（报告出品方/作者：东方证券，张颖）
(Reporter/author: Eastern Securities, Zhang Ying)
一、什么是元宇宙？
1.1、 元宇宙概念提出之前
1.1, before the concept of meta-cosmology
在元宇宙概念提出之前，开放多人游戏经历了从文字到 2D 再到 3D 的演进，并且在其中添加了交 互与 UGC 的属性。游戏创作者通过增加游戏的维度、交互程度以满足用户对于体验、内容的大量 需求。
Prior to the concept of meta-cosm, open multiplayer games evolved from text to 2D to 3D, adding intersectional and UGC properties to it. The game creator meets the user’s high demand for experience and content by increasing the dimension and interaction of the game.
1.2、 元宇宙概念提出
1.2, the meta-cosmology concept proposed
聚焦文学、影视、游戏场景
元宇宙概念的提出：长时间仅存在于文学与影视作品中。元宇宙（Metaverse）由 Meta 和 Verse 两个词根组成，Meta 表示“超越”“元”， verse 表示“宇宙 Universe”。Metaverse 一词最早 来自 1992 年的科幻小说《雪崩》。小说描绘人们在虚拟现实世界中通过控制自己的数字化身相互 竞争以提升社会地位。在其后的接近 30 年间，元宇宙的概念在《黑客帝国》《头号玩家》《西部 世界》等影视作品、《模拟人生》等游戏中有所呈现。在这一阶段，元宇宙的概念比较模糊，更多 地被理解为平行的虚拟世界。
The concept of the meta-cosm was first developed in the science fiction novel Avalanche of 1992. The novel depicts people competing in the virtual real world by controlling their digital incarnations in order to enhance their social status. Over the next 30 years, the concept of the meta-cosm was presented in video works such as The Black Empire's Top Player, The West World, and Simulation Life. At this stage, the concept of the meta-cosm is blurred and more understood as a parallel virtual world.
2003 年发布的《Second Life》是历史上第一个现象级的虚拟世界，其拥有世界编辑功能与发达的 虚拟经济系统：用户可以在其中社交、购物、建造、进行商业活动等：
Setnd Life, published in 2003, is the first phenomenon-class virtual world in history, with world editorial functions and developed virtual economic systems: users can socialize, shop, build, engage in business activities, etc.:
随着技术演进，越来越多的游戏中集成了部分社交功能，这催化了元宇宙概念在游戏中的部分落地： 2019 年 12 月，电影新作《星球大战：天行者崛起》的独家预告片在《堡垒之夜》游戏内的露天影 院内首播；2020 年 4 月，Epic Games 旗下射击游戏《堡垒之夜》为美国嘻哈歌手 Travis Scott 在 游戏中举办了一场线上虚拟演唱会，吸引了超过 1200 万名玩家参加，创造了游戏史上最高同时在 线观看人数的记录；2020 年 6 月，堡垒之夜玩家可以在游戏中免费观看一部诺兰的电影，影片的 内容在不同区服之间有所不同，影片阵容包括《盗梦空间》、《蝙蝠侠：侠影之谜》与《致命魔术》。
As technology evolved, more and more games became part of socialization, which catalysed the fall of the meta-cosm concept: in December 2019, the film 'Star Wars: The Rise of Skywalkers'exclusive preview was aired in the open house of the Fort Night game; in April 2020, the Fortress Night of the Epic Games shooting game, for American hip-hop singer Travis Scott, in which more than 12 million players took part, created a record of the highest number of players in the history of the game while watching at the same time; and in June 2020, the Fort Night Player was allowed to watch a Nolan film in the game free of charge, with different content from one district to another, featuring Dreams Space, Batman: The Script and Deadly Magic.
1.3、 元宇宙概念爆发的原因：万物皆可元宇宙？
1.3, the reason for the eruption of the meta-cosm concept: Everything is a meta-cosm?
元宇宙并非突然产生，而是可以同时收纳很多行业的发展趋势
2021 年，Roblox 上市、字节跳动 90 亿元收购 VR 厂商 Pico、Facebook CEO 扎克伯格在元宇宙 中完成采访以及元宇宙概念电影《失控玩家》上映等时间不断催化元宇宙概念，提高元宇宙概念的 热度。由于元宇宙集成了多种底层技术，且元宇宙缺少核心的定义，因此许多原有技术的发展使用 了“元宇宙”这一词汇形容自己的技术架构。
In 2021, Roblox was listed and the byte beats 9 billion dollars to acquire VR manufacturers, Pico, Facebook CEO Zuckerberg, and the time when the meta-cosm concept film, Uncontrollable Player, was produced in the meta-cosm, constantly catalyzing the meta-cosm concept and increasing the heat of the meta-cosm concept. Since meta-cosmos is a multiplicity of bottom-level technologies and the meta-cosmos lacks a core definition, many of the original technological developments have used the term meta-cosm to describe their technological architecture.
在迸发元宇宙概念前，5G 基础设施、用于智能终端的显示屏、AI 芯片等技术不断发展演进，同时 工业互联网、产业互联网、数字孪生、VR 游戏等概念均不断成熟。而在元宇宙概念诞生后，可以 很好地总结这一时期大部分技术的发展方向。
Before the conceptualization of the cosmopolitan universe, technology such as 5G infrastructure, display screens for smart terminals, AI chips, etc. had evolved, while concepts such as the industrial Internet, the industrial Internet, digital twin, and VR games had matured. And, after the conceptualization of the cosmos, it was possible to take a good look at the direction of most of the technology in this period.
二、元宇宙的架构？
the structure of the metaspace?
元宇宙概念尚处萌芽阶段，现阶段对于元宇宙很难刻画出清晰的架构，参与元宇宙研究的各方对 于元宇宙的架构也具有不同的特点。但为了保证我们关于元宇宙的十问有一个清晰的逻辑链条， 我们在第一问中会给出我们对于元宇宙架构的判断。
The concept of the meta-cosmos is still in its infancy, and it is difficult at this stage to carve a clear structure for the meta-cosmos, and the parties involved in the study of the meta-cosmos have different characteristics for the meta-cosmos architecture. But in order to ensure that our ten questions about the meta-cosmos have a clear logical chain, we will give us our judgment on the meta-cosmos architecture in our first question.
当下，元宇宙的标准大多参照 Roblox 的定义。根据元宇宙概念上市公司 Roblox 的定义，元宇宙 应具备身份、朋友、沉浸感、低延迟、多元化、随地、经济系统、文明等八大要素。元宇宙的表现 形式大多以游戏为起点，并逐渐整合互联网、数字化娱乐、社交网络等功能，长期来看甚至可以整 合社会经济与商业活动。
At the moment, the meta-cosm is mostly defined by Roblox. According to Roblox, a company listed in the meta-cosm concept, the meta-cosmos should have eight elements of identity, friend, immersion, low delay, pluralism, locality, economic system, civilization, etc. The meta-cosm is mostly performed in the form of games, and gradually integrates functions such as the Internet, digital entertainment, social networking, etc., that can even integrate socio-economic and commercial activities in the long term.
我们认为，元宇宙的发展最关键的部分在于元宇宙的载体与内容，即“我们如何构建元宇宙？”与 “元宇宙中有什么”。尽管如此，元宇宙的载体与内容这两个概念仍十分宽泛。
We believe that the most critical part of the development of the meta-cosmos lies in the vector and content of the meta-cosmos, that is, “How do we construct the meta-cosmos?” and “What is in the meta-cosm.” Nevertheless, the concepts of the meta-cosmos vehicle and content are still very broad.
元宇宙的底层由基础设施与终端硬件设备组成：包括但不限于：人机交互、3D 引擎、GIS、 设计工具、游戏渲染、画面渲染、隐私计算、AI、操作系统、工业互联网、内容分发、应用商 店以及智能合约；
The base of the metacosystem consists of infrastructure and terminal hardware: but not limited to: human interaction, 3D engines, GIS, design tools, game rendering, image rendering, privacy computing, AI, operating systems, industrial Internet, content distribution, app shops and smart contracts;
在此基础上，元宇宙还需要大量的软件与技术协同：包括但不限于：基础设施端的 5G、6G、 云计算、区块链节点、边缘计算节点、DPU；用户端的路由器、传感器、芯片、VR 头显、显 示器、脑机接口； 、
On this basis, the metacosystem also requires a great deal of software and technical synergy: but not limited to: infrastructure end 5G, 6G, cloud computing, block chain nodes, margin calculation nodes, DPU; user end routers, sensors, chips, VR head displays, displays, brain interfaces;,
基于此，元宇宙可以衍生出相应的应用，并基于元宇宙各类应用发展出潜在的内容载体。
On this basis, the meta-cosmos can generate corresponding applications and develop potential content carriers based on the applications of the meta-cosmos.
三、元宇宙的发展模式：并非从“0”到“1”而是逐渐渗透
Model of Development of the meta-cosm: not "0" to "1" but gradual penetration
3.1、 元宇宙的发展是循序渐进的过程：
3.1, the development of the meta-cosmos is a gradual process:
技术端，区块链技术在不断演进，以以太坊为代表的社区在探索区块链应用如何丰富化，以 Coinbase、Uniswap 以及 Opesea 为代表的交易所也在为区块链经济提供更好的交易能力；
At the technical end, block chain technology is evolving, communities represented by Tai Tai are exploring how to enrich the block chain application, and exchanges represented by Coinbase, Uniswap and Opesea are also providing better trading capacity for the block chain economy;
内容端，元宇宙概念的游戏不断增加，生态不断加强，用户数也随之增长。以 Roblox、Sandbox 为代表的 UGC 元宇宙概念游戏得益于玩家的参与而不断丰富自己游戏的内容；
At the content end, the meta-cosm concept game continues to grow, as does the number of users. The UGC meta-cosm concept game, represented by Roblox and Sandbox, has been enriched by the participation of players;
载体端，通信技术、虚拟现实、芯片等底层技术也在不断演进。
Low-level technologies, such as communications technology, virtual reality and chips, are also evolving at the carrier end.
3.2、 元宇宙的发展是木桶效应，取决于最短板的进展：为什 么当下对于 VR/AR 的关注度高？
元宇宙是极为复杂的概念，融合了几乎所有的高新技术。这对于元宇宙的发展有好有坏，好处在于 元宇宙可以同时融合多种最顶尖的技术，创造凝聚人类智慧结晶的产品；坏处在于元宇宙的最终价 值在于体验，如果在融合过程中有任意一项技术未达体验的预期，则将会对元宇宙的实现产生毁灭 式的影响。
The meta-cosm is an extremely complex concept that combines almost all the high-tech technologies. This is good and bad for the development of the meta-cosmos. The benefits are that the meta-cosmos can combine a variety of top technologies at the same time to create products that congregate the intellectual crystallization of human beings; the worst is that the ultimate value of the meta-cosm is to experience the destructive effects on the realization of the meta-cosmos if there is any technology in the process of integration that does not meet expectations.
我们认为这种产品技术供给与用户体验需求之间的鸿沟，现阶段主要集中于通信与虚拟现实环节。 而通信环节可以牺牲部分游戏的码率去寻找合适的解决方案（部分流行的 VR 游戏并不具备高真实 度），而虚拟现实设备带来的“真实感”体验，则需要完全依赖顶尖的技术。
We believe that the gap between the technical supply of such products and the needs of users’ experience is, at this stage, mainly concentrated on communication and virtual reality. The communication link can be at the expense of the code rate of some games to find suitable solutions (some of the popular VR games do not have a high level of authenticity), while the “real feeling” experience of virtual reality devices requires full reliance on the cutting edge of the technology.
