行业报告 | 《元宇宙 Web3.0 虚拟云经济》（中英双语）
The Meta TakEAway
The Metaverse is a digital universe that moves beyond the internet we know today. This vision for the future state of the web has the potential to transform our social interactions, business dealings, and the internet economy at large. The Metaverse is still taking shape, but Web 3.0 open virtual world crypto networks are offering a glimpse of what the future of the internet may hold. The market opportunity for bringing the Metaverse to life may be worth over $1 trillion in annual revenue and may compete with Web2.0 companies worth $15 trillion in market value today. This potential has attracted companies like Facebook to pivot towards the Metaverse, which mayserve as a catalyst for other Web 2.0 tech giants and investors to follow.
The Meta Thesis
The internet has always been about connecting people.Over the past three decades, internet technology has evolved, and the way we all interact with the web has evolved with it. Much has changed, but three key eras of online-based communities could be thought of as:
Web 1.0 - Netscape connected us online
Web 2.0 - Facebook connected us into online communities
Web 3.0 - Decentraland connected us into a community-owned virtual world
Web 1.0 - 网景公司将我们连上网络
Web 2.0 - Facebook将我们连接到在线社区
Web 3.0 - Decentraland将我们连接到一个属于社区的虚拟世界
As we moved across these eras, our interactions and the mediums we used to create them expanded. We experienced first hand how organizational architectures connecting us transformed, how computing infrastructure we relied on matured, and how control over the web ebbed and Flowed between the community and big tech companies.
The Web 2.0 mobile internet changed how, where, when,and why we used the internet. In turn, this changed the products, services, and companies we used, which changed our business models, culture, and politics – the Web 3.0 Metaverse has the potential to do the same.
Web2.0移动互联网改变了我们使用互联网的方式、地点、时间和原因。相应的，改变了我们使用的产品、服务和公司，进而改变了我们的商业模式、文化和政治——Web 3.0 元宇宙也有可能做到这一点。
The Meta Market Opportunity
A greater and greater portion of our attention is going towards digital activities, especially for younger generations. Today,1/3rd of our lives (8 hours/day) is already spent watching TV, playing games,or on social media.
As we spend more of our time in these digital world experiences,we also spend more of our money within these digital realms to build our social status within these online communities.
Our social lives and gaming are converging and creating a large, fast-growing virtual goods consumer economy. It is estimated that revenue from virtual gaming worlds could grow from $180 billion in 2020 to $400 billion in 2025.
The continued shift of game developer monetization is a key dynamic within this growth trend. Players are increasingly moving away from paying to play premium games towards free games, which developers monetize by selling players in-game items to enhance game play or social status within these virtual worlds.
This shift is accelerating further with the transitionfrom Web 2.0 closed corporate metaverses to Web 3.0 open crypto metaverse networks, which are:
Web 2.0 Closed Corporate Metaverse: centrally owned and controlled by big tech, or;
Web 3.0 Open Crypto Metaverse: democratically owned and controlled by global users.
随着从Web 2.0封闭式企业向Web 3.0开放式加密元宇宙的过渡，这种转变正在进一步加速：
Many gamers today spend their money and hours of their time building digital wealth within Web 2.0 closed corporate metaverse worlds.The problem is, most game developers don’t let players monetize their investment and efforts. Developers prohibit players from trading items with other players and keep these worlds closed so players cannot transfer their in-game wealth to the real economy.
Web 3.0 open crypto metaverse networks solve this problem by eliminating the capital controls imposed on these virtual worlds by Web 2.0 platforms. This new paradigm allows users to own their digital assets as Non-Fungible Tokens (NFTs), trade them with others in the game, and carry them to other digital experiences, creating an entirely new free-market internet-native economy that can be monetized in the physical world. This evolution of the “creator economy” is known as “Play to Earn”.
In the metaverse, users dictate these types of seamless, real-world adjacent interactions across digital communities.Conversely, the closed nature of Web 2.0 corporate Metaverse platforms may put users at a disadvantage compared to Web 3.0 open crypto Metaverse networks.
Established Web 2.0 corporations will need to disrupt their business models by opening up their ecosystems and removing their competitive moats. We don’t yet know the path Facebook will take with their Metaverse ambitions, but they—like other Web 2.0 companies—will need to make this challenging shift in the face of pressure to meet quarterly results for shareholders.
