— What is the magic of “Genesis NFT” —
OVO announced the “OVO x Onigiriman” project will launch in April. The new series called “Cuty Owl Girls” (COG for short). It contains the collection of more than 10,000 different types of “Cuty Owl Girls” by Onigiriman.
There are five levels of ranks (★1~★5), higher rank means higher value. Genesis NFTs are expected to have a special value that produces NFTs,which is a new use case for the NFT-DAO function described below.
Most influential NFT artist in Japan — Onigiriman
Onigiriman is a Japanese NFT artist with a cumulative transaction volume of more than 270 ETH for works issued on “OpenSea” as of April 2022. He also made headlines when he sold “TokyoPop Girls Collection” last December, selling out 40 million yen worth of NFTs in a few hours.
Behind the NFT Boom — illusion of “NFT will always sale” and “Make profit from investing NFT”
The boom in NFTs is due to the “Beeple effect” that started in March last year. It is no exaggeration to say that creators who thought that “issuing NFT art will sell” and investors who thought “investing in NFT will make a profit” created the recent NFT bubble after receiving news and impact on the price of famous NFTs.
Looking at NFT art sold in marketplaces such as Opensea, the mainstream model is that creators (or IP holders) mint NFT content on the platform and users purchase or resell it. It repeats all the time.
In this case, the user is no different from the “consumer” in traditional e-commerce, and most of the products are simply replaced by “illustrations” called “NFT” art.
Of course, it’s fascinating to see that if you sell your work of art on an NFT platform, you’ll be charged a fee each time you trade on the marketplace, which will continue to generate income for creators. However, the current problem is that there is basically no merit for users.
When the NFT bubble ends and the purchase volume and transaction volume decrease, we can say that the transaction value of NFT art is just the work (IP content) itself.
However, if you simply want the quality of your work, it may be more efficient to sell it on traditional e-commerce platforms (Amazon, ebay, etc.).
So what is the reason for selling art works as NFTs?
Value of NFT Art — Ecosystem and Incentive Design
OVO believes that the true value of NFT art lies not in the work itself, but in the mechanisms behind it: the ecosystem and incentive design.
For example, if you purchase an NFT issued by Bored Ape Yacht Club, you will be granted the right to APE tokens, and then they will distribute BAYC revenue (goods sales, etc.) to NFT holders.
On the other hand, NFTs play a role as “proof of identity” to identify community members. In summary, BAYC is a symbol of belonging to the community, and it can be said that NFT technology was necessary to maximize the attribution value.
The token economy plays an important role in all NFT projects that have been booming in the past. However, the current situation is that we are still stuck in the conventional pattern:
NFT issuance → token issuance → skyrocket → plummet.
It can be said that the now well-known NFT project is contributing to the disparity. OVO has a vision that blockchain technology should be used to “fairly redistribute wealth” and NFTs as a technology that guarantees the interests and rights of the inhabitants of the blockchain world.
So how can we build a fair NFT ecosystem? COG Genesis NFT is one of the answers given by OVO.
What is Genesis NFT?
Genesis NFT, to put it simply, is a mechanism that gives users the right to publish IP content.
Users who own Genesis NFT can produce COG (NFT). This is an innovative attempt to publish “right to use copyrighted works” in NFT format, and is also a new form of NFT-DAO.
Previously, users were only allowed to purchase IP content and resell it on the marketplace. However, in the Genesis NFT system, users and creators can jointly publish, sell, and operate IP content. In addition, all incomes generated by Genesis NFT belong to the NFT owners.
The Genesis NFT and OVO ecosystem also allows users to engage in COG branding in a variety of ways.
How COG works?
Onigiriman’s COG (including non-Genesis NFT) is around 12,000 in total, but the COG Mystery Box is going to be issued around 5,000. And the rest of the COGs can be obtained through the Genesis NFT and OVO ecosystem only.
In particular, the total number of COGs is constant, and the NFTs burned by the Fusion function go back to the “COG stock” again.
For example, if you Fusion 5 ★1 COGs to get a ★2 COG, the 5 burned ★1 COGs will return to the “COG stock” and will be remanufactured by Genesis NFT.
This circulation system is designed to reproduce and burn repeatedly, so that every user who participates can earn a unique COG.
COG Genesis NFT is a brand new use case for realizing NFT-DAO as a system for creators and participants to build COG brand together.
From now on, we shall see a mechanism that brings benefits not only to creators but also to users and evenly distributes wealth.
【OVO official Homepage】：https://www.ovo.space
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【OVO official Twitter】：https://twitter.com/ovo__official
【OVO official Medium】：https://ovonft.medium.com/