NFT will soon become a national carnival, especially when it is connected to fan culture. NFT is not just a collection, but also a symbol of fans like “Wakanda forever” in Marvel. NFT has become a status symbol and a new totem for different subcultural circles.
The NBA Top Shot card game has quickly become popular in 2021 from the public beta. The turnover of NBA Top Shot has now reached more than 200 million US dollars, ranking first in encrypted collections, about three times larger than CryptoPunks. NFT star cards also come in the form of short videos or GIFs, thus making star cards more diversified and attractive for collectors. Physical collections may be oxidized or damaged during the preservation process. Once NFT collections are digitalized on the chain, there will be no storage or transportation problems. NFT assets can be stored in digital wallets that greatly reduces the collection threshold and attracts more players. In addition, the stronger liquidity of assets on the chain gives NFT collections more ideal investment attributes.
Now NFT is subverting the market of traditional collections. such as games, music, and AR/VR have all begun to be combined with NFT. When BLOG appeared years ago, it began to lead the self-media trend, and follower platforms such as Facebook, Twitter, and Tik Tok has expand the market. When personal opinions began to occupy the mainstream in the media circle, everyone can express their opinions and lead topics. Now, NFT is also beginning to copy this process. In addition to the big brands such as Marvel and NBA that can enter the NFT field, individual users have also begun to emerge.
Domino is such an NFT platform. It is not only the blog, but also the Steam of the new era. You can do it alone, for example, publish your own art or music works on Domino. You can also set up a team or studio to publish your NFT games on Domino. You can even use Domino as a fundraising platform to complete your own NFT dream, as long as you can impress many NFT players on Domino, then everything is possible. This is the charm of the blockchain. Smart contracts bring infinite possibilities. They are like flowing water, which can penetrate into any corner, and at the same time have great tolerance and carry everything.
The core of Domino’s fulfillment of the blockchain spirit is the governance through DAO, in which DOM is produced in the form of DeFi to ensure absolute fairness on the platform. The more you contribute to Domino, the more you participate in, the more DOM you will get. Then you will have a greater right and get more platform revenue dividends. As you grow with the platform, and the platform also gives you rich returns.
DOM undertakes the following functions in the platform:
1) Dividend Rights: All users who hold DOM will receive dividends from the sales and circulation of NFT products on the Domino platform and enjoy Domino platform fee reduction
2) Governance Voting: As an open-source platform, major decision in the development of Domino will be voted by DOM holders;
3) Project Crowdfunding: Users can participate in the early crowdfunding of a single NFT project on the Domino platform through DOM, and get airdrop
4) Transaction Payment: Users can participate in the purchase and sale of NFT commodities such as NFT collections or game props through DOM.
Domino’s goal is to make sure everyone can easily create and hold NF , and make NFT more interesting. With Rarible and Opensea as pioneers, Domino will implement more forms of NFT, such as NFT dynamic protocols can trigger changes in response to corresponding events in the real world, such as casting, destroying, or changing its own attributes; NFT segmenting and recasting protocols can solve the segmenting and recasting of NFTs, and generate new value for the issued NFTs.
The combination with DeFi is the biggest highlight of Domino. The high liquidity of assets brought by DeFi will bring big changes in the NFT market. Essentially, DeFi is a financial system, governed by code rather than any organization, called a smart contract, to ensure that members of the DeFi ecoystem follow the rules, thereby ensuring the successful operation of the system. However, the operation of this ecosystem is determined by the mechanism this code follows and the standards this code contains, which is the role of the DeFi governance model. The core of DeFi’s popularity is the issuance of governance tokens. Governance tokens generation through DeFi liquidity mining are the fairest token release logic at present. As this method is being spread to the NFT market, and the output of governance tokens is carried out by trading or staking NFT, which has been proven feasibility on platforms such as Rarible. On Domino, there will be more combinations of NFT and DeFi. For example, in card games, players can rent out game cards to help other players to clear the game or gain revenue. More and more combined gameplay will continue to be used in the actual application of NFT.
Domino’s first DeFi application will enter the market in July 2021, which will accumulate the first users for Domino, and then the NFT issuance and trading platform will be launched. This is the starting point for Domino ecological applications and the combination of NFT and DeFi. We can all wait and see what new changes Domino can bring to this market.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Bengaluru Bytes journalist was involved in the writing and production of this article.