或許NFT看起來(lái)像是一場(chǎng)曇花一現(xiàn)的熱潮，但僅2021年第三季度，它的交易額就超過(guò)100億美元。? ??

Non-fungible tokens (NFTs) may seem like a?passing craze, but with over?$10 billion?traded in the third quarter of 2021 alone, it’s become clear that this emerging technology — a blockchain-based tool that enables anyone to monetize digital content — is growing into a major industry. In March of this year, musician 3LAU collaborated with crypto startup Origin Protocol to create a specialized platform to sell his new album as an NFT, where it ultimately sold for?$11.6 million. Visual artist Beeple?famously sold?a tokenized digital artwork for $69 million through Christie’s auction house, and the NBA’s Top Shot, which is owned by crypto platform Dapper Labs and enables fans to buy and sell tokenized video clips of basketball game highlights, has generated over?$715 million?in transaction volume.

NFT，即不可替代代幣（non-fungible token），已成為一個(gè)很大的產(chǎn)業(yè)。但與大多數(shù)新興技術(shù)一樣，有許多相互競(jìng)爭(zhēng)的平臺(tái)和增長(zhǎng)方法，對(duì)于特定企業(yè)來(lái)說(shuō)，哪種最適合并不總是很明顯。或許NFT看起來(lái)像是一場(chǎng)曇花一現(xiàn)的熱潮，但僅2021年第三季度，它的交易額就超過(guò)100億美元。很明顯，這種新興技術(shù)（一種基于區(qū)塊鏈、讓任何人都可以將數(shù)字內(nèi)容貨幣化的工具）正在成長(zhǎng)為一個(gè)大產(chǎn)業(yè)。2021年3月，歌手3LAU與加密初創(chuàng)公司OriginProtocol合作創(chuàng)建了一個(gè)專門的平臺(tái)，將他的新專輯作為NFT出售，最終該專輯以1160萬(wàn)美元的價(jià)格售出。著名視覺藝術(shù)家Beeple通過(guò)佳士得拍賣行，以6900萬(wàn)美元的價(jià)格出售了一件代幣化的數(shù)字藝術(shù)品。而在NBA，其TopShot由加密平臺(tái)DapperLabs擁有，讓球迷能夠買賣籃球比賽集錦的代幣化視頻剪輯，已經(jīng)產(chǎn)生了超過(guò)7.15億美元的交易量。

In response to this massive growth, both individual creators and firms as wide-ranging as retail, music, entertainment, consumer products, fashion, and more have begun actively exploring ways to engage with the world of NFTs. Specifically, while some sellers have opted to build their own NFT marketplaces, most have found that a partnership with a third-party platform is more feasible, as it can reduce upfront costs, offer access to a larger existing customer base, and provide valuable add-on services such as marketing, legal, and technical support.

面對(duì)這種規(guī)模龐大的增長(zhǎng)，個(gè)人創(chuàng)作者和零售、音樂(lè)、娛樂(lè)、消費(fèi)品、時(shí)尚等領(lǐng)域的公司都開始積極探索與NFT世界互動(dòng)的方式。具體來(lái)說(shuō)，雖然一些賣家選擇建立自己的NFT市場(chǎng)，但大多數(shù)賣家發(fā)現(xiàn)，與第三方平臺(tái)合作更為可行，因?yàn)樗梢越档颓捌诔杀?，有機(jī)會(huì)接觸更大規(guī)模的現(xiàn)有客戶群，并提供有價(jià)值的補(bǔ)充服務(wù)，例如營(yíng)銷、法律和技術(shù)支持等。

What is an NFT marketplace?

什么是NFT市場(chǎng)？

In contrast to platforms such as Spotify and Netflix, which provide unlimited digital content for a subscription fee, NFT platforms are built around the idea that just like physical content, digital content too can be scarce — that is, limited in quantity — and can therefore be meaningfully owned and traded. These platforms leverage blockchain technology to verify the provenance of digital content, similar to how a traditional auction house might verify that a given work of art is in fact the original and not a replica, and some platforms even offer the ability to “burn” items, further reinforcing the concept of scarcity for these digital products. Blockchain-based transaction logs can also facilitate royalty attribution, automatically sharing a percentage of revenue from second-hand sales with the original creator every time the NFT is traded.

