BOBO, OpenSea and other NFT platforms are on fire, NFT may become a new producti

In order to promote the digital transformation of the soccer industry, UEFA and Antchain, a subsidiary of Ant Group, reached a cooperation to blockchain the physical trophy of "Euro 2020 Scoring King" for the first time, and the physical trophy will be stored on the chain through Antchain technology and A limited number of 1,600 digital trophies were distributed to Chinese fans through Antchain technology, which triggered a hot response from the market.

The reason why the 1,600 digital trophies of the ant chain are hotly debated by people inside and outside the circle is that people clearly see the value creation of NFT behind the business and digital trophies.

Through this event we not only see that the NFT is addressing the issue of copyright protection and the validation of digital works, but by extension, the possibility of advancing the digital economy.

The viral spread of NFT in the field of public media is a digital carnival of "pop culture", which belongs to the digital reincarnation of pop culture.

The commercial core of Pop culture is to use a mixture of popular elements, popular culture, and group unconsciousness to stimulate people's consumption inertia, thus adding added value in business.

Essentially, digital culture is also the digital re-expression of Pop culture in the network era, which is the result of precipitation based on computer and information technology.

One is the digital technology that is maturing, one is the cultural ecology that has existed for a long time, and one is the network consumption era that has become a trend, the fusion of the three is bound to breed a number of phenomenal things with technology, culture and era attributes.

And NFT based on blockchain technology is one of the representative things.

In terms of economics, NFT is an extension of Coase's theorem in the digital economy and a reaffirmation of its essence as a tool to reduce transaction costs with credit protection as its core.

The Nobel economist Coase argued that the efficiency of resource allocation is always optimal when transaction costs are zero, regardless of how property rights are specified, which is Coase's theorem.

Traditional e-commerce integration and streamlining of dealer networks, online text platforms across offline publishers, news and information to get rid of paper media, etc., all use the Internet to some extent to shorten the flow of links, reduce transaction costs and improve the overall efficiency of the industry.

But this efficiency improvement is more from the real economy mapped to the digital economy process, the two natural efficiency generation gap, and the emergence of NFT aptness gives the digital economy efficiency a lot of imagination.

NFT is the abbreviation of Non-Fungible Tokens, meaning irreplaceable digital credentials, which is a digital carrier or storage form based on blockchain technology with uniqueness, indivisibility, tamper-proof, and traceability, and is mostly applied to digital artworks at this stage, but theoretically it can correspond to all digital assets.

Also as a veteran of NFT, I don't think it's an exaggeration to liken NFT to a new productivity tool within the digital economy.

The reasons are as follows.

One is that NFT technology can clarify the ownership and use rights of digital assets, which lays the foundation for the "first industrial revolution" and productivity upgrade of the digital economy.

Secondly, NFT technology can help creators "keep score", no matter how many times a creator's data assets are circulated and how many times they are "recreated", as long as transactions occur, NFT's underlying technology can help creators track their works.

Third, NFT can help society as a whole to significantly reduce the cost of credit, imagine if NFT is applied in the field of corporate contracts, then Tencent and Lao Ganma will not go to court.

The above three characteristics of NFT technology correspond to the essence of the conclusion of Coase's theorem of "low transaction costs, clear property rights, and optimal resource allocation", and NFT is a core productivity tool that can help society progress and set the stage for the explosion of the digital economy, which is also its greatest value.

This maps out the basic economic laws behind the hot phenomenon of NFT commodity trading markets such as BOBO, OpenSea, Nifty Gateway, Super Rare, etc. in recent years.