects, Charlie Hu said that Polygon established an ecological fund very early to promote the development of NFT. Currently, there are more than 300 NFT projects on Polygon ready to be deployed, some of which are native, and some are transferred to Polygon due to the limited performance of Ethereum. developed on the Internet; in addition, some traditional game manufacturers are in contact with Polygon for cooperation. "Games and NFT are areas we are very optimistic about. After the outbreak of GameFi this summer, traditional games will enter the market, and there will be many interesting games participating in the future."
John Wang also introduced the development of Neo ecological NFT. He said that as early as 2019, NEO began to explore NFT around the world, but the specific implementation directions of each country are different. For example, in Japan, NEO mainly cooperates with local listed companies to help Japanese IPs issue their own NFTs.
The following is the transcript of the roundtable discussion, organized by Odaily:
The following is the transcript of the roundtable discussion, organized by Odaily:
Qian Duoduo (host of the round table): First of all, I would like to invite the guests to make a brief self-introduction.
Amber：Hello everyone, I am the head of Dapper Labs China, and Dapper Labs is the development team behind Cryptokitties and Flow. Before joining Dapper Labs, I was a founding team member of Bihu, a blockchain content community.
Yuzhu：Hello everyone, my name is Yuzhu, and I am an open contributor to the Acala community. I am currently mainly responsible for the domestic market operations of Acala and Karura. Acala is the DeFi ecological center of Polkadot and Kusama. It will bring a series of DeFi product matrices, such as stable coins, DEX and products that release Staking liquidity. It will also launch EVM+ to help Ethereum developers migrate to the Polkadot ecosystem more quickly . .
Charlie Hu：Hello everyone, I am Charlie and I am the head of Polygon China. Since 2017, I have been promoting the construction of the Polkadot ecosystem, and I have been paying attention to and holding Polygon very early; I became the head of Polygon in China in April this year, and I am currently responsible for the promotion of games and NFT businesses.
Wilson：Hello everyone, Wilson, the head of Avalanche Asia, is responsible for the expansion of the Asian market and the investment and incubation of the entire Asian ecological fund. I have been engaged in traditional finance for more than ten years, and then I joined FBG by chance to be responsible for the Asian market. At the end of last year, I was fortunate to join Avalanche to expand the Asian market. Avalanche is an open, high-performance public chain. Welcome everyone to pay attention to our latest developments.
Chris：Hello everyone, I am Chris, the head of Solana China, and I am also Amber's junior. Solana is a NASDAQ-level Internet expansion public chain. Our team is mainly from San Francisco; Solona can expand according to the hardware Moore's Law, and only need to expand according to the speed of GPU and CPU. There are now more than 350 projects developed on Solana. It is estimated that there will be more after this "Hackathon". Please pay more attention.
John Wang：Hi everyone, I'm John Wang, Business Leader of Neo. The development history of the Neo public chain is relatively long, and everyone knows it. In fact, there was also a wave of GameFi-like upsurge in 2019. At that time, we also did a lot of NFT and blockchain GameFi-related incubation and promotion. Many game teams that you see now also had in-depth cooperation with us at that time.
Zhang Yuanjie: Hello everyone, I am Roast Boy, and I am from Conflux Roast Star. Due to some accidents, my spaceship was damaged and forced to land on the earth. Now I need some special substances to repair the spaceship. This substance is BTC; I also need some parts, and this part is NFT.
Q1
Qian Duoduo (host of the round table): In the past few weeks, the popularity of the NFT market has climbed to an unprecedented height, and the trading volume of NFT trading platforms including Opensea has continued to hit new highs. Major public chains, side chains/Layer2 have also begun to enter NFT, and various new NFT projects emerge in endlessly. Distinguished guests think, can NFT take over DeFi and become a new window for the application of public chains, why?
Amber：In the past year, the development of NFT has been very rapid, especially the rise of benchmark applications like "NBA Top Shot", which can make the mainstream have a strong interest in NFT and the encryption field.
In the process of blending the decentralized world and the centralized world before, it was difficult to find non-financial-driven growth points. For example, in traditional cognition, it is believed that a big brand has a large audience, great influence and liquidity, so why does it still embrace the blockchain? In fact, big brands also have long-term pain points. For example, if you want to establish contact with your own customer base, you often need to rely on a large Internet technology platform as an intermediary, and a large part of the profits in this process will be taken away by the platform.
