Based on Azuki Series: NFT Valuation Analysis Framework "DRIC"

概要

AzukiJapanese anime series wind subject imagesNFT,The goal is to create created by the community、Community has a decentralized yuan brand universe.该系列NFTPainting style in both Chinese and western characteristics,Has a very high aesthetic appreciation,Created in the shortest time to grow into a blue-chip avatar classNFTThe record of the project.

AzukiInspired by Asian culture and street clothing culture,每个NFT都有不同的特征、不同的服装.其社区“The Garden”Aims to build an artist、Web3爱好者聚集地,Together to create the future of decentralized.

Chiru Labs作为Azuki母公司,Its founder, vision is to create sustainable decades of trademarkIP与品牌,旗下NFT生态已有Azuki、Beanz、Bobu等.在服装、Music cooperation continues to expand,Expect to create the largest decentralized yuan universe brand.

Azuki 发布以来OpenseaVolume and the average transaction price charts

（注：我们定Righteousness blue-chip is floor price over 5 ETH And the price stability,Widely recognized by the communityNFT项目）

Azuki介绍

Azuki以NFTForm in the etheric fang chain on sale,The future plan layout offline street clothing brand shop,Through holding meeting、Festival site activities such as to extend the community influence.从理念上看,AzukiAdhere to the community to create、社区拥有.此外,The core team will provide resources to the community and the wizard.截至目前,AzukiThere are three main ecologicalNFT系列：

（1） Azuki

主打“滑板文化”,The representative of freedom、独立精神,与区块链和NFT联系在一起, 另外,Western culture elements and animation system has also been integrated.NFT最高成交价超134万美金,More than half a year time transactions super10亿美金,Total volume of business history list 6 position.

（2） Beanz

Main cute style,Seeds in the garden,作为AzukiSeries of component,Beanz与AzukiRoadmap for basically the same.已预留“Final 50 Beanz”Used for commercial purposes of development,We assume that the future of its development route is asIPDevelopment of the main land.

（3） Bobu (碎片化NFT)

 BobuIs one of the team to launch a virtual character,项目方将 Azuki#40 分为5万个碎片,Debris owner will decideBobu未来的发展.Launch purpose was to bring more people intoAzuki社区,同时进行IPRelease experiment,Offer holders governance utility to change the traditional IP 的构建方式.

 Azuki估值

Few on the market at present forNTFDo specific quantitative valuation,Similar to traditional art collection,The main reason is that earlyNFTThe lack of the intrinsic value of the objective,Most dependent on the senior team of narrative and community consensus.But from the apes and the boringAzukiLed blue-chip project started,The project team inNFTValue assigned to work,We think we can try for this kind ofNFTBuilding valuation framework.

我们认为NFTThe value of can be dissected into segment dropped（Drop）、权利（Right）、IP（IP）和社区（Community）四个维度,内部称之为 “DRIC”估值模型.

我们以AzukiAnalyze the existing public material,For assumptions and parameters,Calculate dropped、权利、IPAnd community value,Will the value of the four dimensions polymerization,得出Azuki 和 Beanz NFT总价值,具体模型如下：

· NFT Market value = Drop + Right + IP + Community

其中,

• Drop：The value of the holders of dropped items on the project party,包括NFT、实物等.
• Right：Project party give holders the various rights and interests of.
• IP：随着Web3品牌的打造,NFT作为IPCarrier to obtain directly or indirectly from licensing.
• Community：The status symbol of community cohesion produces、Honor value etc.

下文通过“DRIC”Model calculation value,我们会将Drop与RightAs a project onNFTFu can come together to analyze and evaluate,“项目方收入 * 反馈NFT比例”As the two parts of value,而IPThe value of the project and the community work together to achieve,对传统IPValue for continuous alternative and penetration.

“Drop + Right + IP”这三部分是NFTThe basis of value,CommunityCommunity value contains the aesthetic preferences、Culture produced by the consensus of the,Specific measure is difficult to do,We will assume that the community value is an additional part of the basic value,According to the project quality in a certain community after shall be included in the overall value.

The following is a detailed calculation of each part：

Drop 与 Right 价值

DropIn this paper defined as holders of dropped items on the project party before the value of,在Azuki生态中,每个AzukiNFTThe holder has been dropped twoBeanz NFTAnd a convertible physical jacketNFT（Exchange channel is open）,而RightRights refers to project the rights and interests of party in the development of community consensus feedback,Which may include tickets for the offline community activities、Tickets for the concert, etc.

We think we have future projects will also NFTHolders can continuous fu and feedback,And both the fundamental part of the value comes from income,So we need the differenceAzuki和BeanzTo forecast income,And assuming feedback ratio,来计算Drop和Right的价值.

Specific hypothesis is as follows：

Now income mainly comes from the level ofNFTThe new casting income、The secondary trading as a royalty,We expect the follow-up project party may constantly new hair a lotNFT,But the income as part of the new project,不计入Azuki、Beanz中,未来还会有IP收入（具体详见2.2部分计算）.At present mainly in other projects as the main feedback,But with the addition of community governance,The future may through theDAOIn the construction of way to let more people to participate in,And feedback to continuouslyNFT价值.

