What is CARV TALK?
CARV TALK is a bi-weekly roundtable for Web3 degens to share insights on the past, the present, and innovations. CARV TALK features in-depth interviews with top industry leaders and prominent figures in space to help you ride on crypto waves.
Background:
The NFT market experienced an economic bubble burst in 2022–01. In January, $17 billion worth of NFTs were traded, but by November, that figure had dropped to $400 million. This 97% collapse, which was catalyzed by a slump in the cryptocurrency market, resulted in a loss of nearly $9 billion from the combined value of all NFTs in circulation.
The market is still in the ashes, but we believe that NFTs have enabled some use cases that can fundamentally change the gaming industry. That’s why we gathered the panel and started our 2nd episode of CARV TALK.
Guests
They shed their insights on:
- As we all know, 2022 witnessed a huge crash in the NFT market. How do you view this crash?
- From your perspective, what’s the value of NFT? After several waves of different NFT trends, what changed and what did not?
- What unique applications does your project have for NFTs?
- Why does the gaming industry always have an extra edge on the NFT use cases?
- Talk about the NFT on shaping the unique IP collection.
- What fundamental changes will NFT bring to the gaming industry? E.g. game development, game mechanism, marketing and operation, and so on…
- Make some bold predictions on the NFT market and NFT applications for 2023
Here is a recap of the live session.
Charles, Community lead, CARV 02:51
Let me introduce today’s topic, our show, and our guest. I’m glad and excited to invite Arno from E4C. If you don’t know, the team is very successful in mobile gaming and has delivered many great contents. They have been testing the game for a long time and it’s a fun game.
Charles, Community lead, CARV 04:00
The show invited John for a second appearance from the second volume of CARV TALK. He is a BAYC holder and part of the marketing team for the Shia tokens. Last time, the conversation was great, so we asked him to join the show again. We love his ideas and opinions on the old stuff.
Charles, Community lead, CARV 04:34
So great! We’re happy to have Jimbol, the co-founder of Ultivere here. We’ve collaborated many times already, and Electric Sheep is a leading project in the web3 space. Everyone knows it, and we’re excited to have them here for the second episode of CARV TALK. Today’s topic is something special!
2022 has been a tumultuous year. The economic bubble burst, causing the market to plummet. Many have labelled Non-Fungible Tokens (NFTs) as financial scams with no regulatory protection against theft, merely a tool for projects to make money. These are the voices of dissent, the ones decrying the housing market.
But today, we meet some of the strongest believers in NFTs. We all believe that NFTs can fundamentally change the gaming industry, so let’s get down to business. I want to talk about NFTs, their utility, and their potential in the gaming space.
Jimbo, the co-founder of Ultiverse, let’s start with introductions. Could you please introduce yourself and tell our audience who you are and what you represent?
Jimbol, Co-founder, Ultiverse 06:57
Thanks for hosting! I’m delighted to be here. I’m Jimbo, co-founder of Ultiverse. We’re focused on constructing a diverse metaverse platform, leveraging the power of MetaFi through a range of on-chain games. We’re not just making one game, but a variety of developers, media matrices, and community members to create a Metaverse. It’s similar to the Oasys from the movie Ready Player One if you’ve seen it. Our lead investors are Binance Lab, Sequoia Capital, and DeFiance Capital. We have our own NFTs and lots of games are coming out this year.
I joined the space in 2021 and bought my first Bored Ape Yacht Club. It’s been an amazing journey so far. I’m a true believer, especially in the gaming industry. I think NFTs will revolutionize gaming. Thank you!
Charles, Community lead, CARV 08:10
We are delighted to have invited two BAYC holders today, the second of whom is John. This is also the second appearance of our CARV TALK. Could you please introduce yourself and share any other news you may have?
mcrayjohn.eth, BAYC holder, SHIBA admin 08:35
Hi everyone! My name is John and this is my second time here. Thank you for having me again. For those who don’t know me, I’m part of the marketing team for the Shiba Inu token. We’re building an ecosystem with NFTs, metaverse, and more. Additionally, just like Jimbol, I’m an early holder of BAYC. I’m also a strong believer in Web 3.0 and DeFi. Thank you.