But after the emergence of NFT, large companies, brands, and artists like the NBA realized that NFT can allow them to have a more direct and natural interaction with fans, and has a long-tail effect. For their audience, they can not only collect more diversified content with more equal opportunities, but also unlock some social attributes by purchasing NFT, so that collection is no longer a lonely experience, opening a new dimension and incremental window.
In the process, FLOW helps big brands embrace blockchain by connecting and co-innovating with them. And in the process, more and more connections will also generate more and more network effects, making FLOW truly a bridge between the centralized and decentralized worlds.
I am personally optimistic that DeFi will bring another explosive growth point to NFT, because DeFi is the underlying facility of the blockchain, and NFT is the atomic-level basis for non-standard things in the digital world. Looking back at the real world, financial scenarios and non-standard commodities are inextricably linked. It is foreseeable that the combination of DeFi and NFT in the digital world will have huge potential and space in the future.
Charlie Hu：Opensea just mentioned also has in-depth cooperation with Polygon. A large number of NFT artists generate new NFTs every day on the Polygon version. We also have close exchanges with many artists, and have many activities every day. For example, in August we organized the "One NFT Every Day" event.
There are currently over 300 projects ready to deploy on Polygon, some native. Because the Ethereum handling fee is too high, they can’t bear such a high handling fee considering the game and many assets, so they go directly to Polygon for deployment.
This year we have seen a lot of NFTs in a broad sense, not just artworks in a narrow sense, but extending to different concepts such as sports and music, and there are certain community attributes behind them. Regarding the future, we believe that this starting point is far from the end. We also hope that Polygon can support many projects, support the composability of NFT, and use the technical standards of non-homogeneous assets as a measurement method in financial bills, assets, and various broad fields to define various characteristic financial assets and Digital assets in a broad sense.
We have also seen that many innovative business scenario projects are conducting technical exchanges with Polygon. Our Polygon Stutio has also established a USD 150 million ecological fund to promote this matter, and communicate with some distinctive and valuable ecological capital. We have cooperated with many traditional AAA game studios and look forward to more new possibilities in the next wave.
Wilson：We are technically able to fully support the creation of NFT, including the speed requirements of the metaverse; secondly, we have a very good relationship with the NFT ecology. I started to pay attention to NTF as early as 2018. At that time, many items were small collections, maybe only encrypted cats and some artworks.
In my opinion, the development of NFT is actually a process in which the entire ecological users continue to understand and understand NFT. This process is very important. Many people in the outside world are involved in NFT. At first they thought that NFT is a work of art, but it is not, it is just a form of expression. I think NFT is an opportunity to open up. It allows market participants to see that the blockchain is not just seeing codes and APY, but seeing that some things can be presented in front of people, and they can express their mood and status , and can generate other benefits in the process. Therefore, whether it is NFT or GameFi, the core of development is to open up a new world for everyone.
Including this wave, we have seen the rise of CryptoPunks. All Crypto users need products that are more biased towards their own ecological needs, not just because it can make money or because it is famous. All Crypto users have their own ideas. Just like the avatars of early QQ, why are they valuable? Because everyone hopes to reflect their own personality and value, and then generate communication, and finally generate consensus.
Going back to the question just mentioned, can NFT take over DeFi? I think that in the future market, both Crypto and blockchain will continue to expand, and the two will definitely grow complementary; in addition, they may merge during expansion, and may split during integration. Generally speaking, it is a process of complementing each other. It does not mean who develops better and who develops weaker. This is the current situation of the entire market we are seeing now.
Chris：At the beginning, Solana was a DeFi chain in everyone's impression. When you hear Solana, you will feel that there are many people from Wall Street and traditional finance doing transactions on it. However, in the past three weeks, we have seen the rapid growth of NFT on Solana from 0 to 100. Currently, the transaction volume based on NFT has reached 180 million U.S. dollars, and the seven-day transaction volume is 64 million U.S. dollars.
What exactly caused it? I think part of it came from a project called Degenerate Ape, which was a Solana version of an orangutan that was very well-artifacted and was very well-received by the community. Now about every day, new NFTs are released on Solana, and the growth rate is not slower than our DeFi. I think there will be an explosion of NFT in the future, and more Ethereum and NFT ecological writers will come to Solana to publish. In addition, on Solana, we have also seen the combination of DeFi and NFT, and we will see more applications in the future.
John Wang：I think NFT and DeFi are not a successor concept, but more of a parallel concept.
From the perspective of DeFi, real-world assets may enter the blockchain world through BTC in some ways. Based on these assets, we can carry out diversified operations, or more in-depth financial activities, such as DeFi. What's next? I think NFT will also be a better direction.
