The NFT market is facing challenges, how to reshape its glory?

The current NFT market is in a challenging period, but NFTs remain an important bridge for traditional internet users to enter the Web3 world.

Problems Encountered in the NFT Market

NFTs can generally be divided into two categories: production type and collective type.

Production-type NFTs face the dilemma of "either growth or extinction." Due to blind expansion, the market has suffered severe inflation, resulting in unstable value and ultimately falling into a vicious cycle. The ecosystem of such NFTs is overly fragmented, lacking connections between projects, making it difficult for users to engage deeply.

Collective NFTs form a closed small circle due to their scarcity, making it difficult to realize value spillover, and the community scale is limited. At the same time, arbitrary copying reduces brand tone, reflecting a lack of a healthy development environment in the industry. The absence of practical application scenarios makes it challenging to convert short-term popularity into sustainable development.

The Unique Value of NFT

Compared to cryptocurrencies, NFTs have the following advantages:

1. Non-financial attributes lower the psychological threshold for users
2. Can convert between Token and NFT, enhancing asset liquidity
3. Various activities can be designed to enhance community engagement.
4. Has unique social and emotional value, representing personal identity.

Summary of Experience with StepN

1. Move-To-Earn model has been validated by the market.
2. The anti-cheat system and the activation code mechanism are crucial.
3. Guiding Web3 users is more challenging than Web2.
4. Web3 social is a rigid demand

StepN Go's Sustainable Growth Strategy

1. Capture user attention
2. Timely delivery of key information
3. Zero Investment Incentive Mechanism
4. Simplify User Experience

StepN Go has launched a sneaker rental system that allows Web3 users to rent their sneakers to Web2 users, enabling profit sharing. This model, based on familiar social connections, has advantages in depth and trust, which helps to quickly expand its influence.

Strategies to Address Stagnant Growth

1. Correctly understand the "End-game" phase
2. Promote user consumption:
   • Establish internal consensus
   • Collaborate with major brands
   • IP Cooperation
3. Utilize social sharing:
   • Design a show-off mechanism
   • Conduct social media marketing

Through these strategies, NFT projects can reshape value and achieve sustainable development when facing challenges. The key is to focus on user needs, optimize product experience, and fully leverage the social value of NFTs.