Speaking at the 14th World Blockchain Summit MARVELS, the Chairman of BigONE Exchange Anndy Lian said that key to success for NFT startups was a supportive community and a compelling user case. As a guest speaker at the event on February 22, under the theme of ‘NFT META Korea 2022’, Lian agreed that the global market for NFTs was very active currently but wanted to share his experience in how NFT projects can be successful in the longer run.
“While NFT creation looks straightforward the true essence of the NFT, the true value comes from community, as well as the technology and the tokenomics. If you are looking to launch a NFT studio, and you wish to partner with our partners, it could be with a meme coin community with Shiba Inu, Kishu Inu, or XRdoge, as all these projects have a very big community behind them; if you need that kind of partnership to succeed in the global market then we can help you,” Lian told his audience at the Seoul event.
The market in NFTs boomed in 2021, with total sales globally totaling $25 billion, up from just $94.9 million the year before, according to DappRadar. “Not surprisingly social media is awash with tales of get rich quick NFT success, from CryptoPunks to Bored Apes, and everything in between, but the fascination with digital art is going to change in 2022, with more use cases around utility. Clearly NFT projects need to be as transparent as possible when creating their offerings and grow a viable community as they progress, said Lian
One key factor that should be with a team from the outset is to ensure the NFT has utility, which is closely tied to the importance of community. At its core of course NFTs are a great way for creators and artists to contact directly with their fans, with their community. And that’s probably the most compelling use case to date that’s going to sustain the growth of NFTs into the future, Lian added.
Lian illustrated for the audience the importance of getting this relationship between the NFT and its community, between creators and fans, with the example of starting a NFT around a well-known soccer player. While on paper the fans of a soccer player appear to be automatically part of the NFT community you are building, that isn’t necessarily the case. What is needed is a strong bond to be created between the fans and the soccer star and the platform for it to work. This was related to the importance of ensuring that when you see a new project in the NFT space you should as an investor consider whether it has utility.
Lian added that for NFT creators it was important to be transparent about their offering to investors, not only to better convey its value, but also to ensure that when regulators start to enter the space in 2022 the quality of the NFT industry stands up to scrutiny.
Oh Myung, former Deputy Prime Minister and Minister of Science and Technology; Oh Se-hoon, Mayor of Seoul City; Lee Won-Wook, National Assemblyman and Minister of Land, Infrastructure, and Transport; Cho Myung-hee, chairman of the National Assembly and the Special Committee for Future Industry Jobs; Yoon Chang-Hyun, chairman of the Special Committee for Virtual Assets; and Yang Jung-sook, a member of the National Assembly and the Korea Communications Commission delivered speeches opening the conference.
About BigONE Exchange
BigONE is a global cryptocurrency exchange that provides a platform for trading various cryptocurrencies. It was founded in 2017 and registered in the Netherlands. The group operates in Russia, Brazil, Vietnam, Seychelles, Singapore, Japan, and Indonesia, providing marketing, investment, and blockchain technology research & development. Further information here.
Original Source: https://www.asiaone.com/business/new-nfts-need-build-community-succeed-says-head-crypto-exchange
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.