In the past two years, NFT was not understood by everyone, and it was not known. At that time, everyone did not recognize whether NFT could be related to core values. But now, everyone has increased awareness of Bitcoin and other blockchain transactions, and it is easy for everyone to understand NFT. For example, the people around me, I told them about DeFi before, they were difficult to understand, but they were very interested in the blockchain; then when they saw NFT, they would think it was relatively simple and they could participate in the industry.
With the development of the industry, more assets can be entered into the blockchain through NFT. Previously, there were 500 billion to 1 trillion assets that entered this industry through Token; next, NFT may be another 500 billion or 1 trillion, because it represents more assets behind it. These assets may be legal currency, may be real works of art, collectibles, I think this is a very big opening.
Next, we will also discuss collectibles and discuss the use of financial NFT. But I think if we can seize this very good opportunity and bring real assets into the blockchain very conveniently, NFT will become a traffic portal. In the long run, as long as this asset is recognized, it can bring fresh blood to the industry. I think this is more important to the development of an industry.
Zhang Yuanjie:I think DeFi and NFT coexist. Many earthlings on the earth have been transformed into roasted boys. They have joined the community in various forms, and everyone exists in the form of NFT. I have seen many roasted communities and armies forming on the earth. In addition to financial needs, they also have social and cultural needs. Men and women, young and old, people of different cultures come together because of different interests. In addition to money, there are still some human touches in this world, and they coexist.
Yuzhu：I think NFT and DeFi should be better combined, and NFT can also make DeFi operate better.
Most NFTs are now digital collectibles. I also found that many DeFi projects will also combine NFT gameplay, such as membership cards. As a user of our DeFi products, I will send you an NFT and let you be a VIP of our project Users may be a symbol of identity; after having this identity symbol, you will have a kind of stickiness to DeFi products.
Finally, for the new window, I would like to say that the concept of DeFi really needs to be re-examined, because the DeFi market still accounts for a small proportion compared with the traditional financial market, so Acala reached a cooperation with Current, a mobile bank in the United States with 3 million users. , launched a concept of HyFi, which is the hybrid finance Hybrid Finance combining DeFi and traditional finance. We are cooperating to develop a revenue engine, which will open up the bridge between traditional finance and DeFi. It is directly used in DeFi, and the income generated by DeFi can be directly consumed with bank cards. Maybe one day in the future, we can go abroad to any place in the world for consumption and financial management without our own cumbersome currency exchange. Of course, such a HyFi trend requires a lot of The long industry cycle continues to advance, but this is a more rigid demand than entertainment and games.
Q2
Qian Duoduo (host of the round table): Last year, Flow and the NBA jointly launched "NBA Top Shot", which can be said to be the most classic case of NFT. I would like to ask Solana, Polygon, Conflux, Neo, and Acala about your planning and layout in the NFT field, and you can also introduce us to key projects that have been or will be launched in the ecosystem.
Chris：Solana currently has an NFT project data website called Solana analysis. A few months ago, we also launched a tool called Metaplex, where any developer or artist can mint a new NFT for five cents.
On Solana, the transfer fee of NFT is 0.0001 US dollars; the case of a transfer of dozens of dollars in Ethereum will never happen on Solana. So you can issue 100,000 or 200,000 NFTs at a very cheap cost. For early growth hacking, we can first issue 1,000 free NFTs, and then sell its parts based on these NFTs.
There is also a very interesting platform called Holoplex, which allows artists to create a Store with zero development. Now the number of these Stores has exceeded 200.
Next, Solana will have its own Opensea, now called SolaArt, and then there will be Solsea. We also started an NFT alliance, including a secondary market, and some projects using our own NFT standard. Also mention that Solona's NFT standard is called Metadata, which is equal to ERC721+ERC1155, and supports both Non-Fungible (indivisible) and Fungible (divisible) tokens. The following "Hackathon" has two more interesting tracks, the game track and the NFT track, and I look forward to everyone's performance.
Charlie Hu：Games and NFT are also areas we are very optimistic about. We also established Polygon Studio (similar to the Ethereum Foundation) a few months ago to support the development of these projects.
At present, blue-chip NFT projects on Ethereum are deployed on Polygon, such as OpenSea, Decentraland, etc.; there are also NFT projects made by major game manufacturers. We also hope to cooperate with various major manufacturers and large projects when we set up Studio. In terms of new projects, recently several NASDAQ-listed companies are also working on NFT versions, all of which are released on Polygon; domestic agents of World of Warcraft will soon establish cooperation with Polygon. There are many official projects like this, and we are also advancing them.