Charles, Community lead, CARV 09:42
Yes, I love talking with you, John. Last time, you were quite recognizable. Your opinions about the community stuff definitely involve many of us.
Charles, Community lead, CARV 09:59
Last but not least, let’s introduce Arno from the E4C team. Arno is the BD lead of the E4C team. Could you tell us a bit about yourself and your project?
Arno, BD Lead, E4C 10:15
Thanks for the introduction, Charles. I’m fortunate to be among two members of the Bored Ape Yacht Club. That’s really cool. I graduated from Harvard two years ago and was introduced to my boss, Johnson, by one of our Harvard students who is currently in his second year. Since then, I joined the team and it’s been an exciting journey.
Arno, BD Lead, E4C 10:40
E4C stands for Earth 4 Degrees Celsius. Our mission is simple: build a game for smartphones from the ground up. Unlike most games, which are ported from computers to smartphones, ours is designed specifically for smartphones. We want to show people how the world will look if the temperature rises by 4 degrees Celsius. Our goal is to bring at least 10 million players from the web 2 world to web 3. This shouldn’t be difficult, as there are already smartphone games with 10 million players daily. I’m happy to be here.
Charles, Community lead, CARV 11:27
Yes, I’m delighted to have you here. The Earth’s temperature increasing by 4 degrees is a matter of concern for everyone. If the gaming company is using this as a title or name, that’s quite interesting. The last time I spoke with Johnson, the founder, it was an amazing conversation and I learned a lot from your projects. That’s why I’d like to invite you to talk about NFTs. You have some great and innovative ideas for using NFTs in the gaming industry, so let’s start with the questions and discuss the topics.
Charles, Community lead, CARV 12:18
First of all, I’d like to ask everyone: what is your opinion on the value of NFTs, given the weeks of trading activity and the fluctuating market? Jimbo, would you like to start?
Jimbol, Co-founder, Ultiverse 12:51
Sure. Let’s discuss the value of NFTs. Compared to physical assets, NFTs allow for a different type of ownership. Additionally, users can use different functions on the blockchain, such as governance and enterprise reputation across a given platform.
Jimbol, Co-founder, Ultiverse 13:23
Since the first wave of NFT trends, people have had different views on the market. It has become more mature and involved, and there is a greater focus on user case utilities rather than the naive story. People are looking for real value behind APEX, for example in the gaming industry. It has changed the way we produce, acquire users, and deliver products.
Jimbol, Co-founder, Ultiverse 14:02
NFTs offer many values, but I believe the primary one is ownership. People collect them as a form of innovative art, and of course, for potential profits. Moreover, many people buy NFTs as collectables.
Jimbol, Co-founder, Ultiverse 14:25
This story is about PFP. As an investor, I’m not just looking at the absolute return from buying a digital asset, but also the general return of having a PFP. It brings social leverage and identity, making it easier to assess one’s community. We can learn and build together with our friends, unlocking more value for holders. The value of NFTs is still at an early stage, with many different types of usage yet to be discovered.
Charles, Community lead, CARV 15:13
Yes, definitely. You mentioned a very important term: ownership. The ownership of virtual assets brings up both utility and social identity. There is social leverage associated with this. Most of these utilities can be found in gaming and social contexts. In many cases, there is value behind it. We all know that NFTs mean something, but due to the market crash and changing perspectives over the years, what do you think is now the core value of NFTs?
mcrayjohn.eth, BAYC holder, SHIBA admin 16:45
What is the value of NFTs now? In my opinion, it’s quite good. NFTs are gaining worldwide adoption; you can even find sections about crypto and NFTs in traditional newspapers. Traditional people are starting to adapt to NFTs. In my country, people in their forties and fifties are not tech-savvy, but they know what an NFT is. When they see a monkey or an ape, they know it’s an NFT. As the adoption of NFTs grows, so does its value.