缺少载体：VR 头显
元宇宙停留在概念阶段的一大原因是载体端 VR 头显的渗透率不足，这个渗透率不足是供需双方同 时造成的：供给端 VR 厂商年出货量约为 1000 万台的水平，需求端 VR 游戏等内容输出很少导致 用户对于 VR 头显的需求增长受阻。
One of the main reasons why the metacosystem remains at the conceptual stage is the insufficient penetration of the carrier end VR head, which is caused by the same supply and demand: the supply end VR manufacturer produces about 10 million units per year, and content exports such as the demand end VR game rarely prevent users from increasing their demand for VR head.
供给端：根据 IDC 数据，2021 年第一季度，虚拟现实（VR）头显全球出货量同比增长 52.4%。其 中，以 Oculus Quest 2 和 HTC Vive Focus 为代表的拥有独立计算能力的一体机头显品类，在 2021 年第一季度占据 VR 头显出货量的 82.7%，远高于 2020 年第一季度的 50.5%。
Supply side: According to IDC data, in the first quarter of 2021, Virtual Reality (VR) showed an increase of 52.4 per cent over the same year in the volume of global shipments, with Oculus Quest 2 and HTC Vive Focus representing a stand-alone computing capability, accounting for 82.7 per cent of VR exports in the first quarter of 2021, up from 50.5 per cent in the first quarter of 2020.
需求端：2021 年 2 月，Steam 平台游戏数量突破 5 万，2021 年 7 月，VR 应用数量约为 6000 款， 粗略估计 VR 应用占比约为 12%。且 Steam 平台热门游戏 CS、Dota2 均为非 VR 游戏，VR 游戏 相对小众，2020 年数据显示 SteamVR 玩家占总玩家比例不及 2%，远低于 VR 应用的占比。
Demand side: In February 2021, the number of Steam platform games went out of 50,000, in July 2021, the number of VR applications was about 600, and the rough estimate of VR applications was about 12%. Also, the Steam platform hot game CS, Dota2 are non-VR games, the VR game is relatively small, with 2020 data showing that SteamVR players account for less than 2% of total players, well below the percentage of VR applications.
从 VR 设备与 Steam 平台的兼容性来看，Steam 平台的 VR 设备已呈现高集中度特征，Oculus、 Valve 与 HTC 的设备合计占据约 80%的市场份额，且平台大部分的 VR 应用均可支持这三家的 VR 设备。
In terms of the compatibility of VR equipment with the Steam platform, VR equipment of the Steam platform has become highly concentrated, with Oculus, Valve and HTC equipment together accounting for about 80 per cent of the market share, and most VR applications of the platform can support the three VRs.
四、元宇宙的渗透路径？游戏/艺术-工作-生活
4.1、 游戏端：以 Roblox 为代表
4.1, gameend: using Roblox as
Roblox是全球最大的互动社区之一以及大型多人游戏创作平台。Roblox平台主要由三个产品构成：
Roblox is one of the largest interactive communities in the world, as well as a large multiplayer game creation platform. The Roblox platform consists of three products:
Roblox 客户端：允许用户探索 3D 数字世界的应用程序。（面向用户）
Roblox Client: Allows users to explore 3D digital world applications. (For users)
Roblox 工作室：允许开发人员和创作者构建、发布和操作 Roblox 客户端访问的 3D 体验和 其他内容的工具群。（面向开发者）
Roblox Studio: A collection of tools allowing developers and creators to construct, publish and operate 3D experiences and other content that Roblox clients access. (For developers)
Roblox 云：为共同体验平台提供动力的服务和基础设施。
Roblox Clouds: Services and infrastructure that provide the impetus for a common experience platform.
作为游戏 UGC 平台，Roblox 的主要营收来源为用户的游戏内支出。玩家需要充值换取游戏中的 代币 Robux 获取 Roblox 的各种功能，这也是 Roblox 的营收来源。
As a game UGC platform, Roblox's main collection source is the user's in-gaming expense. Players need to charge in exchange for the token Robox in the game to get Roblox functions, which is the source of Roblox's collection.
开发门槛低、着力打造开发者生态的 UGC 平台
Roblox 距离实现元宇宙尚存在明显距离，现阶段 Roblox 更接近于游戏 UGC 平台，但与其他游戏 UGC 平台相比，Roblox 的奖励机制完善、开发门槛更低、开发者自由度更高。
Roblox has a clear distance from realizing the meta-cosmos and, at this stage, Roblox is closer to the game UGC platform, but Roblox has improved incentive mechanisms, lower development thresholds and greater freedom for developers than other games UGC platforms.
游戏 UGC 平台的概念可以追溯至魔兽争霸 3：魔兽争霸 3 WE 地图编辑器（WarCraftⅢ World Editor）支持开发者创造出许多 RTS（即时战略游戏）、MOBA（多人在线战术竞技）的游戏地图 和游戏类型，包括 FPS（第一人称射击类）、体育、斗地主、格斗游戏、卡牌类等 RPG（角色扮 演）游戏。但魔兽争霸 3 对于开发者的奖励机制缺失，导致整体商用化程度不高，例如魔兽争霸 3 最具代表性的 RPG 地图 Dota 的创作者 IceFrog 就将地图卖给了 Valve，Valve 也据此发布了 Dota2 游戏。
The concept of the UGC platform goes back to the game of the Beast Fight 3: WarCraft III World Editor supports developers in creating many RTS (just-in-time strategic games), MOBA (many online tactical competitions) and game types, including the FPS (first-person shooting type), sports, field owners, battle games, card games, etc. RPG (playing roles) games. But the lack of incentive mechanisms for the Beast Fight 3 for developers has led to overall commercialization, such as the Beast Fighter 3 and the creator of Dota's most representative map, IceFrog, who sold the map to Valve and Valve published the Dota2 game accordingly.
降低开发门槛
与魔兽争霸 3 及其他游戏 UGC 相比，Roblox 简化了游戏画面与游戏性。2020 年 Roblox 的研发 集中于协同编辑优化、代码工具优化、搜索提升、多细节层次效率提升、动态分辨率贴图、多人在 线提升等环节，画面质量并非 Roblox 的主要优化环节，Roblox 将研发的重点聚焦于简化 3D 内容 的开发并提高 3D 内容的质量及用户体验。
Roblox simplifies the image and playability of the game compared to the game of the Beast 3 and other games of UGC. In 2020, Roblox focused on co-ed editing optimization, code tool optimization, search enhancement, multi-detail level efficiency enhancement, dynamic resolution pegs, crowd-in-line upgrading, etc. The quality of the image is not the main optimization of Roblox, which focuses on the development of 3D content and improving the quality and user experience of 3D content.
在开发环节，Roblox 注重开发者生态的构建。Roblox 为开发者提供了快速入门的教程、Roblox 盈利系统的介绍，并为开发者提供开发资源以及 Roblox 开发社区。结合自身用户低龄化的特征， Roblox 提供国际性的暑期编程夏令营活动以及免费的在线编程课程，并提供一些有偿的暑期实习 项目。 简言之，Roblox 创造简易的开发者环境、降低了对开发设备的要求，达到降低开发门槛的目的。
In the development process, Roblox focuses on developers’ ecological construction. Roblox provides developers with a fast-starter curriculum, an introduction to the Roblox profit system, and provides developers with development resources, as well as a Roblox development community. In the context of its own user under-age characteristics, Roblox offers international summer programming camp activities and free online programming courses, as well as a number of paid summer internships.
明确激励机制
Roblox 的激励机制十分明确，除掉 25%支付给 APP Store 的营收以及用于平台各种费用的营收 （约 26%），剩下约 49%的营收基本由公司和开发者平分。根据 Roblox 招股说明书，开发者可以 通过四种方式赚取 Robux：其他玩家购买其开发的 Experience（游戏）的 Robux 分成；其他玩家在其开发的 Experience（游戏）中花销的分成；开发者之间内容和工具的销售；通过 Avatar Marketplace（Roblox 游戏中的商店）向用户销售商品。
Roblox has a clear incentive to eliminate 25% of the revenue paid to APP Store and the revenue spent on various costs of the platform (approximately 26%), leaving about 49% of the revenue split between the company and the developer. According to Roblox, developers can earn Robux in four ways: Robux: other players buy the Robux share of the Experience (gaming) they have developed; other players spend the share of the Experience (gaming) they have developed; the sales of content and tools between developers; and the sale of goods to users through Avatar Marketplace (the store in Roblox).
用户数量、使用时长是平台变现基础
Number of users and duration of use is the basis for the platform's realization
自 2018 年至今，Roblox 的日活用户数每个季度均保持增长，高速增长的流量为 Roblox 奠定了变 现的基础。作为游戏 UGC 平台，Roblox 的用户年龄结构也值得注意，根据公司的招股说明书，约 54%的平台用户小于或等于 12 岁，67%的平台用户小于或等于 16 岁。用户低龄化保证了 Roblox 的创作产出，而 Roblox 开发环节的低门槛确保低龄化的玩家可以深度参与游戏 UGC 的平台中。
From 2018 to the present, Roblox’s number of live users has been growing every quarter, and the fast-growing flow provides the basis for Roblox’s realization. As a game UGC platform, Roblox’s age structure is also noteworthy. According to the company’s hiring instructions, about 54% of platform users are under 12 years old or equal, and 67% of platform users are under 16 years old or younger. User underage guarantees Roblox’s creative output, while the low threshold of Roblox’s development ensures that low-age players can participate deeply in the game UGC platform.
玩家小时数、人均付费金额是重要预测指标
在 Roblox 用户数提升后，每季度的玩家小时数以及人均付费金额成为衡量其未来发展的重要预测 指标。综合分析 Roblox 的增长战略，我们发现 Roblox 立足于建立玩家与开发者的闭环，提高 Roblox 开发者与创作者的粘性，游戏开发者与游戏内物品创作者获得的 Robux 可用于平台内再投 资。由于 Roblox 商业模式的特殊性，Roblox 团队的主要工作是平台的运营与维护，基本不涉及平 台游戏的开发，因此开发者生态成为 Roblox 的基础。
After the number of Roblox users has been raised, the number of player hours per quarter and the amount per capita is an important predictive measure of their future development. A comprehensive analysis of Roblox’s growth strategy shows that Roblox is based on creating a closed ring for players and developers, increasing the stickyness of Roblox developers and creators, and that Robux developers and game creators can reinvest in the platform. Due to the special nature of Roblox’s business model, Roblox’s team’s main work is the operation and maintenance of the platform, and basically does not involve the development of table games, so that the developers’ ecology becomes the basis for Roblox.
2020 年 2 月，Roblox 获 1.5 亿美元 G 轮融资，由硅谷风投公司 Andreessen Horowitz 领投，淡 马锡和腾讯跟投。20Q2 公司用户数显著增长，玩家增长主要来自北美市场与欧洲市场，人均付费 数在 20Q2 也出现了显著增长，二者增长的主要驱动因素为 Roblox 于 2019 年上线 Premium 会员 制以及游戏内的 Avatar 交易市场，丰富了 Roblox 平台的内容。Roblox 玩家小时数的变化与 DAU 变化基本一致，玩家小时数与人均付费数趋势稳定，未发现任何负面迹象。
In February 2020, Roblox received $150 million in G rounds of financing, led by diressen Horowitz, Silicon Valley Wind, and light Marcoussis and tether. 20Q2 company users increased significantly, mainly from the North American and European markets, with per capita payments also increasing significantly at 20Q2, driven by Roblox’s online Premium membership in 2019 and the Avatar trading market in the game, enriching the Roblox platform. Roblox players’ hours changed largely in line with DAU changes, playing hours stabilized with per capita payments trends, and no negative signs were observed.
