Summary of this issue:
The core value of NFT lies in “digital content capitalization”, which is the property right confirmation and trading mechanism of the virtual world. Non homogeneity token (NFT) is an encrypted digital rights and interests certificate based on blockchain technology, which can not be copied, tampered with or divided. Its core value is to convert digital content into digital assets, ensure the uniqueness and authenticity of digital assets by using blockchain technology, and effectively solve the problem of asset ownership. It is mainly used in copyright protection, copyright trading Content issuance and IP value derivative realization.
China’s digital collection platform is closely bound with the alliance chain to provide technical, distribution and operation services for the casting and distribution of digital collections. Unlike foreign popular projects such as bayc and decentraland, which are independently distributed on the blockchain, most of China’s digital collection projects are distributed through the digital collection platform, while most of China’s digital collection platforms are built on the alliance chain. In the head platform, “whale probe” has strong operation ability. It cooperates with institutions in animation, culture and Expo, sports and other fields to hold “Guoman IP wanchuang competition”, “treasure plan” and other activities, and continues to issue diversified digital collections; “Magic core” and Tencent Entertainment content have high ecological synergy, which is expected to promote the derivative realization of film and television animation IP and game IP; The “meta vision” platform relies on Visual China Group Co.Ltd(000681) rich and high-quality content system and perfect creator ecology, and the supply of subsequent digital collections is stable.
In terms of project distribution, NFT innovates the content distribution mode and provides a new form of IP derivation. The distribution amount of a single project in the Chinese market ranges from thousands to millions. All kinds of traditional Internet content platforms and content distribution companies have joined the game. Q sound launched the vinyl record moonlight, and read the text launched the first online text IP digital collection. Film and television animation or game IP such as Alpha Group(002292) “pleasant goat and grey wolf”, Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) “talking Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) ” can be derived and realized in the form of digital printmaking, digital card and digital 3D model. In the overseas market, Jay Chou and his friends jointly organized the tide brand Phantaci and the yuan universe platform Ezek to issue a limited number of phantabearnft10000 copies, priced at 6200 yuan, sold out in 40 minutes, with a total value of 62 million. After going online on January 1, the value-added was up to 20 times in 10 days, and the star effect was significant. We believe that cooperation with head IP or Mingxing may become an important distribution method of NFT projects in the future. In addition to digital content distribution, non internet companies of TOC such as culture, tourism, sports and consumption can cut into NFT from the perspective of brand marketing, product promotion and Realization of brand or IP value.
Seeking an open secondary market while strengthening supervision and curbing speculation is the key to the further development of China’s NFT industry. In view of the fact that there are no strict national legal provisions and provisions on NFT at present, and NFT has the same technical basis as homogeneous token application, we believe that with the promotion and popularity of NFT application, there will be regulatory intervention in the casting, issuance, sales and circulation of NFT in the future. At present, the incomplete decentralized platform architecture and the incomplete opening of the second-hand trading market mean that Chinese participants can only share the income of the primary market. The digital collection can be regarded as a new generation of “tide play”, and the commodity circulation mechanism of the virtual world represented behind it has not been fully realized.
Investment suggestion: the value capture of Chinese platform companies comes from the issuance and transaction of NFT. It is suggested to find excellent digital collection platforms from the aspects of blockchain technical strength, reputation of alliance parties, traffic backed by Internet platform, operation capacity and content strength of operating companies, with emphasis on ( Visual China Group Co.Ltd(000681) , Three’S Company Media Group Co.Ltd(605168) , Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) , Alpha Group(002292) , middle hand travel), At present, it is suggested that companies that pay attention to the layout of the whole industrial chain (Alibaba, Tencent, JD, Netease, Inmyshow Digital Technology (Group) Co.Ltd(600556) , Tangel Culture Co.Ltd(300148) ), Internet content platforms with rich and high-quality content Ecology ( Visual China Group Co.Ltd(000681) , Tencent music and reading group), and state-owned background authorization platforms ( Three’S Company Media Group Co.Ltd(605168) , Guangdong South New Media Co.Ltd(300770) , Mango Excellent Media Co.Ltd(300413) ), Pay attention to the relevant trends of Internet vertical platforms (BiliBili, heart, meituan). The core competitiveness of the project issuer lies in the richness and quality of content, IP influence and the operation ability of derivative products. It is recommended to pay attention to the content platforms and distribution companies with rich content and IP reserves ( Alpha Group(002292) , Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) , medium-sized mobile games, Netdragon, dream world, bubble mart, Netease cloud music) Brokerage companies with head star artists ( Zhejiang Huace Film And Tv Co.Ltd(300133) , H&R Century Union Corporation(000892) ) and marketing head companies ( Three’S Company Media Group Co.Ltd(605168) , Bluefocus Intelligent Communications Group Co.Ltd(300058) , Hylink Digital Solution Co.Ltd(603825) ).
Risk factors: regulatory policy uncertainty, the development of blockchain infrastructure fails to meet expectations, and speculative risks are widespread.
