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A vibrant NFT community

NFTlab

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Current
Situation

According to Dune Analytics, a blockchain analytics firm, the irreplaceable token (NFT) market plummeted from a peak of $17 billion in early 2022 to $470 million in September 2022, a whopping 97 percent drop. The sharp decline in the NFT market has raised concerns about its ability to rebound soon from the current downturn.

The NFT market has seen a rapid sell-off as global monetary policy has tightened and investors have shied away from riskier assets. Experts say rising interest rates over the past few months have deterred investors from taking risks across the market - and NFT is no exception. Markets may remain calm for a while, and there is no telling when the next bull market will arrive. But as cryptocurrency prices rise, the NFT market could be the next hot investment destination.

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Industry
development

The NFT market is increasing and full of attractions in the art world because it helps verify the authenticity of physical and digital art and is used as a digital asset similar to cryptocurrencies.

Since August 2021, trading volume in overseas NFT markets has continued to rise, driving high growth in total market value while the daily trading volume remains active. Under the background of the complete opening of the overseas NFT secondary market, the NFT turnover of the secondary market is much higher than that of the primary market, accounting for up to 80%, which indicates that the overseas market is becoming mature to some extent.

As industries like Meta come and GameFi grow, we'll see more in-game NFT, dynamic NFT, and even interactive NFT. Trading digital assets could become a daily necessity, just like buying and selling goods online. The financialization of NFT and the booming derivatives market will also contribute to the continued development of the market.

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Data
Survey

According to the data, the primary non-homogeneous token (NFT) players in the world include Larva Labs, OpenSea, Sky Mavis, etc., with the top 3 companies holding more than 55%. North America is the largest market, with a share of about 32 percent, followed by Asia Pacific with about 30 percent and Europe with 27 percent.

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In a market research report by NFT software Opensea, the number of active daily homes in Opensea reached a record high in 2022. Among them, in January 2022, the transaction volume of OpenSea increased to $4.491 billion, a month-on-month increase of 102%; the transaction volume increased to 2,816,300 times, a month-on-month increase of 95%, daily active users 46,800, a record high, a month-on-month increase of 86%. The data shows that more and more users accept NFT digital assets, participate in transactions, and own their own NFT. This indicates that NFT is increasingly active in the public eye

U.S. Non-fungible
Token Market

by Category

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NFT
Trending Volume

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size, by type, 2020 - 2030
(USD Billion)

The future of the NFT industry is vast, and it is a good idea to explore the NFT market. The market is forecast to grow at an annual rate of 35% from 2021 to 2026, reaching $147 billion. The global irreplaceable token demand will be valued at $15.54 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 33.9% from 2022 to 2030.

According to Nonfungible's categorization, mainstream NFT items include Collectibles & Art, Video Games, Metaverses, and the Tools category (Utilities and Finance). Art and collectibles are the market leader, contributing 64% of NFT sales in 2021.

Millennials and Men Are More Likely to Be Collectors Including NFTs

Collectors

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Competitor
Analysis

Strengths & Weakness

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OpenSea

Founded in 2018, is a global digital goods trading market based on blockchain, and one of the earliest and largest trading markets at present. Not only are there many NFT categories, but also the number of participants is the largest. The introduction is also very simple. At the same time, Opensea charges 2.5% of the fees of the buyer and the seller from all sales, including the first or second level transactions. The creator sets the royalty, which is 10% by default.

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Nifty Gateway is an extremely active and innovative platform. It focuses on art and usually cooperates with famous brands, athletes and creators to become a milestone platform for the sale of NFT auctioned with millions of dollars. It is one of the best places to find limited edition NFT; And now all other services of Nifty Gateway are available for international users. You can register on Nifty by using email address, and you can have a happy NFT transaction.

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Rarible

Rarib is also a rich platform in terms of categories, including books, digital art, movies and music albums, photos, domain names, music, Meme, games, etc; Any user can enter Rarib to create and display their own works of art, or purchase works of art for collection with Ethereum tokens. Users have the ownership of tokens and intellectual property rights. Buyers and sellers can trade collectibles in the RaibleNFT market at an almost negligible cost, reducing users' costs to almost zero, which is relatively friendly for novices.

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Airnfts

Airnfts is the NFT marketplace built on BSC, Fantom and Polygon focusing highly on user experience and ease of use to create, buy, sell and trade NFTs.

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OpenSea

Strengths

  • The most complete functions

  • Unified vision, best interactive experience

  • Rich information display and strong readability

Weakness

  • Content Tiled Severely

  • The website interfaces are way too simple

  • No novice guide

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Nifty Gateway

Strengths

  • Simple and unified visual style

  • Selected popular recommendations

  • Large operation space

Weakness

  • Missing subject classification

  • Page dynamics can be increased

  • The activity is not clearly displayed

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Rarible

Strengths

  • Real-time stats

  • Provides further resources (e.g. articles)

  • Motions

Weakness

  • Functions can be more diverse (e.g. section for hot creators, collections....