Gaming is just one of the most immediately addressable segments where value is already starting to naturally shift to Web 3.0, but the Metaverse opportunity extends far beyond gaming. The Metaverse is estimated to be a trillion-dollar revenue opportunity across advertising, social commerce,digital events, hardware, and developer/creator monetization.
The total market cap of the leading Web 3.0 Metaverse crypto networks sits at $27.5 billion. This pales in comparison to the $900 billion market cap of Facebook, the $2 trillion market cap of the gamingsector, and the $14.8 trillion market cap of Web 2.0 companies that could shift to the Metaverse or risk disruption.
The Meta Web 3.0 Economy
Web 3.0 crypto Metaverses are emerging market virtual world economies with a continually developing complex mix of digital goods,services, and assets that generates real-world value for users.
Early Web 3.0 metaverse worlds have been typically built on top of blockchAIn computing platforms (layer one) with a host of parties contributing to the development of the games and in-games items that can be freely traded on the blockchain.
Users purchasing these items are starting to build a new e-commerce experience. Examples of some more popular business activities within Decentraland and other virtual world economies today are:
Art Galleries, such as Sotheby’s, have launched allowing owners to showcase and sell their digital NFT art at auction.
Business Offices: crypto businesses like Binance and others have established digital headquarters in the Metaverse where employees can meet and collaborate.
Games & Casinos where players can win MANA.
Advertising: digital billboards have been built by property owners to advertise to game players for a fee.
Sponsored Content, such as the recently announced Atari arcade which will feature games that can be played within Decentraland.
Music Venues where DJs and musicians play music and hold concerts.
These Web 3.0 Metaverse worlds are part of a larger interconnected crypto cloud economy. These decentralized protocols interoperate with and provide the technical infrastructure to support Metaverse virtual economies.
Payment Networks: Web 3.0 metaverse economies can use their own digital currency, like MANA, or the currency of the layer onebase crypto cloud economy platform they’re built on, such as Ethereum (ETH) or Solana (SOL).
Decentralized Finance: Decentralized exchanges allow users to trade in game items while lending platforms allow users to take outloans on their virtual land.
NFT Sovereign Goods: Players can purchase NFTs from other creators and bring them into other virtual worlds to be put on display or sold.
Decentralized Governance: Legal frameworks take back control of the digital economies from centralized corporations and allow aglobal network of Web 3.0 metaverse users to decide the rules of their collectively owned virtual space.
Decentralized Cloud: File storage solutions such as Filecoin give Web 3.0 metaverse worlds a decentralized infrastructure solution to store data while services like Livepeer give virtual worlds decentralized video transcoding infrastructure.
Self-Sovereign Identity: Internet-native social reputation coin (“creator coins”) data from other platforms may be transferred into the Metaverse and used for identity or credit scoring.
去中心化云：Filecoin等文件存储解决方案为Web 3.0 元宇宙提供了一个去中心化的基础设施解决方案来存储数据，而Livepeer等服务则为虚拟世界提供了去中心化的视频转码基础设施。
The Meta Web 3.0 Metrics
The combination of these inNovations has created a new online experience that’s already attracting users. Web 3.0 Metaverse virtual world users have seen rapid growth over recent years. Today, Web 3.0 Metaverse virtual worlds have nearly 50,000 all-time users (active wallets as proxy), up 10x since the beginning of 2020.
Compared to other Web 3.0 and Web 2.0 segments,Metaverse virtual world users are still in their early innings, but if current growth rates remain on their current trajectory, this emerging segment has the potential to become mainstream in the coming years.
与其他Web 3.0和Web 2.0细分市场相比，元宇宙虚拟世界用户仍处于起步阶段，但如果保持当前的增长率，这一新兴市场有可能在未来几年成为主流。
Web 3.0 Metaverse virtual worlds are creating real-world value for the developers, third-party creators, and users building these emerging market internet-native crypto cloud economies. All-time value spent on Web 3.0 Metaverse item sales such as virtual land, goods, and services has topped $200 million.
Web 3.0元宇宙虚拟世界正在为开发人员、第三方创建者和用户创造现实世界的价值，从而构建这些新兴市场的互联网原生加密云经济体。Web 3.0元宇宙项目销售（如虚拟土地、商品和服务）的所有价值已超过2亿美元。
By removing the Web 2.0 centralized companies that have historically controlled these online spaces, Web 3.0 Metaverse virtual worlds have benefited from rapid innovation and productivity gains.
通过替代历史上控制网络空间的Web 2.0中心化公司，Web 3.0元宇宙虚拟世界已经从快速创新和生产率提升中获益。
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