We are grateful to all authors who have interpreted the phenomenon of NFTs. This whitepaper is based on their research and added our team’s vision, hoping the NFTs industry can continuously develop and bring a positive effect on the progress of human society!
Non-fungible tokens, known as NFTs, are indivisible, non-interchangeable, and unique tokens. Therefore, no two are exactly alike in the world. Like cryptocurrencies, NFTs are launched on blockchain to specify the ownership of unique digital assets, including collectibles, game arming, digital art, event tickets, domain names, and even ownership records of physical assets.
NFT is the unique tokenization of specific digital files. They can be exchanged on the blockchain. Each NFT is associated with some unique data. Generally, it’s a kind of digital content file managed by the smart contract. The process of converting digital files into NFT is called NFT minting. The NFT is written into an appliable blockchain database, like cryptocurrencies. Eg the information of NFT avatars is marked on the blockchain. It has clear ownership that can be queried, circulated, and traded on the chain.
NFT is a vast field, which contains different categories, such as art, fashion, games, finance, etc. Each category has a different model and market. The key innovation of NFT is to provide a way to mark the ownership of original digital assets. The ownership of NFT does not prevent others from viewing it. Rather than creating information and hiding it, NFTs record and show it to others who is the owner.
NFTs was born in June 2017, an Ethereum blockchain pixel avatars project called CryptoPunks. Two creative technology experts, John Watkinson and Matt Hall, realized that they could create a unique character native to the Ethereum blockchain. The total number of these characters is capped at 10,000, and no two are exactly alike. They called this project a tribute to Cypherpunks, the pioneer of Bitcoin in the 90s.
In October 2017, with the appearance of CryptoKitties, NFTs entered the industry of encryption. CryptoKitties is a blockchain-based virtual game that allows players to feed and trade virtual cats. Maybe it was because this game caused Ethereum network congestion. Maybe it was because people made extraordinary profits by trading them. Sooner, this amazing project was getting a lot of press coverage. The rise of Cryptokitties coincided with the bull market in 2017, so it’s overwhelming. People were buying, breeding, and trading virtual cats frantically, which allowed many people to notice the potential of non-fungible tokens.
In March 2021, the NFT virtual artwork “Every Day: First 5000 Days” created by artist Mike Winkelman was sold at Christie’s auction house for US$69.34 million, a new record for the sale of virtual artwork. It let NFT be widely known outside the blockchain space successfully. Relying on the blockchain, NFTs using cryptocurrency as the settlement method has triggered an investment boom. Meanwhile, the boom of NFTs has accelerated the development of NFTs trading platforms. For example, OpenSea, SuperRare, and Makersplace have all harvested a large number of creators and consumers in this boom of NFTs.
At present, NFTs trading platforms include primary for issuing market and secondary market for trading. Among of them, OpenSea is currently the largest secondary market for trading. It’s even become the infrastructure of NFTs. There are other well-known trading platforms, such as SuperRare mentioned by Visa and Nifty Gateway acquired by Gemini. Binance also launched its own NFTs trading platform. Now, let’s look at the performance of some hot NFTs projects in the market.
CryptoPunks pixel avatars. The Alien series are the least and the scarcest. In the Alien series, №3100 and №7804 were sold for 4200 ETH on March 11, 2021. The transaction is about $75.66 million. It’s calculated by ETH price at that time. Today, these two avatars are still the keepers of the highest transaction records. You can imagine that the people who own them must be ETH rich. At present, the floor price of CryptoPunks has reached an amazing amount, 118.5 ETH ($385,500).
Bored Ape Yacht Club (BAYC) pixel avatars. According to Messari data, on August 10, 2021, the floor price of BAYC apes was 16 ETH. After Curry bought, the floor price of BAYC apes rose to 24.99 ETH, a 56% increase in 21 days.
Pudgy Penguins. Its 8888 NFTs were sold out in less than a week. On August 14, 2021, a new record of daily transaction volume, 15,667 ETH was used to buy Pudgy Penguins NFTs. The no. #5687 was sold for 100 ETH. According to OpenSea data, the floor price of Pudgy Penguins NFTs was 2.81 ETH before.