4.2、 艺术端：NFT 构建元宇宙经济基础
4.2, artistic end: NFT constructs the economic basis of the meta-cosm
非同质化代币（Non-Fungible Token，NFT）具有不可互换性、独特性、不可分性、低兼容性以及 物品属性。NFT 不可与同种 NFT 进行互换，如将 NFT 借出，需返还同一 NFT。因此每个 NFT 之 间均拥有稀缺度和价值的区别，故可标记所有权。
Non-Fungible Token, NFT is indissociable, unique, non-separable, low-compatibility and item properties. NFT cannot be interchangeable with the same NFT, and if NFT is loaned, it needs to be returned to the same NFT. Each NFT therefore has a distinction between scarcity and value, so ownership can be marked.
Visa 发布 NFT 白皮书：Visa 在宣布购买并收藏 NFT 数字艺术品 CryptoPunks 后紧接着发布了 NFT 白皮书，并在其中阐述了 Visa 对于 NFT 的看法。Visa 认为 NFT 的主要应用场景包括收藏 品、艺术品和游戏，而这些场景与元宇宙的实验场景相吻合。
Visa publishes the NFT White Paper: Visa announced the purchase and collection of NFT digital works of art CryptoPunks, immediately followed by the release of the NFT White Paper, in which it set out Visa’s views on NFT. Visa argues that the main applications of NFT include collections, works of art and games, which coincide with the experimental scenes of the meta-cosmos.
互联网大厂正试水 NFT 领域：2021 年 6 月，阿里巴巴发售支付宝付款码皮肤 NFT，2021 年 8 月， 腾讯围绕 NFT 进行一系列战略布局。迄今为止，阿里（基于蚂蚁链）与腾讯（基于至信链）的 NFT 战略均在艺术藏品领域试水，NFT 产品流通渠道单一，市场透明度、价格发现能力均有较高提升 空间。
Large Internet plants are testing water in the NFT area: in June 2021, Alibaba sold payment code skin NFT, August 2021, and a series of strategic layouts around NFT. To date, Ali (based on the ant chain) and the NFT strategy (based on the chain of letters) have tested water in the art collection, NFT product circulation channels are single, market transparency and price discovery capabilities have been raised.
4.3、 工作端：Facebook 与英伟达的布局
Infinite office 是 Facebook 元宇宙战略中重要环节。2020 年 9 月，Facebook 宣布推出 VR 虚拟 办公应用 Infinite Office，支持用户们创建虚拟办公空间，提高工作效率。2021 年 8 月 19 日， Facebook 为 Infinite Office 系列推出 VR 会议APP Horizon Workrooms。在 Horizon Workrooms 中使用者可以通过线下会议中使用的手势对其他人分享的内容表达自己的观点。另外，Horizon Workrooms 推出了白板应用，使用者可通过 VR 设备在会议中的虚拟桌面上放置白板，并且通过 手柄写字，增强与会者的体验。
In September 2020, Facebook announced the launch of VR Virtual Office to support users in creating virtual office space and to improve the efficiency of their work. On August 19, 2021, Facebook launched the VR series for Infinite Office, which will APP Horizon Worlds. Users in Horizon Workrooms can express their views on what others share through hand gestures used in online meetings. In addition, Horizon Workrooms launched a whiteboard application that users can place on the virtual desktop of the conference through VR devices and enhance participants' experiences through handwriting.
英伟达推出了 NVIDIA Omniverse，一个专为虚拟协作和物理属性准确的实时模拟打造的开放式 平台。根据英伟达介绍，Omniverse 的工作原理可以拆分为三部分：
Yveta launched NVIDIA Omniverse, an open platform dedicated to virtual collaboration and real-time simulations of accurate physical properties. According to Yvette, Omniverse works in three parts:
1） Omniverse Nucleus。它是连接用户以及实现 3D 资产交换和场景描述的数据库引擎，连接 后，负责建模、布局、着色、动画、照明、特效或渲染工作的设计师可以协作创建场景。
1) Omniverse Nucleus, a database engine that connects users and enables 3D asset exchange and scenario description, and then connects, the designers responsible for modelling, layout, coloring, animation, lighting, special effects or rendering can collaborate to create the scene.
2） 合成、渲染和动画引擎，即虚拟世界的模拟。Omniverse 是一款基于物理性质的全新构建平 台。得益于 NVIDIA RTX 图形技术，它可以实现完整路径追踪，实时模拟虚拟世界中每束光 线的反射情况。在 Omniverse 上的 NVIDIA DRIVE Sim 中模拟虚拟世界。Omniverse 通过 NVIDIA PhysX 模拟物理性质，通过 NVIDIA MDL（材质定义语言）模拟材质。
2) Synthesizing, rendering and animating engines, i.e. simulations of the virtual world. Omniverse is a completely new platform based on physical properties. Thanks to NVIDIA RTX graphic technology, it enables complete path tracking and real-time simulation of the reflection of every beam of light in the virtual world. Simulates the virtual world in the NVIDIA DRIVE Sim on Omniverse. Omniverse simulates the physical properties of NVIDIA PhysX and simulates the material via NVIDIA MDL.
3） NVIDIA CloudXR。NVIDIA CloudXR 包括客户端和服务器软件，用于将扩展现实内容从 OpenVR 应用程序串流至 Android 和 Windows 设备，从而让用户自如进入和退出 Omniverse。
3) NVIDIA CloudXR. NVIDIA CloudXR includes client and server software that allows the user to access and withdraw from Omniverse by streaming the extension reality from OpenVR applications to Android and Windows devices.
宝马公司正在内部推进 NVIDIA Omniverse 平台的使用，以协调全球 31 座工厂的生产。而根据英 伟达官网披露的信息，NVIDIA Omniverse 将宝马的生产规划效率提高 30%。
BMW is promoting the use of the NVIDIA Omniverse platform internally to coordinate the production of 31 plants worldwide. According to information released by the British Web of Weida, NVIDIA Omniverse has increased BMW production planning efficiency by 30%.
4.4、 生活端：面向体验场景
元宇宙大量用于生活端仍需很长的时间。但从元宇宙的技术特性分析，元宇宙可兼具中心化应用与 去中心化应用的特征，可以广泛用于数字身份、用户界面、金融服务、娱乐、社交等领域。
The meta-cosm is still a long way to go at the end of life. But from meta-cosm analysis of the technical properties of meta-cosmos, the features of both central and decentralised applications can be widely used in the fields of digital identity, user interfaces, financial services, entertainment, socialization, etc.
我们认为，元宇宙的未来在于探索其应用场景的共性。这些应用场景均需考量用户的体验，元宇宙 未来的商业模式与智能手机类似，即通过体验感增加用户的使用时间，进而提高用户粘性。这些时 间（体验）成为元宇宙中各项服务的基础。（报告来源：未来智库）
We believe that the future of the metacosystem lies in exploring the common features of its applications. These applications need to take into account the experiences of users, the metacosystems, and future business models similar to smartphones, i.e., increasing the user's time of use through experience, and thus increasing the user's stickyness. These times become the basis for services in the metacosystem. (Report source: think tank of the future)
五、元宇宙时代有哪些确定性趋势？
, what are the definitive trends of the Mesocosmos era?
我们认为，社交、协同办公、娱乐以及游戏场景下的元宇宙概念将较快得到催化。在这些场景下， 用户对于体验的追求将推动元宇宙技术载体的革新。技术的演进将成为元宇宙时代的确定性趋势。 我们认为，元宇宙主要的载体（基础设施包括如下几部分）：
We believe that the meta-cosm concept of socialization, co-location, recreation, and play scenes will be catalysed more quickly. In these scenarios, the user's quest for experience will drive the innovation of the meta-cosm technology carrier. The evolution of technology will become a definite trend in the meta-cosmos era. We believe that the main carriers of the meta-cosmos (infrastructure includes the following parts):
5.1、 网络（通信）
5G 作为具有高速率、低时延和大连接特点的新一代宽带移动通信技术，是实现人机物互联的网络 基础设施。元宇宙对于数据传输能力要求极高，这体现在数据传输的量级、速率以及稳定性等方面。 通信技术是元宇宙发展的重要基础设施。 5G/下一代通信技术让虚拟现实设备的体验增强。高通 XR 团队开发了虚拟现实可穿戴设备专用的 技术和芯片组，为下游企业提供了高通骁龙 XR1 与 XR2 平台及相关的参考设计。在中国，高通与HTC、Pico、3Glasses、影创科技、趣立科技、Nreal 和爱奇艺智能等多家企业合作，为消费类和 企业级用户带来了前所未有的 AR 和 VR 体验。
5G as a new generation of broadband mobile communication technologies with high-speed, low-time and large-connected properties, is an infrastructure for the interconnectivity of humans. The meta-cosm demands for data transmission capacity are extremely high, as evidenced by the magnitude, speed, and stability of data transmission. Communications technology is an important infrastructure for the development of the meta-cos. 5G/Next generation of communication technologies enhances the experience of virtual real-life devices. The XR team has developed technology and chip sets dedicated to virtual reality-wearable equipment, providing high-speed XR1 and XR2 platforms and related reference designs for downstream enterprises. In China, high-speed business collaboration with HTC, Pico, 3Glasses, creative technology, imitation technology, Nreal, and Acircian intelligence has brought unprecedented AR and VR experiences to consumer and business-level users.
5.2、 芯片（算力）
元宇宙的内容、网络、区块链、图形显示等功能均需要更为强大的算力。 云端算力方面，DPU 芯片（数据处理芯片）通过分流、加速和隔离各种高级网络、存储和安全服 务，为云、数据中心或边缘等环境中的各种工作负载提供安全的加速基础设施。英伟达 DPU BlueField-3 是首款达到 400Gb/s 性能、支持软件定义和硬件加速的的芯片，可以实现数据中心的 基础功能。 终端算力方面，异构芯片可以让 SoC 中的 CPU、GPU、FPGA、DPU、ASIC 等芯片协同工作， 不断提升算力以提升用户体验。
With regard to cloud computing, the DPU chip (data-processing chip) provides a secure and accelerated infrastructure for a variety of work loads in cloud, data centres, or peripheral environments. With regard to terminal computing, the DPU BlueField-3 is the first chip to achieve 400Gb/s performance, support software definitions, and hardware acceleration, enabling the basic function of a data centre.
5.3、 云与边缘计算
云计算与边缘计算为用户提供所需的计算资源，降低用户触达元宇宙的门槛。同时云端与边端形成 互补，云端资源主要包括 IDC、计算集群等设备，网络边缘的资源主要包括手机、个人电脑等用户 终端以及 WiFi 接入点、蜂窝网络基站、路由器等设备。
Cloud computing and margin computing provide users with the computational resources they need to reduce the user’s threshold of contact with the meta-cosm. At the same time, clouds form complementary layers, with cloud resources consisting mainly of equipment such as IDC, computing clusters, and on-line resources such as user terminals such as mobile phones, personal computers, and devices such as WiFi access points, cellular network base stations, routers, etc.
5.4、 AI
AI 在元宇宙中应用渗透较广泛。AI 可以帮助创建元宇宙资产、艺术品和其他内容（AIGC），并可 以改进我们用来构建所有这些内容的软件和流程。
AI applies more widely in meta-cosm. AI can help create meta-cosm assets, works of art and other content (AIGC) and can improve the software and processes that we use to build all these content.