  • Eye-catchy brand logo

  • Consistent UI design system

  • The homepage looks a bit plain

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Airnfts

Strengths

  • Users can see NFTs from top creators

  • Different categories were provided

  • Blogs to read

Weakness

  • Functions can be more diverse in terms of upcoming drops, collections and creators

  • The visual can be more appealing by adding more effects and motions

Features Comparison

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Nifty Gateway

User
Research

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Aged 18-35 who interested in NFTs

Great Understanding of Cryptocurrency
 
Collectors & Investors

Have strong desire to own a unique digital object that none of them claim

A young & tech-savvy person with disposable income dominates the NFT Buyer market​​

Cryptocurrency

a unique digital object

Target
Users

Our

Persona

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1. 

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2. 

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3. 

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Hierarchy
of needs

Low

High

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For newcomers to NFTs, a user-friendly and simple interface are essential. They may need guidance and resources to understand NFTs and its value, and how to engage with them. Offering a wide range of options can help users explore different NFT categories.

Beginner

For users with some understanding but not yet experts, they may prefer a simpler, more intuitive transaction process. Intermediate users might have preferences for certain types of NFTs and require efficient search and filtering tools to quickly find desired works

Intermediate

Advanced

Experienced users require advanced tools for market analysis and prediction to devise more precise trading strategies. These users often prefer sharing experiences and insights within the community and thus need a platform for in-depth discussion. Additionally, advanced users may be inclined to explore innovative NFT formats or create their own NFTs

Solutions

1. Utilise user interfaces as well as work flow to attract new users and improve user retention. 

2. Utilise search engine and filtering functions to help users quickly find artworks of interest.

Solutions

1. Simplify UIs and use guidance to help users better understand the meaning, value, and trading methods of NFTs.

2. Diversify promotions to include various types of NFTs and promote the product for broaden audiences.

Solutions

Utilise big data and AI to offer investors price trend functions and market forecasts. Establish a community for users to interact and learn from each other, reducing the knowledge gap on NFT risks. Develop an NFT creation platform supporting 3D models and videos, catering to the evolution of dynamic and interactive NFTs.

Outcomes

1. Offering market analysis and prediction tools.

2. Establish a community discussion platform.

3. Support user-generated and interactive NFT creation.

1. Simplify transaction processes.

2. Improve efficiency in artwork searching and filtering.

Outcomes

1. Simplify technical understanding.

2.Enhance user education and guidance.

3. Meet diverse needs and expand the market.

Outcomes

Design
System

Typography & Icons

Colours & Components

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Logo design

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We use the first letter N of NFT as the main body of the LOGO, which aims to highlight features and raise attention. At the same time, we design the font itself, which is a smooth, firm, and dynamic LOGO. It also fits the character of the NFT Lab community. We also use the primary color of NFT Lab. Green makes people feel happy and enjoy themselves in the field of NFT.

Low Fidelity
Prototype

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Final
Prototype

Guide page

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The guide page introduce the app's primary functions. Users can view the trading trends of NFT works, the hot information of NFT works, and create their NFT through our APP. After the guidance is completed, users can create an account at NFT Lab and officially start their NFT journey!

Home page

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NFT Lab shows users' NFT trading trends and famous NFT artists on the homepage and provides some recent NFT industry trends. In addition, users can view the ranking of popular NFT collections in different periods according to their needs.

Collection

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While viewing the NFT individual collection, users can browse the comprehensive data about the group and the introduction of the pool. They can see the sales activities of the collection, and the trading history of the collection.

Market Page

(item)

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While viewing the NFT individual collection, users can browse the comprehensive data about the group and the introduction of the pool. They can see the sales activities of the collection, and the trading history of the collection.

Create

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Creating your own NFT is one of the core functions of NFT Lab. We provide creating NFT works of video, audio, images, and other types, which users can upload from their own devices. NFT Lab's resource library offers some pictures for secondary creation, and you can also use filter tools, editing tools, and brush tools for images.

Community

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Within the community, users can follow interested NFT artists, browse their posts, and communicate with them. In other people's profiles, users can see the NFT they own and the positions they publish.

Profile

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In the user's profile, show the user the balance of their account wallet, and users can view their NFT works, collected works, and works created by themselves.

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Website
mockup

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The primary function of the Web site is to display product characteristics and provide a download path. Its design continues the dark color style and representative green that NFT Lab always uses. It captures the user's attention at the visual level. It also improves readability for users.

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Page content mainly introduces functions, highlights product features, improves user usage, and increases user stickiness. At the bottom are all the official social accounts of NFT Lab for users to follow and share to get first-hand information.

