Jay Chou's "Bear" Makes the Crypto Bear Market Less Bearish

Jay Chou's "Bear" Makes the Crypto Bear Market Less Bearish

In 2022, it seems that the crypto market is not friendly, but Phanta Bear NFT has injected a warm current in this cold winter.

On the evening of January 10, 2022, BTC once fell 6% to $39,774, and has fallen 14% since the beginning of the year, marking the worst start to the year since its birth. While there has been a rebound since then, the figure was the biggest drop this year, about 14%, and the biggest start to the year since 2012. Bloomberg Intelligence analyst Mike McGlone said that $40,000 is a key technical support level for bitcoin, and the cryptocurrency’s price action reflects the current decline in risk appetite and seems to suggest a crypto bear market has arrived.

But on the other side, the NFT market is in full swing. On January 11, Phanta Bear's total transaction volume exceeded $60 million, surpassing Adidas Originals. Jay Chou also posted on Instagram to celebrate Phanta Bear's ranking first in OpenSea's transaction volume chart in the past week, and wrote: "Be first in everything, When I said I am all about being no. 1, I wasn't kidding! ".

Phanta Bear NFT blessed by Jay Chou has become the most popular "Bear" in this crypto winter.

In fact, Jay Chou has always been the "lover" of art auctions. As early as last June, he successfully closed the contemporary art auction "Asia | Jay Chou x Sotheby's" curated by Sotheby's. Nine artist auction records. And this time, Jay Chou's fashion brand Phantaci and blockchain entertainment platform Ezek jointly launched Phanta Bear NFT and achieved great success. On January 1, 2021, all 10,000 Phanta Bear NFTs were sold in less than 40 minutes for a total of $10 million. Each of the Phanta Bears sold for 0.26 ETH, which is equivalent to nearly $1,000. It is worth mentioning that some buyers of Phanta Bear have resold these NFTs at a high price on the NFT trading platform OpenSea, and the most expensive price has reached 20 ETH (about 77,000 US dollars).

Perhaps affected by the Phanta Bear NFT craze, BTC quickly rebounded to the $42,000 range, and the total market value of cryptocurrencies has returned to above $2 trillion.

What is Phanta Bear NFT?

Similar to some NFTs like Cryptopunks and Bored Apes Yacht Club, each Phanta Bear NFT is unique. For example, each bear wears a Phantaci outfit with a different design, with different color combinations, backgrounds, fashion accessories and handheld objects. Phantaci is a trend brand under Jay Chou. Obviously, they hope to create a new type of NFT by transforming real fashion clothes into virtual clothes on the phantom bear to create characters with different images. Not only that, but the big star hopes to launch virtual NFT clothing in the future that can be used in the game metaverse as well as worn in reality.

But there is a lot of controversy about NFTs. Some see it as a new opportunity to make a fortune, while others see it as a new way to harvest leeks. Some people believe that NFT itself has no value. The reason why it can be sold at a high price is mainly based on "value recognition". Once this value recognition is destroyed, all items will be worthless. But some people think that the potential value of NFT is huge. For example, NFT can help buyers to complete identity construction and social work in the virtual world. Since each NFT is unique, it accurately records the buyer's identity and copyright ownership in the "metaverse", which is equivalent to replicating the uniqueness and scarcity of items in the real world into the metaverse.

The concept of "metaverse" has now formed a new subcultural phenomenon, and its participants are almost young people born in Generation Z and later. The telecommuting caused by the new crown epidemic, spending more time in social media and online meetings, allowing more people to face up to the interaction and application of the real world and virtual scenes, and participating in the construction of the "metaverse" are being seriously considered by the younger generation, so NFT It's no surprise that it's getting more and more attention. On the other hand, similiar metaverse gaming platform also be found at http://gxgcoin.io/

The metaverse enables users to interact virtually; a digital reality that combines various aspects of social media, online games, augmented reality (AR), virtual reality (VR), and cryptocurrency. Virtual reality is entirely virtual, enhancing the fictional reality.​
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