此外，元宇宙的载体仍需要多项复杂的技术。如为了提升元宇宙的真实体验，依托 GPU 的图像处 理技术需要继续优化；依赖物联网的渗透，未来汽车、家电等物联终端也可成为元宇宙接口。
In addition, the carriers of the meta-cosmos still require a number of complex technologies. For example, in order to enhance the real experience of the meta-cosmos, the image structure of the GPU needs to continue to be optimized; the penetration of the network of objects requires that future terminals such as automobiles, home appliances, etc. can also become the meta-cosm interface.
为什么短期注意力聚焦于 VR/AR
对此，我们可以得知元宇宙的诞生需要依赖多项底层技术的搭建与完善，包括但不限于芯片、通信、 VR/AR、AI、区块链等。在此基础上，元宇宙仍需要在提供游戏、社交、应用商店等功能的基础上 给予用户自主权，搭建 UGC 平台，并为用户创作的内容提供广告网络、内容分发、中介等系统， 为用户提供游戏、社交、电子竞技、剧院、购物等多方面虚拟体验。
In this regard, we can learn that the creation of the metacosystem depends on the construction and refinement of a number of bottom technologies, including, but not limited to, chips, communications, VR/AR, AI, block chains, etc. On this basis, the metacosystem still needs to give the user autonomy, build the UGC platform, and provide a system of advertising networks, content distribution, intermediaries, etc. for the content created by the user, providing a multiplicity of virtual experiences of games, socialization, electronic competitions, theatres, shopping, etc.
元宇宙是极为复杂的概念，融合了几乎所有的高新技术。这对于元宇宙的发展有好有坏，好处在于 元宇宙可以同时融合多种最顶尖的技术，创造凝聚人类智慧结晶的产品；坏处在于元宇宙的最终价 值在于体验，如果在融合过程中有任意一项技术未达体验的预期，则将会对元宇宙的实现产生毁灭 式的影响。
The meta-cosm is an extremely complex concept that combines almost all the high-tech technologies. This is good and bad for the development of the meta-cosmos. The benefits are that the meta-cosmos can combine a variety of top technologies at the same time to create products that congregate the intellectual crystallization of human beings; the worst is that the ultimate value of the meta-cosm is to experience the destructive effects on the realization of the meta-cosmos if there is any technology in the process of integration that does not meet expectations.
元宇宙各技术间呈现木桶效应：5G 等通信技术基本可满足元宇宙的要求；UGC 内容、3D 引擎以 及算力等支撑技术及内容可实现元宇宙的短期要求，并可随着元宇宙的发展而不断演进；VR、AR 等虚拟现实技术仍需优化已达到元宇宙的基础要求。我们认为这种产品技术供给与用户体验需求 之间的鸿沟，现阶段主要集中于通信与虚拟现实环节。而通信环节可以牺牲部分游戏的码率去寻找 合适的解决方案（部分流行的 VR 游戏并不具备高真实度），而虚拟现实设备带来的“真实感”体 验，则需要完全依赖顶尖的技术。
Virtual reality technologies such as VR, AR and others still need to be optimized to meet the foundational requirements of the metacosystem. We believe that the gap between the supply of technology for this product and the user’s experience is focused at this stage on communication and virtual reality. Communication links can sacrifice the coding rate of some games to find suitable solutions (some of the popular VR games do not have a high level of authenticity), while virtual reality devices require a complete reliance on state-of-the-art technology.
六、元宇宙在产业端如何发挥价值？
six, how does the meta-cosm work at the industrial level?
6.1、 英伟达：Omniverse 平台
Omniverse 架构：基于英伟达成熟的组件、微服务以及第三方创建工具 构建生态
Omniverse 的架构包括 Connect、Nucleus、Kit、Simulation、RTX renderer 等五个部分，他们与 第三方数字内容创建工具（DCC）以及基于 Omniverse 的微服务构成了 Omniverse 的生态。
Omniverse's structure consists of five parts: Connect, Nucleus, Kit, Simulization, RTX Renderer, which together with third-party digital content creation tools (DCC) and microservices based on Omniverse constitute Omniverse's ecology.
Omniverse 功能及应用场景：专为虚拟协作和物理属性准确的实时模拟 打造的开放式平台
Omniverse Function and application: Open platform dedicated to virtual collaboration and real-time simulation of physical properties
2021 年 6 月，黄仁勋在参加 Computex 2021 线上会议时曾透露自己对于 NFT、元宇宙、以太坊 以及未来虚拟实境结合看法，并介绍英伟达的元宇宙基础设施 Omniverse。黄仁勋认为未来虚拟世界与现实世界将产生交叉融合，元宇宙与 NFT 将在其中扮演重要角色。其中 Omniverse 平台主要 面向建筑、工程和施工；制造业；媒体和娱乐以及超级计算场景。
In June 2021, when he attended the Computex 2021 on-line conference, Huang In-hoon revealed his views on NFT, the Won-Cosmos, the Ether-Cosmos and the future virtual reality, and presented the US Weidelda's Meta-Cosmos infrastructure, Omniverse. Huang In-hoon believes that the future virtual world will intersect with the real world, in which the Won-Cosmos and NFT will play an important role. Among them, the Omniverse platform focuses on architecture, engineering and construction; manufacturing; media and entertainment; and super-calculation.
Omniverse 平台功能：根据英伟达官网对于 Omniverse 平台的介绍，通过 Omniverse 平台，用 户可以完成实时虚拟协作、模拟现实的设计、模拟环境以及搭建未来工厂等操作：
Omniverse Platform functionality: Based on the introduction to the Omniverse platform by the British Weibo Network, through the Omniverse platform, households can perform real-time virtual collaboration, simulation of reality design, simulation of the environment and building of future plants:
（1） 实时虚拟协作：NVIDIA Omniverse 在单个交互式环境中整合分散在全球的团队，让他们 能更高效地迭代和取得丰富的创意成果。在笔记本电脑、数据中心或任何其他搭载了 RTX 的设备上运行 Omnverse 显著缩短了投产时间；
(1) Real-time virtual collaboration: NVIDIA Omniverse integrates dispersed teams across the globe in a single interactive environment, allowing them to overlap more efficiently and achieve a wealth of creative results. Runs on laptops, data centres, or any other RTX-carrying device. Omnverse significantly shortens the delivery time;
（2） 模拟现实的设计：通过在单个 RTX GPU 上运行 NVIDIA Isaac Sim?（一种面向基于 NVIDIA Omniverse 构建的机器人应用程序的 AI 技术），工程师可以完成复杂的工作负 载、轻松虚拟化机器人和通过传感器生成逼真的图像，以及实现无缝的远距传送（从模拟 到部署在真正的机器人上）；
(2) Design of simulation reality: by running NVIDIA Isaac Sim on a single RTX GPU? (an AI technology for robotic applications based on NVIDIA Omniverse), engineers can perform complex work loads, easy virtualization of robots and generation of live images through sensors, and seamless teleportation (from simulation to deployment on real robots);
（3） 模拟环境：NVIDIA DRIVE Sim? 是一款基于 Omniverse 构建的模拟应用程序，可测试 和验证自动驾驶汽车。Omniverse 不仅具有超高保真度，还包含物理属性准确的模拟功 能，可提供对自动驾驶技术进行测试所需的极其严格的计时、可重复性和实时性能；
(iii) Simulation environment: NVIDIA DRIVE Sim? is an Omniverse-based simulation application that can be tested and validated for autopilot. Omniverse not only has super-fibred authenticity, but also contains a simulation function with accurate physical attributes that can provide extremely rigorous timing, repeatability and real-time performance required to test autopilot technology;
（4） 未来工厂：代表案例为宝马与英伟达合作打造的未来工厂。宝马公司通过推进 NVIDIA Omniverse 平台的使用协调全球 31 座工厂的生产。NVIDIA Omniverse 和 NVIDIA AI 可 以模拟宝马生产网络中的 31 座工厂，模拟过程涵盖整座工厂模型中的所有元素，例如工 人、机器人、建筑物，以及在执行虚拟工厂规划、自主机器人、预测性维护和大数据分析 等模拟任务中的装配零件。
(4) Future plants: on behalf of the case of the BMW, a future plant built in partnership with Inveda. BMW coordinates the production of 31 plants worldwide by promoting the use of the NVIDIA Omniverse platform. NVIDIA Omniverse and NVIDIA AI can simulate 31 plants in the BMW production network. The simulation process covers all elements of the entire factory model, such as workers, robots, buildings, and assembly parts in the execution of simulation tasks such as virtual plant planning, autonomous robotics, predictive maintenance and big data analysis.
Omniverse 支持 Audio2Face、Create、Drive Sim、Isaac Sim、Kaolin App、Machinima 以 及 View 等应用程序。
Omniverse supports Audio2face, Create, Drive Sim, Isaac Sim, Kaolin App, Machinima and other applications such as View.
6.3、 能科股份：布局仿真与测试
能科股份主要业务包括智能制造、智能电气两个板块，其中公司智能制造业务基于数字孪生理念， 整合业内先进工业软件和数字化 IOT 设备，虚拟世界内定义生产力中台并为客户开发个性化的工 业微应用，物理世界内建立数字化、智能化的生产线和测试台，满足制造业企业产品全生命周期的 数据与业务协同需求，帮助企业实现其自主创新、运营成本、生产效率、不良品率和客户满意度等 业务目标。 公司现阶段已形成了咨询服务、企业管理系统解决方案、产品全生命周期管理、仿真与测试服务、 工艺自动化、可视化生产运营管理系统以及测试台产品七个专业方向，其中仿真与测试服务可作为 工业元宇宙布局的技术底座。
The main lines of business include smart manufacturing, smart electrical panels, in which corporate smart manufacturing is based on digital twin ideas, the integration of advanced industrial software and digital IOT equipment in industry, the development of individualized industrial micro-applications for the virtual world definition of the productivity center and for clients, the establishment of digital, intelligent production lines and testing stations in the physical world, and the provision of data and business synergies throughout the life cycle of manufacturing enterprise products, helping enterprises to achieve their operational objectives of autonomous innovation, operating costs, production efficiency, bad product rates, and customer satisfaction.The company has, at this stage, developed advisory services, enterprise management system solutions, product life-cycle management, imitation and testing services, process automation, visualization of production operations management systems and seven professional directions for testing desk products, among which imitation and testing services can serve as technical floors for the Industrial Mescosm Office.
仿真与测试服务
能科股份的一维系统建模仿真 Simcenter AMESim 是西门子 Simcenter 系统仿真综合解决方案。 Simcenter AMESim 系统仿真解决方案基于动态建模方法建立物理元件的数学模型，提供面向众多 学科领域的专业应用库，包括控制、液压、气动、热、多相流、空调与冷却系统、电子 电力、电 磁、机械与动力传动、车辆动力学、内燃机等，帮助客户提高从早期的开发阶段到最终的性能验证 和控制校准的整体系统工程生产效率。利用其强大的平台功能，可提前快速优化机械系统、液压系 统、气动系统、热系统、电气系统和电子系统之间的交互。
Simcenter AMESim is an integrated solution for Simcenter Simcenter systems. Simcenter AMESim systems imitation solutions build mathematical models of physical components based on dynamic modelling methods and provide a pool of specialized applications for a wide range of disciplines, including control, hydraulic pressure, aerodynamics, heat, multi-fluorescent, air conditioning and cooling systems, electronics, electricity, electromagnetism, machinery and power transmissions, motors, vehicle dynamics, internal combustion machines, etc., to help clients improve overall system engineering efficiency from the early stages of development to the ultimate validation of performance and control calibration. Using its powerful platform function, the interaction between mechanical systems, hydraulic systems, gas systems, thermal systems, electrical systems and electronic systems can be rapidly optimized in advance.