FVCK_CRYSTAL. It is a collection of 4169 gems designed by FVCKRENDER. Each gem was generated by a computer. The holders of these NFTs will be allowed to participate in FVCKRENDERVERSE’s future events, lottery, and exclusive areas. In the past 7 days, the average transaction price of FVCK_CRYSTAL NFTs was 2.62 ETH. The floor price was 1.878 ETH.
Cool Cats. 9999 car NFTs with characteristic style, generated randomly. The holders of Cool Cats will be allowed to participate in exclusive activities, like statements of the non-functional test, lottery, community gifts and so on. Previously, the average transaction price of Cool Cats was 1.88 ETH. The floor price on the market Is 1.55 ETH.
In most people’s mine, the NFT avatar is only a picture, how can it be worth so much money? Isn’t it speculation and bubbles? If you simply look at the pictures, the designs, most of them, are not exquisite and charming enough. Even some of them are not well-designed. Their artistic value and appreciation value are not the same levels as the artworks which is approved in real life. However, their core value is not artistic at all. They are social capital, practicality and investment, which’s generally agreed that they are the core value of subversive influence on social and identity recognition.
Firstly, any social network with a personal avatar is a fertile ground for NFT to spread. This is the power of valuable NFTs. Because investment is a status symbol. There are only 10,000 CryptoPunks and boring apes in the world. Owning a CryptoPunk or an ape and displaying it on your Twitter, Discord or Telegram profile can prove to a certain level that you are an early participant or you are rich, or you are an early participant and now you are rich. It is nothing new to bless social capital with high-priced items, look at those exquisite artworks, expensive cars, yachts, private jets, brand-name bags, or some other very wealthy people who buy them to show their status. Obviously, in social networks, NFTs play a bigger role and have a wider audience. At present, owning a CryptoPunk has become a symbol of wealth and status.
Secondly, practicality. The avatar NFTs are becoming a symbol of status on the chain. With a certain NFT, you are equivalent to having a ticket to enter the project club. For example, you can enter the project’s Discord member channel, visit the private Telegram channel, or get the qualification to participate in private party activities on the chain. You can also change the avatar of your social accounts, such as Twitter and Instagram, to your NFT avatar. This signifies that you are a member of a certain NFT community, interact and socialize with fellow likes. As NFTs penetrate to a wider range of people, it will bring more characteristic services to its owners. For example, NFTs can be very good Helping brands, celebrities and fans to establish connections, it is a medium for interacting with fans.
Lastly, investment. NFTs can also play an important role in the fields of collectibles, artworks and games. The scarcity realized by NFT artificial technology is suitable for collectibles. Its value depends on the limited supply and can effectively ensure the authenticity of works. NFTs allow artists to sell their works digitally, rather than physical prints. Unlike physical art, digital artists can earn income at secondary sales or auctions, to ensure they can be recognized in subsequent transactions. Because NFTS introduce the concept of ownership, the assets in the game, such as skins or clothing, can truly belong to the user, rather than to the game publisher, which can also facilitate an open trading market.
It is foreseeable that with the development of the Internet and the internet migration of social mass behaviors, many people have changed from bystanders of the blockchain to players. The demand for virtual identity is significantly higher than the past few years. The immersive experience of age of metaverse social brought is more likely to bring this kind of heat to another climax. In fact, it’s not difficult to understand some people spend money to buy avatars, because in the world leading to the metaverse, these avatars will become a symbol of the wealth of the metaverse world. At the same time, the people who have these avatars at the moment have also completed the display of identity in virtual world. This is the value of NFT avatars. Although we are currently in a bubble period. When we truly enter the metaverse in the future, the bursting bubble will value-return, we will see the true value of these NFT avatars.
The virtualization of assets is the trend brought by the blockchain to this era. The rising NFT and the future metaverse will subvert our cognition and understanding more deeply and widely. And it will virtualize physical objects that we are accustomed to in life. In this process, a series of new things and new models that are difficult to understand and accept in our minds will appear. The NFT avatar project that will rise in 2021 is a typical case. It seems ridiculous, right? And this is the subversive significance brought by the blockchain technology. It has happened in Bitcoin, Ethereum, DeFi tokens. And now it’s happening in NFTs.