mcrayjohn.eth, BAYC holder, SHIBA admin 17:42
The value of NFTs can be determined by the strength of the brand or company’s community. Are they strong believers or just a “pump and dump” community? Additionally, the value of NFTs is determined by the developers or creators fulfilling their promises before launch.
mcrayjohn.eth, BAYC holder, SHIBA admin 18:20
We can see how the Bored Ape Kennel Club releases the dogs, which is like one big event. Additionally, they have mutants and NFTs from various brands that contribute to the community in various ways, such as using a profile picture as a Twitter or Instagram profile picture. There are also utilities like closed doors, which provide exclusive access to certain communities. Recently, something that has caught my attention is the checks NFTs. This is a very interesting topic to talk about because I can say that NFTs have more than just utility. Now, I think the majority of people look at NFTs in a different way. They appreciate their value and utility, but also look at them as art. As long as something makes sense, it has value. That’s one thing.
mcrayjohn.eth, BAYC holder, SHIBA admin 19:49
Now, comparing the current trend to last year and this year, particularly in the first two months of the year, I think people are looking towards art for their profile pictures instead of traditional photos. However, I still believe that the value of the community and the utility of a profile picture holds. That’s my point of view.
Charles, Community lead, CARV 20:12
Great! It’s like a cycle, isn’t it? Starting with people exploring the bull markets, thinking about investments, the utility, and the big story. Now they come back to appreciate the art and look into it. There are still many entities with strong cities and many explorations of these cities. People are now talking about NFTs and some forms of art.
So, to Arno, I’m curious about the E4C team and how you guys use NFTs in your projects. What do you consider NFTs? What is the value of the NFT for your project at the moment?
Arno, BD Lead, E4C 21:29
Charles, that’s an intriguing question. Sports cards, such as the most expensive Pokémon trading cards, are simply paper. However, the brand built by Pokémon and its players over the years has added value to these paper cards. Similarly, NFTs are selling for thousands or even millions of dollars. But assigning a $1 value to them is too complicated.
Arno, BD Lead, E4C 21:58
Because a lot of what makes NFTs valuable comes from outside the art itself.
For example, do you know who Richard Chen is? He’s the General Partner of one confirmation and a CryptoPunk holder. He turned down an offer of 2,500 Ethereum, worth 9.5 million dollars, for his NFT from Patricia Wharf Halter, the creator of the Proof of Attendance Protocol. He said he turned it down because he believes our online identities are just as strong, if not more powerful, than our real-life personas. That’s a big amount to turn down!
Arno, BD Lead, E4C 22:40
But what he’s talking about is being part of a community. It’s intrinsic to human nature. We all have our own groups where we interact with people who think like us and share our interests. We all need that. We believe that the same will be true for us: that our entities will benefit from the value of community, just like yacht clubs and crypto punks. The community will sustain the value of our NFTs based on their commitment.
Charles, Community lead, CARV 23:16
Yes, one hundred per cent. I like the story you mentioned. It surprised me. It speaks to the value of the opportunity we have in this community. We are closely bonded with non-profit organizations, and we know that when the price of NFTs goes up, the value goes up and more people invest.
The last time I talked to Johnson, the co-founder of E4C, he said that a very special use case of the NFT is that when people hold a golden NFT for a certain character, the in-game character is a revenue stream for the future. They will also give away avenues to those early NFT holders. This is true now, and also any other exploration of those NFTs.
Arno, BD Lead, E4C 24:59
Charles, that’s all true. We designed a unique skin upgrading system for our entities which provides additional benefits when connected to a crypto wallet. This is part of our esports system, and it’s our killer weapon — our biggest differentiator.
Arno, BD Lead, E4C 25:26
This is what will enable users to enter our game, have fun, progress, and eventually become users.
We believe this is the key to the beauty of smart contracts that create NFTs. The owner of our NFTs or any NFTs, anywhere in the world, can anonymously access or resell the energy they possess.
