There are three stores on a food street (game industry): one is a Sichuan restaurant (traditional web2 game) that has been open for decades. The chef uses time-proven craftsmanship to prepare you delicious food with stable quality (high-quality game products). ); the second is a small fried skewer shop that has just opened (Axie and other Punshi chain tours) although the first few bites are delicious (Play to Earn), but everyone knows that eating too much will cause diarrhea (death spiral); the third The home is a hot pot restaurant (Sandbox-like web3 Metaverse), but the strange thing is that the boss not only expects customers to cook by themselves, but also has to wash vegetables, cut meat and stir fry by himself (the content is almost completely dependent on UGC), and can only buy ingredients in the store ( You need to use your own editor).So you went into the hot pot restaurant out of curiosity, and found that the ingredients were some stinky fish, rotten shrimp, broken vegetables and leaves (the built-in editor that is many years behind Roblox and has a low ceiling), and then looked back to see that other people’s pots were full of Inexplicable dark cuisine (Sandbox/Decentraland’s current extremely poor game/mod experience). At this time, will you choose to get a hot pot restaurant membership card (become a resident daily/monthly user), or turn around and go to eat Sichuan cuisine and Chuanchuan (never come again)?
As a player who especially likes exploration + social open world, when we played the so-called “Metaverse prototype” games such as GTA Online, Minecraft, Roblox and various open world MMOs all night, the word Metaverse was not used much. Invented:
Google Trends: The term “Metaverse” has little popularity until April 2021
With Roblox’s 38bn market value in mid-March 21, the Metaverse concept was sealed overnight, and many investors in the primary and secondary markets who had hardly played games around them also became Metaverse experts overnight. The old fritters in the circle saw the incomparable enthusiasm of FOMO’s capital, and hurriedly brought the hot Metaverse products. Since there is a sentence in the Metaverse narrative that “web3 is one of the most important infrastructures in the Metaverse”, it is linked to the “creator economy” part of the web3 narrative, only in the past when the popularity of the Metaverse has been greatly reduced. In the past two or three months, I have been fortunate enough to experience or learn in detail about dozens of existing “web3 Metaverse” projects that are still in the conceptual stage. In today’s article, I’ll discuss key issues facing the web3 Metaverse (hereafter referred to as the Metaverse) today, and what we can expect from future Metaverse products.
- A large number of web3 Metaverse products generally lack a clear meaning (Purpose): as a platform product facing players (demand side) and creators (supply side), we see as many as 90% of the products that have been launched or are under development. The web3 Metaverse products neither meet an existing demand, nor create a new paradigm/demand – platforms’ narratives only stay at “players and creators” people can do anything on my platform” and there is no reason for any party to stick around after the first visit to the platform.
- As platforms, first-tier web3 Metaverse products such as Sandbox and Decentraland are almost all facing the same “chicken or egg” problem, and there will be a lot of similar products facing the same problem in the future: because there is not a large number of users, so It is difficult to attract high-quality creators to add high-quality, user-attracting content to the platform; at the same time, because there is no high-quality content, it cannot attract a large number of users.
- For creators – we have hardly seen any web3 Metaverse products that can solve the problems that content providers (creators) cannot solve in the web2 Metaverse, nor have they created new needs for creators: such as younger players , The problems of low attraction to high-quality creators, and the difficulty of commercializing creative content with serious homogeneity in general – these problems have not been solved by the addition of blockchain technology.
- For players – the current web3 Metaverse products are generally highly repetitive and lack scenarios and purposes to attract user participation: when compared to the web2 Metaverse, there is not only a latecomer disadvantage of lower content quality, the only additional innovative user experience is limited to almost Selling land with no actual utility to users (land NFT) – “You can socialize on it and appreciate each other’s houses and NFTs” is a story that almost every web3 Metaverse product will tell, not a reason to really attract users to participate and stay.
- To break the chicken-and-egg problem, it is not a simple cold start problem, but a process method for players and creators to create new needs, or solve problems such as the above: in addition to what we often say “0-1” and “” 1-100″, the “1-10” process is especially important for web3 Metaverses. Unlike Axie Infinity’s Pond’s economy, the web3 Metaverse has almost no rewards for early builders/participants, so after having the first wave of users and creators through the initial stimulus of land and tokens (0 -1), it is unrealistic to expect the product to enter the positive cycle (1-100) of content and users by itself.
- For most of the web3 Metaverse, the most easy-to-implement breaking point is to cut in from the player’s point of view, and use official or unofficial content to granularly and batched to attract all kinds of player groups. Each group has a direct and clear Purpose, to gradually accumulate demand-side users and relationships that the platform can firmly retain: Just like China’s comprehensive entry into a moderately prosperous society, it is unrealistic to focus on achieving common prosperity from the beginning, and It is a relatively optimal solution to let some people get rich first in various fields, and then slowly drive others. Otherwise, the egalitarianism of the lack of resource tilt will only lead to a decrease in the motivation of participation/creation, and eventually everyone will become poor together.Then the early Web3 Metaverse platform also needs to devote resources and BD energy, provide content to different groups in batches, and provide content in a focused and targeted manner, so as to give each wave of possibly small user groups a solid enough reason to come to the platform Only by keeping it together can we piece together a “1-10” user map step by step to meet the rapid upward spiral of “10-100”, otherwise it is unrealistic to expect the platform to start the rapid upward spiral of “1-100” by itself, and the end is One ghost town after another like Decentraland.
Among the narratives of all chain game categories, I once had the most lofty belief in the creator economy: creators maximize their ownership of their works, composability, and minimize platform revenue to maximize benefits . Even in the second half of last year, when chain games grabbed the limelight of defi, I once felt that compared to Axie, which is a P2E death spiral, the creator economy product of The Sandbox is simply the dawn of web3 game civilization: similar to Roblox The middlemen of “All Evil” directly take 50% of the creator’s income. Sandbox and Decentraland are only commercialized through land sales and tokens, so they directly avoid a lot of commissions; let’s look at the popularity of Sandbox, which has 160,000 plots of land. The current market size is $1.2Bn even though there are no users or developers, and the historical transaction volume is nearly $0.5Bn. It can be seen that the Metaverse still carries a large number of market dreams for the web3 creator economy.