Finally, when it comes to games, we have been discussing closely with many AAA game studios, and we will see more new game releases in the next two to three months. With the outbreak of GameFi this summer and the entry of traditional game manufacturers, many interesting games will be born next.
Zhang Yuanjie: The spaceship piloted by Bazi crashed in China, so I became good friends with many Chinese friends. After learning about Ethereum and many public chain NFTs, I found that they are actually capitalist NFTs. In China, only socialist NFTs can be developed, and we must follow the path of NFTism with Chinese characteristics; if you don’t engage in NFTs with Chinese characteristics The road will inevitably lead to an involuntary currency circle.
How to engage in socialism NFT with Chinese characteristics? We must do this under China's compliance framework. Think about it, if you want to develop NFT now, how many steps will you take for users outside the circle? The first step is to teach him how to use a ladder, which is illegal; the second step is to download a cryptocurrency exchange; the third step is to deposit money in OTC, and the card may be frozen; the fourth step is to buy public chain tokens and mention them on the chain , and remember the mnemonic words... Under the layers of funnels, basically your users will disappear.
How to develop NFT of socialism with Chinese characteristics? Bazai and his engineers proposed the "Fiat-To-NFT" solution. Users only need French currency and RMB to purchase NFT directly. Accounts can also be registered with mobile phone mailboxes. Behind the scenes, MPC multi-party calculations are used to segment users. With the private key, you can log in the account with your mobile phone and email, and at the same time have its own fee payment function; the whole process is on the chain, without any contact with cryptocurrency, no experience in cryptocurrency, and has its own public chain address. In this way, it is possible to truly bring NFT to the public, and let ordinary people participate in NFT together, so that everyone can really participate in the process of NFT with ten yuan or twenty yuan. The socialist NFT advocated by Bazai is not to clamor how much the floor price has risen. It is a capitalist NFT, not a socialist NFT.
John Wang: As for NFT, it is actually a good bridge between the real world and the virtual world. NEO started NFT exploration as early as 2019, but the cooperation methods in each region are different. For example, in China, as Bazi said just now, the main purpose is to make an alliance chain, which can be reviewed, and more to use such a solution to make an NFT solution that suits the national conditions, and may cooperate with some large exhibitions and companies. The method and method will be slightly similar to Ali and Tencent.
In the traditional blockchain community, including Europe, America, and South Korea, we have done about 20 projects before, about one or two years ago, and they were also related to NFT. Although the market was relatively small at that time, it was able to achieve a transaction volume of 20 to 30 million US dollars, and many projects have survived to the present. Including the recent project we did in the Neo ecology, called "New word", which focuses on the virtual world. At that time, the DAU was almost 10,000+. Now they have upgraded and will launch it in the near future. In addition, in Japan, we mainly cooperate with local listed companies to help Japanese IP issue their own NFT and build their own NFT ecosystem.
YuZhu：In fact, we also want to post a recruitment here. We Acala are currently recruiting excellent NFT teams to expand our territory in this fertile soil. Our treasury will also be open to the treasury. Excellent partners are welcome to apply. Acala has developed a one-stop DeFi platform based on Substrate, and has achieved a safe and stable cross-chain, and XCM is also constantly advancing. From the perspective of cross-chain and function combination, DeFi platforms like Acala and Karura are actually More general tools can help the NFT market solve liquidity to the greatest extent, and because Polkadot and Kusama itself support highly customized features, I believe that the Acala-based NFT market will soon have new ways of playing besides fragmentation, which can Build a fairer and more open global market.
Q3
Qian Duoduo (host of the roundtable): The third question I want to ask is Dapper Labs, Avalanche and Acala. According to historical data, Ethereum accounts for 90% (45) of the top 50 projects by transaction volume. Despite the congestion on the chain, everyone often Gas is several times the value of NFT in the mint blind box, and most projects still choose Ethereum. Distinguished guests, what conditions should other ecosystems have to develop in the NFT wave? Is it to improve basic performance such as technology, or is it a joint name with an IP outside the circle, or is it other factors?
Amber：From a strategic point of view, FLOW pays more attention to how to make the mainstream society use the blockchain without perception and barriers. Currently, FLOW has about 2 million mainnet accounts, which is growing rapidly.