6.4、 阿里云：数字工厂“新基建"
根据德国工程师协会的定义，数字工厂（DF）是由数字化模型、方法和工具构成的综合网络，包 含仿真和 3D 虚拟现实可视化，通过连续的没有中断的数据管理集成在一起。数字工厂集成了产品、 过程和工厂模型数据库，通过先进的可视化、仿真和文档管理，以提高产品的质量和生产过程所涉 及的质量和动态性能。 整合资源，助力产业数字化转型，搭建元宇宙数字底座：阿里云工业互联网平台助力制造企业数字 化转型，打造工厂内、供应链、产业平台全面协同的新基建，将工厂的设备、产线、产品、供应链、 客户紧密地连接协同起来， 为企业提供可靠的基础平台和上层丰富的工业应用，结合全面的产业 支撑，助力企业完成数字化转型。
Digital plants (DFs), as defined by the German Association of Engineers, are an integrated network of digital models, methods and tools, containing analogues and 3D virtual realities that can be visualized, integrated through continuous uninterrupted data management. Digital plants have integrated product, process, and plant model databases that improve the quality and dynamic performance of products through advanced visualization, simulation, and file management.
阿里云整合产业内资源搭建工业互联网平台，通过与相关数字化转型服务商合作，提供不同的解决 方案，客户可以在阿里云互联网平台中选取所需商品或寻求咨询服务。
Aliyun integrates in-industry resources to build industrial Internet platforms, offering different solutions through cooperation with relevant digital transformation service providers. Clients can select the required goods or seek advisory services on the Ariyun Internet platform.
6.5、 工业元宇宙的终局：强大的功能（软件）+完美的协同 （平台及操作系统）
6.5, End of the Industrial Dollar Universe: Powerful function (software) + Perfect synergy (platform and operating system)
软件端：针对工业场景的经验积累以及针对底层功能算法的持续优化
（1） 针对工业场景的经验积累
(1) Accumulation of experience with industrial scenes
工业软件是工业知识的载体，工业知识包括工业领域知识、行业知识、专业知识、标准和规范等， 是工业软件的内涵；工业软件功能需要用户场景的经验积累不断完善、迭代成长，通过不断在工业 企业用户的使用与优化得以发展壮大。面向不同行业的工业软件功能技术各异，需要对于行业及生 产流程高度的理解和深度的经验积累。
Industrial software is the vehicle for industrial knowledge, which includes industrial knowledge, industry knowledge, expertise, standards and norms, etc., and is an element of industrial software; industrial software functions require the accumulation and growth of experience in user scenarios, which can be developed through the continuous use and optimization of industrial enterprise users. Industrial software technologies for different industries vary, requiring a high level of understanding and depth of experience with industry and production processes.
（2） 针对底层功能算法的持续优化
(2) Continuous optimization of bottom functional algorithms
工业元宇宙的构建需要完成将工业实体对象进行数字化表达，而完成数字化表达的过程需要将数 据进行集成与管理，并构建相应的数据模型与工业模型。之后再根据搭建成的模型进行信息交互。 其中，针对底层的数据模型搭建需要对数学、物理学、生物科学等基础学科进行高度的归纳与整理， 持续优化算法的能力。
The construction of the industrial meta-cosm requires the digital expression of objects of industrial entities, and the process of digitizing objects requires the integration and management of data and the construction of corresponding data models and industrial models. Information is then interactive on the basis of built models.
平台端/操作系统端：协同的优化将贯穿始终
针对单一场景的工业元宇宙搭建需要几十种上百种软件，这些软件可能来自不同的公司或基于不 同的代码，这会产生过程不连续、模型碎片化等问题，导致模型的搭建很难重复且数据很难追溯。 工业操作系统需要结合多学科以及多操作流程以实现模型中数据的统一以及过程的连续。 “矿鸿操作系统”解决煤矿领域设备接口与协议标准问题。2021 年 9 月 14 日，国家能源集团与 华为共同发布了“矿鸿操作系统”，这是鸿蒙操作系统在传统的 IoT 领域与消费电子领域之外，第 一次在工业领域的应用。矿鸿操作系统可以通过软总线技术，在煤矿领域第一次实现统一的设备层 操作系统，通过统一的接口和协议标准，解决不同厂家的设备与互通问题。
Industrial operating systems need to combine multidisciplinary and multi-occupational processes to achieve uniformity of data in models and continuity of processes. The “Ring Man Operating System” solves the problem of equipment interfaces and protocol standards in the field of coal mines. On September 14, 2021, the National Energy Group and China jointly released the “Ring Man Operating System” as a first industrial application outside the traditional IOT area and consumer electronics.
矿山场景智能化需要搭建数据平台、开采系统、运输系统在内的上百个子系统。不同系统中不同的 设备来自不同厂商，且拥有多种标准的网络制式，彼此之间兼容效果差，形成协同化系统的难度高。 矿山场景对于安全的需求高，缺乏统一的行业标准、接口缺少统一的规范等客观障碍会导致系统不 兼容，从而带来较高的安全隐患。 矿鸿 OS 通过软总线技术，从操作系统层面将不同设备能力、软件接口、平台架构进行模块化拆分， 从而在煤矿产业搭建一个统一的设备接入层操作系统，从而解决不同制式、不同厂家的互联与协同 问题。
Intelligentization of the mining landscape requires the construction of hundreds of subsystems, including data platforms, mining systems, and transportation systems. Different systems have different equipments from different manufacturers, with multiple standard network systems that are not compatible with one another, making it difficult to create a synergized system.
七、元宇宙是否需要区块链？
7. Does the metaspace need a block chain?
探讨元宇宙发展过程中是否需要区块链技术，我们需要首先理解区块链的技术特性，同时不能跳脱 于区块链自身发展的趋势。结合区块链的技术特征与发展趋势，我们不妨探索元宇宙与区块链是否 有深度协同的可能。
To explore whether block chain technology is needed in the development of the metacosystem, we need to first understand the technical characteristics of the block chain, while not jumping away from the trends in the development of the block chain itself. With the technical characteristics and trends in the development of the grid, we may wish to explore the potential for deep synergy between the metacosystem and the chain of blocks.
7.1、 区块链技术特性
区块链基于自身的技术特性，天然适配元宇宙的关键应用场景。区块链是一种按时间顺序将不断产 生的信息区块以顺序相连方式组合而成的一种可追溯的链式数据结构，是一种以密码学方式保证数据不可篡改、不可伪造的分布式账本。区块链借助自身的特性可以用于数字资产、内容平台、游 戏平台、共享经济与社交平台的应用。
Block chains, based on their technical characteristics, are the key applications of the natural meta-cosm. Block chains are a retrospective chain data structure that combines in chronological order the emerging information blocks in sequence and sequentially linked, and are a code-based, non-false distributed book that guarantees that data are not altered and that cannot be falsified. Block chains, with their own characteristics, can be used for digital assets, content platforms, play platforms, shared economics and social platform applications.
1. 区块链在数字资产应用的技术实现途径为每次交易以点对点通讯方式发起，并使用未花费事 务支出的记账方式为每个参与者存储完整交易记录，维护分布式数据库；
1. The technical implementation of block chains for digital assets is initiated by means of point-to-point communication for each transaction, and complete transaction records are stored for each participant and distributed databases are maintained, using the way in which transaction expenses are recorded without expense;
2. 区块链在内容平台应用的技术实现途径为通过区块链记录平台的原创信息和交互记录，保证 记录不可篡改，并通过透明算法奖励优秀内容创造者和提供服务的第三方；
2. The technology to be applied in block chains on content platforms is achieved by recording the original information and interactive records of the platform through block chains, ensuring that records are not tampered with and by rewarding, through transparency algorithms, the creators of excellent content and third parties providing services;
3. 区块链在游戏平台应用的技术实现途径为通过建立在区块链框架上、去中心化运营、以智能 合约实现的游戏，为区块链游戏参与者维护所有交易记录、智能合约和共识机制；
3. The technical realization of block chains applied on the platform of the game is the maintenance of all transaction records, smart contracts and consensus mechanisms for block chain participants through games that are built on the framework of the block chain, are decentralised and are conducted on the basis of smart contracts;
4. 区块链在共享经济应用的技术实现途径为：帮助共享经济交易双方通过智能合约进行自动交 易，并通过区块链技术保证智能合约的安全不可篡改；
4. Block chains can be realized through technology applications in the shared economy by facilitating automatic exchange between the two parties to the shared economy through smart contracts and by ensuring the security of smart contracts through block chain technologies;
5. 区块链在社交平台应用的技术实现途径是为社交平台上的用户维护个人信息和提供分布式存 储服务，并通过每个节点并行处理特定事务碎片。
5. The technical implementation of block chains for social platforms is achieved through the maintenance of personal information and distributed storage services for users on social platforms and the parallel processing of transaction-specific debris through each node.
7.2、 区块链产业的确定性
7.2, certainty in block chain industries
2020 年 4 月 20 日，国家发展改革委创新和高技术发展司司长伍浩在例行新闻发布会上，首次将 新型基础设施范围框定在信息基础设施、融合基础设施和创新基础设施三方面。其中，以人工智能、 云计算、区块链等为代表的新技术基础设施，以数据中心、智能计算中心为代表的算力基础设施等 基于新一代信息技术演化生成的基础设施，是新型基础设施中的信息基础设施。这也是区块链技术 基础设施首次被国家层面明确为新型基础设施。
On April 20, 2020, the Director of the Innovation and High Technology Development Division of the National Development Reform Commission, Woo Ho, at a regular press conference, first defined the scope of the new infrastructure in terms of information infrastructure, integration infrastructure, and innovation infrastructure. Among these, the new technological infrastructure, represented by artificial intelligence, cloud computing, block chains, etc., and the numeracy infrastructure, represented by data centres, smart computing centres, etc., are new-generation information infrastructure.
区块链作为新型基础设施，可以广泛应用于多个垂直应用场景。2020 年以来，国家政策高度重视 以区块链为代表的新兴基础设施在新的技术革新和产业变革中的作用：
Block chains, as a new type of infrastructure, can be widely applied to multiple vertical applications. Since 2020, national policies have given high priority to the role of emerging infrastructure, represented by block chains, in new technological innovations and industrial transformations:
2020 年 4 月 20 日，国家发展改革委首次提出“新基建”范围，明确区块链属于新型基础设 施中的新技术类基础设施；2021 年 3 月，区块链被写入《中华人民共和国国民经济和社会发展第十四个五年规划和 2035 年远景目标纲要》；2021 年 6 月，工信部、中央网信办发布《加快推动区块链技术应用和产业发展的指导意见》， 提出构建基于标识解析的区块链基础设施。
On April 20, 2020, the National Development Reform Commission for the first time proposed the scope of a “new infrastructure” that would make it clear that the block chain belongs to the new technological infrastructure in the new basic infrastructure; in March 2021, the block chain was included in the Outline of the 14th Five-Year Plan for the Economic and Social Development of the People's Republic of China and the Vision 2035; and in June 2021, the Ministry of Industry and Communications and the Central Network Office issued the Guidance for Accelerating the Application of Block Chain Technology and Industrial Development, which proposed the construction of the infrastructure of the block chain based on marking decipher.
7.3、 区块链可以如何作用于元宇宙
7.3, how the block chain can work in the metacosystem
区别于其他技术，区块链技术是连接元宇宙底层与上层的桥梁。在元宇宙的整体架构中，在基础设 施、数据和算法层之上、应用层之下，需要一套完善、缜密且成熟的技术系统支撑元宇宙的治理与 激励。
Unlike other technologies, block chain technology is a bridge that connects the lower and upper layers of the metacosystem. In the overall architecture of the metacosystem, it requires a well-developed, sophisticated and mature technological system that supports the governance and motivation of the metacosystem, above and below the base application, data and algorithms.