The traceability of blockchain technology has brought historical value to NFTs. The CryptoPunk maybe could not play an important role of NFTs history, if it’s born in today, instead of 2017. The immutability of blockchain technology brings the best way and proof to verify the authenticity of NFTs. If the things anchored behind these pictures can be modified, these pictures will not have today’s value. The uniqueness of the NFTs attach rare attributes to these pictures, making them no longer just pictures but become limited edition digital items. Therefore, the historical value, authenticity identification and rare attributes in the attributes of NFTs have become the new elements brought to these pictures.
When an item has historical value, fidelity attribute and rare attribute, it will naturally become a certain identity characteristic. It can be called new collection, luxury, premium club membership card. Anyway, it’s virtualized that all the things related to the identity, level concept and so on. In the process of virtualization, it completes pictures associated with NFTs. In real life, people show off high-end cars, famous brand watches, antiquities, members of private clubs. In the virtual world, they show off pictures, which’s value is associated with NFTs. The picture is just a way to display.
With the development of the encryption industry, the demand for NFT avatars is also increasing. People spend more and more time in the virtual world. And many people are desperately eager to express digitally through more and more unique ways. NFT avatars are not just unique and outstanding profile pictures on social media. Metaverse fans believe that digital identities will eventually become as meaningful as our real life. And we will buy digital items accordingly. It can be predicted that we will display NFTs in the background of our virtual space, and squander wealth to buy skins for our VR avatars in the metaverse. In the future, disruptive things with social functions, identity auras, and financial attributes like NFT will continue to emerge in endlessly. Looking at the vast metaverse world. It’s the beginning.
Sports star: Well-known NBA star Stephen Curry bought an ape NFT (Bored Ape Yacht Club, BAYC) for 55 ETH ($180,000). Then he changed his Twitter profile picture to that NFT and added “BAYC” to his bio. Except BAYC, he also bought Bored Ape Kennel Club NFT (BAKC) for 5.7 ETH ($18,000), a leopard dog with a basketball hoop.
Entertainment stars: the American rapper Jay-Z displays the CryptoPunk as his Twitter avatar. And there also are many celebrities using BAYC NFTs as their social media avatars, such as NBA player LaMelo ball, NBA chairman Daryl Morey, DJ duo Bassjackers, DJ 3lau, Bo-Lin Chen and VanNess Wu. Shawn Yue, China Hong Kong, actor and singer, his Instagram avatar is CryptoPunks. And Jinglei Xu, a Chinese actor, displays Animetas NFT as Instagram avatar. In fact, Jinglei Xu is a whale of NFTs avatars. The data shows Xu owns 495 NFTs avatars.
Commercial star: Justin Sun, the founder of TRON, reportedly bought a Tpunks avatar for $10.5 million by wash sale. Justin donated it to APENFT Foundation, which focuses on the NFTization of the world’s top artworks. It is reported that this Tpunks avatar number is 3442, belongs to the Justin Sun series. It is one of the scarcest avatars in Tpunks. Moreover, VISA, a global payments technology company, doesn’t want to miss this NFTs boom, spent $150,000 to CryptoPunk №7610 NFT in Aug. 23, 2021.
The participation of these celebrities, outside and inside the blockchain space, it speaks NFTs have a bright future. Obviously, the value judgement and valuation standard of NFTs projects are affected by cultural background and values. It’s strongly subjective to define cultural background and values. Therefore, the same NFTs project, it’s entirely possible that some people like it, but some people are not interested in. It’s hard to say who is right. Personally, they are both right. If based on return of investment (ROI), they should be approved by market and time. At present, the standards of market inspection are still developing and unstable, resulting in there are both high risks and big opportunities.
Since the high risks, how the ordinary people to participate in and invest? First, investors should fully understand their risk tolerance before action. If they can’t take the risk that the projects may be zeroing, they should not participate in. Second, because the long-term development of NFTs has great potential, obviously there are investment opportunities. It’s worth to try. Finally, after clearly understanding their risk tolerance, we suggest investors to invest the projects they are interested in, within their financial capabilities. Like within US$1,000, its ROI may be dozens or even hundreds of times in the future.
