Efficient interaction, emphasizing ownership of data value
Favorable blockchain policies promote Web 3.0 development
National Standarization Development Program
The State Council Oct 2021
To improve quality governance and promote quality improvement by the integrated application of AI, big data, blockchain and other new generation IT.
"14th Five-Year" Digital Economy Development Plan
The State Council Jan 2022
To develop blockchain technology, immersive video, virtual reality, 8K HD video and other meta- universe related technologies.
Notice on Stabilizing a Package of Economic Policies and Measures
The State Council May 2022
To accelerate technological breakthroughs in artificial intelligence, cloud computing, blockchain, operating systems, processors and other fields.
Infrastructure as cornerstone, public blockchain as bridge
Web 3.0 presents a decentralized alternative that can be applied to any part of the web ecosystem, including virtual hosting, storage, the domain name system, applications, and search capabilities. Blockchain provides a unique set of data or a common state layer, which is constrained by collective management. The unique state layer for the development of value settlement layer on the Internet can achieve effective P2P transactions without any intermediary.
Users’ needs guide Web 3.0 technical development direction
IT corps are leading, China has distribute storage advantages
Distributed storage under cloud computing provides various computing and storage services externally on ordinary PC servers. Cloud vendors such as AWS, Microsoft, Ali, Tencent, Google, etc. have laid out distributed storage technology, and ZTE, Ziguang's subsidiary Xinhuasan, and Longchao Information provide distributed storage communication devices for various vendors.
Alibaba Cloud: Hybrid Cloud Distributed Storage
Inspur: Distributed Cloud + and Distributed Storage
NFT thrives oversea, Chinese IT giants strive
The global NFT market is huge, with the size of the US market alone exceeding $250 million in 2021, and the global market already exceeding $400 billion, and it is expected to reach $1 trillion in 2032.
Opensea is an open trading platform using cryptocurrencies for users to create and trade various types of digital collectibles, including art, music, games, and more.
The blockbuster "King of NFT" on Opensea -- Bored Ape is purchased at 55E (approximately $180,000) by NBA star Stephen Curry in August 2021, which subsequently exploded the NFT market and brought numerous NFT transactions to Opensea platform. Opensea also has the earliest NFTS, 10,000 24x24 pixel art images "CryptoPunks", supported by multi-industry giants such as Visa and priced at over 20E per floor.
Mimic Shhans is an Ethereum based PFP (Profile Picture) NFT project that went viral in the online community in July 2022. The floor price of the project soared from 0.09E to 0.18E in a matter of hours, and its 24h transaction volume briefly approached goblintown.
On the TopShot marketplace, users can buy, sell and trade Moments-- as known as the NFT of NBA highlights -- with varying levels of rarity. Same as traditional sports card enthusiasts, TopShot users collect memorabilia, and their collectible value grows over time. In February 2021, TopShot generated more than $224 million in sales with more than 80,000 unique buyers, generating more than $45 million in a single day.
Euterpe is the world's first IP-driven copyright NFT platform with an embedded SocialFi ecosystem. Euterpe has partnered with more than 30 record labels and thousands of songs in 2021 Q1. The platform casts and distributes NFTs for the rights of works and dramatically increases the value of the rights through auctions, creating a channel for instant cash and expanding the reach of works through.
The Fourth Pillar
The University of California at Berkeley tokenized and auctioned off Nobel Prize-winning patents for gene editing and cancer immunotherapy in June 2021. The auction closed with the winning bid of just under $55,000, leaving the university with a net haul of $50,000 after paying 15 per cent of the proceeds to Foundation, an NFT-based auction platform. UC Berkeley will receive 10 percent of any subsequent sale of the NFT and the auction platform will receive 5 percent.
Chinese IT Giant’s Attempts
Jingtan is the earliest online digital collection platform in China, using Ali-ant chain technology, implements strict screening and control mechanism for content issued. By April 2022, more than 3.8 million digital collections had been issued, with a total transaction value of 62 million yuan.
Huanhe is Tencent's NFT trading platform, which was officially launched on August 2, 2021. Huanhe has generated more than 80 million yuan in sales since its establishment, including nearly 20 million yuan in monthly sales in April 2022.
Lingxi is a digital collection trading platform launched by JD.com on December 17, 2021. All digital collections on the platform will be uniquely identified by JD Zhizhen Chain, there is no trading amount announced yet.
Web 3.0 is in desperate need of technology development
The main direction can be divided into the trusted hardware direction TEE and cryptography direction multiparty secure computing. As the main application areas of privacy computing in the financial as well as health care industry, the technical requirements of privacy computing is the key.
Digital Asset Security
Due to the technology vulnerabilities, NFT and other digital collections are frequently stolen. For example, in February 2022, Opensea was hacked, and up to $200 million of NFT projects were stolen in just nine hours. Because of the tradability of digital collections and the decentralization of Web3.0, the security of digital assets is users’ pricipal appeal.
At present, SocialFi users obtain profits mainly by tipping and writing to Earn the created content (referring to the fact that content creation is a form of mining), which has high requirements for algorithm mechanism and platform design technology. As of now, there are few cases, and the market is in a monopoly state, therefore new application research and development is an opportunity.