Sandbox’s total land market value and historical total transaction value
Now, when I think of the lush days a few months ago, and look back at the Metaverse products I have played during this period, I can’t help but be disappointed: after the P2E madness of the Axies, they at least once had millions of users, and they have evolved later. With X2E, some products have even begun the journey of challenging the death spiral with external economies and ecosystems; and what about the Metaverses that I had hoped for? In addition to learning Axie’s currency price roller coaster, I just figured out a land price roller coaster by myself:
Not only did they learn Axie’s currency price roller coaster, the Metaverse also learned the land price roller coaster.
After all, half a year has passed, and the ghost town at that time is still a ghost town. The builders who had high hopes for the land bought at a high price delivered a bunch of useless and contradictory buildings with a bunch of strange NFTs posted inside. , Occasionally, a star cooperated to do a campaign to defraud hundreds of users, and then went to sleep again. What about the good Metaverse mod? What about the social center? Four of the top 5 most popular places in Decentraland are poker (Ice Poker, the most popular place has only more than 300 people), and today we are still seeing more almost no innovation Metaverse Imitation disks have been appearing, and they are happy to raise funds and sell land.
Four of the top five most popular lands in Decentraland are Ice Poker
Then take a look at Sandbox: just a few days ago, the domain name of “sand.eth” expired and was not renewed. It was directly squatted and sold for 300eth (as shown below). Although this ENS of sand seems to be useless to tell the truth, but looking at this game that was established in 12 years and acquired by Animoca in 18 years and has high expectations, today’s desolation and extremely slow progress can’t help but make people wonder if there is still anyone. In doing things, are you really forgetting to renew.
There are smart friends who will say it. It is still early days. For example, Sandbox is still in alpha testing, and Decentraland is only beta. If it doesn’t work now, it doesn’t mean it won’t work in the future. How do I know it won’t work in the future? That’s right, despite the disappointment I’ve experienced, I still have hope for the Metaverse’s creator economic dreams. However, the current mainstream products have not properly solved one of the most fundamental problems, and the emerging new products often avoid talking about this fundamental problem, or give a very generic answer. So the key question is:
What is the purpose of your Metaverse?
The answers of many project parties can be summarized as: players can socialize, entertain, and create on my Metaverse; creators can build on my Metaverse to express themselves or commercialize.
And then I’ll ask: Why do players “social entertainment creation” in your Metaverse? And why would creators “build to express themselves or commercialize” on your Metaverse?
Here comes the interesting phenomenon: most people will actively or passively answer my question as a question about cold start, as if after the first few waves of users and developers were brought in through cold start, after the continuous efforts of the project side Next, it will magically loop forward to attract more players to socialize and create, and more projects to build. Then I hear all kinds of stories about how to acquire the first few waves of users and developers, such as organizing exclusive events, doing hackathons, sending grants, etc. In other words, “the project side can do a good job of the editor in the early stage and work hard to achieve 0-1, and the ecology of the project in the middle and late stages can expand on its own after attracting enough users and developers to achieve 1-100”.
And my question remains unanswered: after all, why do users and project parties come to your Metaverse?
For example, Solana can achieve today’s scale not only because it provides a higher TPS (don’t laugh), but because it has a simple and crude solution to the scalability problem of a large number of users on Ethereum, then Solana’s most The important meaning of existence is not to improve TPS (don’t laugh), but to solve the scalability needs of a large number of users – we assume that Ethereum’s layer2 has long been popularized, when users’ urgent needs have been well solved, Solana, who just raised TPS, will never grow up happily to what it is today.
To give another example, the innovation of Ethereum to Bitcoin lies in the popularization of smart contracts. The purpose of Ethereum is not to provide smart contract functions with wider functions, but to see the synergy between smart contracts and blockchain. As a result, a large number of users’ needs for smart contracts have been tapped, and a new paradigm has been created.
Going back to the topic just now, the efforts of the Metaverse project to “make a good editor” and “work hard” are just the same as Solana’s “improving TPS” and “providing smart contracts with wider functions” in the above case. (means) rather than existential meaning (purpose). The nascent Metaverses are scrambling to get ahead in terms of means: using a virtual character to walk and fly in the glamorous and exquisite main city of the Metaverse on PPT and demo, and additionally talk about the power of their own exclusive development of zhuang’s editor ; However, the purpose level seems to be negotiated and hardly mentioned:what kind of large-scale needs can your Metaverse solve or create?
We can try to answer this question from two general directions: the meaning for the supply side, and the meaning for the demand side.
The Metaverse’s Purpose to the Supply Side (Developer)
Suppliers are roles that provide public content creation for the Metaverse. The next step I want to discuss with you is what types of developers can be attracted by the narrative of the Metaverse creator economy, and what kind of content these types of developers can bring to the Metaverse. For a detailed discussion, we divide the suppliers into three main categories: A. Individual creators (1 person), B. Small studios (2-30 people), C. Medium and large developers (>30 people)
- Individual creators: The productivity of individual creators in Metaverse products is the bottleneck, so the content that individual creators can mainly contribute in the Metaverse is mostly simple content with low replayability, such as creating some simple NFT assets and logic. Complex mini-games (such as replicating a fall guys), or building a building for socializing, a pavilion for displaying NFTs, etc. The simple content with low replayability as mentioned above will lead to serious homogeneity (creator A can do it with a high probability that creator B can also do it), making it difficult for this part of high homogeneity and low threshold content Commercialized by creators, then creators will not have a strong incentive to polish more refined products. For another group of high-quality creators who are interested in expressing themselves through their works, although Metaverse may provide more convenient and direct traffic for individual creators in the future, due to the limitations of the Metaverse product itself in terms of style and function , these most artisan creators also struggle to make the Metaverse the platform of choice for their high-quality, highly creative work: Assuming Sandbox is full-fledged – powerful enough and with enough users, then top individual creators like Toby Fox When launching the next Undertale-level product, is it possible to abandon a flexible and unlimited distribution channel like Steam, and choose a physical platform with many restrictions like Sandbox? I don’t think so. To sum up, most of the ordinary individual creators can only bring low- and medium-quality content that is highly homogenized and difficult to commercialize, and it is difficult for high-ranking individual creators to choose more restricted styles and functions. Metaverse platform to express yourself.
