The inscription is not just hype; can AVAV be the first to land its application?

As the year comes to a close, the crypto industry is buzzing with hot topics, but undoubtedly, inscriptions have been the hottest track in the past month or two, consistently occupying the spotlight this year. Tokens like ORDI, SATS, and RATS on Bitcoin have demonstrated a miraculous wealth effect, and many users outside the crypto community have made significant profits by trading Ordinals.

With this precedent, other public chains are eager to catch the overflowing wealth from the Bitcoin ecosystem, just as other L1 chains did during the 2020-2021 bull market by absorbing the value that overflowed from Ethereum. Major public chains have also jumped on the inscription bandwagon, making "Did you inscribe today?" the most popular greeting in the industry.

Recently, many professionals have summarized the events that have driven market explosions in recent years:

• The bull market in 2018 was ignited by the ICO boom;
• The bull market in 2020 was driven by the explosion of DeFi mining;
• The bull market in 2022 was fueled by the GameFi explosion;
• Will 2024 be the year of the inscription explosion?

If so, then the end of 2023 might be the best time to position oneself!

Public Chain Inscription Craze

Two months ago, I observed that since BRC20 became popular, Bitcoin surged, and the GAS costs for inscriptions became increasingly expensive, leading to a decline in trading activity. In the past month, other public chains have also referenced the inscription token mechanics from Bitcoin and begun their innovative models.

Ethereum, Polygon, Solana, Avalanche, zkSync, Arbitrum, Klaytn, Cosmos, BNBChain, Litecoin, Dogechain, Celestia, Filecoin, Arweave, and others—whether established L1 chains from the last bull market or emerging L1 and L2 chains—have all launched various inscription tokens.

The community, which had been silent for over a year, suddenly became active, and the crypto community is now bustling with activity.

If a public chain does not have inscription tokens for users to inscribe, users may question the operation of the public chain. Many crypto communities even view "inscribing" as a stress test for the public chain. The influx of users inscribing tokens has caused congestion on multiple public chains. According to incomplete statistics, at least six blockchain networks have collapsed under pressure in the past week, with projects like Arbitrum, Celestia, IOST, Cronos, and TON experiencing partial or complete outages.

Controversial Inscription Tokens

Of course, there is much controversy surrounding inscription tokens. Some crypto users actively embrace inscription tokens, believing that inscriptions represent a new, fair asset issuance method that counters VC influence. However, a larger portion of the community, including many OGs, opposes inscription tokens. For example, Bitcoin Core developer and Bitcoin OG Luke has denied the value of inscriptions on Bitcoin. Delphi Digital analyst Michael Rinko has also stated that he sees no logic behind inscriptions, viewing them merely as a new trend with zero rationality behind them.

Perhaps from a technical perspective, inscription tokens do not possess any special "value." The biggest criticism of inscription tokens has been their lack of utility. However, we know that the "collective consensus" of the crypto community holds the greatest influence, and the belief in inscription tokens has become a new manifestation of this "collective consensus."

Recently, the crypto community has discovered that inscription tokens are beginning to take root. A prominent example in this regard is the inscription token AVAV.

The First Successful Inscription Token AVAV

According to official information, AVAV is an inscription token on the Avalanche chain and is currently a highly popular project within the Avalanche inscription community, with a total supply of 21 million tokens, each containing 69,696,969 coins. Currently, all AVAV tokens have been inscribed, with over 50,000 holding addresses.

Looking at the entire inscription community, both in the Chinese and overseas markets, the AVAV token community is quite active. Data shows that the AVAV Chinese community has attracted nearly 14,000 users in less than a month, and many well-known KOLs have come to support AVAV, expressing their anticipation for its future performance.

Some supporters have summarized their reasons for being optimistic about AVAV as follows:

1. The Avalanche token AVAX has recently performed outstandingly, rising from $5 to $40, making it a strong public chain;
2. The experience of inscribing AVAV on the Avalanche chain is smooth, and its performance has withstood the pressure test of inscriptions;
3. AVAV has over 50,000 holding addresses, indicating a large community;
4. It has strong meme coin attributes, with the name AVAV being particularly easy to capture user attention and spread.

AVAV users have shared meme images on Twitter.

Surprisingly, AVAV has indeed succeeded in the fourth point, becoming the first inscription token to successfully take root.

Recently, the global content creator platform Umate announced that it accepts AVAV as payment. Umate is a paid subscription social platform that provides global creators with high creative freedom and high return income while offering fans a diverse interest community.

According to public information, the renowned HKDoll has joined Umate.

Although it has successfully taken root, the meme attributes it possesses are somewhat ironic, and the applications it has found are not mainstream. So, let’s look beyond the surface and examine its essence. There are many similar small-scale application cases in the crypto market, but very few are genuinely applicable. Perhaps this is still just market speculation under the wave of inscriptions.

However, it is undeniable that AVAV has indeed pioneered the application of inscription tokens, endowing them with corresponding value and contributing to the further "breaking out" of the inscription market.

Conclusion

So, regarding the question of whether "inscription tokens have no 'value' and are merely speculative," I believe we have reached a conclusion in our minds.

Currently, while inscription tokens on other public chains are still in the speculative phase, the inscription token AVAV on the Avalanche chain has quietly taken the lead, finding suitable application scenarios and becoming the "leader" in the application of inscription tokens.

As the inscription craze continues to develop and spread, the next focus may be on who can win in the competition for the application of inscription tokens.