Through the above hypothesis,我们计算了从2022年至2028Level 1 year project、The secondary income and its feedback toNFT中的价值,并拆分为Azuki和Beanz两部分,具体结果见下表：

IP 价值

在Web3中IPValue not just feedback to the owner of the trademark,作为NFTHolder can also enjoy theIPThe value of the authorization.Yuga Labs（Boring apes behind development company） The terms of the first drew up very clear,To determine the holders can beNFTFor commercial and personal use,开拓了NFTAs picture image right test.

It is because the copyright open can we see like li ning、绿地、Times the domestic brand easily by holdingNFT的方式,And boring apes image and community generated linkage and cooperation,Without the need to experience a series of lengthy and complicated business negotiation authorization process.Authorized by the open also further promote theNFTThe popularity of the market and the prosperity,同样,AzukiAlso follow this design and community kernel.

基于此,我们对Azuki IPThe value of development to achieve list calculation formula、And make assumptions：

• NFT IP价值 = IP市场规模 * Web3 IP渗透率 * 该 NFT IP市场占有率

• 

We first through the permeability calculated theWeb3 IPBrand has ended

入,再对AzukiSeries of、Profit margins to assume that,For its revenue and profit,具体结果见下表：

Brand companies need as the change of age and the media,With the new means to lower cost of traffic to adapt to the new environment.Sanrio expansion joint authorization application scenario,Disney built contains“消费品+流媒体+影视娱乐+主题乐园”The four carriages,Web2时代到来后Line FriendsPackage is developed based on the expression of rapid propagation channel, etc.

而AzukiVision is to be based onNFTTechnology for the next generation of cartoon brand,在IPThe realization of the value,The future will see very many interesting experiment.Is now in progressNFT碎片化、NFTDrop in kind to try,The future will also combine with chain under the physical world closer,At the same time contains the output of the anime content aspects, such as,所以我们相信AzukiWill create has stronger interaction with the communityIP王国.

社区价值

The community generally refers toNFTThe sum total of all holders,Community and we are here,The participants is not only aHolder,Also contains identity community culture,Members and willing to participate in the.

Often mentioned status symbol、荣誉、And even consensus areNFTThe embodiment of the value of community,作为NFTAn important but difficult to quantify value of part,在AzukiWe made the following assumptions to try to calculate：

The value of the more mature of the community will,The idea of a new generation also in the change,As the luxury goods may no longer be called as a symbol of wealth and blue blood status,NFTWill be more options to represent the life attitude and personality.

回归到Azuki社区中,Web3In the world becauseDAO理念的出现,Speeds up the means of participation and enthusiasm.2022年4月,基于Azuki社区的Spirit DAO成立,The early there400+持有者加入,Build up huge Treasury,The continuously sold on the market at the same time,也在用DAOThe energy of the community to helpNFT向外传播,Include two of the funds to encourage a game、Making anime, etc.其中 Spirit DAO 创始人 Iced coffee Twitter is introduced and：IP related queries please dm/tag me,Community for the development of the project can be observed clearly storing energy.

Valuation basis

综上分析,我们尝试对Azuki用 DCF Value judgment method of.通过深入分析Azuki和BeanzThe value of,将NFTOverall likened to company,Through to predict future cash flows and discount,以判断NFT的价值.

在估值中,考虑到NFTIndustry of high growth and uncertainty,The discount rate as20%、Sustainable growth for1%.最终求得,Azuki 当前市值4.6亿美金、Beanz 当前市值2.4亿美金,具体过程见下表：

The above analysis by“DRIC”The value model obtained,由于Azuki NFT A rare degree of design,The floor price will be influenced by its rarity factors.We can clinch a deal with、The influence of the rare degree of supply of data o,具体公式如下：

· NFT Floor Price = 总市值 ÷ Rare degree parameters ÷ 总供给

我们基于NFTGo.ioData platform for rare degree parameter calculation.NFTGo将Azuki、Beanz稀有度分为Legendary、Classic、Rare、Normal 四类,通过对4Clinch a deal over multiple data analysis,We calculated the rare degree parameter respectively 1.34 与 1.10.(A rare degree of parameters, the higher the explain community consensus,Willing to pay for high rarityNFT买单）

已知Azuki与BeanzSupplies are as10,000与20,000,基于NFTThe calculating formula of the floor price,最终求得AzukiThe floor price valuation as34,240美金、BeanzThe floor price valuation as10,910美金.（According to the etheric fang present price1,500计价,Respectively about us22.83 ETH、7.27 ETH）

相信AzukiAs a representative of the blend of Chinese and western aesthetics,The future will be in theWeb3Brand occupy the important one seat in the.

本文以AzukiAs an example to exploreNFTThe value judgment of logic,The overall methodology based onNFT的认知和理解.Considering the encryption market rapidly changing,Valuation framework is just our YiDeZhiJian,Especially on how to evaluateAzuki未来IPThe value of ecological,We hope to hear peers and community feedback,Common perfect valuation models.

同时AzukiAlso in the rapidly growing,Strategic planning and development of the future path remains to be seen.We will change according to the market and feedback,This report is not updated regularly,If in doubt can [email protected] 联系我们.

NFTBirth and some think it is a hot field is similar to the tulip bubble hype,Also some people think that is a brand new form of narrative,No matter how one thing is very clear,We need to embrace change and learn,The Internet and the development of the business world can't hold“刻舟求剑”的心态,So in order to grasp the initiative in the field of new.

『声明：本内容仅供广大NFT爱好者科普学习和交流,不构成投资意见或建议,请理性看待,树立正确的理念,提高风险意识』