元宇宙治理环节的特征在于，元宇宙由无数中心化机构和无数个人共同参与构建，因此应该 是分布式、去中心与自组织的；
The feature of the meta-cosm governance chain is that the meta-cosmos is constructed with the participation of numerous central institutions and countless individuals and should therefore be distributed, located and self-organized;
元宇宙激励环节的特征在于确保数字资产的不可复制，因此可以保障元宇宙内经济系统不会 产生通货膨胀，确保元宇宙社区的稳定运行。凭借区块链技术，元宇宙参与者可以根据在元 宇宙的贡献度（时间、金钱、内容创造）等获得奖励。另外，基于区块链可以提供元宇宙专属 的 NFT（Non-Fungible Token，非同质化代币）作为激励。
The meta-cosm incentive chain is characterized by ensuring that digital assets are not replicable, so that economic systems within the meta-cosm do not generate inflation and ensure the stable functioning of the meta-cosmos community. By means of block-chain technology, meta-cosm participants can be rewarded for their contribution (time, money, content creation) to the meta-cosm.
综上，元宇宙是集成多种技术的产物，而区块链在这些技术中不可或缺，是毫无疑问的元宇宙的关 键技术。
In sum, the meta-cosm is the product of a combination of technologies in which block chains are indispensable and are undoubtedly the key technology of the meta-cosm.
八、元宇宙是否需要去中心化？
8 Does the meta-cosm need to be centralized?
8.1、 个人信息可携带权：政府加强数据与信息的保障，个人 权利还于个人
数据安全法 数据安全立法已成国际惯例，全球已有近 100 个国家和地区制定了数据安全保护的法律：2018 年 3 月美国签署《澄清域外合法使用数据法》，2018 年 5 月欧盟《一般数据保护条例》（GDPR）正 式实施。随着个人信息数字化程度加深，数据的量与重要程度同步提升，全球范围内数据泄露的事 件也时常发生，数据安全管理在全球范围内重要程度提升，安全立法已逐渐成为全球的惯例。 Data security legislation has become an international practice, with nearly 100 countries and territories worldwide having laws on data security protection: the United States signed the Act clarifying the extraterritorial legal use of data in March 2018, and the EU General Data Protection Regulations (GDPR) in May 2018 are being implemented. As personal information becomes more digital, the volume and importance of data have increased, and data leakages around the globe have become frequent, with data security management gaining global importance and security legislation becoming a global practice. 中国《数据安全法》侧重于数据安全、访问控制以及数据保护三个维度。2021 年 6 月 10 日，第 十三届全国人大常务委员会第二十九次会议审议通过《中华人民共和国数据安全法》，《数据安全 法》也自 2021 年 9 月 1 日正式实施。在《数据安全法》实施后，有关单位和个人收集、存储、使 用、加工、传输、提供、公开数据资源，都应当依法建立健全数据安全管理制度，采取相应技术措 施保障数据安全。政企依照《数据安全法》进行数据安全能力建设时，主要侧重于考虑数据安全、 访问控制以及数据保护三个维度。 The data security law of China focuses on three dimensions of data security, access control, and data protection. On 10 June 2021, the thirteenth session of the Standing Committee of the National People’s Congress considered the adoption of the Data Security Law of the People’s Republic of China, which has been in force since 1 September 2021. Following the implementation of the Data Security Law, the units and individuals concerned should be able to collect, store, use, process, transmit, make available, and make public data resources in accordance with the law and take appropriate technical measures to safeguard data security. 数据安全：数据存放位置与数据主体； Data security: the location of the data repository and the body of the data; 访问控制：数据使用者如何证明具备相应的数据权限； Access control: how data users demonstrate that they have the corresponding data privileges; 数据保护：数据存储端保护。 Data protection: Data storage end protection. 个人信息保护法 ’2021 年 8 月 20 日，十三届全国人大常委会第三十次会议表决通过《中华人民共和国个人信息保 护法》。自 2021 年 11 月 1 日起施行。个人信息保护可以通过数据库安全的技术手段实现，核心 数据加密存储，通过数据库防火墙实现批量数据防泄漏，也可以通过数据脱敏实现批量个人数据的 匿名化，通过数字水印实现溯源处理。 On August 20, 20, 20, 20, the thirtieth session of the Standing Committee of the 13th National People’s Congress voted for the adoption of the Law of the People’s Republic of China on the Protection of Personal Information. It has been in force since November 1st, 2021. Personal information protection can be achieved through the technical means of database security, core data encryption, bulk data prevention through database firewalls, and bulk personal data anonymity through data desensitization, and retroactive processing through digital watermarks. 个人信息可携带权的意义 The meaning of the right to carry personal information 在个人信息可携带权的时代，用户成为关键参与者，由用户主动发起个人信息数据传输并自行上 传，从而实践个人数据可携带权。2020 年 5 月，广东和澳门两地政府部门运用基于区块链技术， 推出的粤澳健康码跨境互认项目，为构建个人信息可携带权模式提供了参考。 In the age of the right to carry personal information, the user became a key participant, initiating the transfer of personal information data and uploading it on its own initiative, thereby putting into practice the right to carry personal data. In May 2020, the Guangdong and Macao government departments introduced the Santao Health Code Cross-border Mutual Recognition Project, which provides a reference for the construction of a personal information portability model. 为了确保信息在元宇宙去中心化条件下的真实可信，可以参考微众银行提出的分布式数据传输协 议 DDTP。在这个条件下，用户可以通过两个步骤保障个人信息可携带权，同时确保数据的安全可 信性： In order to ensure the true credibility of the information in the context of the meta-cosmos decentralisation, reference can be made to the distributed data transfer agreement DDTP offered by Microbanks. Under this condition, the user can guarantee the right to carry personal information in two steps, while ensuring the security and trustability of the data: 第一步：用户从数据提供者处下载个人信息数据，并存储在个人指定的位置。经用户授权后， 可进一步引入权威中立的第三方机构参与见证该个人数据文件的存储过程，并获取相关文件 的哈希值； First step: The user downloads personal information data from the data provider and stores them in a location specified by the individual. With the authorization of the user, an authoritatively neutral third-party body may be further introduced to participate in the process of storing the personal data file and to obtain the Hashi value of the relevant file; 第二步：用户将已下载的个人信息数据传输给数据接收者，并对使用范围和使用目的等进行 授权。 Step 2: The user transmits the downloaded personal information data to the data recipient and authorizes, for example, the scope of use and the purpose of use. 8.2、 去中心化不等于没有中心、没有监管 去中心化与分布式的区别。在去中心化概念下，仍有较为高级的节点参与治理或运营，这与分布式 架构完全舍弃中心的概念不同。在去中心化概念下，有效的监管和治理仍可存在。 Under the concept of decentralisation, there are still more advanced nodes involved in governance or operation, unlike the concept of a distributed structure that completely abandons the centre. Under the concept of decentralization, effective regulation and governance still exist. 8.3、 去中心化如何践行？参考 DAO 去中心化自治组织（Decentralized Autonomous Organization，DAO）是基于区块链核心思想理念， 由达成同一个共识的群体自发产生的共创、共建、共治、共享的协同行为衍生出来的一种组织形态， 是区块链解决信任问题后的附属产物。 The Decentralized Autonomous Organization, DAO, is based on the concept of the core of the block chain, a form of organization derived from co-creation, co-building, co-governance, co-management and co-benefits of the same consensus group, which is a subsidiary to the block chain's resolution of trust issues. DAO 概念的演进：DAO 概念由最初没有阶级制、没有严格制度的组织机构的同行生产概念，随着 互联网技术的演进逐渐演进成为动态网民群体组织（Cyber Movement Organizations，CMOs）， 以实现更加去中心化的决策。真正意义上的去中心化自治概念由 Daniel Laimer 于 2013 年提出， Daniel Laimer 也基于 DAC 概念创建了 BitShares。 Evolution of the DAO concept: The concept of DAO was developed from the concept of peer production by organizations that initially had no class system and no strict system, and as Internet technology evolved into the organization of dynamic cybergroups (Cyber Movement Organizations, CMOs) to achieve more decentralised decision-making. The real concept of decentralized autonomy was proposed by Daniel Lamer in 2013, and Daniel Lamer created BitShares based on the DAC concept. DAO 概念的诞生：2016 年 4 月，Christoph Jentzsch 在 GitHub 上公开 The DAO 代码，并推出 相应网站进行 DAO 的众筹活动。该项目在 28 天的众筹活动中获得了以太币当时发行总量的 14% 网站（1.5 亿美元）。The DAO 项目完全去中心化且透明，任何人均可查看核心代码，投资者们也 没有将筹得的资金集中储备，而是拥有资金的 The DAO 通证，这些通证可以被用于项目投票。但 是 The DAO 因为代码漏洞导致 ETH 被盗取，于 2016 年 9 月关闭，以太坊链社区核心成员通过硬 分叉将资金转出，最后返还 The DAO 的成员。 The DAO concept was born: in April 2016, Christopher Jentzsch published the DAO code on GitHub and launched the corresponding website for the DAO campaign. The project received 14% of the total amount released in NT in September 2016 at 28 days of public fund-raising activities. The DAO project was completely centralized and transparent, and anyone could see the core code, and investors did not pool the funds they raised, but the DAO pass, which could be used for project voting. But it was The DAO, because of the code gap, that ETH was stolen, closed in September 2016, to transfer the funds from the core members of the TA chain through hard-fork, and eventually returned them to members of the DAO. DAO 将组织的管理和运营规则以智能合约的形式编码在区块链上，从而在没有集中控制或第三方 干预的情况下自主运行。DAO 具有充分开放、自主交互、去中心化控制、复杂多样以及涌现等特 点，可成为应对不确定、多样、复杂环境的有效组织 。与传统的组织现象不同，DAO 不受现实物 理世界的空间限制，其演化过程由事件或目标驱动，可快速形成、传播且高度互动，并伴随着目标 的消失而自动解散。 DAO 可帮助基于区块链的所有商业模式治理、量化参与其中的每个主体的工作量，包括加密货币 钱包、APP 以及公有链。DAO 的主要营收来源为收取交易服务费用，支付方式一般为数字货币。 Unlike traditional organizational phenomena, DAO is not subject to physical world spatial constraints, and its evolution is driven by events or targets, can rapidly form, spread, and interact with each other, and can be automatically dismantled without central control or third-party intervention. DAO can help to govern all business models based on block chains, quantify the workload of each of the subjects involved, including encrypted currency wallets, APPs, and public chains. DAO’s main sources of revenue are transactional services, generally in digital currency. 8.4、 去中心化如何交易？参考 DEX 去中心化交易所 （DEX）在没有任何形式的中央权力的情况下以分散的方式运作。DEX 不需要 第三方来管理用户的资产，并允许用户随时保留对私人密钥的控制。由于 DEX 交易是点对点交易， 它们提供了更高的透明度水平。长期以来 DEX 在受欢迎程度方面有了很大的发展，加密爱好者通 常更倾向于使用 DEX 交易加密货币资产来保持控制，因为 DEX 能够与 DeFi 产品进行交互。 