NFT Flea market

NFT influencer based marketplace

Temporary suspension

Background

NFT Explanation: NFT stands for Non-fungible Token, which refers to the technology of digitizing non-fungible digital assets using blockchain protocols. Unlike fungible assets, NFTs cannot be exchanged on a like-for-like basis. People utilize blockchain technology to create NFTs, which combine investment value with content such as images and text. These NFTs are then traded among individuals. Some renowned NFTs have yielded significant profits for investors, leading to the emergence of NFT investors who spare no time or expense in searching for NFTs to invest in.

Current State of the NFT Ecosystem: Depending on the size of the blockchain ecosystem, NFTs using the same technology may perform well in larger blockchain ecosystems while struggling to gain traction in smaller ones. Due to this reason, NFT projects tend to launch on blockchain ecosystems with larger volumes. If this phenomenon continues, the growth of NFT ecosystems in smaller blockchain volumes will be hindered, and the NFT market will exhibit polarization. While NFT ecosystems have thrived in larger blockchain volumes, those in smaller volumes remain relatively stagnant. It is not easy for these ecosystems to experience substantial growth.

The NFT Ecosystem of Emerging Blockchains: Since the emergence of Bitcoin in 2008, blockchain technology has been continuously evolving, giving rise to various new blockchains. These new blockchains offer advantages such as stability, speed, and low transaction costs. However, these chains often fail to attract NFT projects, resulting in a situation where people cannot take advantage of the technological and cost benefits of these new blockchains. Nevertheless, people continue to invest in NFT projects on blockchains with slow and expensive transactions. The reason behind this is the presence of a more trustworthy investment ecosystem due to the availability of a larger number of NFT projects and a higher market volume.

In this situation, smaller blockchains are being deprived of both the NFT investment ecosystem and NFT projects, leading to polarization within the NFT ecosystem even within the blockchain space. While all blockchains function as financial protocols, facilitating the movement of digital asset value and mutually benefiting each other's growth, the NFT ecosystem exhibits extreme market disparities among different blockchains. There are several reasons behind this polarization, and we have pondered over these aspects

Key Players Driving the Current NFT Ecosystem: There are various influencers, primarily known as alpha callers, who specialize in providing recommendations on entry and exit points for NFT projects. People purchase and invest in NFTs based on their recommendations. Additionally, within each NFT community project, there are those who professionally manage social media accounts, gaining trust in their NFT projects. People also invest in NFTs based on their activities and recommendations. There are also NFT whales who quietly operate on platforms like Discord. While they may not be active on Twitter, they closely examine and invest in promising projects throughout the ecosystem. Their investment insights are valuable, and investing in NFTs they invest in could be a sound investment strategy.

Furthermore, there are NFT investors who are currently leading the ecosystem. They have had positive experiences with investments and may be newcomers as well. Generally, they excel at early investments in promising NFTs, expecting significant returns on their investments. The NFT market has experienced significant growth early on due to such dramatic investment stories.

We launched a no-code-based NFT launchpad and marketplace called nodegen.xyz on the Aptos blockchain in December 2022. Although our service failed, we didn't attribute the failure solely to being on a smaller blockchain volume. Instead, we identified a peculiar sentiment within the overall NFT market. As a result, we realized that we had made some misconceptions and mistakes.