- Small studios: I believe this type of developer will be the mainstay of the Metaverse creator economy, as demonstrated by Roblox. With a more competitive split, the web3 Metaverses will indeed have the potential to revolutionize the life of the web2 Metaverse, but it may stop there. The meaning of the Metaverse to this part of the developers, there are 3 questions worth pondering: 1) Small studios do have the ability to replicate a small-scale chicken and low-end version of GTA in Sandbox or Decentraland, but such products have also been Roblox has proved that it attracts teenagers who have not been baptized by high-quality games; even if the users of Sandbox/Decentraland are adults, will they really be retained in the low-end version of the copycat Metaverse remake? 2) If we don’t talk about re-engraving, the current Metaverse is different from Warcraft, which gave birth to Dota, and it is also different from DayZ, which gave birth to the chicken-eating mod: Sandbox/Decentraland and other Metaverses themselves have no gameplay, then Under the background that there is no giant shoulder to step on, can we really expect god-level native mods such as Chenghai 3c, Dota, and Chicken to appear in the Metaverse? 3) Even if there is a real high-potential god-level mod, for example, the chicken-eating game appeared in Minecraft as early as 2012 (Survival Games), then even if Minecraft becomes a creator economic system consistent with the current Metaverse, Survival The Games team (or other studios) really won’t see the potential of the product and jump out of the platform to develop an independent and complete boutique game? Let’s see how PUBG and DOTA2 replace DayZ and Dota, and we should get an answer: and even if the original team will continue to stay in the Metaverse because of the good income of the creators of the Metaverse, then I believe that even if this team does not Start anew, and others will do the same. To sum up, the creator economy of the web3 Metaverse has only changed the life of the web2 Metaverse for small studios, and the content is probably just repeating the low-profile content of the web2 Metaverse with low age and low retention. It’s also hard to expect small studios to make innovative and successful mods on the Metaverse. In the end, even if there is a very successful product, it is extremely difficult to keep this part of users and content on the Metaverse platform.
- Medium and large developers: One of the reasons for the lack of medium and large developers in Roblox is that the traditional web2 Metaverse share ratio contradicts the sensitivity of developers to profitability. But is this the only reason? Obviously not. Assuming that the web3 Metaverse solves the concerns of medium and large developers’ profitability by maximizing the share ratio, developers will still face a series of Metaverse chicken (high-quality content) or egg (large number of users) problems: 1 ) Is the main player portrait of the Metaverse a poor and playful teenager like Roblox who comes to play mods, or is it a tourist who registers on Decentraland/Sandbox out of curiosity to take a look and then won’t log in for half a year? 2) Are medium and large developers willing to use the hard-earned/financed money to put existing low-risk, well-versed channels in the existing Metaverse without chickens (high-quality content) and eggs (stable traffic)? Go up and choose not to read the Card Stud Metaverse? 3) Even if the competition in traditional channels is fierce, why don’t medium and large developers directly create an independent chain game by themselves, or join an existing ecosystem and cut off VCs and users by the way? 4) The limitations of the Metaverse platform include plot size, editor capabilities, graphics, etc. Can a medium-to-large developer endure these without seeing that the Metaverse has no chickens or eggs? 5) For large-scale developers with absolute strength (such as Mihayou and Photons), why should they build on your Metaverse instead of starting from scratch (such as only publishing overseas), using their own production capacity advantages to build Your own Metaverse with both content and users? To sum up, medium and large developers have more choices than small studios and individual creators, and the decision-making process will be stricter, so they will not take the initiative to take higher risks and invest resources into a meta that has no chicken and no eggs. In the universe, and the more powerful large-scale developers will not participate in the construction of a third-party Metaverse.
- (Additional Supplement 1): I would also like to mention the only relatively successful Ice Poker on Decentraland (occupying 4 seats in the top 5 Decentraland popularity, although only a maximum of 300 people): As the most successful mod, Ice Poker has its own A dual-token system on Polygon is a poker casino model (casino model) plus a ponzinomics game. Although being built on Decentraland has brought considerable traffic, Decentraland is basically unable to make money from this creator economy due to the use of external tokens, so in order to continue to enjoy the traffic brought by Ice Poker, then Decentraland:
- (Additional Supplement 2): BAYC’s Otherside is also an interesting case. This Metaverse aims to unify all the IPs of the BAYC ecosystem, adding tokens and lands. Different from the creator economic Metaverse such as Sandbox/Decentraland, Otherside basically gave up the hope of sending high-quality content to third-party creators, and released new species, lands and tokens in a closed-loop ecosystem over and over again. After the ecological zigzag, the official helms the later game development completely. The same name is called Metaverse. The choice of centralized content production like Otherside is no longer a creator economy (at least it will not be released to users before the main gameplay of its own game is formed), on the contrary, it brings about the patience of users: the market is willing to decentraland /sandbox recognized its bottleneck early and reduced interest, but no matter what content Yuga Labs posted on Otherside, it would be understood by the community as an act of “working hard and continuously building its ecology”. Road team! Let’s assume that the Otherside Metaverse is really doing a great job, and after years of accumulating a lot of official high-quality content (they do have enough money) and users, we will open the UGC platform on a large scale – the project at this time When Fang chose the Metaverse platform to build, did he choose Otherside or decentraland/sandbox?
