#nft market

[degenz11]

The Ultimate NFT Market for Buyers and Sellers

Navigate the dynamic NFT market with our comprehensive insights. Stay informed about the latest trends, notable sales, and emerging artists shaping the Non-Fungible Token landscape. Whether you're a collector or creator, our analysis of the NFT Market provides valuable information to help you make informed decisions in this innovative digital space.

[cryptogids]

The Rise of Bitcoin NFTs: Franklin Templeton’s Insights and Investor Warnings

Franklin Templeton, a global asset manager, has recognized the profound impact of Bitcoin non-fungible tokens (NFTs) on the cryptocurrency industry, signaling a significant rise in innovative developments within the Bitcoin ecosystem. The firm’s digital assets division recently released a briefing titled “The Rise of Bitcoin Ordinals” on its social media platforms, highlighting the growing influence of Bitcoin NFTs as a driving force behind renewed activity within the Bitcoin network.

[coinatory]

Iconic Dogwifhat Meme's NFT Auction Ignites Crypto Community Frenzy

A captivating image featuring a dog adorned with a hat, iconic to the Dogwifhat meme cryptocurrency, is now available for acquisition as an NFT, priced at $25,000. The canine, which has become emblematic of the Dogwifhat (WIF) meme currency, is represented in a celebrated photograph now up for grabs in the form of a digital collectible. Originally named Chi-Chi, the dog was later renamed Achi. This notable image, serving as the emblem for the Dogwifhat meme currency, was reportedly snapped just two months following Achi's birth on November 17, 2018. The snapshot, showing Achi donning a charming hat, was taken by Achi's owners and swiftly became a viral sensation, endearing itself to millions worldwide as the "wif" meme. This NFT auction has been active on the Foundation platform for several days, drawing significant interest

Read more on Iconic Dogwifhat Meme's NFT Auction Ignites Crypto Community Frenzy

[tokenlivenews]

Shiba Inu's Role in the NFT Market: Trends and Innovations

New Post has been published on https://www.tokenlivenews.xyz/shiba/shiba-inus-role-in-the-nft-market-trends-and-innovations/

Shiba Inu's Role in the NFT Market: Trends and Innovations

Shiba Inu’s Role in the NFT Market: Trends and Innovations

The non-fungible token (NFT) market has experienced a remarkable surge in popularity and creativity in recent years. While many different types of artwork, digital collectibles, and virtual real estate have garnered attention, one standout figure in this space is the Shiba Inu breed. This unique and charismatic breed has carved out a niche for itself in the NFT market, displaying astonishing trends and innovations that have captivated both enthusiasts and investors alike.

Firstly, it is necessary to understand what makes the Shiba Inu particularly appealing in the NFT world. This breed gained widespread attention and adoration due to its portrayal as the “Doge” meme, featuring a Shiba Inu with amusing captions in Comic Sans font. This iconic image became an internet sensation and serves as the inspiration for a multitude of Shiba Inu-themed NFTs.

One of the notable trends involving Shiba Inus in the NFT market is the emergence of dedicated collections featuring the breed. NFT projects such as “Shiba Army” and “Shiba World” have gained considerable popularity, offering unique variations of Shiba Inu-themed digital assets. These collections often include art pieces, animations, and rare collectibles, creating a vibrant ecosystem around the breed.

Additionally, Shiba Inu-inspired NFTs are not limited to static artworks. Innovations in technology and creativity have given rise to interactive and immersive experiences featuring the breed. Virtual reality (VR) experiences, augmented reality (AR) filters, and even blockchain-based games centered around Shiba Inus have delighted NFT enthusiasts. These innovative applications not only showcase the breed’s popularity but also demonstrate the endless possibilities within the NFT market.

The Shiba Inu breed has also experienced significant commercial success in the NFT space. Recently, an anonymous buyer acquired a Shiba Inu-themed NFT for a record-breaking price at auction. This transaction not only highlighted the breed’s market value within the ecosystem but also brought mainstream attention to the NFT market itself. The Shiba Inu’s ability to captivate and attract high-value investments further solidifies its role as a prominent figure in the NFT marketplace.