Charles, Community lead, CARV 26:00
Nice! I’m glad you guys are sticking with that idea. It’s quite innovative to use NFTs in this way.
The same question goes for Jimbo. Ultiverse has launched Electric Sheep very successfully. On your roadmap, you mentioned that Electric Sheep will be spread out to many metaverses. As a MetaFi, you guys have defined that there will be more use cases for those NFTs. Could you elaborate on them? What are the use cases for Electric Sheep? Are there any explorations you’ve made for those NFTs?
Jimbol, Co-founder, Ultiverse 26:55
Sure, first of all, I strongly resonate with the identity and power of the culture of entities. This brings value to all the holders. People don’t sell the NFTs because they identify with them. We have launched two NFTs: Electric Sheep for our Guinness launch and Meta GF. Electric Sheep is a PFP, but it also adds future utilities alongside our games. All holders will have advantages and different packages when they play our games in the future, such as special boosts. We also have token air job allocations for holders, so we can add more utilities alongside the game or with different platforms we use.
Jimbol, Co-founder, Ultiverse 27:57
The beauty of it is that it’s not just decided for now. We can always add extra utilities and return value to our holders. We can also return a set percentage of the profits from all the different games we launch. Plus, we have our Meta GF app, an interactive NFT. On February 14th, devs will release a feature that allows users to train and interact with the NFTs. We can keep adding more stuff to it and bring some fun experiments to our holders. As time goes by, they become part of the community, not just users, but also part of the builder’s team. That’s amazing! I’m looking forward to bringing more holders and having them be part of the building process.
Charles, Community lead, CARV 29:12
Definitely. NFT selling or minting for the community means selecting an audience that cares about your projects and shares the same vision. This allows people to become part of the team and spread the value of the NFTs, bringing more resources to the project. That’s a very interesting concept when it comes to the community.
Charles, Community lead, CARV 29:49
John, you and Jimbol are the BAYC holders, and we all know that BAYC has been developing a game called Otherside. What is your vision? They have released a trailer, but what do you envision the BAYC experience on the Otherside to be like?
mcrayjohn.eth, BAYC holder, SHIBA admin 30:24
Interesting question. What will the experience be like? Based on the trailer, it feels very different from what you see on Decentraland and other games’ graphics. It’s like a high-quality, very good online game. The graphics, based on what I played on the first trip, are pretty amazing. They can handle a lot of traffic from around the world.
Everyone bumps into their first trip. We were surprised to see that there wasn’t much of an issue. Sometimes, when the server is overloaded with too many people, it can disconnect. But this time, I was impressed to see that even my friends in Malaysia, where I’m now in Kuala Lumpur, were using VPNs to connect, and there were no issues.
Charles, Community lead, CARV 34:18
Okay. What experience do you have? I’m thinking about the gaming industry and why it always has an edge on NFT use cases. Could it be that the hype of NFTs, such as Axie Infinity, comes from the GameFi that started in 2020? Why does the gaming industry always explore the utility of NFTs?
Arno, BD Lead, E4C 35:29
There are many advantages to developing a game with NFTs in the Web 3 world, such as community and true ownership. This is especially beneficial for entrepreneurs.
Recently, Blizzard and NetEase made news when Blizzard left China. Players in China expressed their sadness on TikTok and Reddit, saying they were crying all night and even crying in class. Blizzard’s decision was motivated by greed, and it had a huge impact: World of Warcraft had 92 servers in China alone, while the rest of the world combined had only 84. This demonstrates the magnitude of the Chinese player base. Players are returning to their race spawn points and World of Warcraft to log out for the first time. They are logging out in front of the Black Temple to commemorate their finest hour, and their guilds of real-life friends are logging out together in Nagrand, remembering the first time they formed in TBC.
This is a complete nightmare. People are losing years of progress and memories, and players have no way to use their assets, as they are only accessible within the game.
