At present, the technology of the NFT market is developing very rapidly, which has driven the innovation of many online and offline business models and stimulated the vitality of the market. However, there are indeed problems including but not limited to the relatively rudimentary technical agreements, relatively single application scenarios, unhealthy market regulation system, and judicial protection.
There are many reasons for these problems, but perhaps the most important is that although the application of NFT products represents the development direction of web3, it still relies on the web2 infrastructure to operate, and based on this “displacement”, many practical and legal issues have arisen. Regulatory issues. In the long run, the NFT ecology will inevitably form a unique business model and ecosystem that does not depend on the traditional Internet, but in the specific development, it is still necessary to consciously cultivate the development direction of web3, because this will help to correctly solve the problems encountered in the market development.
- The NFT market based on web2 operation
As mentioned earlier, there are many problems in the current NFT market, the root cause of which is that the NFT marketplace is still operating on the web2 model. Generally speaking, there is no essential difference between domestic and overseas in this regard. It is also understandable as a new model and new business format whose development is still in its infancy, but market players need to actively respond to the problem in order to better solve the problem.
The blockchain that NFT products rely on is currently in a state of “blockchain islands”. At present, the domestic mainstream is to issue NFT products based on the alliance chain, but the cross-chain operation between the alliance chains has not been smoothly realized, and no substantial cross-ecological applications have been produced. The alliance chain itself is generally based on its main initiative. Institutional credit is used to operate, and each other is actually in a “blockchain island” state, so it is essentially the same as the traditional Internet model. Even if overseas NFT products run on the public chain, the public chains are basically still fighting each other, and their ecology is still relatively fragmented.
The new digital marketing based on NFT products is still based on the traditional Internet model. At present, although various NFT product or collection platforms are flourishing, their business operations generally rely on traditional platforms or carriers, and asset issuance and trading methods are still based on traditional models.
For example, users mainly rely on traditional Internet media to obtain information. Some media or related public accounts often publish relevant collection information regularly, while users search and understand NFT product information, which is still based on traditional media and traditional network platforms. Moreover, these official accounts or corresponding media have become the traffic entrance of digital collections at the current stage to a certain extent.
Another example is that the content rights of many NFT products are issued online, but their data and rights confirmation, transaction, realization, and utilization all need to be operated through traditional Internet market entities, which are inextricably linked with offline. So far, many digital asset transactions are still based on traditional centralized exchanges.
The protection of user rights and interests is still based on the traditional Internet model. Users log in based on traditional Internet accounts such as applets or other identities, and their data is stored in centralized servers. Users have a weak grasp of information on the chain, so that sometimes some digital collections are not even issued based on the blockchain. It is not uncommon, and usually users cannot control their own account operations and cannot view the corresponding data information. At this time, the protection of user rights and interests can only be placed on the platform. Therefore, administrative supervision agencies and judicial agencies will naturally put more The responsibilities and obligations of the platform are imposed on the platform, which is no different from the traditional Internet model.
2. The NFT market towards web3
Of course, there are currently many issues related to the development of the NFT market, both technical and applied, both at the level of laws and regulations and the actual market environment. But fundamentally speaking, the key to solving the current application problems of the NFT market is to build the underlying infrastructure of the blockchain, develop more NFT technology application protocols, introduce more measures to protect the rights and interests of users, and strive to build NFT products based on web3 operations.
Strengthening the underlying blockchain infrastructure is still very important. Judging from the current operating status of the alliance chain, its credit is still based on the credit of its main sponsor or operating agency, and its business and ecology tend to be closed, but this is not in line with the openness that blockchain applications and ecology should have. , intelligent, and credible intrinsic attributes, in order to truly let the blockchain infrastructure play the role of the bottom layer of the web3 ecology, the alliance chain should be operated in the form of a public chain, and the system should be open, intelligent in operation, and data credible. To develop the alliance chain ecology, and truly provide the market with an underlying infrastructure that breaks data islands and realizes ecological interoperability. From this perspective, the difference between the consortium chain and the public chain is not fundamental. A consortium chain with a high degree of consensus is much better than a public chain that exists as an isolated island.
