38 The Metaverse Overview : Vision, Technology, and Tactics | Industry and consensus during NFT minting and include ERC20, ERC721, and ERC1155. Developer tools help develop blockchain applications. Network storage is data storage on a blockchain, represented by InterPlanetary File System IPFS distributed storage. A wallet, e.g. Tokenall, is a tool for private key storage without holding tokens. The production and circulation layers host platforms that produce and trade NFT works. Production platforms have two usual models, UGC and PGC, to create NFT artworks, games, virtual worlds, and marketplaces. For example, Decentraland is a decentralized virtual world based on Ethereum. Users of Decentraland can create, explore, and trade NFT works in this virtual world. Sandbox launched its blockchain-based Play-to-Earn game in 2018, which has no storyline or settled ending but allows players to experience the game and acquire digital assets that are tradable in the blockchain. The Huanhe NFT marketplace in China belongs to Tencent, which is devoted to developing digital collection business that confirms with compliance requirements. Cryptopunks was one of the earliest NFT collections on Ethereum, where the most expensive trade reached USD7.5 million. OpenSea is the world's largest comprehensive NFT marketplace, where users can mint, display, trade, and auction NFTs. The derivative layer includes exhibition platforms and combinations of NFT applications with other industries. This layer includes NFT fund Metapurse, a cryptocurrency fund created and funded by Metakovan and operated with Twobadour. It focuses on identifying early-stage projects across blockchain infrastructure, finance, artwork, collectibles, and virtual real estate, and creates virtual museums, art exhibitions, music, and technology events. Decentralized finance or DeFi is one example of a combination of NFTs and finance. It empowers traders to save, borrow, transact, and buy insurance without a centralized entity (bank or financial institution) and overhaul the traditional banking system. Liquidity has often limited the financialization and popularization of digital art. NFT20 is a decentralized NFT derivatives trading market and protocol that addresses this issue by allowing NFT producers to create liquidity pools for their projects and traders to benefit from those pools' greater liquidity and fair prices. Its trading volume and liquidity ensure fair prices for all. NFT20 tokens can also be bought as an investment. Figure32: NFT industry chain and companies Source: Public information data, Deloitte analysis Infrastructure Technology Layer Production Layer Circulation Layer Derivative Layer NFT + Defi Exhibition Platform Integrated Trading Platform Digital Art Platform NFT Artwork NFT Games Virtual World Network Storage Blockchain Platform NFT Industry Chain Representative Companies & Business Introduction The NFT ecology of the Ethereum public chain was developed earlier, and it is the absolute overlord of the current NFT infrastructure Ant Chain is the external brand of Ant Group's intelligent technology business, dedicated to linking trust with technology IPFS is a global, peer-to-peer distributed file storage system Any NFT work holder can deposit works to the fund pool in exchange for NFT20 tokens for liquidity Decentraland is an Ethereum-based decentralized virtual reality platform that allows users to create, explore, and trade in virtual worlds Cryptopunks, one of the earliest NFTs on Ethereum, currently has the most expensive transaction at USD7.5 million Magic Core is Tencent's NFT trading software, committed to the implementation of digital collectibles business under a compliant framework Currently the world's largest comprehensive NFT trading platform, users can mint, display, trade, and auction NFTs Metapurse hosts NFT art, music and tech events where anyone can participate remotely