與聲破天（Spotify）和奈飛（Netflix）等以訂閱費(fèi)提供無(wú)限數(shù)字內(nèi)容的平臺(tái)相比，NFT平臺(tái)的構(gòu)建理念是，就像物理內(nèi)容一樣，數(shù)字內(nèi)容也可能是稀缺的——即數(shù)量有限——因此可以被有意義地?fù)碛泻徒灰?。這些平臺(tái)利用區(qū)塊鏈技術(shù)來(lái)驗(yàn)證數(shù)字內(nèi)容的出處，類似于傳統(tǒng)拍賣行驗(yàn)證特定藝術(shù)品是原作而非復(fù)制品。有些平臺(tái)甚至提供“燒毀”物品的能力，進(jìn)一步強(qiáng)化了這些數(shù)字產(chǎn)品的稀缺性概念?；趨^(qū)塊鏈的交易日志還便于版稅分配，每次交易NFT時(shí)，都會(huì)自動(dòng)向原始創(chuàng)建者分享一定比例的二手銷售收入。

Of course, as with any investment into a new capability, while partnering with the right marketplace can unlock entirely new markets and revenue streams, partnering with the wrong platform can seriously backfire — and when it comes to leveraging a rapidly-evolving new technology like NFTs, it’s not always obvious what the right choice is. To avoid making costly mistakes, it’s critical to understand the landscape of platforms that are currently available and determine which will be the best fit for your NFT offerings.

當(dāng)然，與對(duì)新能力的任何投資一樣，與正確的市場(chǎng)平臺(tái)合作可以開啟全新的市場(chǎng)和收入，但與錯(cuò)誤的平臺(tái)合作可能會(huì)導(dǎo)致嚴(yán)重的反效果，而在利用NFT等快速發(fā)展的新技術(shù)方面，正確的選擇并不總是顯而易見。為避免犯下代價(jià)高昂的錯(cuò)誤，你應(yīng)當(dāng)了解當(dāng)前可用平臺(tái)的格局，并確定最適合你的NFT產(chǎn)品的平臺(tái)，這一點(diǎn)至關(guān)重要。

What kinds of marketplaces are out there?

目前有哪些類型的市場(chǎng)？

While there are a number of factors to consider, we’ve found that it can be particularly helpful to characterize NFT marketplaces on a spectrum from?streamlined?to?augmented. Streamlined marketplaces support a broader range of NFTs and offer more limited, generic services to sellers, while augmented marketplaces are highly specialized and provide a more full-service experience.

雖然有許多因素需要考慮，但我們發(fā)現(xiàn)，將NFT市場(chǎng)按照從精簡(jiǎn)型到增強(qiáng)型的特征加以標(biāo)識(shí)會(huì)特別有幫助。精簡(jiǎn)型市場(chǎng)支持較為廣泛的NFT，并為賣家提供較為有限的通用服務(wù)，而增強(qiáng)型市場(chǎng)則高度專業(yè)化，提供更全面的服務(wù)體驗(yàn)。

Streamlined platforms include services such as OpenSea and Rarible, which host both auctions and fixed-price sales for a wide variety of NFTs, and more closely resemble traditional platforms such as eBay, Esty, or Mercari. These marketplaces focus predominantly on enabling efficient transactions, often providing payment infrastructure to accept both credit cards and crypto payments?in Bitcoin, Ethereum, and occasionally other specialty tokens. They offer minimal additional services, and because of their breadth, these platforms generally have fairly large and varied user bases.