So under the current circumstances, I think the creator economy of the Metaverse is very unclear: for the types of target creators mentioned above, how can your Metaverse solve or create the needs of these creators to attract them Building your Metaverse? If you, as the project party, can answer and break the roadblocks listed above, this is the real purpose of your Metaverse product.
The Metaverse’s Purpose to the Demander (User)
After talking about the existence of the Metaverse to the supply side, let’s discuss the existence of the Metaverse to the demand side: how can your Metaverse solve or create the needs of users to attract them to visit your Metaverse and retain it? Let me share a few answers that I have heard a lot:
- Users will be interested in exploring the wonderful and beautiful world of the Metaverse (scenery experience)
- Users will be interested in exploring a variety of wonderful mods (mod experiences)
- Users will enjoy showing themselves to their friends by decorating/building their home (self-expression)
- Users have needs to socialize with friends in different scenarios, and meet new friends (scenario experience)
Think about it, isn’t this an MMO or MO online game? Is it because there are not enough houses in Final Fantasy 14, the maps and gameplay in Minecraft are not enough, or the 3A scenery of my GTA is not beautiful enough? What is the Metaverse, especially the web3 Metaverse, but not in traditional online games? Really, let’s look at the following pictures:
Then Sandbox and Decentraland look like this:
Did you spot the point? Roblox and Minecraft emphasize a variety of mod experiences, bringing people together, and more adventures with friends; what about Sandbox and Decentraland? Yes! That is to say, in the search results of Google, these two leading products of the web3 Metaverse sum up themselves in one sentence, which is “I sell land!”, or “You can own land that belongs to you!”. Is it clear that the priority is immediately visible? At present, the web3 Metaverse brings users the greatest meaning of existence. It is not a social experience or a virtual reality experience, but an additional virtual land.
Let’s look back at the four answers of ABCD. I believe that friends who have experienced several Metaverse products such as web3 have realized that the experience of these four points is far worse than the existing games. The purpose and the new paradigm we are looking for can only be found in the ground at present. If NFT brings meaning and a new paradigm to a high-priced JPG avatar, then let’s use the NFT avatar to make a comparison and see how these NFT lands that sell at high prices will have meaning and new paradigm:
A. NFT avatars can express personality and aesthetics: NFT lands are only differentiated by location and terrain, and only buildings built by players can display personality and aesthetics, regardless of the lands themselves – that is, users can make any other Metaverse projects as well. There is nothing wrong with the content, because the land is a commodity, and the avatar is a unique content given by the project party with great effort. Then the NFT land itself is not very established in terms of expressing personality and aesthetics
b. NFT avatars can show economic strength: the price of NFT land is currently incomparable to the price of blue-chip NFT avatars, because the market’s frenzy and excitement for Sandbox/Decentraland has passed, and the public is gradually realizing that the Metaverses that have failed to meet expectations are far from expectations far, and because of the extremely slow development of the key contradictions mentioned above, the price of land has fallen to the point where it cannot prove economic strength
c. You can use the NFT avatar as an avatar for others to see: NFT sites can only be displayed in their own Metaverse, and it is basically meaningless to display them in the outside world.
D. Content that expresses itself or is commercialized can be built on the NFT ground: although the NFT avatar cannot achieve this function, can the NFT ground really be fully realized? Imagine a Metaverse where there are no chickens (a lot of high-quality content) and no eggs (a lot of users). After building your own home, who will you show it to? If you want to commercialize it and rent it to merchants, besides the big companies that buy land in the Metaverse and do PR that won’t rent your land, are there really other merchants? I have said a lot above that the situation of “no chicken and no egg” will be difficult to break under the problem of the supply side, and the advantages of NFT in this regard will also be far away.
So what kind of demand does your web3 Metaverse project capture/create on the user side? If the above-mentioned demand for buying land is a pseudo demand, is it only left for users to solve the need for FOMO buying land?
If you’re not Mihayou, Photon and Epic Games, you don’t have a top-notch content production legion to add content to your Metaverse to attract users; and you’re not Yuga Labs with a large number of existing fans to attract high quality to your Metaverse The creator of , is your Metaverse still in trouble? Yes , you can cut in from the player’s point of view, and attract various player groups in a granular and batched manner through official or unofficial content, and give each group a direct and clear Purpose to gradually accumulate The demand-end users and relationship network that the platform can firmly retain. Just like the process of China entering a moderately prosperous society in an all-round way, it is unrealistic to focus on achieving common prosperity from the beginning, and it is a relatively optimal solution to let some people get rich first in various fields and then slowly drive others. The egalitarianism without resource bias will only lead to lower participation/creation motivation, and eventually everyone will be poor together. Then the early Web3 Metaverse platform also needs to devote resources and BD energy, provide content to different groups in batches, and provide content in a focused and targeted manner, so as to give each wave of possibly small user groups a solid enough reason to come to the platform And keep it, only then can we piece together a “1-10” user map step by step to meet the rapid upward spiral of “10-100”.
