Zhang Dongwei: Preliminary understanding of Web 3.0, NFT, Metaverse

1. The reality of the digital economy

1. In just 24 hours, the price of Bitcoin has dropped by nearly 12%, and the price of Ethereum has dropped by 8.71%.

On the morning of May 10, the price of Bitcoin plummeted below $30,000, hitting a minimum of $29,730, the lowest point in 2022 and the lowest point since July 2021.

The drop in currency prices is directly transmitted to ecological fields such as derivatives, DeFi, and NFTs. For example, according to coin data, the liquidation of the entire network in the past 1 hour has reached 149 million US dollars, and the liquidation of the entire network in the past 24 hours has reached 1.03 billion US dollars.

2. None of the top NFT projects have been spared. According to NFTGo.io data, the floor prices of blue-chip NFT series such as “Boring Ape” BAYC and “Red Bean” Azuki have dropped by more than 20% in 24 hours. Among them, the “Boring Ape” BAYC series NFT floor price is currently at 89.9 ETH, down 20.49% in 24 hours; the Azuki series NFT floor price is currently reported at 17 ETH, down 25.27% in 24 hours.

The “running shoe” project StpenN, which has been popular in recent months, has not been spared. The price of its project token GMT has dropped by 30% in 24 hours and nearly 40% in 7 days.

3. The continued decline of cryptocurrencies in this round is in line with US stocks.

The seven tech giants in the U.S. stock market—Apple, Microsoft, Tesla, Amazon, Nvidia, Meta (Facebook parent company), Alphabet (Google parent company) lost more than $1 trillion in market value (about 7 trillion yuan) in 3 days ).

4. The fuse that triggered the U.S. stock market plunge was the Federal Reserve’s recent interest rate hike.

Regardless of the country’s already very serious inflation rate, the Fed is still hawkishly harvesting the global economy by raising interest rates.

5. It can be seen that the current world economic logic is still that the United States controls the U.S. dollar, which in turn affects the U.S. stock market, and then the U.S. stock market will naturally transmit to the so-called “digital currency” or “cryptocurrency”, and then affect the entire blockchain ecology.

So, someone tells you that cryptocurrencies are “decentralized” and “reliable cross-border assets”, do you still believe them?

2. What is Web 3.0

In the eyes of a thousand people, there are a thousand kinds of Web 3.0.

But for the behind-the-scenes capital players, there is only one rule in the world, that is: how to maximize the residual value of the exploitation of the public.

The Web itself is just a noun term for the Internet, similar to a piece of land that is itself “technology neutral”.

The Web 1.0 era is expressed by capital literature and art as a “read-only” era, that is, users can only read the content provided by enterprises, the so-called “centralization”.

That is, if the landlord spends money to win over or force the peasants to grow crops in the fields, the profits will go to the landlord.

In this case, all the means of production are provided by the landlord, and the production and sales process are all the responsibility of the landlord, and the production efficiency is not high.

The Web 2.0 era is expressed by Capital Literature and Art as the era of “reading + writing”, that is, users can not only read the content provided by the enterprise, but also encourage users to contribute content themselves, the so-called “platformization”.

That is, the landlord told the peasants that the land was subject to a contract system, and that the farmers would benefit from the crops they planted, and the landlord would only “receive a small commission”.

In order to encourage farmers’ enthusiasm for active contracting, in the early stage of production, landlords will also provide tool subsidies, seed subsidies, fertilizer subsidies, etc. to promote the contracting process.

In this case, farmers’ enthusiasm for production was greatly encouraged, and they gradually attached themselves to the land and became long-term tenant farmers. Although the production efficiency will not increase after reaching a certain stage, but due to the solidification of human resources and production and lifestyle, the landlord can obtain long-term and stable income, and increase the rent of tools, water, electricity, fertilizer prices, etc. , to expand profit margins.

The Web 3.0 era is more artistically expressed by capital as the era of “reading + writing + shared property rights”, that is, users are completely the owners of property rights in their own production activities, the so-called “decentralization”.

In the era of Web 3.0, there are no longer landowners, but all farmers collectively open up a new piece of land based on “consensus”. On this land, everyone has a property right owner, according to their own contributions, such as whether they participated in the land reclamation. Or farming, or whether watering or harvesting, including the final storage, buying and selling, as long as it contributes to the entire production process, it will receive benefits according to the corresponding contribution value.