精簡(jiǎn)型平臺(tái)包括OpenSea和Rarible等，它們?yōu)楦鞣NNFT提供拍賣和固定價(jià)格銷售，更類似于eBay、Esty或Mercari等傳統(tǒng)平臺(tái)。這些市場(chǎng)主要專注于實(shí)現(xiàn)高效交易，通常提供支付基礎(chǔ)設(shè)施，以接受信用卡和比特幣、以太坊以及（偶爾）其他特殊代幣的加密支付。它們提供最低程度的附加服務(wù)，并且由于它們的廣度，這些平臺(tái)通常擁有規(guī)模極大且多樣化的用戶群。

Augmented marketplaces, on the other hand, tend to focus on narrower niches, and offer numerous value-added services such as minting (creating the NFT itself), marketing, curation, pricing recommendations, portfolio trackers, and even full-blown games built on top of the NFTs. For example, the NBA’s Top Shop focuses exclusively on basketball collectibles that the platform packages and markets, SuperRare focuses on visual art and provides extensive curation and recommendation services, and Sorare, which focuses on digital sports cards, hosts fantasy soccer competitions that incorporate the cards users buy on the platform.

另一方面，增強(qiáng)型市場(chǎng)往往聚集于更狹窄的細(xì)分市場(chǎng)，并提供許多增值服務(wù)，例如鑄幣（創(chuàng)建NFT本身）、營(yíng)銷、策展、定價(jià)建議、投資組合跟蹤，甚至是基于NFT構(gòu)建的成熟游戲。例如，NBA的TopShop專注于該平臺(tái)包裝和銷售的籃球收藏品，SuperRare專注于視覺藝術(shù)并提供廣泛的策展和推薦服務(wù)，而專注于數(shù)字運(yùn)動(dòng)卡的Sorare則舉辦虛擬足球比賽，讓用戶在該平臺(tái)購(gòu)買的卡片具象化。

These specialty services can add a lot of value, but of course, they come at a cost. To account for the resources required to build out, integrate, and support an array of customized tools and experiences, augmented platforms generally have a higher “take rate,” or transaction fee, as well as higher upfront setup costs. Streamlined marketplaces typically have lower initial and ongoing costs, but may require sellers to invest their own resources or hire external experts to design, mint, and market their NFTs.

這些專業(yè)服務(wù)可以增加很多價(jià)值，當(dāng)然，它們是有代價(jià)的?？紤]到構(gòu)建、集成和支持一系列定制工具和體驗(yàn)所需的資源，增強(qiáng)型平臺(tái)通常具有更高的“傭金率”（即交易費(fèi)用），以及更高的前期設(shè)置成本。精簡(jiǎn)型市場(chǎng)通常意味著較低的初始和持續(xù)成本，但可能需要賣家投資自己的資源，或聘請(qǐng)外部專家來(lái)設(shè)計(jì)、鑄造和營(yíng)銷他們的NFT。

How can I engage with the market?

如何接洽這類市場(chǎng)？

So, how can you determine which type of platform is the best fit for your business? Companies with a large pool of intellectual property and a target audience within a specific domain may find it beneficial to partner with an augmented platform. A larger quantity of monetizable content generally means a larger upfront investment is more likely to pay off, and these specialized platforms can draw on their niche experience to ensure a successful launch and drive additional value through secondary tools and services.

那么，你怎樣才能確定哪種類型的平臺(tái)最適合你的企業(yè)？擁有大量知識(shí)產(chǎn)權(quán)和特定領(lǐng)域目標(biāo)受眾的公司可能會(huì)發(fā)現(xiàn)，與增強(qiáng)型平臺(tái)合作是有益的。較大數(shù)量的可貨幣化內(nèi)容通常意味著，較大規(guī)模的前期投資更有可能獲得回報(bào)，這些專業(yè)平臺(tái)可以利用其在利基市場(chǎng)的經(jīng)驗(yàn)，來(lái)確保NFT產(chǎn)品的成功發(fā)布，并通過(guò)輔助工具和服務(wù)來(lái)提升附加價(jià)值。

If you’re not sure what kinds of specialized services might be a good fit for your business, it’s worth looking to other creators’ NFT experiments for inspiration. For example, artists may leverage these platforms to offer exclusive video content, or sports teams might include a free meet-and-greet or VIP upgrade with NFT purchases. McLaren Racing?recently launched?a program where fans can collect various components of a Formula 1 race car in digital form, and the first fan to collect all 22 of the NFTs required to assemble a complete digital version of the car will win an all-expenses-paid trip to a Formula 1 race.

