The only way to continue innovating IP and gameplay.
Author: Mu Mu
Just when people thought that the domestic digital collection market was in a mess and completely cold, the only art platform announced its cooperation with Tencent to relaunch the "compliant digital collection WeChat mini program".
Since the overall downturn of digital collectibles in 2022, the digital collection platform has also experienced a sharp decline after a period of prosperity. The well-known platform, Huanhe, finally closed down, some unknown small platforms either shut down or simply ran away, and the digital collection market in 2023 was bleak.
In comparison, the only art is one of the few digital collection platforms in China that is still persisting. It has received two rounds of state-owned capital investment and successfully launched popular IPs such as "Dawenqi's Egg" and "Crazy Eater", attracting a large number of fans.
Since April this year, while the only art has been working on launching the WeChat mini program, it has also released a series of MBTI-themed digital collections that are popular among young people, with issuance prices of 99 yuan and 500 yuan respectively. The floor price after release has risen to over 10,000 yuan, indicating a potential "revival" in the market.
Although positioning the mini program as "compliant", the mini program of the only art has not been officially launched yet, and there is no obvious sign of relaxation in WeChat's restrictions on digital collection platforms. The revival of the digital collection market still faces multiple challenges.
The "Breach of Contract" of the Only Art Mini Program
On April 23, the only art platform announced that it would soon relaunch the WeChat mini program and highlighted its positioning as the "first compliant" in the industry, expressing its desire to "lead the industry to take off".
Announcement of the launch of the mini program by the only art
Before the re-launch of the mini program, it is necessary to review why the mini program of the only art was taken down. Of course, the takedown was not limited to this digital collection platform alone.
In early 2022, WeChat mass-banned the mini programs of digital collection platforms, and the only art was also among those banned. The reason given by WeChat was that the actual digital collection services provided by the mini program belonged to service categories that were not yet open. Subsequently, dozens of digital collection platforms such as Art Meta, Yidian Digital Collection, Guicang Universe, Huasheng Meta, Yuanben Space, and iBox had their WeChat official accounts permanently banned.
WeChat's scrutiny of digital collection platforms was one of the side effects of the chaotic market at that time. Since then, digital collection platforms have disappeared from the vast array of WeChat mini programs, and WeChat has continued to ban the digital collection community to this day, including the permanent banning of WeChat official accounts related to secondary trading of digital collectibles, including the only art.
The service center official account of the only art is still in a banned state
Tong Shitian, the founder of the only art, once said in an interview that the exit of some digital collection platforms is not necessarily a bad thing for the industry. He believes that "the current brief cooling-off period, I think, is a reshuffle and direction choice for the industry. After this test, the truly compliant and practical platforms will stay."
In fact, the claim by the only art to relaunch the digital collection mini program is neither timely nor "the first". WeChat has not relaxed its management of digital collection platforms' mini programs.
First, the announcement of the launch of the WeChat mini program by the only art stated that it would be "launched before April 24", but as of today, it has not been launched. When "Element Universe Daily" inquired about this, the customer service replied, "There is no specific time yet, it is recommended to continue to pay attention."
Secondly, there are still individual platforms such as "Yue Digital Collection" in the WeChat mini program, but only the display and primary sale of digital collectibles can be achieved through the mini program, and the secondary market transfer function is still not open on the mini program.
Where is the "Checkpoint" for the Reversal of the Digital Collection Market?
Although the digital collection mini program of the only art has not yet been launched, the official announcement of the pre-launch has once again attracted the attention of digital collection players to the platform. As an advantage with a large user base in China, the digital collection content of the only art is also continuously updated.
Recently, the market prices of the PFP (avatar) digital collection "MBTI Series" released by the only art have been very eye-catching.
The MBTI series digital collection is launched in the copyright market by the only art
MBTI (Myers-Briggs Type Indicator) is a personality testing tool that is very popular among young people. Due to the various personality attributes, it also fits the characteristics of PFP digital collection projects.
The first batch of unlocked ENTP and ENFP in the MBTI series were issued at prices of 99 yuan and 500 yuan respectively. Within three days of the release of the MBTI, the market price rose strongly, and the floor price once rose to over 4,000 yuan; five days after the release, the floor price of the ENFP diamond tier even rose to over 10,000 yuan. Currently, the floor price of this series of digital collections has fallen somewhat.
The MBTI series digital collection experienced a significant rise and then fell
As a sensitive factor of digital collectibles, prices are related to market or user sentiment on one hand, and regulatory requirements to curb speculation on the other. Obviously, how to stimulate user activity on the basis of compliant operation has become a key point for digital collection platforms to grasp during operation.
It is worth noting that in promoting the re-launch of the WeChat mini program, the only art has reached a cooperation with the trading-level blockchain platform Yilink. Public information shows that Yilink has obtained the Ministry of Public Security's information system security level protection filing certificate (Beijing Public Network Security No. 11010502053916) as well as blockchain system security testing reports and blockchain information service filing (Beijing Internet Information Office No. 11011223680206740015).
Cooperating with a trusted blockchain is one of the compliance endorsements sought by the only art for its digital collection. How digital collection platforms can activate user vitality under compliance still tests every operator.
In the case of digital collections such as the MBTI series, the only art's innovative gameplay is "liquidity unlocking", which manages the liquidity of digital collections by setting certain conditions such as holding time, trading volume, and number of holders, thereby stabilizing market prices. In addition, the only art also provides more incentives for holders of scarce collectibles, such as introducing the "leader mechanism", allowing users who own rare works (leaders) to receive a portion of the transaction amount as a fee/royalty reward.
The re-emergence of the only art emphasizes "compliance" and "innovative gameplay", and is also the effort of leading digital collection platforms to activate the digital collection market. In addition to these two key operations, whether new traffic can be brought into the digital collectibles market directly affects the expansion of the fund size. This also explains why the only art attaches so much importance to the WeChat mini program.
As stated in the official announcement, the WeChat mini program has "brought in 4.5 million real-name trading users" for the only art, which is an important reason why the platform was able to rise in 2022.
As of now, the digital collection mini program of the only art is still in its "gestation period". If the opening of the mini program for digital collection platforms on WeChat still takes time, it means that new traffic exploration for digital collection platforms needs to be sought elsewhere.
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