In this case, the peasants’ enthusiasm for production has been fully and fully released. Since the peasants are already the owners of the land, they are theoretically the best production relations.

Well, the “utopia” of the Internet.

The state of Web 3.0 without landowners is called “decentralization”. This form of management based on “consensus” is called “DAO” (Decentralized Autonomous Organization).

In order to ensure the maintenance of this production relationship, blockchain technology has become the underlying architecture to meet application requirements such as “non-tampering”, “distributed accounting”, and “encrypted transactions”.

Farming is of course not a good business to make quick money, so at the application layer of Web 3.0, the first thing to be promoted to society is cryptocurrencies, and then NFT is being promoted.

NFT, the full name of Non-Fungible Token, refers to a non-fungible token, which is the only cryptocurrency token used to represent digital assets (including jpg and video clips). The design principle is that it can be bought and sold.

Zhang Dongwei: Preliminary understanding of Web 3.0, NFT, Metaverse

From Web 1.0 to Web 2.0 to Web 3.0, it is essentially an evolution of production relations, in which capital appreciation becomes more efficient.

3. About the Metaverse

The Metaverse is the general term for the “Next Generation Internet”.

Once, Ma Huateng proposed the “full true Internet” at the Tencent conference, which is essentially a meaning.

Zhang Dongwei: Preliminary understanding of Web 3.0, NFT, Metaverse

Since the Metaverse is the “next generation” Internet, it is impossible to make a complete and accurate representation based on real conditions. It’s like before the birth of the iPhone, the mobile Internet was completely unimaginable.

But as far as the current perceptible theory and practice are concerned, the Metaverse already has at least three directions, which deserve the attention of ordinary people like you and me.

1. Encrypted digital credentials

This includes cryptocurrencies such as Bitcoin and Ethereum, as well as NFT digital collections and other forms, which are essentially “encrypted digital certificates”.

Although in China, “encrypted digital certificates” are not legally allowed to have financial attributes, but there are already many overseas scenarios that can be used legally. From a global perspective, cryptocurrencies and NFT digital collections have enormous growth value, and they are worth learning and paying attention to from both a technical and commercial perspective.

Even in China, as supervision gradually regulates the healthy development of the industry, on the basis of legal compliance, the encrypted digital certificate industry can still achieve large-scale applications through product innovation in scenarios such as “confirmation of rights” and “rights”.

2.Web 3.0

In the expressions of many different organizations and experts and scholars, the connotations of “Metaverse” and “Web 3.0” are reused, and it is difficult for readers to understand what the relationship between the two is.

Zhang Dongwei, a senior Internet expert, has a personal understanding that the relationship between “mobile Internet” and “Web 2.0” can be borrowed, that is, the public expression of the next-generation Internet of “Metaverse”, and “Web 3.0” is the expression of the next-generation Internet. industry expression.

Shelving disputes, joint development, hard work to rejuvenate the country, empty talk to mislead the country.

Web 3.0 applications include the reconstruction of blockchain technology in various fields such as digital collections, games, virtual digital people, social networking, and supply chain management, generating new technical applications and practices, and creating new business value.

Google and Amazon are recently establishing development tool platforms and teams to support global developers using their resources to develop applications for Web 3.0.

3.VR/AR/MR

Zhang Dongwei: Preliminary understanding of Web 3.0, NFT, Metaverse

I recently bought a few Pico VRs, and the experience has been qualitatively improved compared to the VR glasses in previous years.

The Metaverse community I organized has a group of companies that have developed some VR/AR/MR devices and applications that support the naked eye.

VR/AR/MR is the most easily perceived product form for consumers, and it is the earliest application that may be integrated with education, entertainment, industrial design and other fields.

More importantly, in the field of VR/AR/MR, my country’s policy is in a period of encouragement, not a period of supervision and rectification.

A lot can be done.

end:

Today is May 11, 2022, and I will write an article to share my personal knowledge so far.

Both the Metaverse and Web 3.0 are new things, just like when I saw the Internet in 1998, the blind man touches the elephant and sees the leopard in the tube.

What do you think of “Metaverse” and “Web 3.0”, please leave a comment.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/zhang-dongwei-preliminary-understanding-of-web-3-0-nft-metaverse/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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