In this way, you have voluntarily given these small and medium-sized groups a clear purpose for your Metaverse: any purpose can be used. For example, you held the monthly German Poker Challenge in the currency circle in mainland China here. You do it here. A web3 English corner is created to create an exclusive environment for young men and women preparing for all-in, and you can even open a plot of land as a cemetery for users to commemorate important characters who passed away (I don’t know if I’m joking:
MetaGrave: A Graveyard Metaverse That Raised 6.5 Million RMB Recently
Jokes or not, I’m focusing on the importance of one word – Purpose: When users don’t know why they came to your Metaverse, you need to give them a reason, a scene, and even this graveyard Metaverse is better than this Most of the current Metaverses are doing well: the land purchased here has a specific purpose (to find a permanent place to live on the chain for the deceased), and users have a reason to enter this Metaverse (to commemorate their coming say significant deceased); and what about your Metaverse? Can’t it just be a mess of buildings, young mods, and a bunch of inexplicable NFTs? So when you are not Mihayou, Photon and Epic Games, your Metaverse is more like a product that requires your heart to operate than a platform, and you should not care about the breadth (using gimmicks to attract 100 people to come to your Metaverse 1 time, then almost no retention) and more about accuracy (attract 10 people to your Metaverse 10 times with purpose, then retain, and then attract the next wave of people). This way is the correct way to open “1-10”, and when you have accumulated enough real and retained users, you will find that they will help you reach more users and begin to fission, and the content and quality will With the polishing and creation of retained users based on their real needs, a positive cycle between users and content will slowly begin, and only then will the “10-100” turn naturally occur.
Then of course, if you are Mihayou, Photon and Epic Games, you will be fine. I believe you will definitely be able to develop awesome content to feed back the platform. But don’t forget to give the Purpose at this time – if everyone comes to your Metaverse platform just for your content (high-quality games, etc.), then the meaning of the platform is the same as your game folder, and users come in only to Is it unnecessary to click on these game icons? I am glad that Mihayou has already grasped the essence of Purpose, because their vision is a ” virtual world that is willing to live in”, not a “virtual world that can live in”.
write at the end
The hot words of the Metaverse have been hyped for 20 years, and everyone’s ears, whether investors, project parties or users, have heard it too many times. If everyone hates the word Metaverse today, why do countless people continue to abuse it as buzzword? The reason is very simple, because it is everything, but at the same time it is nothing: like a scumbag scumbag, it seems to give you a lot of commitments, but if you think about it, it seems that there is no – you see the land in Sandbox/Decentraland, Obviously, it is a very homogeneous commodity (fungible commodity). High-quality content) is still the problem of eggs (a large number of users), but because of the imagination of the market, products with poor fundamentals can be quickly promoted to high hype because of the three words of the Metaverse. This is why we continue to see that the three words Metaverse are still being abused, and the creator economy products that clearly do not have much purpose in thinking and still have no good solutions to the most fundamental problems continue to appear. Another wave of people wanting to raise funds to sell land and issue coins.
As an abhorror of the exaggerated and vain spirit represented by the three words Metaverse, and an investorwho has experienced disappointment but still has hope for the creators’ economic dream of the Metaverse , we hope that the creators will start their own businesses in the economic direction. The creators can think over and over again in terms of “existence meaning”, strive to make a product positioning that truly realizes the value of creators and users, and think about the “1-10” plan of your product, rather than simply looking forward to the product after issuing coins and selling land. Self-spiraling to achieve “1-100”, otherwise there will only be one more Metaverse in the world where no one goes to the content, which is boring.
Part.2 Investment and financing events
Hive closes €7 million seed round
* Distributed storage and computing platform
Hive, a distributed storage and computing platform founded by French serial entrepreneur David Gurle, announced its official launch and received 7 million euros in seed round financing. Global Ventures, OneRagtime and angel investor Thomson Reuters, former CEO and Morgan Stanley Lead director Tom Glocer, Finanzcheck.de founder Moritz Thiele, OSI Digital CEO Kumar Yamani and others participated in the investment. According to reports, Hive is to realize the next generation cloud, which provides computing and data storage services through the company’s peer-to-peer network Hivenet, rather than through a centralized set of data centers. The founder, Gurle, is the founder of Symphony, a unicorn financial instant messaging service, and was also the general manager and vice president of the Skype business unit.
Gaudiy completes about US$19.22 million in Series B financing, with participation from SBI and Bandai Namco
* Web3 fan platform
Gaudiy, a blockchain startup that launched the Web3 fan platform Gaudiy Fanlink, announced the completion of 2.5 billion yen (about 19.22 million US dollars) Series B financing. SBI Investment, Bandai Namco’s Web3.0 and Metaverse Fund Bandai Namco Entertainment, Japan Communication giants KDDI, STRIVE and JAFCO Group participated in the investment. Funds will be used for talent acquisition, expanding technology investments in existing services Gaudiy Fanlink and adding new businesses such as Metaverse, as well as global expansion.
It is reported that Gaudiy Fanlink is an IP-authorized Web3 fan platform. Sony Music Entertainment, Japanese comprehensive publishing house Shueisha, Bandai Namco Entertainment, and Aniplex under Sony Music Entertainment all use Gaudiy Fanlink services. Gaudiy Fanlink is committed to reducing IP operating costs for entertainment companies and enhancing the value of fans.
Tripp completes $11.2 million in financing, with Amazon’s venture capital fund and Qualcomm participating
Meditation Metaverse app Tripp announced the completion of $11.2 million in financing, with participation from Amazon’s venture capital fund Alexa Fund, Qualcomm, Bitkraft Ventures, HTC, Niantic and Mayfield.Funds raised will be used to develop augmented reality (AR), virtual reality (VR) and mobile applications in Tripp to meet users’ mental health care needs.
It is reported that Tripp recently announced the acquisition of BeardedEye’s virtual world building platform Eden, aiming to build safe, community-driven experiences in the “meditation Metaverse”. Prior to this, TRIPP launched a new mobile app and partnered with Luminance to develop a health experience NFT.
Revoland closes $10.6 million financing, led by HashKey Capital and Polygon Ventures
The P2E chain game Revoland has completed a $10.6 million seed round and pre-sale round of financing, led by HashKey Capital and Polygon Ventures, Tian Ge Interactive, AKG Venture, LinkVC, Arcanum Capital, Atlas Capital, Crypto Nord, PlayPark, MX Investment, One Block Capital, AW Capital, Phemex Venture, Winston International, Gene Vision, and Yield Master participated in the investment, and the funds raised will be used for product and business development, game design, and staff additions, as well as cooperation with game guilds.