NFTs are poised to revolutionize the gaming industry. No one wants to experience the loss of a beloved game they have been playing for 14 years. It’s heartbreaking.
mcrayjohn.eth, BAYC holder, SHIBA admin 37:37
Okay, all right, cool. That’s a tough question. Why does the gaming industry always have the extra edge? I’m not a very heavy gamer, but my point of view is that they were the pioneers of interactive, virtual games. That’s why they have the extra edge over other pioneers.
For example, in the metaverse, we can dress up, and build virtual homes and showrooms. All of this was already done in the Sims before the metaverse even existed. The only difference is that the Sims in the early days were played offline, but now they can be played online.
So I would say the gaming industry still has the edge. But as time goes by, I think eventually NFTs, metaverse and other technologies will overtake the gaming industry. But the gaming industry will still be there. Companies like yours are now offering P2E games like Dookie Dash, where players can achieve something else. Traditional gaming companies will need to adapt this type of practice to keep their customers interested. There’s unlimited potential for what’s coming next. That’s my point of view.
Jimbol, Co-founder, Ultiverse 39:56
Sure, thank you. To me, this question needs to be extended to web 3 in general and the DAO. We just mentioned the story about bizarre things, and how it changed the way we organize games and cooperate with the community, making decisions together. Web 3 also creates incentives for players to earn, which is revolutionary.
In terms of NFTs, this causes implications of incentives as mechanics that revolutionize user acquisition compared to Web 2.0 games. We no longer need to distribute advertisements and spend money to buy each user. Instead, we have organic growth options to launch an NFT as a community, and people can join by purchasing it. This makes the cost of intensive user acquisition much lower than before.
Typically, when producing a game, we have to deliver the entire version. But now, with NFTs, we can kick off the project in a relatively easier way, and build while acquiring new users. This makes it more flexible and less risky for the project, investors, and users, as they can be part of the journey and don’t have to have too many expectations from the start.
In-game transactions are also safer now, as they are on the blockchain. This offers players additional monetization opportunities, and they don’t need to bring a third party or platform to sell items.
To sum up, I think this is one of the major reasons why NFTs are a game-changer for the gaming industry.
Charles, Community lead, CARV 46:26
The topic we discussed was IP. We mentioned it frequently when discussing games like Nintendo. IP has value and recognition for club holders and cities, as it has a strong community and maintains the character’s value well.
How do you think the NFTs will keep the IP collection and how will that transform into gaming development?
Arno, BD Lead, E4C 50:32
From our perspective, we believe Intellectual Properties (IPs) could revolutionize the game. For example, what if Mario Bros., Disney, or Marvel had allowed people to invest in their IPs while they were being developed? This didn’t happen, but now with NFTs, early supporters have a chance to benefit from the journey of their favourite creators in the form of royalties and online identities. We are also looking at IPs as a way to add extra value to our community members.
mcrayjohn.eth, BAYC holder, SHIBA admin 51:24
IP rights can be a tricky subject for many people, especially those who invest in NFTs. They may not know if they have IP rights or not. For example, those who bought the Murakami-inspired Clone X may have thought they had full IP rights, but this was not stated in the terms and conditions.
It is important to understand if a project has full IP rights or not, as one could get sued for overusing the IP without permission. If someone is creating an NFT project, they should consider giving full IP rights to their holders as a way to thank them. This will allow them to do whatever they want with the IP. It will also help the IP to spread from one platform to another, such as from an online store to a billboard or a bottle.
mcrayjohn.eth, BAYC holder, SHIBA admin 51:46
This question is: Do I have the IP rights to do this or that? For example, people who bought Clone X, by Murakami, thought they would have full IP rights to it. No, if your NFT has something related to Murakami’s sunflower or his rainbow thingy, you don’t have the IP rights because it’s clearly stated in the terms and conditions.
However, some people quickly ignore the terms and conditions, click “buy” and “swap” it. That’s one thing for NFTs.
If your NFT has an IP, how does it shape the community? People, for example, use their apes to build their own brands. If you are the current ape owner, you have full IP rights to it. People create beverages, food merchandisers, and more with their own apes.
