MCS | The Value of NFTs?

MCS | The Value of NFTs?

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Greetings from MCS, the derivatives trading platform where traders ALWAYS come first.

At the beginning of the new year, perhaps affected by factors such as the Federal Reserve's interest rate hike and Kazakhstan's internet crisis, the cryptocurrency market as a whole showed a downward trend, and the price of Bitcoin once fell below $40,000. However, the NFT market, which continued last year's market, seems to develop rapidly without any impact.

The world's leading sports brand, Nike, deployed the metaverse by directly acquiring RTFKT, the studio that released the phenomenal NFT project Clone-X. Adidas also released its own NFT named "Into the Metaverse" with the popular NFT project BoredApeYachtClub. Even in China, which has completely banned cryptocurrencies, major tech giants such as Baidu, Tencent, NetEase, ByteDance have successively launched or planned to launch their metaverse platforms.

On January 1st, PhantaBear, the first limited-sale NFT project PhantaBear of the trendy brand PHANTACi under Jay Chou, directly caused the downtime of OpenSea, the world's largest NFT trading platform. Even after the launch, it occupied the top spot in Opensea's popularity list for several days.

Source: CoinMarketCap

Although Jay Chou said publicly that he did not launch the PhantaBear project, he emphasized that he did not gain any benefits through the project. But given Jay Chou's popularity, the fans who have purchased it are more firm about the value of PhantaBear itself.

Despite the growth of the NFT, some disagree, considering that NFT is no more than just a picture, thus what value can it bring to collectors. Many believe that NFT is a product of the future metaverse, and it is currently just hype. There is a big bubble lurking behind the skyrocketing price, and there is a risk of bursting at any time. But amid these doubts, BAYC#4593 quietly started its "work.”

On December 17, 2021, the trend media Complex Chinese channel released an article called "Nike, Adidas, Curry and Me." Compared with the article's content, the author attracted more attention. The article's author marked BAYC#4593, initially an NFT character that only existed in the virtual world but was "hired" by ComplexCN to become a music editor and the first boring ape NFT to find a "job."

Source: Complex CN Official account

Complex is a world-renowned trending media with 5.57 million followers on YouTube and 10 million followers on Instagram. However, the Complex Chinese channel, which launched in 2021, has hired a popular NFT project - BAYC as a music editor. According to ComplexCN President Steven, "BAYC#4593 is the most meaningful employee hired by ComplexCN in 2021.”

Source: Complex.com

The reason he decided to hire BAYC #4593 was: "NFT is very similar to the sneaker trend culture, it represents a phenomenon-level cultural trend, which inspires and promotes global creativity, which is very similar to the artistic direction of Complex. We 'hire' BAYC so that we can get involved and help the people that have been trying to create their value.”

It may be understandable that NFT projects with institutional or star halo are sought after and invested by investors. On the 12th, NFTs named "Ghozali Everyday" quickly became popular in the encryption community. Daily selfie composition of a young man named Ghozali between 2017-2021. As soon as the project was launched, the base price was raised to more than 0.6ETH. Under the increasingly frenzied market sentiment, many professionals remind investors to beware of traps and not be carried away by FOMO sentiment and cause irreparable losses.

Source: Opensea

In 2021, the NFT market ended perfectly with a record $23 billion. It is predicted that it will continue to bloom in 2022. Behind the thriving NFT market, where everyone participates, opportunities and risks coexist at all times. Whether NFTs can truly be realized as a value has yet to be concluded.

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Sincerely,

MCS Team

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