References

2022 NFT Industry Research Report. 21 Finance and Economics. (n.d.). Retrieved January 8, 2023, from https://m.21jingji.com/article/20220602/herald/24d8e73fa12ae56de785fbeddf0f397b.html

BlueWeave Consulting and Research Pvt Ltd. (2022, September 12). Global non-fungible token (NFT) market size to reach USD 20 billion by 2028: BlueWeave consulting. GlobeNewswire News Room. Retrieved January 8, 2023, from https://www.globenewswire.com/news-release/2022/09/12/2514295/0/en/Global-Non-Fungible-Token-NFT-Market-Size-to-Reach-USD-20-billion-by-2028-BlueWeave-Consulting.html

Byterum. (n.d.). An overview of NFT marketplaces: The past, present, and future. NFTGo Research. Retrieved January 8, 2023, from https://nftgo.io/en/research/insights/An-Overview-of-NFT-Marketplaces-The-Past-Present-and-Future+1-3XwaXbuolY4t6zEpExh5ivclYK7PWQBOluXzUr6do

Horiachko, A. (2022, November 27). NFT marketplace development: Benefits, key features & costs. Softermii. Retrieved January 8, 2023, from https://www.softermii.com/blog/nft-marketplace-development-guide

NFT Market Quarterly Report - 20137703.fs1.hubspotusercontent-na1.net. (n.d.). Retrieved January 8, 2023, from https://20137703.fs1.hubspotusercontent-na1.net/hubfs/20137703/REPORTS/2022/2022_NFT%20Market%20Report%20Q1_final.pdf?_hsmi=211324780&_hsenc=p2ANqtz-9FpFwr5mt4oBHCNaXgUyZWl6RRxxN-fzJl7yzqW6_QXQqiUqK_P8P3_uwC1qLqN_McImKKPB2bUZ2JE8H22dPd08b2RA

NFT statistics 2022: Sales, trends, market cap and more. Nansen. (n.d.). Retrieved January 8, 2023, from https://www.nansen.ai/guides/nft-statistics-2022#:~:text=Nansen's%20Trends%20%26%20Indexes%20dashboard%20shows,of%20more%20than%20%2411.3%20billion.

Non-fungible token market size & share report, 2030. Non-fungible Token Market Size & Share Report, 2030. (n.d.). Retrieved January 8, 2023, from https://www.grandviewresearch.com/industry-analysis/non-fungible-token-market-report#:~:text=The%20global%20non%2Dfungible%20token,33.9%25%20from%202022%20to%202030.

Robert Kazmi Updated Nov 22, Kazmi, R., 22, U. N., Kazmi, R., 20+ years helping disruptive innovators and startups launch groundbreaking companies., Tarud, J., Gomez, J., Author, G., Kazmi, R., & Tatis, M. (2022, November 22). NFT development explained. Koombea. Retrieved January 8, 2023, from https://www.koombea.com/blog/nft-development/

Silverman, A. (2022, September 27). Millennials, not Gen Zers, are driving the recent physical and Digital Collectibles Boom. Morning Consult. Retrieved January 8, 2023, from https://morningconsult.com/2021/04/05/millennials-nfts-collectibles/

Special Report on the Differentiation of NFT industry development paths at home and abroad and its long and short Term Outlook. NFT industry at home and abroad the development path of differentiation, and short - and long-term outlook project report _ tencent news. (property-and hit large reserves). Retrieved January 8, 2023, from https://new.qq.com/rain/a/20220417A06H9100.html

Yahoo! (n.d.). Non-fungible token (NFT) market will revenue to cross US$ 7636.3 million by 2028 top companies report covers, market-specific challenges, consumption by regional data. Yahoo! Retrieved January 8, 2023, from https://au.lifestyle.yahoo.com/non-fungible-token-nft-market-090300965.html?guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAADCYWi6N1kE0g_npcW-5fcFfvhbEDC054xC9SXHoBl9EvyfSqsMw2EFfxrLgRicOdJSEC6z4N7VsobFTua_s-ue14_W-sKmeo-5T9X-I4dGidvOLO24_i9vKpZf5YMmxcssFtMqu2ACFja7iYSumH5laZs0HFv6C8DkVS0-qFevh&guccounter=2

Yan Ketelers CMO of Venly, Ketelers, Y., Venly, C. M. O. of, Forum, O. W., Perumall, A., Partner at Baker McKenzie, Blank, D. B., Assistant Professor of Finance at Mississippi State University, Ramcharan, R., Professor of Finance and Business Economics at the University of Southern California, Davidson, S., US OCIO Leader at Mercer, Watson, R., Allocation, H. of A., Brown, A., & Markets, D. of C. (2022, August 23). What is the future of nfts? BRINK. Retrieved January 8, 2023, from https://www.brinknews.com/what-is-the-future-of-nfts/
 
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