Moreover, the NFT market has witnessed an increasing number of collaborations between Shiba Inu-inspired projects and influential artists, musicians, and celebrities. These collaborations have led to the creation of exclusive and highly sought-after NFT collections, combining the breed’s charm with the star power of renowned figures. Such partnerships drive interest and investment in the NFT market while providing exposure to the Shiba Inu breed in new and exciting ways.

As the NFT market continues to evolve, Shiba Inus are expected to play an even more significant role. Their unique characteristics and widespread recognition as an internet meme make them ideal subjects for digital collectibles and artistic expressions. Additionally, the breed’s unwavering popularity ensures a dedicated and passionate community that actively contributes to the NFT ecosystem.

In conclusion, the Shiba Inu breed has proven to be a captivating and influential presence within the NFT market. Its popularity as an internet meme, combined with innovative trends and collaborations, has propelled Shiba Inus into the forefront of the NFT space. As the market continues to evolve, we anticipate seeing even more groundbreaking innovations centered around this beloved breed, further solidifying its enduring role in the NFT marketplace.

[dencyemily]

Adapting to Trends: How OpenSea Positions Itself Strategically in the Evolving NFT Market

OpenSea, a pioneer in the NFT market, is experiencing challenges as the industry undergoes a significant transformation. Once dominating the sector with about 90% market share, recent data reveals a staggering 96% drop in monthly trading volume, coinciding with the rise of newer platforms like Blur. This shift prompts OpenSea to consider acquisition offers, indicating a strategic response to the changing dynamics.

CEO Devin Finzer acknowledged OpenSea's openness to potential acquisitions but clarified that the company is not actively seeking a buyer. The decline in trading volume and the emergence of competitors have marked a departure from OpenSea's earlier dominance in the NFT space.

In response to these challenges, OpenSea made strategic acquisitions in 2022, focusing on talent and innovation. The acquisitions of Gem, Dharma, and Mintdrop showcase OpenSea's commitment to adapting and innovating in the face of industry challenges.

The market downturn has affected investor confidence, with Coatue Management reducing the valuation of its OpenSea stake by 90%. However, other venture capitalists and notable figures remain supportive. Finzer remained reserved about rumors of an initial public offering, signaling a cautious approach amidst the current market dynamics.

OpenSea's focus on user safety and regulatory compliance stands out in the competitive landscape. Finzer expressed concerns about Blur's regulatory approaches, emphasizing OpenSea's commitment to maintaining a trustworthy platform by delisting problematic collections. This commitment aligns with the broader industry trend of increased regulatory scrutiny.

As the NFT market undergoes changes and OpenSea faces new competitors, the company's strategic acquisitions, talent-focused approach, and commitment to regulatory compliance position it to navigate the evolving landscape. The openness to potential acquisitions reflects OpenSea's adaptability and determination to address the challenges head-on.

[cryptosnewss]

BAYC and Top NFT Floors Climb But Low Volumes Temper Bullish Conviction

Key Points: BAYC, Azuki floor prices climbed over 10% recently to 26 ETH, 5.3 ETH. But researcher notes minimal new buyers, low trading activity so far. Historical data shows bigger rallies tend to follow BTC, ETH stability periods. According to one NFT analyst, floor prices for top collections like Bored Ape Yacht Club (BAYC) have risen 10-30% recently. However, they remain skeptical this…

[boopathi-writes]

NFT: what are “Non-Fungible Tokens” and what are they used for?

What is an NFT?

The acronym NFT comes from the phrase Non Fungible Token , which in Spanish could be translated as "Non-fungible Token." These are unique digital assets, not modifiable and not exchangeable for other assets of the same value, since they are unique and there are no copies.

NFTs are somehow compared to works of art , in which each piece is unique, and if a user wants to have that piece they have no choice but to acquire it (or acquire a copy but it will no longer be the original)

Therefore, an NFT is a digital asset that has a unique character and, as such, can receive a certain market value.

How does an NFT work?

The operation of an NFT is based on the possibilities that the blockchain gives to the digitization of any content and its transformation into a Token.

The above is combined with smart contracts that allow, through "meta data", to generate proof of authenticity, authorship, value and the transactions that the asset has had since its creation, including factors such as price, etc. .

