详解 NFT 期货：文化类资产的新型 DeFi 原语

撰文：GCR 团队

Compiled by: Luffy, Foresight News

Overview:

• 期货（「 perps 」）交易占据主导地位：在撰写本文时，cryptocurrency期货交易占据主导地位，与现货交易相比，占总交易量的 60% 以上。这种现象在cryptocurrency中并不独特，传统金融市场中也是如此。

• NFT 1.0 transactions are mainly spot transactions: Initially, NFT transactions were driven by spot transactions, generating huge trading volumes, with total trading volumes exceeding US$20 billion. However, it created inefficiencies: only long positions were allowed, and small and medium-sized collectors had limited or no access to high-value collections.

• NFT Community是文化驱动型组织：NFT 集合成功将兴趣、理念和价值观一致的用户聚集在一起，创造出世界各地人们共享的社会结构。这些文化元素在世界各地的虚拟或现实世界活动中得到强化，就像其他Community（如动漫）几十年来所做的那样。

• NFT futures are expected to solve the current inefficiency of spot NFT trading: NFT perpetual futures ("NFT Perps") solve the problem of inefficiency in NFT spot trading. They allow trades of almost any size, long and short positions, and leveraged trading.

• 现货交易仍将具有重要意义，但会有所转变：我们预计现货交易和收藏本身任将具有重要意义，特别是对于访问与 NFT 相关的效用以及Community和数字身份层。寻求获得 NFT 效用和参与社区的收藏家可能会在现货市场上购买它。同时，期货市场可供其他类型的参与者以及寻求对冲或追求不同交易策略的收藏家使用。

Futures dominate the market

在早期加密货币历史的很长一段时间里，市场只有现货交易，用户将法定货币、其他加密货币或稳定币兑换成任何其他Token。这带来了一些效率低下的问题：

• Only long: For spot, users can only go long (profit only if the price rises). This prevents market participants from hedging losses or profiting from falling prices.

• 杠杆有限：仅依赖现货交易，投资者的杠杆率有限。虽然可以通过借入资产然后出售，以期望以较低价格获得资产来建立空头仓位，但这种方式资本效率低下（需要抵押品），对于流动性差的Token来说可能很难做到或成本高昂（借款利率较高）。

然而，BitMEX 推出永续期货市场（「Perps」）以及 2017 年 12 月芝加哥商品exchange（CME）推出首个 BTC 期货改变了一切：永续期货市场开始占据主导地位。截至撰写本文时，永续期货一直主导着加密货币交易活动。对于 BTC 和 ETH 而言，现货交易量仅占永续期货市场的一小部分：BTC 占 20%-70%，ETH 占 16%-44%。

Source: The Block

NFT Market: History Repeats Itself

2021 is the beginning of the NFT bull run. During this period, NFT technology began to gain attention and adoption around the world. NFT is not only used to generate art and photography use cases, but also used as a credential to enter the community and become a key component of our digital identity in the form of profile pictures, it is also used in many other aspects.

All of these use cases have helped to push the Web3 space into the spotlight: attracting a large number of users, builders, collectors, as well as speculators and traders. A large amount of capital has poured into the NFT ecosystem, and according to data from Dune Analytics and DappRadar, on-chain NFT transaction volume totaled more than $21 billion in 2021 (annual growth rate of 20,000%) and $24.7 billion in 2022 (annual growth rate of 17%). This growth is driven by a variety of factors, including the launch of popular NFT projects such as Otherside, Metaverse, Azukis, and Moonbirds.

Source: Dune

尽管有大量资金流入，但 NFT 的非同质化属性以及当时贫乏的基础设施仅允许个人进行 NFT 现货交易。这会产生摩擦，并阻止收藏家轻松进入或退出头寸。收藏家必须等待有人接受他们的挂牌价格或匹配当前要价。而且，随着藏品价值的上升，它降低了小投资者获得高价藏品的机会。此外，与 2017 年的可替代加密Token市场类似，它只允许多头头寸。

During the 2022-2023 bear market, the NFT ecosystem saw many innovations and new players, including Blur (its incentive bidding pool and lending function Blend) and NFT AMMs such as Sudoswap. These platforms are working hard to create a seamless trading experience and improve liquidity. However, as we will see later, these models still cannot achieve seamless short positions and cannot solve the problem of capital efficiency.

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It is important to note that this does not mean that NFT AMMs or lending do not have a strong value proposition. In our view, NFT AMMs are fully capable of helping collectors build and incentivize community-owned trading venues, which benefit the entire collector ecosystem by creating an economic cycle: transaction fees go back to collectors, creating value for holders and managing relationships with them.

History will not repeat itself, but it will always be strikingly similar: NFT 2.0

NFT Perp Futures (NFT Perps) are a new type of derivatives that allow investors to trade NFTs with better liquidity. NFT Perp Futures are similar to traditional cryptocurrency perp futures, except that their prices track NFT collections. NFT Perp Futures offer several advantages over traditional NFT spot markets and will enhance the trading experience:

• Quick Access: NFT futures allow investors to enter and exit positions instantly without having to purchase the underlying asset or list the NFT on an NFT marketplace, aggregator, or NFT automated market maker. This is advantageous because it reduces the effort of storing or transferring NFTs.

