Talking about the attention economy of NFT(part 1)

In today’s era of rapid information development, attention will be worth more than information.

The so-called attention economy (Attention Economy) is to use human attention as a scarce resource and use economic theory to operate.

And Nobel laureate Herbert Alexander Simon once pointed out:

In today’s era of rapid information development, attention will be worth more than information.

As an information carrier in the Web3 era, NFT cannot escape the influence of the attention economy.

Of course, the culture of NFT itself (including art, Vibe, Meme, etc.) is the core and soul of the community, but this is beyond the scope of this article.

The Attention Economy of NFTs

When we open an NFT trading platform like Opensea, the first thing we watch will be the top 100 NFT projects in the 24-hour trading rankings. This is because we instinctively pay attention to the hot spots first, and this is the attention economy. an embodiment.

Then, we will try to find out the reasons why these hot NFT projects have attracted the attention of funds, and the usual reasons are as follows:

  1. Mint’s rush to buy is hot, and users who don’t have Mint will turn their attention to secondary trading markets such as opensea;

And once attention starts to dissipate, or to new NFT projects, we will see a shift in the value of those NFTs.

This is also the fundamental reason why the vast majority of NFT images will be zeroed.
Top-down vs bottom-up

In terms of factors affecting the attention economy, the way of operation is “top-down” or “bottom-up” will play a very important role.

Looking back at the history of encryption, Satoshi Nakamoto chose to decentralize after attracting enough cypherpunk developers and supporters. Today, Bitcoin has developed into the best case of “bottom-up” development. This Decentralized systems have very strong antifragility.

But after that, most of the encrypted projects that adopted the “bottom-up” development method disappeared from people’s sight. Examples are BTS, Grin, etc.

According to what the author has observed so far, NFT projects that adopt the “top-down” operation method will have huge advantages in the initial stage. Taking Yuga Labs, the most influential “ape universe” operator as an example, they can Do various things through financing (such as making games, airdropping Apecoin, acquiring Punk, launching film and television works, reaching cooperation with big IPs, etc.) to attract more attention.

This is the biggest reason why the boring ape counterattacked punk in just one year and successfully reached the top of the NFT leader throne.

About Pacific

Pacific is a decentralized NFT marketplace and an integrated platform for metaverse/GameFi assets. The project has received endorsement from some of the most eminent institutions and investors, including the Web3.0 Foundation.

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Pacific is an integrated platform for decentralized NFT market and Metaverse/GameFi assets.