Therefore, when an NFT is created, a certification of authorship, authenticity, and, when sold, ownership is simultaneously generated.

The operation on which an NFT is based is based on two tokens on the Ethereum blockchain , specifically the ERC-721 (the initial one) and the ERC-1155 (the one most used today).

Best marketplace provider : NFT Marketplace Development

What characteristics do NFTs have?

One of the basic characteristics of NFTs is that it is a digital asset model. Does not allow transformation. That is, it can be equivalent to a cryptocurrency .

The definition assigns a unique character to each asset, although there are cases, for example, digital trading cards, in which assets are cataloged based on rarity.

Its marketing and use is based on the blockchain itself, which guarantees the authenticity and security of the asset, which must be stored in a digital asset wallet, just as if it were a cryptocurrency.

NFT use cases

Non-fungible tokens have transcended the boundaries of art and collectibles to find applications in areas as diverse as the entertainment industry, real-world asset ownership, and much more. And although there are several use cases for NFTs , the three main ones are:

Digital Art and Unique Collections: NFT-backed digital art has revolutionized the art industry by allowing artists to sell and monetize unique digital works. NFTs provide authenticity and verifiable ownership, allowing collectors to own exclusive pieces of digital art. Additionally, NFTs have given rise to new ways to create and market digital collections, offering exciting opportunities for artists and collectors.

Gaming Tokens and Virtual Properties: NFTs have found prominent applications in the video game and virtual property industry. With NFTs, players can own and trade objects, characters, and properties within games, providing a new level of ownership and value. NFTs also enable the creation and sale of virtual properties, such as land in virtual worlds, offering investment and growth opportunities within these digital environments.

Applications in music, sports and more: In addition to art and video games, NFTs also have applications in other fields, such as music and sports. Music artists can release albums and songs backed by NFTs, allowing them to monetize their work and offer exclusive experiences to their fans. In the sports space, NFTs are used to create digital collectible cards of athletes, offering fans a new way to own and trade these unique items.

Benefits and challenges of NFTs

Non-fungible tokens have captured the attention of the digital community with their ability to grant authenticity, ownership and exclusivity to digital assets. However, they also pose challenges in terms of sustainability, volatility and speculation . Below, we will explain the unique benefits that NFTs offer , as well as the challenges they face, to give you a complete and balanced view of this form of digital property.

Monetization and decentralized digital ownership: NFTs provide creators and artists the opportunity to monetize their work in a direct and decentralized way. By using NFTs, creators can receive instant income from the sale of their digital works, without intermediaries and with greater control over their assets. Additionally, NFTs enable decentralized digital ownership, meaning buyers are guaranteed authenticity and exclusive ownership of their blockchain-backed NFTs.

Sustainability and energy consumption challenges: As NFTs gain popularity, concerns have also arisen about their environmental impact (1) . The NFT creation process requires a large amount of energy and can have a high ecological cost due to the energy consumption of the blockchain. It is important to address these challenges and seek sustainable solutions to mitigate the environmental impact of NFTs.

Volatility and speculation in the NFT market: The NFT market can be highly volatile and speculative. NFT prices can experience significant fluctuations, which can create risks for both buyers and sellers.

[mohrewkey]

ATFX Joins Web3 With First NFT

ATFX has officially joined the top web3 firms starting this season, the firm confirmed in a statement. Notably, the group’s debut NFT ‘ATFX Bull’ will be available for only employees. That makes the popular CFD and Forex broker the first within its sector to unleash and promote an NFT innovation. The company has debuted its NFT collection by the name ATFX Bull for its internal staff, with a…

[adreenil98]

The Growing Popularity of NFTs

The NFT market, otherwise called the non-fungible symbolic market, has been standing out as truly newsworthy lately. This new market has filled in fame and has turned into a hotly debated issue in the realm of workmanship and innovation. In this article, we will investigate the ascent of NFTs and their effect available.

The NFT Market: What are NFTs?

NFTs are novel computerized resources that are put away on a blockchain. Each NFT is exceptional and can't be copied or recreated. NFTs can be anything computerized, including music, workmanship, recordings, and even tweets. At the point when somebody buys a NFT, they are purchasing the responsibility for specific computerized resource.

