Origin

OVO is an NFT platform that aims to provide on-chain services to IP holders and creators.

Initially, the platform focused on offering a one-stop service for NFT-related systems development and sales tailored to the needs of IP holders who had signed contracts with OVO.

At the time of its launch in July 2021, the majority of the NFT market was dominated by mainstream marketplaces such as Opensea. However, OVO stands out by providing a standard service that simplifies the issuance of NFT content, much like a conventional e-commerce model. To differentiate from mainstream marketplaces, OVO began by offering a customization service for developing NFT-related products based on the needs of IP holders.

In July 2021, PFP-based NFTs such as Bored Ape Yacht Club (BAYC) emerged one after another, and expectations for the NFT market reached their climax. As the NFT boom progressed, many creators began offering NFT content, but their understanding of its value was quite simple: "Anyway, if you turn your work into an NFT, you can make money." No one was questioning the fundamental question of "what is the value of an NFT?"

According to the OVO operating team's investigation, nearly 98% of NFT projects failed, even when Opensea's NFT content trading volume reached its peak. Most of the NFT content issued at that time is currently waiting to be "disposed of." Although the NFT bubble has passed and the market has regained its calmness, the collapse of the bubble has simply returned the market to the fundamental question of "what is the value of an NFT?"

NFT (Non-Fungible-Token) technology was initially developed to offer artists evidence of digital content ownership. The key point to note here is that this evidence does not legally guarantee ownership. Presently, there is a general lack of discussion surrounding issues related to intellectual property rights and NFT content ownership. However, without addressing this fundamental matter, it may be challenging for NFT (Non-Fungible-Token) technology to evolve in the future.