Host

Bybit NFT @Bybit_NFT

Guest

iZUMi Finance Co-founder @izumi_Finance / @0xJimmyYin

ONBD Co-founder @MetaMasaka Dan Chen

Bybit NFT BD manager @jennyzheng719

3space Art @3spaceart

Sammy @Mintverse

Notetaker

Yond Twitter @0xYond

Q: I want to raise my first question, which might also be the audience’s most interested question. People believe that the NFT market went slightly bearish. What are your opinions on that?

Sammy@Mintverse: I think I'm more a long-term believer in the market, and I think if some projects continue to properising the communities, we can still see growth in the market.

3space: Potential consumers are trying to understand what's going on in the market, so we can’t see a significant inflow of cash in the market. I believe this is temporary, and the sentiment outside is still very high. Many in Korea believe that NFTs are still a national trend, with the rush of some big companies like Samsung and LG building in the metaverse.

Q: We’re seeing many NFTs are not catching attractions anymore. What are some utilities for NFT projects and what’s the future like?

Leo: I want to bring up HOURAI. HOURAI combines NFT with DeFi values, and I believe that our certain value support will ensure each HOURAI will be significant to holders. We will also collaborate with many other bluechip NFTs and seek the way to combine NFT with DeFi, giving NFTs more value and support to the holders.

Jimmy: I’m happy to support HOURAI. I think there should be more NFTs connected with metaverse and GameFi. For me, NFTs might be started with PFPs and GameFi, but in the future they will be given more support from different areas, like DeFi. I want to bring up veNFT, which is similar to a membership card. Behind each card, there’s a level of financial value added. HOURAI will be the first NFT project that we work with, and we hope to enable more utilities to the users of iZUMi Finance. By the way, if any of you want to have a partnership with us, feel free to discuss with your NFT communities and submit a proposal to us!

Q: At the moment, there have already been examples of NFTs partnering with DeFi. Can you please elaborate more on its designs?

Jimmy: There are many innovative ways to see this. In the future, creators of NFTs might consider to have more collaborations with DeFi protocols, to have a solid support in the base value.

Q: We’re talking about a lot of utilities in NFTs. Before moving on to the next question, I would like to invite ONBD to introduce themselves first, welcome!

Dan@ONBD: I’ve always been interested in digital arts and art creating. But until blockchains and NFTs are a thing, it’s very difficult for digital artists to survive. The reason why we started ONBD is to help artists who have no clue in NFTs and crypto, and make them exposed to more audiences. As you can see, we’re experiencing fatigue from communicating too much. We hope to build communities around artworks and artists. We also co-op with many platforms like Bybit NFT and SuperRare to build better.

Q: Does NFT art have to have utilities as well?

3space: How do you value art? It’s very difficult, especially adding NFTs to it. Adding all these together, I don’t know if utilities will add more value to NFT arts. But we’re trying to incorporate financial aspects into our NFTs as well. For instance, we’ll leave exhibition rights to NFTs creators and holders. It’s just difficult to assume if utilities will give a bigger price to NFTs.

ONBD: That’s a great answer. I think what gives art value, historically, are market factors. But art becomes valuable to society because it’s a representation of time. The collecting part is very solid as well. NFTs make art more appreciated by people. Utilities might be adding value to NFTs, but it’s more towards a historical context.

Q: Prices of NFT artworks fluctuate drastically. How do you guys evaluate prices of NFTs?

Sammy@Mintverse: People care about creators of NFTs, and collectors of the same collection. But I believe that has more to do with the communities. Excitement is what influences prices most, I think.

Leo: As I just said before, HOURAI can give 0.2 ETH worth of DeFi assets with 0.1 ETH mint price. Even if the market went bearish, there will still be financial attributes. I wish more NFT projects could study from us, and give a determined base value to their products.

Q: It’s like a security added to holders’ perspective, a very nice point! It comes to our last question, how do we as builders or contributors think of NFTs in the long term?

Sammy@Mintverse: There has been a lot of infrastructure built around NFTs, as well as community building. All these things combined will definitely push this industry forward.

Masako: Traditionally and historically, arts held value, and it’s very difficult to tell when it comes to NFTs. There are so many more people who can show their support via purchasing NFTs. Every art in history is contemporary, and there are no exceptions to NFTs. We’re excited to see how technology changes this perspective.

Jimmy: There are two factors that are very important. The first one is fund. In the beginning, emotions can drive us to create NFT projects, but when the market becomes cold, funds are the best incentives. The second one is the combination of NFTs and the DeFi industry, to give both of them revenue. As we all know, DeFi products can generate a huge amount of trading fees, which will become the major source of income for NFT projects to survive. I send my best wishes to the industry.

Q: Thank you all for participating. We’ve had such a great time with our guests and audiences. I apologize for the earlier technical issues. See you guys next time!

Lemon's Tavern is a weekly broadcast on crypto-related topics at @0x_lemon's Twitter Space. Click on the link to follow more what's trending in the industry!