This is the original 1599th issue of the vernacular blockchain
This is the 1599th original issue of the vernacular blockchain
Author | Terry
Produced | Vernacular Blockchain (ID: helloBTC)
According to Dune Analytics data, the transaction volume of OpenSea based on Ethereum in February was 3.577 billion US dollars, a decrease of nearly 30% compared with January (4.954 billion US dollars), while the NFT transaction volume was 2.14 million, a decrease from January (2.46 million transactions). 13%.
01 The setback of NFT and Metaverse
The investors in the market are sensitive. Compared with the previous boom, the NFT market has been able to feel the chill of the ebb, and the trading volume can most clearly experience the chill of the market.
In the past 30 days, the transaction volume of the NFT market has shown a fluctuating downward trend. The NFT transaction volume reached its peak in the past year on February 1, and the single-day transaction volume reached 900 million US dollars. At the end of the month, the transaction volume fell sharply by nearly 76%, about 1.3%. One hundred million U.S. dollars.
Of course, during the period of decline, periodic small-scale corrections are more common in good news, such as the recent acquisition of Yuga Labs and the dazzling performance of the corresponding boring ape NFT.
In addition, in the context of this large-scale landslide, blue-chip NFTs have performed relatively well. According to NFTGo data, taking the top blue-chip NFT series Azuki as an example:
Azuki’s highest selling price in the past week was 95 ETH, and its average price has fluctuated, but it has remained in the 10–15 ETH range.
At the same time, the land sales of the Metaverse project The Sandbox also plummeted to 12,683 ETH in February, a drop of nearly 50% month-on-month compared to the 24,516 ETH land sales in January 2022. In addition, the peak sales of The Sandbox plot occurred in November 2021, with sales reaching 34,366 ETH in that month.
NFT and the Metaverse are ushering in their pain period. In an interview not long ago, Steam founder Gabe Newell was blunt, explaining why the platform banned NFTs and cryptocurrencies, arguing that a lot of “illegal” things happened behind the scenes, and saying “most people who are talking about the metaverse are running, By the way, they never played an MMO (massively multiplayer online game).”
02 The pain period of blue chips
Meta (formerly Facebook) is huge in the All in Metaverse. Founder and CEO Mark Zuckerberg said at the end of June 2021 that the company’s plans are far more than social media, but to build A metaverse, Zuckerberg even declared that he hoped to build Facebook into a metaverse company in the next 5 years or so.
While there is no shortage of skepticism about Meta’s metaverse ambitions, Meta has long been seen as having a huge advantage as a social media giant serving billions of online users around the world.
But the reality is very skinny. Half a year after the announcement of “All in” Metaverse, Meta announced its latest financial report on February 3. This financial report is also its first financial report after focusing on the “Metaverse”. Not only is the overall performance unsatisfactory, but the innovative business of “AR and VR-related hardware, software and content” related to the Metaverse is even bleaker.
Although Zuckerberg once took a precaution on the profitability of “Metaverse”, saying that “at least in the next three years, the possibility of Metaverse business profitability is very small”, once the financial report came out, the Metaverse burned money. The ability is still beyond imagination.
Meta’s shares also tumbled 21% after the bell, the biggest one-day drop since the company went public in 2012, before falling even further. Up to now, Meta has fallen by more than 35%, and its market value has fallen below $600 billion.
03 Undercurrent under the competition of giants
On March 16, Meta (former FaceBook) founder and CEO Mark Zuckerberg said at South by Southwest that Meta is working on bringing NFTs to Instagram in the short term, but I’m not ready yet Details will be announced today.
The layout of Internet manufacturers in NFT and the Metaverse has begun to accelerate significantly:
In December 2020, Adult Network OnlyFans enabled the NFT avatar function;
In January this year, Twitter added support for NFT avatars;
Also in January, Reddit, which has 425 million monthly active users, allowed users to add NFT tags to their profile pictures;
In February, Alexander Tobol, technical director of Russia’s largest social network VKontakte, said in an interview with Russian media that he planned to integrate NFT and blockchain technology in its operations;
YouTube CEO Susan Wojcicki was even blunter when announcing the integration of NFTs, which will help creators take advantage of new technologies such as NFTs to enhance and enhance the experience for creators and fans on YouTube.
It’s not just social media giants looking to get in on the action the crypto industry has to offer. Traditional financial firms have also shown interest in the space, with an application filed this week with the U.S. Patent and Trademark Office by American Express showing that the company is ready to offer virtual banking and transaction services, cryptocurrency services, and allow its credit cards to be used in the NFT marketplace use.
The day before yesterday, the Japanese social giant LINE also cooperated with 26 companies such as Visa and Crypto.com in the fields of games, comics, entertainment, metaverse, and art, and planned to establish a global NFT value chain.
04 Summary
To a certain extent, these active Internet companies, especially the giants, are helping to promote the concepts, products, and innovation advantages of NFT and Metaverse all the time. On the one hand, they attract a large number of users outside the circle to experience, use and support. Change, on the other hand, has accelerated the mature iteration of the industry in terms of products and services.
This is the most promising future positive variable in the dark times.
