In the emerging Chinese community, talk about the status of NFT development in China
Dragon Castle, the largest development in "Cryptocentre" centre and based on Eether, is designed to build a Chinese community. Will this lead to greater interest in NFT among collectors from China?
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Although global sales of irreplaceable tokens (NFT) have reached an all-time high of $100m, in China it is still a niche market. With the exception of a few collectors who have begun to advocate the value of cryptographic art, most Of the Chinese focused on blockchain are busy using DeFi for fluid mining.
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In China, NFT has not received widespread attention because, relatively speaking, digital collectibles, artworks and virtual plots are esoteric concepts that require a deep understanding of encryption and industry knowledge, and because this is an emerging field, a high level of English is required for participants. However, The Chinese culture-related NFTs may have begun to attract a small group of Chinese. In this paper, the development prospect of NFT market is further thought by analyzing Dragon City, the largest virtual land parcel in Centre and.
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Launched in 2017 as A drag-and-drop tool, Centre and offers users the ability to build almost everything they see in real life, as well as "Second Life" on the blockchain.
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However, unlike Second Life, players are able to create, experience, and monetize what they build and have. For example, renting a piece of land from another player generates revenue, as does building a casino on that land and letting players pay for cryptocurrency royalties.
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Dragon City is emerging as representative of an increasing number of Cryptographers in China who are not only eager to participate in the GLOBAL NFT as well as being a contributor.
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The founder of Dragon City said, "Dragon City is a virtual city deeply rooted in Chinese mythology, which can be traced back to the source of the world. My inspiration for dragon City comes from the fact that Western mythology can be systematically built on Greek mythology, while Chinese mythology lacks an integrated system and there are many different opinions."
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A close look at the blueprint of the Dragon City reveals traditional cultural concepts such as Yin and Yang, the four Elephants and the eight Diagrams, which represent the principles by which ancient Chinese built houses, villages and cities.
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For example, the city map shows that the lakes in Longcheng are all on the left side of the mountains, because the lakes usually represent Yin, which according to The Taoist theory of Yin and Yang must be on the west side of the Yang represented by the mountains.
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NFT embodies ownership and value
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"In reality," says the Dragon City founder, explaining why He has been able to build a loyal center in China, "There are no private ownership in Chinese law, in that people can use the land, but they don't own it. So even as They are only virtual land in Centre and possession," He says.
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If the first step is to attract players with ownership as to how to own the land As Centre and, the second is valuation. Centre and operates on two tokens. It was celebrated in 2017 by NBSP; The ICO raised $26 million and later issued LAND, an NFT token, which represents LAND that people can own. That's where the economic value comes from.
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It was believed that, like real estate in the real world, a piece of land appreciated only when more people wanted it. And only if it is developed will it attract more people.
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"As the first China-themed city on the blockchain, we are promoting Dragon City to Chinese people," said the founder of Dragon City. "We think the concept will also attract foreigners interested in Chinese culture."
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Playing the culture card, though an advanced strategy, has only just begun. The dragon city creation team must build an attractive and distinctive city that allows players to spend time exploring the dragon city. But for now, there is little on the platform other than beautiful murals. A city must have intrinsic value.
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Scarcity rule
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Fortunately, or unfortunately, cryptography markets never price tokens based on their intrinsic value. Just as Cryptokitties became famous overnight in 2017, the Dragon City team also hopes to create a sense of "scarcity" so that Dragon City will stand out among the millions of parcels auctioned off on the blockchain.
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Storytelling may be the NFT's true intrinsic value.
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DappReview and founder of NFT advocates Vincent Niu said: "for NFT is widely used in China, the product must be associated with existing brands, and have a large number of followers."
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The examples he lists include Dapperlabs' NBSP; NBA Topshots and a partnership between WAX and Topps. Both companies use their huge fan bases to actively seek out brands that already exist in the real world. This kind of offline connection is especially important in China, where celebrity status is particularly strong. The psychology of group behaviour, from celebrities to influencers, has found expression in the emerging economics of fans worth billions.
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For NFT, connecting online and offline is a key step in making its rise in China real.
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