What is the development direction of the new NFT project with the Azuki crash and BAYC debut?

What's the direction of development for the new NFT project with Azuki crash and BAYC debut?

Author: Web3 Market Research Institute

I believe the recent Web3 meme is “Let’s find the difference.” That’s right, even the ceiling, the NFT project, has crashed again.

Now, Azuki is trying to “whiten” the community and users through community AMA, airdropping NFTs, and other public relations methods. However, as the saying goes, “the market speaks for everything.”

The trust crisis caused by the collapse of the brand has triggered a collapse of the entire market, with floor prices almost halving. So, can the market be regained and users be attracted through “whitewashing”? Let’s wait and see.

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However, my view is: if it is only the innovation on the PFP and the price increase caused by the brand, then it is inevitable that there will be no follow-up power. Ultimately, there is no innovation point or landing point except for the brand effect. Here, another question has emerged-how can NFT projects continue to develop? Obviously, relying solely on PFP is no longer able to drive the upward development of the entire market.

As luck would have it, following Azuki’s car accident, BAYC recently issued a statement that their new game HV-MTL Forge Guide has been released, covering 6 seasons and corresponding to 6 upgrade opportunities. So, I remembered their transformation after the NFT track was weak-Dookey Dash, a classic arcade game (GameFi) with their monkey image as the protagonist.

In this game, players only need to manipulate the aircraft in the sewer to collect debris, dodge and even destroy obstacles to maximize their scores. Due to its simple and easy-to-operate addictive gameplay, coupled with the brand and marketing methods, Dookey Dash attracted players’ attention once it was released. The game drove NFT and its tokens and achieved very perfect data.

According to NFTGo statistics, just three weeks after the game was released:

1. A total of 25,525 Sewer Blockings holders have played a total of 7,487,850 times, with each player spending an average of 27.7 hours on this “little game”.

2. During the launch of ApeCoin, the price rose to a year-high of around $6.

So, can this new game HV-MTL Forge also replicate the myth of Dookey Dash? If so, it is believed that it will provide a more reliable transformation plan for the entire PFP NFT track, that is, transforming from an NFT project to a GameFi project where NFTs are important assets and props.

Of course, GameFi is actually just one direction for the transformation of NFT projects. Looking at the entire Web3 market, it can be seen that the types of NFTs are no longer limited to a PFP used for socializing, but are trust credentials based on distributed ledgers and encryption technologies that are used in more diverse scenarios.

Here are some transformation directions that the author has compiled that he finds interesting and worth studying:

Decentralized Identity (DID)

A few years ago, DID was actually more cryptography-based, and an identity displayed as “did:xxx:xxx” raised the threshold for ordinary users to use. However, visualized domain names represented by .eth and .bnb NFTs currently occupy most of the market. By combining the underlying parsing method with a one-click login method, and pairing it with the display form of NFTs, it can better gain user recognition.

On-chain Tickets

The essence of NFT is a trustworthy credential, so it can be used as a “ticket” to allow users to participate in activities with the “NFT”. In the past, Oukei and the organizers of the Hong Kong Convention cooperated to launch on-chain tickets. More cases have actually been applied in the sports industry as early as last year, especially in NBA events.

Membership Credentials

Whether it is the soul-bound SBT proposed by V God, or the NFT that users participate in various activities to obtain, they are the most trustworthy loyalty symbols and contribution certificates for users of a project. Different from the traditional membership system that uses points as membership symbols and distinguishes levels, with the help of NFTs, not only can the membership identity be more trustworthy, but the holder can also obtain greater benefits (joining NFT is tradable and has a copyright fee), and the project party can understand the user through NFT data. In addition, the design of NFTs is often based on brand setting, making the entire membership system more in line with the project’s own attributes and forming better brand effects.

Therefore, the author has also mentioned many related projects recently, and those interested can learn more through previous articles.

However, according to the author’s interests, GameFI is still the best solution for NFT transformation–combining fun, social and NFT derivatives, it provides a smooth path of development without the need for a complete transformation of NFT projects.

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