• 对冲机会和多空市场：到目前为止，NFT 投资者只能在 NFT 市场上「做多」。通过使用 NFT 永续期货，投资者可以通过做空永续contract来建立「市场中性」头寸，同时仍然可以获得 NFT 带来的效用、社区和其他好处。此外，它还允许他们利用收藏品的负面催化剂获得收益。

• Leverage: Until now, NFT investors have only been able to use leverage by borrowing NFTs on NFT lending platforms such as Arcade or Paraspace. However, in addition to creating friction (users must deploy borrowed funds into other trading activities), NFT lending can lack capital efficiency in some cases because it requires full NFT assets already in inventory to obtain leverage.

• Flexibility of scale: NFT perpetual futures allow users to obtain the NFT collections they want at any scale, as it does not require acquiring a specific NFT and paying its asking price. In this way, users can trade 100 ETH of BAYC or 0.1 ETH of BAYC. This allows small holders to gain positions in NFT collections that they would not be able to obtain if they were trading on the spot. In addition, it allows institutions and large collectors to trade at a larger scale without having to influence the price by sweeping the floor price.

• 引入新用户：上面提到的小规模可用性可能会吸引更多的零售收藏家和交易者对该领域的关注，然后可以将其带入到整个Blockchain生态系统中。

As we mentioned before, the 2023 “bear market” brought innovation to the NFT space, and some may argue that other verticals and players can solve the above problems. Let’s dive in:

链上 NFT 期权：它们解决了对冲可能性、定向 NFT 市场风险，并且可以提供不同的contract规模。然而，期权是一种比永续contract更复杂的产品，永续合约因其在中心化场所的受欢迎程度而广为人知。此外，不同执行价或到期日可能缺乏流动性，从而造成摩擦。

Fragmented NFTs: Fragmented NFTs lower the barrier to entry for high-priced collectibles and can be traded at any scale. However, fragmentation has the following pitfalls:

• Inefficient funding: The fragmentation process requires users to purchase NFTs and then lock them in a contract to initiate the fragmentation process, which makes it inefficient.

• Fungibility restrictions: The score of one NFT is not equal to the score of another NFT, even if they are from the same set.

• Limited liquidity and scale: As mentioned earlier, it can be challenging to build a liquid trading pool interested in a specific NFT.

• Governance and redemption issues: NFT redemptions can be subject to friction as they require consensus among holders.

NFT AMM: NFT automated market makers (AMMs) solve the liquidity incentive problem, create a more liquid market, and also support trading NFT collections at any scale. However, they still suffer from capital inefficiency because they require NFTs to be deposited in a pool. In addition, NFT AMMs do not allow short selling.

NFT Perpetual Agreement

nftperp：先行者

Year of Founding: 2022 | Stage: Private Alpha | Funds Raised: $4.7 million

nftperp 是 NFT 永续协议垂直领域的先行者。该平台提供无缝交易体验，集成在简单且经过深思熟虑的用户界面中。在撰写本文时，该协议目前正在推出 v2，允许用户交易 Miladies 和 Pudgy Penguins 等收藏品，所有这些都通过在 Arbitrum 上运行 DApp 来降低 Gas 费用。

according to nftperp 的 Dune 仪表板显示，该协议在 v1 发布时的交易量已超过 830 万美元，覆盖超过 800 名交易者（白名单用户） 。

Source: Dune

Tribe3: Gamification and social trading

Year founded: 2022 | Phase: v2 testnet | Funds raised: $2.1 million

Tribe3 is an NFT futures DEX that incorporates social and gamification elements into the trading platform. In addition to NFT futures trading, users can also participate in battles with others (community to community trading) and earn in-game items based on trading behavior. The platform allows users to trade multiple NFT series with up to 5x leverage.

The platform completed v1 public testing with $71 million in trading volume and over 840 active traders. At the time of writing, the platform is testing the updated protocol design on the v2 testnet.

Wasabi: A complete and popular NFT derivatives platform

Year of Founding: N/A | Stage: Public | Funds Raised: N/A

Wasabi has built a whole suite of derivative products for NFTs. The protocol began offering put and call options for specific NFT series, allowing users to go long or short before a specific date without the risk of being liquidated.

To expand its product range, Wasabi has launched:

• BNPL: Wasabi works with different NFT lending protocols to allow users to seamlessly purchase NFTs with a “buy now, pay later”

• Perpetual Contracts: Recently, Wasabi partnered with Flooring Protocol to launch an index-based perpetual contract product that allows users to trade any whitelisted NFT collection with up to 5x leverage.

根据 Wasabi 的 Dune 面板，该协议的期权产品交易的名义价值已达 610 万美元，流动性提供者获得了 30 万美元的费用。

Source: Dune

The trading volume of perpetual futures products has reached more than US$40 million, with approximately 470 active traders.

Source: Dune

in conclusion

NFT futures apply the concept of perpetual trading to NFTs, unlocking a more accessible and two-way trading experience that was previously unavailable in the NFT spot market. While it is too early to tell, the potential value proposition offered by NFT futures has strong growth potential in the NFT market.

The article comes from the Internet:详解 NFT 期货：文化类资产的新型 DeFi 原语

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