It is understood that Revoland is a blockchain-based multiplayer online battle arena (MOBA) game that attracts players through a P2E mode, where players can gather friends to form teams, fight against others, and receive token rewards for their skills.
Dework completes $5 million financing, led by Paradigm and others
Dework, the DAO management platform, announced that it has completed a $5 million seed round. Paradigm and Pace Capital jointly led the investment. Former Coinbase CTO Balaji Srinivasan and Polygon founder Sandeep Nailwal participated in the investment. The new financing will be used to expand the team.
It is understood that Dework is a Web3-native collaboration tool in which DAOs can organize internal and external teams, manage tasks and rewards in a transparent manner, and help new members join. The goal is to be the “Trello and LinkedIn of Web3”. The platform has been used by several DAOs, including OpenDAO, AragonDAO, CityDAO, and ShapeshiftDAO.
InfStones completes $66 million financing, led by SoftBank Vision Fund Phase II and others
Infrastructure provider InfStones announced the completion of a new round of financing of US$66 million, led by SoftBank Vision Fund Phase II and GGV GGV Capital, with participation from Vision Capital, 10T Fund, SNZ Holding and A&T Capital. Funds from this round of financing will be used to continue to develop InfStones infrastructure solutions, as well as to help InfStones expand into new market areas, establish more partnerships and conduct mergers and acquisitions to further expand the market.
It is reported that InfStones is a PaaS service provider for enterprises and developers. The InfStones platform supports users to quickly deploy nodes and create APIs, which can improve the efficiency and speed of developing and deploying decentralized applications such as Staking, DeFi, NFT, and GameFi on multiple protocols. . At present, more than 50 protocols have been integrated on the InfStones platform, serving hundreds of institutional customers and providing users with support for tens of thousands of nodes.Previously, InfStones raised $33 million in its Series B financing in February this year, and the total financing since its establishment has exceeded $100 million, making it among the ranks of unicorn companies.
Mara completes $23 million in financing, with participation from Huobi Ventures and others
* Crypto trading platform
Mara, a pan-African crypto trading platform, announced the completion of $23 million in financing, with participation from Infinite Capital, DAO Jones, Huobi Ventures, TQ Ventures, and Distributed Global.
According to reports, Mara has entered into a new partnership with the Central African Republic, which recently declared BTC legal tender and plans to create a cryptocurrency hub called Sango. Mara aims to build a digital financial system for sub-Saharan Africa, which in turn will drive the mass adoption of cryptocurrencies in the region. At present, Mara APP has been launched on Apple APP Store and Google Play Store.
DAO salary payment system Utopia completes $23 million Series A financing, led by Paradigm
The DAO salary payment system Utopia announced the completion of a $23 million Series A financing led by Paradigm, with participation from Kindred Ventures, Circle Ventures, Gusto, Coinbase Ventures, Infinity Ventures Crypto, Distributed Global, and Fourth Revolution Capital. The funds will be used to develop and expand the team, and further improve the functions of DAO, including token ownership, ledger design and personnel management.
Vendia Completes $30 Million Series B Financing Led by NewView Capital
* Data sharing platform
Vendia, a blockchain-based enterprise-level data sharing platform, announced the completion of a $30 million Series B round led by NewView Capital, with participation from Neotribe Ventures, Canvas Ventures, Sorenson Capital, Aspenwood Ventures and BMW iVentures. The company has raised a total of $50 million to date. Currently, Vendia supports AWS, and the team recently rolled out Azure support as well. Support for Google Cloud Platform is also on the roadmap.
It is reported that the two co-founders of Vendia are Tim Wagner, the inventor of AWS Lambda, and Shruthi Rao, the former head of blockchain at AWS. The company recently launched a new product line around CRM data sharing. Based on blockchain technology, Vendia enables enterprise clients to provide their users with an immutable serverless ledger to ensure data accuracy, provenance and traceability.
South Korean gaming giant Wemade makes strategic investment in multi-chain GameFi infrastructure Froyo Games
Korean gaming giant WeMade has made a strategic investment in Froyo Games, a multi-chain GameFi infrastructure, to accelerate the expansion of the Wemix ecosystem. While Wemade said the investment was huge, it did not disclose details. Through this strategic investment, WeMade plans to sign a partnership with Froyo Games to expand token economics on top of Wemix, increase market share, and expand with more content.
Froyo Games is a multi-chain GameFi infrastructure that enables the existing gaming and esports ecosystem to transition to an open Metaverse on Ethereum and Binance Smart Chain (BSC). In December last year, Froyo Games completed a $1.6 million strategic round of financing led by Animoca Brands.
Kryptomon closes $10 million private placement
Kryptomon, an NFT-driven P2E gaming project, announced the completion of $10 million in private financing, led by NFX, with participation from PLAYSTUDIOS, Griffin Gaming Partners, Tal Ventures, and former Citigroup CEO Vikram Pandit. The funds will be used to drive its accelerated NFT game development.
It is reported that Kryptomon is a Metaverse game containing elements such as Pokémon, Cryptokitties and Tamagotchi. Thanks to two rounds of blind box sales launched on the Binance NFT market, Kryptomon has generated a value of 13 million in less than 5 months USD NFT transactions.
SmartChain Defi Completes $16 Million Series A Financing Led by Binance Labs
The liquidity-as-a-service DeFi protocol SmartChain Defi has completed a $16 million Series A financing, led by Binance Labs, and joined by Adrian Kolody, founder of the non-custodial decentralized exchange Domination Finance.
