Elaine-host
Tracy-Managing Partner of Waterdrip Capital
LEO-Core Contributor of XCarnival
Aleksandr-Cofounder of Envelop
Steve-Founder of Depo Platform
Shouwen-Core contributor of MACC
Code in coffee- Bend Dao cofounder
Juak.eth-Cofounder of The Lonely Frogs
TUTU-NFT KOL
NFT is a digital asset, often related to different kinds of items. Art price, game items, and tickets or other financial notes. Most of the NFTs are art pieces currently. Art price can be very subjective. It is hard to define the price. Compared to fungible token, NFT is not very mainstream in holder number.
An NFT is an ERC-721 token, it’s not divisible which prevents it from generating more transactions, so its nature makes it of lower liquidity than the ERC-20 tokens.
NFT is quite a new niche industry with 1 to 2 years of development, while cryptocurrency takes 10 years to reach a consensus among people. The NFT market still needs more time to grow.
The lack of utility. Most of the projects are just hypes and fomo.
a) P2P lending. For example, XCarnival.
b) Peer to Pool, Collateral NFT to get liquidity. For example, NFTX, collateral NFTs into V token, and put it in Sushiswap. When redeeming, put the V token back into the pool and get back NFT. But the issue is that the gas fee is too high, so there are few people using it.
c) Some NFT projects offer staking to earn rewards
d) GameFi projects, separate ownership and using right. Players are able to rent NFT.
e) NFT Team releases token of their NFTs. Ape coin airdrop
a) Reduce the friction of the trading process (NFTX)and increase the profitability.
b) Solve the issue of NFT price evaluation problem
a) Need to use variable interest rate to incentivize the liquidity providers to put their money into the pool. However, if the interest rate goes up to a high rate. For example, 20-30%, then NFT holders might not be willing to pay for the high interest rate. NFT holders usually invest the money they borrowed into another NFT.
b) The security concern of the pool.
c) P2P borrowing, interest determined by the money borrower, and the leading cannot be done instantly.
In a GameFi situation, people can borrow NFT to equip themselves, to upgrade and earn more income.
d) Currently BenDAO is using SDK from Opensea to get the data. Most of the NFT price is not on-chain data these days, only Cryptopunk has on-chain NFT price.
e) Oracle is a huge problem currently. There is no mature Oracle product on market.
It’s the same to the DEFI products.
Infinite approval has bad user experience and higher costs, though it provides protection for users.
Lending platform will sell their NFTs to pay back the original loan . If there is more money, the rest of the money will be returned.
a) For the future of NFTs, Crypto Natives will outperform the ones supported by celebrities.
b) There are trends in the future including combination of FT and NFT, including DEFI + NFT, and fragmentation.
a) A lot of people used it but not satisfied with it.
b) Too early right now. We still need time for the infrastructure to develop.
a) It can be very subjective because everyone might has a different view of a unique item. The price can also depend on the situation.
b) One project tried to use data model to adjust and come up with a relatively fair price.
NFT tool recommend NFTGO