全球主流区块链去中心化交易所包括基于以太坊网络的 Uniswap、Sushiswap、IDEX、Bancor、 Kyber，基于币安智能链的 Pancakeswap，基于 Heco 链上的 MDEX 等。 Decentralizing exchanges (DEX) operate in a decentralized manner without any form of central authority. DEX does not require third parties to manage the assets of users and allows users to retain control over private keys at any time. Since DEX deals are point-to-point transactions, they provide a higher level of transparency. DEX has developed considerably over time in terms of popularity, encryption fans have tended to use DEX transactions for encrypted monetary assets to maintain control, because DEX can interact with DeFi products. DEX 的市场份额较为集中，但 DEX 市场份额波动性较大。如果将 Uniswap 两个版本看成一个项 目，MDEX 与 MDEX（BSC）看成一个项目，则 2021 年 8 月 DEX 交易规模占比 CR5 约为 73%。 （如果将其拆分，CR5=61.63%）。对比一年前的数据，2020 年上半年的主流交易所 Kyber、Curve 排名出现较为明显的下降。 The market share of DEX is more concentrated, but the market share of DEX is more volatile. If two versions of Uniswap are treated as an item, MDEX and MDEX (BSC) are treated as a project, the magnitude of the transaction in August 2021 is about 73%. (If split, CR5 = 61.63%). 探究 DEX 市场波动性剧烈的因素，我们认为原因如下：1）DEX 自身交易量波动即为剧烈，相邻 的两天交易量可以倍增或减半，不确定性极高；2）DEX 与传统交易所相比，交易的资产稳定性较 差，当某个资产具有热度时，其绑定的交易所在短期内占比可能出现大幅提升，而相反，热度的退 却也会造成相应 DEX 市场份额的快速滑落，这是市场尚处于发展初期不成熟的体现。一般而言， 开放流动性挖矿的 DEX 在短时间内交易规模会快速提高，如果带来的生态与用户不能延续，则很 有可能很快回归之前的状态。 Looking at the highly volatile factors of the DEX market, we believe that the following reasons are the following: 1) DEX is highly volatile and the two-day trade volume of the neighbouring country can double or halve, with great uncertainty; 2) DEX is less stable than the traditional exchange, and when an asset has a heat, its tied exchange may increase significantly in the short term, whereas, on the contrary, the retreat of heat may cause a corresponding rapid decline in the share of the DEX market, which is a reflection of the fact that the market is still immature in the early stages of development. DEX交易量在波动中增长。DEX的交易量波动极为剧烈，可能在连续两个交易日实现倍增或减半。 现阶段 Uniswap V3 和 PancakeSwap V2 的交易量级可以达到 10 亿美元/天，dYdX、1inch Liquidity Protocol、Uniswap V2、MDEX 等去中心化交易所交易量级可以达到约 5 亿美元/天。相较中心化 交易所千亿美元的交易量级，DEX 的交易规模仍然较小，难以满足加密货币交易者的需求。 At this stage, the transactions of Uniswap V3 and PancakeSwap V2 can reach $1 billion/day, and the decentralised exchange volume levels of dYdX, 1nch Liquidity Protocol, Uniswap V2, MDEX and others can reach about $500 million/day. Compared to the centrist exchange transaction levels of hundreds of millions of dollars, the transactions of DEX are still smaller and difficult to meet the needs of encrypted currency traders. 九、元宇宙是否需要NFT？ nine, does the metaspace need NFT? 取决于元宇宙的开放程度。我们认为，在元宇宙的发展过程中，会同时存在开放式与封闭式两种路 径。开放式路径类似 Roblox 的路径，通过激励参与者运行社区与生态；封闭式路径类似 Meta 的 路径，通过公司运营不断提升元宇宙体验。如果采用开放式路径，则需要元宇宙运营方建立完善的 激励机制（参考 Roblox、Sandbox 或区块链社区中的各种 DAO），在这种情况下，元宇宙大概 率需要新的 NFT。 Depending on the openness of the meta-cosm. We believe that, in the development of the meta-cosmos, there are both open and closed paths. Open paths are similar to Roblox and, by stimulating participants to run the community and ecology; closed paths are similar to Meta's, constantly improving the experience of the meta-cosmos through company operations. If open paths are used, they require a well-developed incentive (reference to Roblox, Sandbox, or the various DAOs in the block chain community), in which case the meta-cosm probably requires a new NFT. 9.1、 DAO 兼具公司与社区的运作机制 9.1, DAO with operating mechanisms for companies and communities DAO 的经济模式介于公司与社区之间，且包容性程度可调节：DAO 的参与者可分为核心贡献者、 “赏金猎人”与代币持有者三类。 DAO’s economic model is between companies and communities and can be regulated by the degree of inclusiveness: DAO participants can be divided into three categories of core contributors, “the bounty hunter” and currency holders. 核心贡献者：为 DAO 长期贡献，一般是 DAO 的创始成员或持有较高通证数量的人； Core contributor: a long-term contribution to DAO, usually a founding member of DAO or a person holding a higher number of passes; “赏金猎人”：角色与公司临时工或为社区中提供临时服务的人员，这些人会为 DAO 执行临时任 务以换取报酬的贡献者，也可理解为他们为社区提供临时服务； (b) “Treatment hunters”: role and company casual workers or persons serving on a temporary basis in the community who perform temporary duties for DAO in exchange for remuneration, and who can also be understood as providing temporary services to the community; 代币持有者：仅拥有通证/代币，一般的角色为出资者但在投票环节中基本保持沉默的参与者。 Holders of coins: only holders of hyphens/demons, usually participants whose role is to funders but who remain largely silent during the voting process. 而根据这三类角色在 DAO 中占比的不同，DAO 的经济模式可能更类似于公司或者社区。当核心 贡献者、“赏金猎人”占比较高时，DAO 的经济模式可能更类似与公司，拥有管理层以及员工类 似的角色；而当代币持有者占比较高时，DAO 的经济模式与社区更为类似，此时核心贡献者扮演 社区工作人员的角色。DAO 在运营过程中，自身的经济模式也可以不断调节，代币持有者可以加 入或退出，也可以提高自己的 DAO 参与程度，过渡成为核心贡献者。 The economic model of DAO may be more similar to that of a company or community, depending on the relative ratio of the three types of players to DAO. When core contributors, “the bounty hunters” are higher, the economic model of DAO may be more similar to that of a company, with management and employee-like roles; while contemporary currency holders are higher, the economic model of DAO is more similar to that of a community when the core contributor plays the role of a community worker. 9.2、 NFT：如何在元宇宙中定位 9.2, NFT: How to locate 什么是 NFT？区块链的主流资产之一。 NFT（Non-fungible Token） 代表不可替代的代币，是可以用来表示独特物品所有权的代币。NFT 让艺术品、收藏品甚至房地产等事物标记化。 他们一次只能拥有一个正式所有者，并且他们受到 以太坊等区块链的保护，没有人可以修改所有权记录或复制/粘贴新的 NFT。 NFTs represent irreplaceable tokens that can be used to express ownership of unique items. NFTs mark objects such as works of art, collections, and even real estate. They can only own one official owner at a time, and they are protected by a chain of blocks like the Taiku, and no one can modify ownership records or copy/ paste new NFTs. NFT 的诞生基于 2017 年以太坊中一个叫做 CryptoPunks 的像素头像项目，这些像素头像总量上 限为 1 万，任何两个像素头像都不能相同，拥有以太坊钱包的人当时可以免费领取 CryptoPunks 的像素头像，且可以将自己拥有的像素头像投入二级市场交易。 NFT was born on the basis of a pixel image project called CryptoPunks in Etheria in 2017, with a total of 10,000 pixel heads, none of the two pixel heads could be identical, and people with Ithaya wallets were able to receive the pixel head image free of charge and to trade their own pixel heads in the secondary market. NFT 具有不可互换性、独特性、不可分性、低兼容性以及物品属性，可应用于流动性挖矿、艺术品 交易、游戏/VR 以及链下资产 NFT 化等场景，大幅提升数据流转效率。2021 年 8 月 28 日，NFT 交易平台 OpenSea 交易额达 2.35 亿美元，创下历史新高。其中 CryptoPunks 交易额排名第一， 交易额超 4.45 万枚 ETH（约 1.43 亿美元），交易额排名 2-5 位的 NFT 产品为 Bored Ape Yacht Club （1.69 万枚）、Mutant Ape Yacht Club （1.66 万枚）、Cool Cats NFT （5716 枚）、Art Blocks Curated （5195 枚）。 The NFT, which is non-transferable, unique, indivisible, low compatibility and item properties, can be applied to mobile mining, art trade, games/VR, and chain assets NFT conversion scenarios to significantly improve data flow efficiency. August 28, 2021, the NFT trading platform OpenSea reached $235 million, a record high. Among these, CryptoPunks were ranked first, with transactions exceeding 4.45 million ETHs (approximately US$ 1,43 million) and two to five places of NFT products: Bored Ape Yacht Club (1.69 million), Mutant Ape Yacht Club (1.66 million), Col Cats NFT (5716), Art Blocks Curated (5195). NFT 应用：一种潜在的元宇宙经济模式 NFT application: a potential meta-cosm economic model NFT 由于自身的数字稀缺性被率先运用于收藏、艺术品以及游戏场景，这一特征被保持至今。根 据 Statista 的数据，2018 年，NFT 的销售出现了短期的繁荣，随后与 2019 年进入泡沫化的谷底 期，2020 年市场略微回暖，2021 年 NFT 市场再次出现了火热的表象。在这一过程中，元宇宙、 艺术品及游戏场景在 NFT 销售总额中占比不断提升：NFT 为艺术家提供销售或者拍卖的收入，也 为游戏玩家在游戏中提供专属的个性化资产（皮肤、头像或服装等）。 NFT, because of its own digital scarcity, has been used first and foremost in collections, works of art, and games. According to Statista, in 2018, NFT sales experienced short-term booms, followed by a slightly warmer market in 2020, and a hot image of the NFT market in 2021. In this process, the meta-cosm, works of art, and play scenes account for an increasing proportion of total NFT sales: NFT provides artists with revenues from sales or auctions, as well as exclusive personalized assets (skin, head, clothing, etc.) for game players. 非同质化代币 NFT 生态系统中最常见的盈利方式是出售 NFT，在直接销售 NFT 的营收模式基础 上可衍生二级市场交易手续费、游戏内部经济中的交易费等营收方式。 The most common form of profit in the non-consistency monetic NFT ecosystem is the sale of NFTs, which can be derived from secondary market transaction fees, transaction fees in the internal economy of the game, etc. on the basis of the collection model for direct sales of NFTs. 区块链游戏开发者可从其开发的物品二级市场交易中收费，如 OpenSea 平台开发者可设置 0-99%之间的二级市场销售抽成。 The developers of block chain games can charge for secondary market transactions of the items they have developed, such as the OpenSea platform, where secondary market sales between 0 and 99 per cent are available. 开发者也可从用户生成的 NFT 交易中收费，如在 Cryptovoxels 虚拟世界中，用户可自行创 建 NFT 配件，Cryptovoxels 开发者可从此类游戏原生市场中向用户收取少量交易 NFT 产品 的费用。 Developers can also charge a fee from a user-generated NFT transaction, e.g. in the Cryptovoxels virtual world, users can create their own NFT accessories, and Cryptovoxels developers can charge users a small amount of transaction NFT products from the original market for such games. 此外，NIFTEX、NFTfi 等平台为 NFT 创造了新的商业模式。 In addition, platforms such as NIFTEX and NFTfi have created new business models for NFTs. NFT 拆分平台 NIFTEX 允许用户投入高价值的 NFT 并将其拆分为 10,000 个 ERC20 代币， 还可将此类 ERC20 代币用于 NIFTEX 市场上进行交易。 