Is NFT fragmentation a fluid exploration practice or a performance art?
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Last Saturday, the famous NBA star Curry bought an NFT ape (Bored Ape Yacht Club, BAYC) for 55 ETH (about 180,000 US dollars), and then he changed his Twitter profile picture to the NFT work, and The abbreviation "BAYC" of the project is marked in the personal profile.
It is reported that Bored Ape Yacht Club (BAYC) is an NFT collection item launched in late April this year. The series consists of 10,000 unique apes, including hats, eyes, looks, clothing, backgrounds, etc, 170 different rarities Attributes.
According to Messari data, on August 10, the floor price of BAYC apes was 16 ETH, and after buying in Curry, the floor price of BAYC apes rose to 24.99 ETH, a 56% increase in 21 days.
In addition, the blue-chip project CryptoPunks in the Avatar sector has developed into the most expensive project in the NFT ecosystem in four years, and it is also experiencing the madness of the DeFi boom last year.
Under such an upsurge, the popular NFT collectibles are priced at hundreds of thousands and millions of dollars, which is naturally prohibitive. While the investment threshold is raised, it has also caused NFT liquidity problems. Faced with such a situation, NFT fragmentation has emerged.
On August 23, a picture of Shiba Inu named "Feisty Doge" began to appear frequently in major communities. The photo was sold as an NFT in June and was auctioned by a user named path.eth (@Cryptopathic) on Twitter on the decentralized auction platform Zora for 13 ETH.
On August 19th, the user split the ownership of this Feisty Doge NFT (Dogecoin avatar prototype) and created the token NFD with a total of 100 billion copies. Then he created an ETH-NFD pool on SushiSwap, invested 25 ETH and 5 billion NFD as initial liquidity, which means that the initial valuation of Feisty Doge was 500 ETH (valued at about $1.555 million at the time). After path.eth (@Cryptopathic) released the news, the extremely low price stimulated speculators’ interest in NFD to spread like wildfire. From the initial price of US$0.00001547 to the highest price of US$0.00125862 on August 22, NFD It has risen 80 times in just 3 days. While the NFD soared to a high point, it also drove the photo of Feisty Doge to become the most expensive NFT in the industry at a price of $126 million.
Obviously, NFD has become the engine of NFT fragmentation, gradually infiltrating the encryption community. We all know that although a book, a car, and a house are inseparable, when it is tied to a token, the token can be subdivided infinitely. For example, 1 bitcoin can be divided into 1000 0.001 bitcoins, so when you own the tokens bound to the asset, you also have the ownership of the corresponding asset. In this case, real-world assets, or products of the virtual world, can be regarded as a kind of stock, and fragmentation is similar to "stock splitting" by splitting larger denomination stocks into several stocks. Stocks with smaller denominations, on the one hand, can lower the threshold for people to purchase, obtain promising assets at a lower cost, and increase the possibility of benefiting from them. On the other hand, it also reduces the difficulty of circulation of these NFTs.
Discussion:
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What NFT fragmentation protocols are available on the market? What are the differences between them?
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Is NFT fragmentation a general trend or liquidity overdraft?
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Talk about your views on NFT fragmentation.
Further Reading:
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Fragmented NFT Research Report: Exploration and Practice to Improve the Liquidity of NFT
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Will NFT fragmentation become the key to the development of social tokens?
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Crowdfunding to buy an avatar? I would like to call it NFT performance art
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Take a quick look at three NFT fragmentation tools: Fractional.art, Unicly and NFTX
Welcome to discuss here.
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The can bring down the limit for individuals to buy, get promising resources at a lower cost, and increment the chance of profiting from them. Then again, it likewise diminishes the trouble of course of these NFTs.
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It's fascinating how the concept of NFT fragmentation blurs the lines between fluid exploration and performance art. The fluidity of this practice allows artists to delve into new dimensions. Speaking of exploration, have you considered how Med Spa Local SEO could optimize the visibility of your art? It's worth exploring the digital realm for broader reach.
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The story of "Feisty Doge" and the subsequent creation of NFD tokens has created quite a buzz in the crypto community. The concept of NFT fragmentation, where tokens can represent ownership in divisible fractions of assets, is gaining traction. This innovative approach seems to bridge real-world assets with the digital token economy, similar to "stock splitting."
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