It is reported that SmartChain Defi is based on BNB Chain’s one-stop liquidity-as-a-service (LaaS) DeFi protocol, which was funded by the Binance 1 billion growth fund in the angel round of financing. SmartChain Defi provides liquidity services for PancakeSwap and more than 10 protocols, aiming to provide on-chain liquidity for partners and tokens.
Mondu closes $43 million Series A round led by Valar Ventures
Mondu, a B2B “buy now, pay later (BNPL)” payments company, announced the completion of a $43 million Series A round led by U.S. venture capital fund Valar Ventures, Cherry Ventures, FinTech Collective, and founders from Klarna, Zalando, and SumUp and senior management. The new funds will be used to expand the company’s business into more European countries. Mondu’s BNPL for B2B solutions for merchants and marketplaces offers major payment B2B payment options and flexible payment terms.
Merge closes $9.5 million financing, led by Octopus Ventures
* Financial Services
UK-based Web3 startup Merge has raised $9.5 million led by Octopus Ventures with participation from Hashed, Coinbase Ventures and Ethereal Ventures.
Merge was founded late last year by former PayPal executive Kebbie Sebastian to provide web3 companies with access to banking, payments, risk management and compliance through an application programming interface (API).
First Digital Trust closes $20 million financing
* Asset custody
First Digital Trust, a digital asset custodian under Legacy Trust, a Hong Kong-based financial services company, announced the completion of $20 million in financing, with Telegram investors Nogle and Kenetic Capital participating. First Digital Trust will use some of the new funding to expand into the Singapore, UK and Canadian markets and to develop secondary markets for private equity and digital assets. It will also be used to develop infrastructure, provide digital asset security and investment protection, and recruit talent in technology, marketing and business development. In April last year, it was reported that First Digital Trust completed $2.15 million in financing, and its total financing amount has exceeded $5.2 million.
LivingCities.xyz closes $4 million Pre-Seed round
Metaverse AR startup LivingCities.xyz announced the completion of a $4 million Pre-Seed round of financing, with participation from DCVC venture capitalist Ali Temaseb. LivingCities.xyz was founded by the likes of AR cloud infrastructure company 6D.ai founder Matt Miesnieks and Foursquare co-founder Dennis Crowley to create a 3D space through the open Web3 protocol. 6D.ai, previously founded by Matt Miesnieks, has been acquired by Pokémon Go developer Niantic.
Jadu completes $36 million Series A financing, led by Bain Capital
Web3 AR gaming startup Jadu announced the completion of a $36 million Series A round led by Bain Capital, with participation from General Catalyst Partners, LG Tech Ventures and Alumni Ventures. The company has raised more than $45 million to date.
Part.3 IOSG post-investment project progress
MakerDAO now supports Dai transfers between StarkNet and Ethereum
* DeFi/Layer 2
MakerDAO announced that Maker has been connected to the Ethereum layer 2 scaling solution StarkNet, the StarkNet Dai cross-chain bridge has been launched, and Dai can now be transferred between StarkNet and Ethereum. This is the first phase of MakerDAO’s integration with StarkNet.
Earlier in April, MakerDAO announced that the protocol will be deployed on StarkNet. MakerDAO’s StarkNet integration will be carried out in four phases. The first phase will release a simple token bridge for DAI transactions; the second phase will be the second of this year. Quarterly implementation to achieve rapid exit from L2 to L1; Phase 3, L2 to L2 transfer in Q3; Finally, MakerDAO will deploy full multi-collateral DAI on Starknet in Q4 2022 or Q1 2023 (MCD).
Project Galaxy Announces the Launch of GAL Chain , a BNB Application Sidechain
Project Galaxy, an NFT infrastructure service provider, announced that it will launch its own GAL Chain based on the BNB application side chain. BAS infrastructure provider NodeReal Semita provides support. The chain is currently under construction and will be launched soon.
Project Galaxy said the launch of the GAL chain is designed to bring a new experience to Web3 certificates.Through the new GAL chain, users will be able to manage and contribute digital credentials to the Project Galaxy ecosystem, and then use these credentials through application modules, oracle credentials, and API credentials. In short, there will be more use cases for Project Galaxy’s digital identity.
Moonbeam is partnering with Lido to bring its liquid staking service to the Polkadot ecosystem
* EVM smart contract development platform
Moonbeam Network is working with Lido, a liquid staking protocol, to introduce Lido’s liquid staking service into the Polkadot ecosystem. Staking experts MixBytes facilitated the integration. The integration enables holders of Polkadot DOT to stake their assets in the form of xcDOT (cross-chain DOT) and then receive stDOT tokens. Both xcDOT and stDOT are XC-20 tokens (a token standard created by Moonbeam).
Kusama Network Launches Nomination Pool Solution
* Polkadot Parachain
Kusama officially announced that with the release of runtime v0.9.22, Nomination Pools have been added to the Kusama runtime. The nomination pool is an extension solution to the Polkadot NPoS system, designed to help accounts with fewer tokens stake directly on the relay chain without going through a third-party service.
NFTScan Releases Arbitrum Network NFT Browser
NFTScan, the NFT infrastructure, has released the Arbitrum NFTScan (arbitrum.nftscan.com) browser to provide NFT-related data search and query services for NFT developers and users in the Arbitrum ecosystem.
It is reported that the Arbitrum network is the fifth blockchain network supported by the NFTScan browser after Ethereum, BSC, Moonbeam, and Polygon.
Multi-chain AMM Swim Protocol has supported STEPN dual tokens on Solana and BNBChain chains
Swim Protocol, a multi-chain liquidity protocol, announced that it has added support for STEPN’s dual-token GST and GMT on the Solana and BNBChain chains. Users can exchange these two assets across chains on the Swim Protocol platform.
It is understood that Swim Protocol is a multi-chain AMM built for native assets, designed to make cross-chain bridging easier. The Swim Protocol solution is dedicated to reducing the barriers faced by users when performing cross-chain transactions, as well as enabling interoperability between blockchain networks.