如果你不確定哪種專業(yè)服務(wù)可能適合你的企業(yè)，那你可以從其他創(chuàng)作者的NFT實(shí)驗(yàn)中尋找靈感。例如，藝術(shù)家可以利用這些平臺(tái)提供獨(dú)家視頻內(nèi)容，運(yùn)動(dòng)隊(duì)可以通過(guò)購(gòu)買NFT提供免費(fèi)的球迷見面會(huì)或VIP升級(jí)。麥克拉倫（McLarenRacing）最近推出了一項(xiàng)計(jì)劃，車迷可以通過(guò)該計(jì)劃以數(shù)字形式收集F1賽車的各種部件，第一個(gè)集齊組裝完整數(shù)字版汽車所需全部22個(gè)NFT部件的車迷將贏得一次包含全部費(fèi)用的F1觀賽獎(jiǎng)勵(lì)。

In addition, some augmented platforms offer detailed data analytics around when other NFTs on the market were minted, how many NFTs competitors are minting, average prices, sales numbers, and more. Firms can then use this data to make informed choices about how they mint and price their own digital offerings. For example, NBA Top Shot offers a?detailed?analytics page?for each NFT that includes a breakdown of related market activity, ownership history, and other information about the video highlight. Similarly, electronic music marketplace?RCRDSHP?presents users with extensive analytics on both individual NFTs and on the overall state of the market. Although these industry-specific platforms may have narrower reach, they can be extremely effective within a given market — Sorare, for example, generated nearly?$20 million?in transaction volume last month and over?$100 million?in the past year.

此外，一些增強(qiáng)型平臺(tái)提供關(guān)于市場(chǎng)上其他NFT何時(shí)被鑄造、競(jìng)爭(zhēng)對(duì)手正在鑄造多少NFT、平均價(jià)格、銷售數(shù)量等詳細(xì)數(shù)據(jù)的分析。然后，企業(yè)可以使用這些數(shù)據(jù)就如何鑄造和定價(jià)自己的數(shù)字產(chǎn)品做出明智的選擇。例如，NBA的TopShot為每個(gè)NFT提供詳細(xì)的分析頁(yè)面，其中包括相關(guān)市場(chǎng)活動(dòng)和所有權(quán)歷史的明細(xì)信息，以及有關(guān)視頻集錦的其他信息。同樣，電子音樂(lè)市場(chǎng)RCRDSHP為用戶提供對(duì)單個(gè)NFT和市場(chǎng)整體狀況的廣泛分析。盡管這些特定行業(yè)的平臺(tái)可能覆蓋范圍較窄，但它們?cè)谔囟ㄊ袌?chǎng)中可能非常有效——例如，Sorare 2021年10月產(chǎn)生了近2000萬(wàn)美元的交易量，過(guò)去一年的交易量超過(guò)1億美元。

For products with broader appeal, however, companies and creators may be better off partnering with a streamlined marketplace. For example, Coca-Cola partnered with OpenSea to auction off a?“Loot Box” NFT?that included digital versions of a vintage Coca-Cola cooler, jacket, and logo, as well as a real, fully-stock Coca-Cola refrigerator delivered to the winner’s home. It was a simple enough offering that didn’t require much in the way of custom, industry-specific specialization, and so OpenSea’s streamlined platform was a good fit. (The NFT collection ultimately sold for over?$575,000, which Coca-Cola donated to Special Olympics International.)