Participating in NFTs, it’s not just trading avatars on OpenSea, but also paying attention to the community to communication with other players. Only by personally experiencing the interaction and atmosphere, the holders of NFT can truly feel the meaning this NFT, and understand some phenomena and mentalities that outsiders seem incomprehensible. In addition, we also advise the bystanders who don’t buy our NFTs follow our project and experience the atmosphere of a NFT community. We believe the experience will be of help to you understand other types of encryption projects in the future.
When observing NFT projects, we should try to objectively feel and explore them. Even if a NFT will be displayed by many people who is not the owner as their social app avatars, in CryptoPunks pixel avatars space, there is an unwritten rule it’s not a shame to display someone’s CryptoPunk to your avatar. It’s like buying real and fake LV handbags. Although the two look the same, after inspection, you will know who is real. Therefore, NFT has its unique advantages in copyright protection. Through the blockchain, not only does the transaction of artwork become faster and more convenient, the cost of identification is also greatly reduced, making the transaction of artwork to be more secure. We truly believe that there will be more huge companies entering in the future. The future NFTs market will be more prosperous!
There are people tribute to the cypherpunk movement in CryptoPunks. As well in Bored Ape Yacht Club, people love subculture. It’s a pity that Asian culture seems to be absent from the current NFTs boom. Although Asian countries compared with Western countries, there is always a lag in the public chains and DeFi. In fact, oriental culture also has a lot of audiences in western countries. We believe that the NFT series of collections with the theme of oriental culture will stand out in the future NFTs field.
Although there are many projects that only want to make quick buck, never think about how to promote industry development. In the long run, projects that the team doesn’t put their mind in the project’s work will eventually be eliminated. Therefore, as practitioners, we should to do a good job of research and guidance. Then the more people can correctly recognize NFTs and crypto arts, the better development of the industry. Helping NFTs holders to find the sense of belonging and identity in the virtual world is a new social experience which’s more three-dimensional than the current Internet. It has wider participating facility and attraction.
To the general public, the threshold for participating in NFTs is lower than other encryption fields. It’s easy to buy an NFT on the official website or OpenSea, and then display it on Twitter or social tools. The inner function and value of the NFT are displayed very intuitively. Then this value and experience can be quickly transmitted to the entire virtual space through Twitter or other social tools.
In the short term, is there any bubbles in this type of NFT projects? It surely has. We also believe that after bearish, many of the NFT avatar projects will be quietly disappeared. And we are more convinced that there will be some classic, lasting and standout projects. A brand new NFT social experience has grew to new business models and application scenarios. It’s alike to all disruptive projects that have occurred in the past, this bottom-up model will lead to the revolution of social model from micro-communities to the entire society, and then affect an era. Therefore, we, the Seven Stars team (7s), chose to participate in it, working hard to promote the sound development of the industry. It will eventually become a project as great as CryptoPunks!
PandaCola NFT (PCNFT) is a Binance Smart Chain-based reward governance token. The total supply of PCNFT was issued for 100,000,000. It won’t be increased any more. The PCNFT is used for philanthropy and rewarding the fans who supports and promotes Seven Star team’s NFTs projects. The distribution of PCNFT are promotion and operation pool (90%), liquidity mining pool (10%) and project foundation (0%).
PCNFT can be used to exchange NFT avatar with 7s team, 3000 PCNFT/NFT. In the future, we will buy back the PCNFT in circulation with royalties.
Operation pool: to reward fans participating in our promotion events and airdrop. The supply is 90,000,000 PCNFT, 90% of the total supply. Release detail is in the rules of airdrop and mining, click here.
Liquidity mining pool: to provide PCNFT liquidity for exchanges. The supply is 10,000,000 PCNFT, 10% of the total supply.
Foundation: 0% of initial distribution. The main income of foundation will be the income of NFTs exchange and PCNFT donation. The fund will be used for metaverse development, contributors award, cooperation, charity, promotion and operation, team motivation, etc.
The distribution of the reward governance token PCNFT will be published regularly in official website, ensuring transparence of token usage, bringing the supervisory system of blockchain technology to our project.