I think a very important factor in the development of the NFT wave is how to maintain the core encryption spirit and bring an imperceptible experience to users who have not used the blockchain before. This was actually a very difficult problem before, but FLOW has made great progress in this area, and we are also continuing to work hard to lower the threshold for users and developers. For example, FLOW fully considered the experience of mainstream users at the beginning of its design, created the Cadence language, and adopted a resource-oriented programming architecture. This architecture is closer to the concept of account transfer in reality, making users more realistic.
In addition, due to the design of the FLOW transaction mechanism, a platform or enterprise can act as a payer, paying for all on-chain behavior expenses for its product users. In this process, an ordinary user only needs to complete the payment with legal currency such as VISA that he is familiar with. This has played a great role and helped the blockchain as an infrastructure to serve the mainstream market and lower the threshold for ordinary users.
In addition, some emerging platforms in FOLW adopt a hybrid approach, which not only provides fiat currency payment options for the masses, but also achieves non-custodial solutions through wallets.
In order to further reduce user costs, we also launched FUSD, the first dollar-backed stablecoin on FLOW, which can help Dapp developers on FLOW to open up target audiences around the world. Developers can use the direct fiat currency to FUSD channel provided by suppliers to acquire more mainstream users and continue to reduce users' payment and usage costs. This also makes FLOW the first batch of blockchain projects supported by e-commerce giants.
Wilson：Throughout the ecology, we do see that there are many projects developing on Ethereum; although Ethereum has the disadvantage of high gas risk, its ecology is very large, and many NFT projects will not give up this ecology. But I think this also brings new opportunities to other public chains. When an ecology is particularly large, it actually frees up more space for other players to develop on other platforms.
Perhaps compared with other public chains that have recently promoted NFT, we have not done so much work at this stage, but we have also done some preparatory work, including building an NFT studio and creating some NFT infrastructure to allow Users quickly cast; recently we have also invested in many NFT projects, which will be gradually brought to this ecology in the future.
We see opportunities that actually come from several types of NFT markets.
One is the IP-driven type. The IP itself is very strong. It can be users in the circle or users outside the circle. Because they like and recognize this IP, they bring users. The second type is community-driven, which produces original new IP. Unlike some IP derivatives with fixed images, this new IP is mainly created by the community and is not fixed. The third is profit-driven. Many friends around me can't tell whether this NFT is what he wants to collect, or whether he collects it for profit. Their so-called collection is a "sweeping type collection", and they have experienced the joy of sweeping goods when girls are shopping. So now that NFT has reached the collection level, I don't think it has yet.
I think the ecology generated by several major public chains will attract a large number of users to generate NFT on the chain. Some users choose to be on Ethereum, some users choose to be on Solana, they will have their own choices. Just like different projects in amusement parks, there must be differences. Slowly, you will see that the NFT ecology on the major public chains will also explode, and there may be different competitions. But I think the competition in the next two to three years will be relatively healthy, and it will not be too introverted. In this state, it belongs to the expansion system of the ecological level, and more users will enter, and there will be more It is impossible to delete the bank card just because you use WeChat Pay and Alipay now. At this stage, it is still an expanding ecology, and all major public chains will have great opportunities. Public chains with good performance, especially the top high-performance public chains, may bring a newer experience on Ethereum, and then Produce stickiness.
Yuzhu：Let me introduce to you how Acala combines NFT with projects. Acala was established in 2019, and 2020 belongs to the testnet stage. On the last day of 2020, we issued an old friend NFT to all testnet users who played and used it on the testnet; , we also issued NFTs to users who supported our slot auctions.
I personally think that the NFT market wants to achieve sustainable development other than Ethereum. Technology as the foundation of the building often determines the height of the building. If NFT continues to use the current standard set of Ethereum’s several general protocols, the composability of NFT is still weak Polkadot, whether it is from the protocol layer or the settlement layer, the cross-chain foundation has greatly improved liquidity, and the combination of the Acala protocol layer can also help NFT achieve richer gameplay, so there is still a lot of room for imagination of.
The effects of co-branding and social interaction, as well as scarcity, have largely become the standard configuration of NFT applications, so I think it is also very important to have rich gameplay and allow more ordinary people to actually connect with NFT, not only Games, works of art, and more off-chain physical assets are on-chain, and a platform like Acala is used to solve the financing and liquidity problems caused by the low circulation efficiency of such assets. This will also be a good supplement to HyFi. After digitizing real assets or virtual assets on the chain, it will be further improved and supplemented. Combined with the liquidity mining model, it can also solve some liquidity problems in the NFT asset trading market.
Qian Duoduo (host of the round table): Thank you all the guests for participating in our round table today. I hope to have more opportunities to cooperate in the future. Thank you.
