Chinese singer-backed NFT skyrocket, as industry set to explode in 2022

Bitcoin, a type of cryptocurrency Illustration: VCG

The floor price of “Phanta Bear,” a recently launched non-fungible token (NFT) project by a company backed by Chinese singer Jay Chou, jumped to 0.69 ethereum cryptocurrency ($ 2,606.41) on Tuesday morning , according to an official Tweet from Ezek, which hosted the sale.

With the iconic singer joining the NFT craze, industry insiders have said the global NFT market will continue to thrive in 2022, with more celebrities and industry giants entering the field. . Trade volume and market size could increase tenfold in 2022, as attention shifts to the level of consumption.

China’s NFT industry will find an appropriate and regulatory-compliant development model as the country’s crackdown on cryptocurrency, insiders noted.

An NFT is a digital asset developed on the basis of the blockchain. Each NFT is a uniquely identifiable digital item that can be authenticated through the blockchain, unlike most digital items, which can be duplicated endlessly.

The Phanta Bear NFT collections have a total of 10,000 bear-themed NFTs launched by entertainment platform Ezek and designed by Chou fashion label PHANTACi. The collection sold out just 40 minutes after launch, Ezek said.

An industry insider, who spoke on condition of anonymity, told the Global Times on Tuesday that Chou’s entry will create a “celebrity effect” that will attract more top IPs, celebrities and brands to launch NFTs, propelling a market that is already on the fast lane. ”

The insider added that “this year the NFT market will move to the consumer level, rather than being a niche market for the crypto world.”

This year, the technological extravagance Consumer Electronic Show (CES), which will be open in Las Vegas from Wednesday to Friday, will also include for the first time an exhibition category for NFT start-ups. Major industry players such as Atomic Form, Blockparty and FTX will participate, according to a statement posted on the CES website.

The main giants of the domestic industry from different fields, including Tencent and Alibaba, have sought opportunities and implemented strategic plans to take advantage of the growing sector, especially with the heated and animated discussions of the metaverse and the potential. market to unlock business opportunities related to NFT.

Shanghai local authorities aim to develop core metaverse technology and explore its industrial application scenarios in the city’s 14th Five-Year Plan, targeting the development of the local electronic information industry, the city reported on Tuesday. financial media cls.cn.

“Last year most of the NFTs showcased arts and images. This year, blockchain-based games will experience explosive growth, as will NFTs that feature games. Music NFTs will also become another point. hot for investment, ”the insider noted.

Industry watchers have said market regulation is expected to catch up, with more defined rules and standards in 2022 as part of the nation’s cryptocurrency crackdown.

An industry observer based in eastern China’s Zhejiang Province told the Global Times on Tuesday that the domestic NFT industry will explore a unique development path in accordance with the laws, while market regulations gradually catch up with the industry. evolution of the industry.

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