The Ascent of NFTs: For what reason would they say they are Famous?

NFTs have become famous for a couple of reasons. One explanation is that they offer another way for specialists to adapt their work. Previously, craftsmen would offer their work to an exhibition or gatherer, who might then offer it to a purchaser. With NFTs, specialists can sell their work straightforwardly to purchasers, and the purchaser will possess a novel computerized resource.

The Effect of NFTs Available

The effect of NFTs available has been critical. The craftsmanship world has been one industry that has seen the most effect. NFTs have permitted craftsmen to sidestep the conventional display framework and sell their work straightforwardly to purchasers. This has prompted more democratization in the craftsmanship world, where specialists who might not have approached displays can now sell their work and earn respect.

the rise of nfts, or non-fungible tokens, is a relatively recent phenomenon that has been fueled by the growth of blockchain technology. NFTs are digital assets that are unique and cannot be replicated. They are stored on a blockchain, which is a decentralized digital ledger that keeps a record of transactions.The Eventual fate of NFTs

The eventual fate of NFTs is unsure, yet many accept that they will keep on filling in prominence. As additional specialists, performers, and makers embrace NFTs, the market will probably keep on growing. A few specialists even foresee that NFTs will turn into another resource class, similar to stocks or land.

Be that as it may, there are additionally worries about the supportability of the NFT market. The natural effect of blockchain innovation is huge, and the energy utilization expected to mint and sell NFTs has raised concerns. There are endeavors to make more maintainable blockchain innovation, yet it is not yet clear the way that effective these endeavors will be.

The nfts market has detonated in ubiquity as of late, offering another way for craftsmen, performers, and makers to adapt their work. The effect of NFTs available has been critical, prompting more democratization in the workmanship world and making new income streams for artists and different makers. The fate of NFTs is dubious, however many accept that they will keep on filling in fame and become another resource class. Likewise with any new innovation, there are worries about supportability, yet the possible advantages of NFTs can't be overlooked.

[coinatory]

OpenSea Excludes Ethereum NFT Pass Amid Policy Violations

OpenSea, a frontrunner in the NFT marketplace, recently excised the Ethereum NFT pass linked to the Fractional Uprising initiative, pointing to a breach of its guidelines on securities and derivatives. Decrypt has highlighted that the Fractional Uprising collective has contested this allegation, maintaining that their NFT does not serve as an offer of securities. In a pointed response via a tweet, accompanied by a video snippet, Fractional Uprising aired their grievances over OpenSea's move to deactivate their collection. They observed that despite their project's ongoing presence on the platform, its trading and listing capabilities have been put on hold.The developer community has raised issues concerning OpenSea's opaque and inconsistent communication methods. Spokespersons for Fractional Uprising have lamented the lack of a

Read more on OpenSea Excludes Ethereum NFT Pass Amid Policy Violations

[alldinnasir]

The Niftables white label solution

Any brand or creator looking to break into the NFT industry has their own job to do. You need to develop a proper collection of non-fungible tokens, a website and social media channels to go with it, understand how and where to mint the collection, organize sales, etc.

There is a lot more work involved than you might think at first, hindering the overall growth of the industry in some ways. A solution that can streamline and automate most of these processes can take non-fungible token collections to a new level.

Niftables has potentially found the solution brands and creators are looking for. It is a solution to create white label NFT platforms and ecosystems.

More importantly, there is a strong focus on full automation of NFT utilities and seamless integration of front-end and back-end aspects in an NFT network. As a result, creators can catapult their assets directly into a market that supports their utility.

Niftables co-founder Jordan Aitali assesses:

A one stop shop does not mean that one size fits all. That’s why Niftables was created to allow creators and brands to fully customize their white-label NFT platforms from the ground up. . We make sure each creator’s NFT platform matches their brand and vision.

Allowing brands and creators to customize their NFT platforms is a crucial aspect. There’s nothing worse than seeing copycat projects lacking in innovation and inspiration.

With Niftables, any creator can add a personal touch to their NFT platform, which can lead to some interesting developments. This custom approach is one of the reasons Niftables won the Mass Adoption Award at AIBC Summit 2022, ahead of Meta and The Sandbox .