PCNFT Contract Address：
Series I : PandaCola
We always believe that excellent NFT works are not only on behalf of digital art collections, but also represent a community’s cultural spirit. Therefore, 7s wants to create a harmonious community where oriental and western cultures can tolerate, understand and grow together. To build a shared future for beings and protect earth. We carefully select and create the first NFT, PandaCola. Let’s make a difference together.
Panda is an endemic Chinese species, it is a well-known and won favorite all over the world. It is the flagship species of the world’s biodiversity protection, as well as the image ambassador of the World Wide Fund for Nature (WWF). Their main habitats are in the mountains of Sichuan, Shaanxi and Gansu in China. The number of panda wild population has increased to 1864 by 2021. Panda is known as the National Treasure of China. There is a long history of pandas. The oldest pandas were unearthed in Lufeng and Yuanmou, Yunnan, China. The geological age is about 8 million years ago, the late Miocene. In the long-term and harsh competition for survival and natural selection, many animals of their contemporaries went extinct, but panda is the stronger and survive. It’s called living fossil. We hope our project will grow healthily in the field of NFT and Metaverse, as tenacious as panda, and eventually to be the living fossil of the crypto field.
Cola was invented by an American pharmacist, it’s also loved by people all over the world. Cola and cute and naive panda are a naturally perfect match. As the tradition of western culture, cola’s history is more than 100 years, vicissitudes but bloom. In the west, cola represents youth, vigor, age, life, fashion. Pop music and sports are the main carriers of cola culture. The best drink of those young people against the trend and tradition is cola. The target consumer group is always the young generation who has subverted traditions and flaunted their individuality. Cola consumption represents a kind of fashion, a kind of culture. Crypto field and NFTs are the best interpretation that cola represents the spirit of this era. We need such a spirit with breaking traditions and innovation to make a difference.
We are grateful to all fans that you like our NFT works, whether you are a collector or an investor. Initial sale of PandaCola NFT avatar will be launched on OpenSea, 1864 NFT (the number of wild panda). Issue price is 0.06ETH/NFT, 3000PCNFT/NFT. We may sell by mystery boxes in the future, if the PandaCola you get is not what you want, please putting it on sale at a reasonable price in the marketplace, guiding him to find his suitable owner. Lastly, we sincerely invite every holder to join our community, build a friendly spiritual home together and become the most united and motivated community in the NFTs field!
Stay tuned to the next series!
Sep. 2021, the Seven Stars team (7s) series NFT project will be announced. Initial sale of PandaCola NFTs. To build NFT players group chats.
Q4 2021, building 7s series NFTs fans community. Optimizing 7s official website exclusive NFT trading platform for 7s series NFTs.
Q1&Q2 2022, cooperating with the top chain-game of Metaverse, so that personal NFT avatars can be imported into the game for display.
Q3&Q4 2022, launching NFT mini-game for the 7s community. Community players can socialize in the virtual world.
2023, we will airdrop exclusive NFTs to die-hard fans of the 7s community.
In the future, customizing exclusive creative NFTs for individuals or organizations.
Keeping to Promote the development of the global NFTs field, and making ourselves to be a first-class NFTs comprehensive platform for issuing and trading. Users can trade NFTs assets by pricing issue, INO, auction, AMM, and other ways.
The Seven Stars team (7s) is composed of the world’s top geeks, artists, technical experts, and operation experts. They have been deeply involved in the crypto field for many years and believe in the ideas of digital art and metaverse. The team is to build a complete ecosystem of NFT, relying on blockchain and big data technology, basing on underlying protocols such as NFT minting, issuing and exchanging. The team will cooperate with many top blockchain projects, including media, exchanges, public chains, mining pools, Defi, Gamefi, and NFT projects. Through projects linkage, NFT application scenarios will be expanded, NFTs products will be continuously empowered. The team will combine lending, mining, price oracle machines, smart pools, and other solutions to increase the secondary liquidity of NFTs to help increase the growth of NFTs asset value, so that NFT works have more application scenarios except for collection and display. In the future, we will develop more NFTs application scenarios as well. Eventually, there will be an NFTs ecosystem with multi-field synergy based on NFT + DeFi + Gamefi + development.
7s cool - Panda Cola NFTs
We always believe that excellent NFTs works are not only on behalf of digital art collections, but also represent a…