Part.4 Industry pulse
Chainlink launches price feed on Solana to provide data to DeFi developers, and ChainlinkVRF v2 is now live on Polygon mainnet
Blockchain oracle platform Chainlink has announced the launch of price feeds on the Solana mainnet to help developers build DeFi-based DApps on Solana. Chainlink pointed out that it will initially offer seven price feeds to Solana developers, including BTC/USD, ETH/USD, and USDC/USD, with more Chainlink oracle services and price feeds to follow in the future.
Chainlink Verifiable Random Function (VRF) v2 is now live on the Polygon mainnet, and Polygon developers can now leverage VRF v2 as a flexible, cost-effective random number generator (RNG) to create blockchain games, NFT projects, and Supported by more sources of randomly verifiable functions.
Zcash has activated NU5 upgrade, enhances privacy and removes trusted settings
* Encrypted privacy
The encrypted privacy currency protocol Zcash has activated the NU5 upgrade at block height 1687104.Zcash stated that NU5 is the first major upgrade since November 2020.
The upgrade reportedly enables privacy protections and blocks transactions by default, while users previously had the option to block their transactions. The upgrade also removes the need for a trusted setup in future hard forks. Therefore, those trusted parties will no longer be a possible attack vector in the security of the protocol. The process of implementing a future hard fork is also simpler, as it does not require the complicated and expensive procedures associated with setting up and securing the original ritual.Additionally, the upgrade introduces PLONK to the Halo 2 zero-knowledge proof system, a new type of z-SNARK that allows any amount of computational work and data to generate a short proof that can be checked quickly. to verify transactions more efficiently.
Additionally, Zcash developer Electric Coin Company (ECC) noticed that some zcashd nodes encountered race conditions that caused crashes after NU5 activation, and the team suggested restarting the nodes to resolve the issue.
Ropsten Testnet Now Launching New Beacon Chain, Expected to Consolidate on June 8
* Ethereum testnet
Ethereum core developer Tim Beiko released the Ropsten merger announcement, saying that a new beacon chain has been launched today, and it is expected that The Merge (merge) will be carried out on the Ropsten network around June 8, thereby converting to PoS consensus.
The upgrade is activated in two stages: the first stage is that the Ropsten beacon chain is expected to be upgraded to merge compatible protocol rules (Bellatrix) at 24,000 slots on June 2, 2022; the second stage is the total difficulty of the terminal (TTD) When a value is reached on the execution layer, the Total Terminal Difficulty (TTD) will choose one to activate the merge on the proof-of-work chain, node operators will need to manually set this value on their clients, exact announcement on TTD It will be announced on June 3. It is important to note that node operators need to update their consensus and execution layer clients at the same time.
Following the Ropsten transition, two other testnets (Goerli and Sepolia) will transition to Proof of Stake before the focus shifts to the mainnet. Other testnets, such as Rinkeby and Kovan, may be independently maintained and upgraded by the community, but are no longer monitored by client developers.
Aave community new proposal proposes v2 market to increase lending support for rETH
The Aave community initiated a proposal vote and suggested adding lending support for Rocket Pool’s rETH in the Aave v2 mainnet market. The proposal proposes a maximum lending rate of 70% for rETH, a liquidation threshold of 75%, and a liquidation penalty of 7.5%, and voting will end at 8:00 on June 8.
Immutable X, NFT Layer2 Solution, Releases Open Source Core SDK
Immutable X, an NFT Layer2 solution, announced the release of an open-source core SDK (software development kit). Immutable X said that the SDK has better performance, scalability and readability to facilitate developers’ development work on Immutable X, and will gradually release documentation updates in the next few weeks.
Ember Fund launches Top NFT Index, an NFT index fund, to track NFT prices such as BAYC
Crypto portfolio service provider Ember Fund has launched the Top NFT Index, an NFT index fund including Bored Ape Yacht Club (BAYC), Cryptopunks, World of Women and Doodles, allowing ordinary investors to gain exposure to investing in blue-chip NFTs.
The index fund has an investment threshold of $10, allowing more people to participate in NFT investing. The index tracks floor prices for collectibles included in its targets, weighted by market capitalization, and rebalanced monthly.
Zilliqa Releases Zilliqia SDK, Software Development Kit Supporting Game Engine Unity
* Blockchain platform
Valentin Cobelea, director of game technology at Zilliqa, announced the release of the Zilliqa SDK, a software development kit that supports the game engine Unity, aiming to help more game developers connect with Web3, which means that 3D developers of the game engine Unity will be able to communicate with the Zilliqa region through the Unity SDK Blockchain connection.
It is reported that Pokemon Go, Hearthstone, Fall Guys and other games all use the Unity engine. Earlier this year, Zilliqa announced the launch of its Metaverse-as-a-Service platform, Metapolis, which will integrate with Unity, Unreal Engine, and Nvidia Omniverse.
Goldman Sachs Report: Around 20 Insurance Companies Worldwide Have Invested or Considered Investing in Cryptocurrencies
Banking giant Goldman Sachs recently released the eleventh edition of its annual insurance survey, and cryptocurrencies were included for the first time. The survey of 328 CIOs and CFOs showed that 6% of respondents have invested or are considering investing in cryptocurrencies. These chief investment officers and chief financial officers account for nearly half of the $26 trillion global insurance industry, so Goldman Sachs believes the survey is very representative of the industry’s thinking.
While the vast majority of insurers responded that they did not invest in cryptocurrencies and were not considering doing so, 6% or about 20 insurers responded in the affirmative, especially given the decline in the cryptocurrency market, a result that makes People are surprised.
While insurers may still be reluctant to invest directly in cryptocurrencies, they have long been strong proponents of blockchain technology, which in many ways is well-suited for those involved in extensive record-keeping, premium collection, tracking, the report said. The business of making claims and coordinating payments.
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