An intriguing platform with many features:

The niftables white label solution gives creators full control over NFT distribution. For example, they can set up subscription services, packages, delivery, auctions, instant purchases, or any combination of these options.

Customers can pay in cryptocurrency or fiat money, making it easier for traditional users to enter the NFT industry.

Furthermore, Niftables aims to launch an NFT marketplace that is cross-chain and gas-free. The marketplace will support the NFTs generated through their white-label solution, along with other prize creators they choose to send to their fans.

Shoppers can browse verified white-label platforms, stores and collections, and view 3D meta-galleries. Niftables will integrate with OpenSea and Rarible to facilitate secondary market sales.

The crucial cog in the Niftables machine is the $NFT token, which is used for payments, user profile customization, and access to discounted rates on purchase across all third-party white-label platforms.

The token will be launched with a limited supply of $500,00,000, to be distributed among Seed, Private and Public investors.

Crypto Giant Binance Transferred Over $400 Million From Silvergate in 2021 Last but not least, the Niftables NFT marketplace will support VR and AR compatible 3D arcades. Virtual and augmented reality will unlock a new level of immersion for users to explore and build virtual worlds.

Achieving mass adoption of NFT is still the ultimate goal, and this white-label service can be a gateway to a mainstream audience.

Advantages of a white label NFT marketplace :

The main advantage of a white label NFT marketplace is accessibility when it comes to the development process. Since they are completely generic platforms at first glance, they become easy to develop and you will be able to do it in minutes. Furthermore, with Moralis, this process becomes even more accessible since you can use an already developed back-end infrastructure. As such, you can avoid “reinventing the wheel” as the platform does most of the heavy lifting.

Also, while white-label products are generic, they serve as a great foundation for further customization. With a quick and easy development process, you can ease most of your workload, allowing you to put more emphasis on designing a compelling user interface (UI) and user experience (UX).

This is the core part of this article where we will show you how to launch a white label NFT marketplace. However, before we start with the actual coding part of the process, we want to show you an example of what the app will look like to give you an idea of ​​what we’re working on. As such, this is what the NFT market looks like when it ends:

As you can see in the screenshot above, there are three different sections: “On Sale”, “Buy/Sell” and “Your NFTs”. The “For Sale” section will display all the NFTs available to buy on the market. However, in this case, there are no items for sale.

[brettesims]

BLACK JOY NFT

Mixed-media art: pencil, pen, watercolor NFT

JOY is the highest expression of love. Black Joy is anything that inspires, supports, and uplifts Black culture. It is boldly owning your authentic self and walking in your true divine power. It's about doing things that make you feel like sunshine. Remember: if you let your standard of success be your achievement of joy, everything else will fall easily into place. For in the finding of JOY you are finding vibrational alignment with the resources of the universe. Black joy is embracing the freedom of your inner child and allowing your inner light to shine brightly. This piece is dedicated to highlighting and celebrating black joy!

Bid on this NFTs HERE only on Foundation

~B

[cryptosnewss]

NFT Market in Crisis: Study Finds 95% of NFTs Have Lost All Value

Key Points: NFT market faces a severe downturn, with 95% of NFTs now considered worthless. Environmental concerns arise as NFT creation consumes massive amounts of energy. A dramatic 97% drop in NFT transactions over the past two years signals an uncertain future. In a recent study that’s set to make waves in the world of NFTs (Non-Fungible Tokens), it’s been uncovered that a whopping 95% of…

[blockchainnftgaming]

The non-fungible token (NFT) market has been steadily growing since

The non-fungible token (NFT) market has been steadily growing since

Douglas – Isle of Man, Dec 8, 2022 (GLOBE NEWSWIRE) — Douglas Insights is one of the world’s first comparison search engines and has expanded again to include market trends, opportunities, constraints, drivers and forecasts for the Fungible Token Market ( NFT). The comprehensive Douglas Insights report can be used by industry professionals, organizations, market researchers, and analysts for…

[boopathi021]

NFT market towards web3

At present, the technology of the NFT market is developing very rapidly, which has driven the innovation of many online and offline business models and stimulated the vitality of the market. However, there are indeed problems including but not limited to the relatively rudimentary technical agreements, relatively single application scenarios, unhealthy market regulation system, and judicial protection.