然而，對(duì)于具有更廣泛吸引力的產(chǎn)品，公司和創(chuàng)作者最好與精簡(jiǎn)型市場(chǎng)合作。例如，可口可樂(lè)公司與OpenSea合作，拍賣了一個(gè)“LootBox”NFT，其中包括老式可口可樂(lè)冷卻器、夾克和徽標(biāo)的數(shù)字版本，以及一個(gè)真正的、裝滿可口可樂(lè)的冰箱（送到中標(biāo)者家中）。這是一個(gè)足夠簡(jiǎn)單的產(chǎn)品，不需要太多定制的、限于行業(yè)的專業(yè)化，因此OpenSea的精簡(jiǎn)平臺(tái)非常適合。［該NFT系列最終以超過(guò)57.5萬(wàn)美元的價(jià)格售出，可口可樂(lè)公司將這筆錢捐贈(zèng)給了國(guó)際特奧會(huì)（Special Olympics International）。

What will the future hold?

未來(lái)會(huì)怎樣？

At this point, you may be asking yourself which of these many platforms is likely to emerge as the Amazon-like industry standard. Traditional marketplaces tend to exhibit winner-takes-all dynamics, meaning that once a single platform achieves scale, it becomes nearly impossible for competitors to overtake it — and so, it’s only natural to be concerned about investing in a platform that won’t be made obsolete. However, in contrast to traditional markets, we believe that no single NFT platform is likely to assume such a dominant position. There are two key reasons for this:

此時(shí)此刻，你可能會(huì)問(wèn)自己，這些眾多的平臺(tái)中，未來(lái)哪一個(gè)可能會(huì)成為類似亞馬遜的行業(yè)標(biāo)準(zhǔn)？傳統(tǒng)市場(chǎng)往往表現(xiàn)出贏家通吃的特征，這意味著一旦單一平臺(tái)實(shí)現(xiàn)規(guī)?；?，競(jìng)爭(zhēng)對(duì)手就幾乎不可能超越它——因此，這自然要牽扯到投資于一個(gè)不會(huì)過(guò)時(shí)的平臺(tái)的問(wèn)題。然而，與傳統(tǒng)市場(chǎng)相比，我們認(rèn)為沒有一個(gè)NFT平臺(tái)可能占據(jù)那樣的主導(dǎo)地位。這出于兩個(gè)關(guān)鍵原因：

First, NFT markets are inherently more open than their traditional counterparts. Since NFTs are built on fully public blockchain infrastructure, most transaction data is publicly available, limiting the extent to which these platforms can build the kinds of data moats that lead to monopolies.

首先，NFT市場(chǎng)天生就比傳統(tǒng)市場(chǎng)更加開放。由于NFT建立在完全公共的區(qū)塊鏈基礎(chǔ)設(shè)施上，大多數(shù)交易數(shù)據(jù)都是公開可用的，這限制了這些平臺(tái)構(gòu)建（導(dǎo)致壟斷的）數(shù)據(jù)護(hù)城河的程度。

In addition, the success of augmented platforms suggests that differentiation is highly valuable to both buyers and sellers. We’re already seeing that there’s strong demand for multiple coexisting NFT marketplaces, each focused on a different domain and offering specialized tools to help their partners succeed. Even within industries, multiple platforms can coexist, as long as they differentiate in the tools and experiences that they provide. For example, one NFT art platform might specialize in minting functionality, while another might focus on gaming experiences built on top of art NFTs.

此外，增強(qiáng)型平臺(tái)的成功表明，差異化對(duì)買家和賣家都非常有價(jià)值。我們已經(jīng)看到，對(duì)多個(gè)共存的NFT市場(chǎng)的需求非常充沛，這些市場(chǎng)中的每個(gè)平臺(tái)都專注于不同的領(lǐng)域，提供專門的工具來(lái)幫助合作伙伴取得成功。即使在行業(yè)內(nèi)，多個(gè)平臺(tái)也可以共存，只要它們提供的工具和體驗(yàn)有所不同。例如，一個(gè)NFT藝術(shù)平臺(tái)可能專注于鑄造功能，而另一個(gè)可能專注于建立在藝術(shù)NFT之上的游戲體驗(yàn)。

While winner-take-all dynamics may be more likely among streamlined platforms, where the marketplace that provides the lowest cost transactions will likely attract a majority of both buyers and sellers, these platforms will never offer the degree of customization and industry-specific support made possible by a wide array of augmented platforms. And investors seem to agree: While streamlined platforms have certainly?done well, augmented platforms have also had no trouble attracting funding, with Dapper Labs securing a?$7.6 billion valuation?and Sorare raising a record-breaking?$680 million?at a $4.3 billion valuation.