It will benefit the NFT community because they can do whatever they want. But they need to understand whether they have full IP rights or not. Otherwise, they could get sued for overutilizing the IP without permission.
If you are creating NFT projects, I suggest giving full IP rights to your holders. It’s a way to say thank you and let them do whatever they want. It’s an agreement situation in terms of gaming IP rights or profile picture IP rights. You get to grow your name and ideas and go everywhere instead of being stuck in one place. Your ape can go from OpenSea to billboard and more.
Charles, Community lead, CARV 54:39
Yes, I think there has been some interesting discussion about IP. John mentioned something inspiring: body cups provide full access and shift of IP to the people who host and the team. This is a powerful tool for community growth, as people can commercialize ideas and create merchandise. This creates a cycle of spreading ideas and real-life items that spread around different markets and people. This brings IP to the next level, allowing everyone to create it.
Jinbo also mentioned identity, and how NFTs can show identity, whether it be a PFP or an expression. Entities can also be SBTs, which record achievements and behaviours on the chain. CARV is doing identity stuff, and what virtual identity will be like. What kind of NFTs are needed to form an interesting identity?
Arno, BD Lead, E4C 57:09
We see virtual identities as a way to create an emotional attachment between our gamers and our NFTs. Before we launch our game, players can have a collectable to bond with. Our NFTs will be the face of our game.
Emotional attachment means that players can embed their first pentakill, first hundred wins, or first tournament win into their NFT. We believe this will be the key to our monetization and their virtual identity. If they walk around with an NFT they bought or minted, and then win the world championship, they can now claim their world championship title as part of their virtual identity. We think this will be very valuable to our fans.
mcrayjohn.eth, BAYC holder, SHIBA admin 58:28
I totally agree with Arno’s thoughts on identity. In the past, I have mentioned that NFTs can be used as a form of identity. I believe that in the future, people won’t be using their own faces as profile pictures anymore. Instead, they will be using NFTs. I can see this already on platforms like LinkedIn and Twitter.
The unique thing about this NFT identity is that it will be used to join the culture and monetize activities. For example, in the game Dookie Dash, points are tied to energy. This means that people can monetize their activities and gain revenue from them. That’s my point of view.
Jimbol, Co-founder, Ultiverse 01:00:21
I believe identity can be leveraged. It’s not just about you. Take BAYC, for example. It’s not just about owning BAYC, but how it impacts the community as a whole. This could be in terms of media attention or other business opportunities due to being part of the community. Leverage gives you the ability to reach something you wouldn’t be able to achieve on your own, and it allows people to think of the concept of leverage, not just in terms of themselves, but how the project has taken you to the next level. I agree that the longer you hold something, the different emotions it brings. It’s a game rather than just an investment return.
Unfortunately, people have changed their mindset from asking for persuasion to collecting things. This has changed the methods. Because of blockchain, people can know who you are and what you have been doing. This allows you to hold NFTs, and your identity is built up, rather than just a picture or PFP.
mcrayjohn.eth, BAYC holder, SHIBA admin 01:02:11
Jimbol spoke about identity and how it can open doors to other opportunities. For example, when I attended an event last year, there was a luncheon hosted by Corbera. None of us knew each other, so we identified ourselves by our profile pictures. This created a closer community, like joining a country club. I also have been to other events and we have a group where we meet up and discuss how we can benefit each other in the future. We collaborate and lend IP rights to companies, which creates a win-win situation.
I’m excited to be friends with you and do business together and make our BAYC profile picture or identity become famous.
When I’m in BAYC, most people know me as the “monkey”, but when I’m out in the real world, nobody knows who I am. Until I wear something with my BAYC profile picture on it, then they know who I am. It’s like at BAYC when I went, nobody knew each other, but when they saw my BAYC profile picture, they knew who I was. It’s like my BAYC profile picture is my new passport photo.
Having an identity opens a lot of doors. It allows you to build more connections and relationships.
