ChainIDE#29 The difference between Domestic and foreign NFT market
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The year 2021 has just been called the first year of NFT, and according to Collins, usage of the word has increased by 11,000 percent in the past year, That beat out a string of candidates including "double-vaxxed", "hybrid working", "cheugy" and "metaverse" to top the list.Non-fungible Token (NFT) is a non-replicable, tamper with and divisible cryptographic digital proof of interest based on blockchain technology. It can be understood as a decentralized "digital ownership certificate of virtual assets or physical assets". Technically, NFT is distributed as a smart contract. A smart contract can issue one or more NFT assets, including physical assets such as collectibles and event tickets, and virtual assets such as graphics, music, and game items.
NFT's core values lie in the following three aspects:
- First, digitize content.
- Second, rely on blockchain technology to ensure the uniqueness and authenticity of assets
And permanent, and effectively solve the problem of confirmation of rights. - Third, the decentralized transaction mode improves the content to some extent
The commercial position of the creator reduces the commission share of the centralized platform. **
The development path of NFT in China follows a business model different from that of overseas markets. Chinese enterprises are more likely to start from copyright protection, play the function of NFT digital property right proof, and emphasize the exploration of coinetless NFT.
can be specifically summarized as differences in three aspects:
1)Different nature of issuing platform:
most foreign NFT are issued on blockchain public chain such as Ethereum, which can be traded on the public chain. The issuing party is a team or an individual. Domestic NFT, which is usually sold through companies' own affiliate chains, cannot theoretically be traded on public chains such as Ethereum.
2)Different trading modes:
domestic secondary market trading is restricted due to regulatory influence.
3)Different cultural positioning:
Domestic NFT is strictly called "digital collection", which emphasizes more on art and collection value, while overseas NFT, as a token, comparatively emphasizes "digital assets".Discussion:
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What do you think is the biggest difference between the domestic and foreign NFT markets?
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Do you prefer digital collections in the domestic market or NFT in the foreign market?
Reference Reading
Welcome to join us!
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Domestic NFT markets are local, catering to in country users, while foreign NFT markets affect international parties and transactions.
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