雖然在精簡(jiǎn)型平臺(tái)中更有可能出現(xiàn)贏家通吃的情況，其中提供最低交易成本的市場(chǎng)可能會(huì)吸引大多數(shù)買家和賣家，但這些平臺(tái)永遠(yuǎn)不會(huì)提供各種增強(qiáng)平臺(tái)實(shí)現(xiàn)的那種定制程度和針對(duì)特定行業(yè)的支持。投資者似乎也同意：雖然精簡(jiǎn)型平臺(tái)確實(shí)做得很好，但增強(qiáng)型平臺(tái)在吸引資金方面也沒有問(wèn)題，比如DapperLabs獲得了76億美元的估值，Sorare以43億美元的估值籌集了創(chuàng)紀(jì)錄的6.8億美元資金。

So, if you’re a creator, don’t feel like you have to wait for the “Amazon of NFTs” to emerge. Evaluate the marketplaces that are currently available based on how well they fit with your unique offerings and business needs, and if you find one that seems well-suited for you, go ahead and dip in a toe.

所以，如果你是一個(gè)創(chuàng)作者，不要覺得你必須等待“NFT界的亞馬遜”出現(xiàn)。根據(jù)它們與你的獨(dú)特產(chǎn)品和業(yè)務(wù)需求的契合程度評(píng)估當(dāng)前可用的市場(chǎng)，如果發(fā)現(xiàn)一個(gè)似乎非常適合你的市場(chǎng)，那就請(qǐng)抓住機(jī)會(huì)嘗試一下。

While NFTs are still a burgeoning industry, they have demonstrated the potential to be highly lucrative, creating real value for both buyers and sellers. They may have started out as a science project driven largely by crypto enthusiasts and risk-loving, tech-savvy artists, but NFTs are now rapidly entering the mainstream. Whether you’re a major brand like the NBA or an up-and-coming independent artist, partnering with the right platform is the critical first step to drive customer engagement and secure your position in this new digital economy.

雖然NFT仍然是一個(gè)新興行業(yè)，但它們已經(jīng)展示出利潤(rùn)豐厚的潛力，能為買賣雙方創(chuàng)造真正的價(jià)值。它們最初可能是一個(gè)主要由加密愛好者和熱愛風(fēng)險(xiǎn)、精通技術(shù)的藝術(shù)家推動(dòng)的科學(xué)項(xiàng)目，但NFT現(xiàn)在正在迅速進(jìn)入主流。無(wú)論你是NBA這樣的大品牌，還是嶄露頭角的獨(dú)立藝術(shù)家，與合適的平臺(tái)合作都是推動(dòng)客戶參與、確保你在這個(gè)新數(shù)字經(jīng)濟(jì)中地位的關(guān)鍵第一步。

Pavel Kireyev?is an Assistant Professor of Marketing at INSEAD.

帕維爾·基里耶夫是歐洲工商管理學(xué)院營(yíng)銷學(xué)助理教授。

Peter C. Evans?is the Managing Partner at the Platform Strategy Institute, Chief Platform Officer of RCRDSHP and co-Chair of the MIT Platform Strategy Summit.

彼得·埃文斯是平臺(tái)戰(zhàn)略研究所的管理合伙人、RCRDSHP的首席平臺(tái)官和麻省理工學(xué)院平臺(tái)戰(zhàn)略峰會(huì)的聯(lián)合主席。

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