Charles, Community lead, CARV 01:04:45
I want to make some predictions — what do you think will be the next utility to lead the next wave of NFTs? What specific opportunities do you have a strong belief in that might happen in 2023 or later?
mcrayjohn.eth, BAYC holder, SHIBA admin 01:09:22
This is a very interesting question about the prediction for 2023. I believe that the markets will slowly recover in 2022 and the NFTs market will follow suit. However, I wouldn’t dare to say that the NFTs market will reach a boom, as people are still looking for utility.
What I see for the future of NFT projects is that they need to stay in touch with their holders. They need to know what their holders want and can not work as a one-man show. They need to make their holders feel appreciated and part of the team, even though they are not developers.
It is hard to make a bold prediction for NFTs reaching an all-time high, as it depends on the current market situation. However, I believe that 2023 will be a good platform for NFTs to grow, as more and more artists and photographers are using it as a platform. It may take time for NFTs to reach an all-time high, as people are still sceptical about going into crypto.
The main thing that projects need to sustain and grow is the community. They need to understand what the community needs and make them feel part of the family.
Jimbol, Co-founder, Ultiverse 01:12:59
Thanks, John. We’ll definitely do that. We should listen to the communities. First off, I totally agree with what was just said. The market will continue to grow and we’ll have more new users on different platforms. For example, in gaming, I believe there will be more Web2 users entering the Web3 game industry. We don’t know how long they’ll stay, but I’m sure there will be a lot of them. That’s what we’re trying to do, too — onboard as many users as possible, no matter how much they enjoy the game or how many of them stay.
This is one thing, and technically, I can see this rise in culture-driven projects, like CryptoKitties. They’re doing very well in January and February. I think the culture will be sustained, no matter what happens, no matter if it’s a bull or bear market, as long as it’s culture-driven, there’s a higher chance of success and gaining significant attention.
The success of Blur is also very interesting. That shows that we’re still early and there are opportunities for any platform type of product, as long as it brings value to the users and significantly improves their experience. So, I think maybe not just any platform in general, but in terms of the platform type of product, such as generating art or some other niche market, NFTs will have opportunities in 2023.
Lastly, I do believe that history will repeat itself. Although we went from a bubble high and back to a crash, and we saw the market become more mature and people become more educated, I believe if we go back to the cycle again and officially enter a bull market, we’ll see a similar path as before. People always enjoy quick money-making opportunities, but that’s fine as long as we build a relatively healthier market together. We have builders around and, at this high, there’s also a chance that regulations will improve this year. So, we’re getting better, no matter if history repeats itself or not. We’ll just keep getting better. So, I’m very optimistic about 2023 and all the opportunities it will bring. But, back to our own project, we should pay more attention to the holders and the communities and just keep building.
Arno, BD Lead, E4C 01:16:02
For me, I have a bold prediction for the NFTs market.
Did anyone realize that J.K. Rowling, the author of Harry Potter, is richer than the Queen of England just through books? This is relevant because I think Ethereum will be the biggest predictor of how NFTs do in the future. I think one Ethereum will be worth $50,000 in the next 5–10 years.
The reason why I think NFTs will rise along with Ethereum is that there are over 80,000 NFTs built on Ethereum. Ethereum’s utility is that smart contracts can stop fraud, have no downtime, give control over assets, and prevent third-party interference. Additionally, there are 2,855 applications built on top of Ethereum.
[Fact check: Data shows that as of May 2020, the total number of decentralized applications that are active on Ethereum is 2855.]
So, NFTs are a derivative of Ethereum. If Ethereum goes to $50,000, the floor price of every NFT will rise in accordance with the price of Ethereum. The first movers in NFTs, such as Crypto Punks, Crypto Kitties, and Boarded Yacht Clubs, will triple or quadruple in value.
When the market crashed due to FTX, Three Arrows Capita, and Genesis NFTs fell as well. People were scared and pulling their money out, but the primary reason was the price of Ethereum falling.
My prediction is that NFTs will rise tremendously because of their utility. They can be controlled by anyone but you, have a digital identity, have no third-party interference, and can be upgraded at any time.