There are many reasons for these problems, but perhaps the most important is that although the application of NFT products represents the development direction of web3, it still relies on the web2 infrastructure to operate, and based on this “displacement”, many practical and legal issues have arisen. Regulatory issues. In the long run, the NFT ecology will inevitably form a unique business model and ecosystem that does not depend on the traditional Internet, but in the specific development, it is still necessary to consciously cultivate the development direction of web3, because this will help to correctly solve the problems encountered in the market development.

The NFT market based on web2 operation

As mentioned earlier, there are many problems in the current NFT market, the root cause of which is that the NFT marketplace is still operating on the web2 model. Generally speaking, there is no essential difference between domestic and overseas in this regard. It is also understandable as a new model and new business format whose development is still in its infancy, but market players need to actively respond to the problem in order to better solve the problem.

The blockchain that NFT products rely on is currently in a state of “blockchain islands”. At present, the domestic mainstream is to issue NFT products based on the alliance chain, but the cross-chain operation between the alliance chains has not been smoothly realized, and no substantial cross-ecological applications have been produced. The alliance chain itself is generally based on its main initiative. Institutional credit is used to operate, and each other is actually in a “blockchain island” state, so it is essentially the same as the traditional Internet model. Even if overseas NFT products run on the public chain, the public chains are basically still fighting each other, and their ecology is still relatively fragmented.

The new digital marketing based on NFT products is still based on the traditional Internet model. At present, although various NFT product or collection platforms are flourishing, their business operations generally rely on traditional platforms or carriers, and asset issuance and trading methods are still based on traditional models.

For example, users mainly rely on traditional Internet media to obtain information. Some media or related public accounts often publish relevant collection information regularly, while users search and understand NFT product information, which is still based on traditional media and traditional network platforms. Moreover, these official accounts or corresponding media have become the traffic entrance of digital collections at the current stage to a certain extent.

Another example is that the content rights of many NFT products are issued online, but their data and rights confirmation, transaction, realization, and utilization all need to be operated through traditional Internet market entities, which are inextricably linked with offline. So far, many digital asset transactions are still based on traditional centralized exchanges.

The protection of user rights and interests is still based on the traditional Internet model. Users log in based on traditional Internet accounts such as applets or other identities, and their data is stored in centralized servers. Users have a weak grasp of information on the chain, so that sometimes some digital collections are not even issued based on the blockchain. It is not uncommon, and usually users cannot control their own account operations and cannot view the corresponding data information. At this time, the protection of user rights and interests can only be placed on the platform. Therefore, administrative supervision agencies and judicial agencies will naturally put more The responsibilities and obligations of the platform are imposed on the platform, which is no different from the traditional Internet model.

2. The NFT market towards web3

Of course, there are currently many issues related to the development of the NFT market, both technical and applied, both at the level of laws and regulations and the actual market environment. But fundamentally speaking, the key to solving the current application problems of the NFT market is to build the underlying infrastructure of the blockchain, develop more NFT technology application protocols, introduce more measures to protect the rights and interests of users, and strive to build NFT products based on web3 operations.

Strengthening the underlying blockchain infrastructure is still very important. Judging from the current operating status of the alliance chain, its credit is still based on the credit of its main sponsor or operating agency, and its business and ecology tend to be closed, but this is not in line with the openness that blockchain applications and ecology should have. , intelligent, and credible intrinsic attributes, in order to truly let the blockchain infrastructure play the role of the bottom layer of the web3 ecology, the alliance chain should be operated in the form of a public chain, and the system should be open, intelligent in operation, and data credible. To develop the alliance chain ecology, and truly provide the market with an underlying infrastructure that breaks data islands and realizes ecological interoperability. From this perspective, the difference between the consortium chain and the public chain is not fundamental. A consortium chain with a high degree of consensus is much better than a public chain that exists as an isolated island.