Develop more application protocols based on NFT technology. The current protocol is still relatively rudimentary, and the application scenarios are still relatively simple. It is necessary to enhance users’ personalization, immersion, and interactive needs, and develop some new consumption models based on NFT products such as music, opera, and written works, and integrate specific social scenarios, economic The event scenes are integrated into it, stimulating new scenes in various industries such as cultural tourism, art, automobiles, and education.
Although the current digital collection platforms are still similar to traditional Internet platforms, because they focus on the construction of technical platforms and the development and application of technical protocols, they are relatively tolerant to specific business scenarios and can accommodate the issuance of NFT products based on different digital content and business scenarios. It is conducive to the continuous enrichment of NFT technology application protocols, and is also conducive to the formation of a healthy, diverse and inclusive NFT business ecology.
Improve the status of user rights in the NFT ecosystem and market. In the early stages of application and business development, it is inevitable to rely on traditional ecology and models, but this should not be the direction. Efforts should be made to further enrich and give full play to the functions of user wallets and user spaces from the perspective of improving user rights and interests, and based on this, change users’ habits of collecting, discovering, utilizing, and using NFT digital collections, and integrate business scenarios and requirements into this new type of user habits. Gradually form a new ecology based on web3, make NFT a future business platform and traffic portal, gradually generate and develop independent business models and ecosystems, and radiate the real vitality of web3 business.
3. Several issues in the NFT market towards web3
The NFT market needs to uphold the concept of respecting the rule of law, respecting the profession, respecting the market, and fearing risks, close to the market and users, and actively build a web3 business model and ecosystem.
Comply with web2 regulations. Since the NFT market generally operates on the web2 business model, it is inevitable to comply with relevant business logic and regulatory requirements under the web2 model. It is embodied in the need to operate in accordance with traditional platform governance and regulatory requirements, including information release, asset issuance and trading, user community management, privacy protection, etc. For example, publishing information in traditional online media requires compliance with its relevant requirements.
Maintain market order, user rights and system stability. In the process of moving towards web3, in addition to some typical web2 scenarios, some web3 business links may also appear, and some may be in between. At this time, practitioners need to consciously maintain market order, user rights and interests, and maintain the stability and effectiveness of the entire market system. For example, when issuing blockchain smart contracts, it is necessary to consider the reliability and stability of technical protocols, the compliance of business logic, the protection of user rights, and the impact on other normal businesses.
To maintain the availability of services and products. In the process of moving towards web3, some market players are keen to release some products or services that are still in the concept stage. The reason is that web3 is still in the early stage of development and cannot realize more functions and applications. This may be a fact of the technology business environment, but it should not be an excuse for industry players to stand still or even a tool for them to “cut leeks”. For example, some market issuers don’t think about how to increase the effectiveness of services and products to solve real-world business scenario problems, and instead use their brains to increase traffic and expand transactions out of thin air. This kind of behavior lacking real demand support is not a good thing for the market and users .
Prevent misleading, fraud and manipulation, and prevent illegal activities related to NFT applications. Many practitioners do not respect relevant laws, regulations and regulations subjectively, thinking that these regulations are based on web2, and their business should not fall within the scope of regulations, and they do not abide by them in actual actions. For example, when many market organizations conduct business, they intentionally exaggerate the functions of products and services, even intentionally or unintentionally imply and mislead the expected return of products, and even actively participate in fraud, deception, theft, market manipulation, etc. in actual operations. These behaviors, whether inside or outside the country, are not allowed by the supervision and are bound to be cracked down.
Actively considering the pilot application of digital RMB in web3 scenarios. The digital renminbi is an important deployment in my country’s 14th Five-Year Plan, and it is of great significance to the development of my country’s digital economy and web3 applications. First of all, it can further improve payment efficiency, promote digital technology application innovation, and promote the expansion of the use of digital renminbi in cross-border transactions in the Belt and Road Initiative. Second, provide consumers with more convenient options based on existing online payment services to promote the fairness and security of the financial system. In addition, it can also promote the prevention of network risks and business system risks, promote data security and privacy protection, and combat illegal financial transactions. For example, smart contract applications based on digital renminbi, combined with NFT product business scenarios, are more conducive to promoting innovation in technology and business models, protecting the legitimate rights and interests of users, and promoting data security and financial system security.