Develop more application protocols based on NFT technology. The current protocol is still relatively rudimentary, and the application scenarios are still relatively simple. It is necessary to enhance users’ personalization, immersion, and interactive needs, and develop some new consumption models based on NFT products such as music, opera, and written works, and integrate specific social scenarios, economic The event scenes are integrated into it, stimulating new scenes in various industries such as cultural tourism, art, automobiles, and education.

Although the current digital collection platforms are still similar to traditional Internet platforms, because they focus on the construction of technical platforms and the development and application of technical protocols, they are relatively tolerant to specific business scenarios and can accommodate the issuance of NFT products based on different digital content and business scenarios. It is conducive to the continuous enrichment of NFT technology application protocols, and is also conducive to the formation of a healthy, diverse and inclusive NFT business ecology.

Improve the status of user rights in the NFT ecosystem and market. In the early stages of application and business development, it is inevitable to rely on traditional ecology and models, but this should not be the direction. Efforts should be made to further enrich and give full play to the functions of user wallets and user spaces from the perspective of improving user rights and interests, and based on this, change users’ habits of collecting, discovering, utilizing, and using NFT digital collections, and integrate business scenarios and requirements into this new type of user habits. Gradually form a new ecology based on web3, make NFT a future business platform and traffic portal, gradually generate and develop independent business models and ecosystems, and radiate the real vitality of web3 business.

3. Several issues in the NFT market towards web3

The NFT market needs to uphold the concept of respecting the rule of law, respecting the profession, respecting the market, and fearing risks, close to the market and users, and actively build a web3 business model and ecosystem.

Comply with web2 regulations. Since the NFT market generally operates on the web2 business model, it is inevitable to comply with relevant business logic and regulatory requirements under the web2 model. It is embodied in the need to operate in accordance with traditional platform governance and regulatory requirements, including information release, asset issuance and trading, user community management, privacy protection, etc. For example, publishing information in traditional online media requires compliance with its relevant requirements.

Maintain market order, user rights and system stability. In the process of moving towards web3, in addition to some typical web2 scenarios, some web3 business links may also appear, and some may be in between. At this time, practitioners need to consciously maintain market order, user rights and interests, and maintain the stability and effectiveness of the entire market system. For example, when issuing blockchain smart contracts, it is necessary to consider the reliability and stability of technical protocols, the compliance of business logic, the protection of user rights, and the impact on other normal businesses.

To maintain the availability of services and products. In the process of moving towards web3, some market players are keen to release some products or services that are still in the concept stage. The reason is that web3 is still in the early stage of development and cannot realize more functions and applications. This may be a fact of the technology business environment, but it should not be an excuse for industry players to stand still or even a tool for them to “cut leeks”. For example, some market issuers don’t think about how to increase the effectiveness of services and products to solve real-world business scenario problems, and instead use their brains to increase traffic and expand transactions out of thin air. This kind of behavior lacking real demand support is not a good thing for the market and users .

Prevent misleading, fraud and manipulation, and prevent illegal activities related to NFT applications. Many practitioners do not respect relevant laws, regulations and regulations subjectively, thinking that these regulations are based on web2, and their business should not fall within the scope of regulations, and they do not abide by them in actual actions. For example, when many market organizations conduct business, they intentionally exaggerate the functions of products and services, even intentionally or unintentionally imply and mislead the expected return of products, and even actively participate in fraud, deception, theft, market manipulation, etc. in actual operations. These behaviors, whether inside or outside the country, are not allowed by the supervision and are bound to be cracked down.

Actively considering the pilot application of digital RMB in web3 scenarios. The digital renminbi is an important deployment in my country’s 14th Five-Year Plan, and it is of great significance to the development of my country’s digital economy and web3 applications. First of all, it can further improve payment efficiency, promote digital technology application innovation, and promote the expansion of the use of digital renminbi in cross-border transactions in the Belt and Road Initiative. Second, provide consumers with more convenient options based on existing online payment services to promote the fairness and security of the financial system. In addition, it can also promote the prevention of network risks and business system risks, promote data security and privacy protection, and combat illegal financial transactions. For example, smart contract applications based on digital renminbi, combined with NFT product business scenarios, are more conducive to promoting innovation in technology and business models, protecting the legitimate rights and interests of users, and promoting data security and financial system security.