NFT Splitting Platform NIFTEX allows users to input high-value NFTs and split them into 10,000 ERC20s, which can also be traded on NIFTEX markets. NFT 开发者可借助 NFTfi 等 NFT 抵押贷款平台，利用其创造的 NFT 资产作为抵押而快速获 得贷款，因此 NFT 开发者无需通过传统的银行系统来获取短期贷款。 NFT developers can quickly obtain loans using NFT assets created as collateral through NFTfi and other NFT mortgage platforms, so NFT developers do not need to obtain short-term loans through the traditional banking system. 我们认为，NFT 在元宇宙中将扮演关键角色： We believe that NFT will play a key role in the metaspace: 首先，区块链是连接元宇宙概念的重要技术：区块链基于自身的技术特性，天然适配元宇宙 的关键应用场景。区块链是一种按时间顺序将不断产生的信息区块以顺序相连方式组合而成 的一种可追溯的链式数据结构，是一种以密码学方式保证数据不可篡改、不可伪造的分布式 账本。区块链借助自身的特性可以用于数字资产、内容平台、游戏平台、共享经济与社交平 台的应用。区块链技术是连接元宇宙底层与上层的桥梁。 First, block chains are an important technology for connecting meta-cosm concepts: blocks chains are based on their own technical characteristics and are the key applications of the natural meta-cosm. Block chains are a retrospective chain data structure that combines the emerging information blocks in chronological order and sequentially, and a cryptographic way to ensure that data are inescapable, non-false distribution books. Block chains can be used for digital assets, content platforms, game platforms, shared economy and social table applications with their own characteristics. Block-chain technology is a bridge that connects the lower and upper layers of the meta-cosm. 其次，在元宇宙的整体架构中，在基础设施、数据和算法层之上、应用层之下，需要一套完 善、缜密且成熟的技术系统支撑元宇宙的治理与激励：（1）元宇宙治理环节的特征在于，元 宇宙由无数中心化机构和无数个人共同参与构建，因此应该是分布式、去中心与自组织的；（2）元宇宙激励环节的特征在于确保数字资产的不可复制，因此可以保障元宇宙内经济系统 不会产生通货膨胀，确保元宇宙社区的稳定运行。凭借区块链技术，元宇宙参与者可以根据 在元宇宙的贡献度（时间、金钱、内容创造）等获得奖励。 Secondly, in the overall architecture of the metacosystem, a perfect, sophisticated and mature technological system is required, above and below the infrastructure, data and algorithms, to support the governance and motivation of the metacosystem: (1) the metacosystem governance chain is characterized by the fact that the metacosystem is constructed by numerous central institutions and countless individuals, and should therefore be distributed, decentralized and self-organized; (2) the metacosystem incentive chain is characterized by the need to ensure that digital assets are not replicable, so that the economic system within the metacocosystem does not generate inflation and ensures the stable functioning of the metacosystem community. With block-chain technology, metacosystem participants can be rewarded for their contribution (time, money, content creation). 而 NFT 可以充当元宇宙激励环节的媒介：NFT 是依附于区块链的资产，与区块链结合的技术 无需调试，而每个 NFT 之间均拥有稀缺度和价值的区别，可标记所有权，在元宇宙中可以扮 演关键资产的角色。 NFT, on the other hand, can serve as an incentive for metacosystems: NFT is an asset attached to the chain of blocks, the technology associated with the chain of blocks does not need to be debuggered, and each NFT has a difference of scarcity and value, marks ownership, and acts as a key asset in the metacosystem. OpenSea：统治 NFT 的交易市场 OpenSea: rules the NFT trading market 2021 年是属于 NFT 的一年：从 2021 年 1 月至今，NFT 交易额爆发式增长，而 OpenSea 利用自己NFT 用户、NFT 资产种类等优势快速统治了 NFT 交易所的市场份额。2021 年 8 月，OpenSea 的 NFT 交易金额超过 10 亿美元，占全球 NFT 交易规模的 98.3%。作为对比，OpenSea 2020 年 全年的交易额不足 2000 万美元。 2021 was a year belonging to NFT: from January 2021 to the present, NFT transactions increased in an outbreak, while OpenSea quickly dominated the market share of the NFT exchange using advantages such as its own NFT user, NFT asset class. In August 2021, OpenSea's NFT transactions amounted to more than $1 billion, or 98.3 per cent of the global NFT scale. In contrast, OpenSea 2020 had less than $20 million throughout the year. 第一，NFT 交易额的爆发来自供给端内容的快速丰富。NFT 项目的数量快速增加，2021 年 8 月总 交易量超过 1 以太币的 NFT 项目达 2776 个，较年初不足 700 个 NFT 的项目总量已经增长至少 3 倍。以游戏场景为代表的 Axie Infinity 和以社交场景为代表的 CryptoPunks、Bored Ape Yacht Club 的使用人数快速提升。2021 年 8 月 28 日，Axie Infinity 在推特上称其安卓版本的日活用户数达到 为 101 万（首次突破 100 万人），其中 Axie Infinity Windows 版本日活用户数超 38 万，Mac 版本 日活用户数约为 2.3 万，iOS 版本日活用户数约为 1.5 万。 First, the outbreak of NFT transactions comes from the rapid enrichment of supply-side content. The number of NFT projects has increased rapidly, with the total number of NFT projects with a trade volume of more than 1 tamas in August 2021 reaching 2776, or at least three times the total number of projects with less than 700 NFTs at the beginning of the year. The number of Axie Infinity, represented by the game scene, and CryptoPunks, Bored Ape Yacht Club, represented by social scenes, has risen rapidly. On 28 August 2021, Axie Infinity reported on Twitter that its Andre version had a daily user base of 101,000 (a first breakthrough of 100 million), of which the Ax Infinity Windows version has over 380,000 live-day users, the Mac version has about 2.3 million live-day users, and iOS version has about 15,000 live-day users. 第二，OpenSea 的统治地位来自 NFT 平台简易的入驻方式以及相较竞争对手而言更低的费用。 OpenSea 的创作者入驻方式未设限制，创作者可以简单地在 OpenSea 上申请账号并发布自己创 作的 NFT 产品，入门门槛低，而 OpenSea 的竞争对手均需要申请或定向邀请才能参与发布 NFT 产品或交易；OpenSea 的手续费为 2.5%，尽管较常规的加密货币交易手续费明显更高，但相较其 他 NFT 交易平台可能达 10%或 15%的交易手续费，OpenSea 的交易手续费维持在行业内最低的 水平，且 OpenSea 对创作者版税的收取也更低。另外，为了确保创作者的唯一性，OpenSea 无法将版税分配到多个地址，所以接收版税的地址只能为最初创作者申请的地址，NFT 创建者无法 将其部分版税费用通过 OpenSea 直接用于其他目的。 Second, OpenSea’s dominant position derives from the easy-to-input mode of the NFT platform and from lower fees than competitors. OpenSea’s creators have no restrictions on the way in which they can simply apply for accounts on OpenSea and publish their own NFT products at a low entry threshold, while OpenSea’s competitors need to apply for or target invitations to participate in the release of NFT products or transactions; OpenSea’s processing costs are 2.5%, although it is clearly more expensive than conventional cryptic currency transactions, but it may not be possible to allocate royalties to multiple addresses than his NFT trading platform, so OpenSea’s transaction fees are kept at the lowest level in the industry, and OpenSea’s fees for creators of creators are lower than the original S. 中国厂商布局的数字藏品：交易属性未开放 腾讯与阿里的数字藏品不具备交易属性，无法支撑元宇宙的交易环节：（1）在 IP 授权方面，阿里 巴巴与腾讯均邀请艺术家/创作者创作 IP，而没有开放第三方创作权限，注册用户不能自行创作自 己的 NFT 产品，不开放个人创作 NFT 产品上传；（2）在二次交易方面，阿里巴巴与腾讯均强调 创作者的版权问题，强调推出 NFT 是为了帮助创作者维护应有的权益，所以没有开放二次交易这 一环节，仅支持个人收藏及使用功能。综合而言，阿里巴巴和腾讯推出的 NFT 产品在可交易性方 面缺失且并非去中心化，对于阿里巴巴和腾讯这样的大平台，现阶段 NFT 产品的布局更多的意义 在于方向布局/早期市场占领。 With regard to secondary transactions, Ali Baba and Tonto emphasize the copyright of creators and the introduction of NFTs to help creators defend their rights and interests, they are not open to second transactions, but only to personal collections and uses. In aggregate, the NFT products launched by Aliba and Totem are missing and not centralized, and the layout of large platforms such as Aliba and Tonto is more relevant at this stage in the direction board/early market occupation. 阿里 NFT 布局： Ali NFT layout: （1） 支付宝付款码：2021 年 6 月 23 日，支付宝在“蚂蚁链粉丝粒”小程序上限量发售两款 “敦煌飞天，九色鹿”付款码 NFT 皮肤。这两款 NFT 皮肤基于敦煌美术研究所创作的敦 煌 IP 推出，发行方是杭州鲜活万物品牌管理有限公司，用户可以以 10 支付宝积分+9.9 元进行兑换，购买后 NFT 皮肤会显示在付款码上方，蚂蚁链相关负责人表示蚂蚁链此举 旨在鼓励并推动数字创作的知识产权保护。6 月 24 日，支付宝限量发行 16000 份由支付 宝和伍六七合作的“伍六七”付款码皮肤，价格同样为 10 支付宝积分+9.9 元人民币。 (1) Payment Bond Payment Code: On June 23, 2021, payment treasures were sold at the upper limit of the `ant chain fan grain' sub-procedure, and NFT skins were sold at the top of the payment code, and NFT skins were launched based on the NFT skin created by the Quality Arts Institute. The release of NFT skins was issued by Hangzhou Realm Brand Management Ltd. The users were able to convert them with $10 payment points and +9.9 dollars, and the purchase of the NFT skin was shown above the payment code, and the ants chain-associated officials indicated that the ants chain was designed to encourage and promote intellectual property protection for digital creation. On June 24, the payment limit was issued to $16,000 copies of the `67' skin, which was paid for the cooperation between BP and Woo67, and the price was also 10 shares and +9.9 yuan. （2） NFT 艺术品：根据公开信息，在阿里 520 拍卖节上，阿朵、陆蓉之、高孝午等多名艺术 家推出 NFT 数字艺术品公益拍卖的活动。所有 NFT 数字艺术品进行公开拍卖，最终所得 捐献给壹基金旗下的“壹乐园音乐教室”公益项目。 (2) NFT Artworks: According to public information, at the Ali 520 auction festival, several artists, such as Ado, Luang, and Ko Xiao Xiao Xiao, launched a public auction for NFT digital works of art. （3） 2021 年 9 月 16 日支付宝公开发售杭州亚运会数字火炬，每份 39 元，限量 21000 份， 其中两万份通过“蚂蚁链粉丝粒”小程序发售，同一支付宝账户只能购买一次，另外 1000 份可在“智能亚运一站通”或其他亚组委官方或授权渠道，通过参与亚运会相关活动获得。 (3) On September 16, 2021, payment for the public release of the Hangzhou Asian Games digital torch, 39 yuan per torch, limited to 21,000 copies, of which 20,000 were sold through the “ant chain fan” sub-programme, the same payment treasure account could only be purchased once, and 1,000 copies could be obtained through the “Smart Asian Express One” or through other official or authorized channels of the Sub-Committee through participation in activities related to the Asian Games. 腾讯 NFT 布局： NFT layout: （1） 8 月 10 日，腾讯音乐开启首批数字藏品（胡彦斌《和尚》20 周年纪念黑胶 NFT）预约活 动。用户可在 QQ 音乐平台开启购买资格的抽签预约，限量发售 2001 张。抽签时间为 8 月 14 日 10:00，正式发售时间为 8 月 15 日 10:10。腾讯音乐成为中国首个发行数字藏品 NFT 的音乐平台。 (1) On August 10, tweak music opened an appointment for the first digital collection (Hu Yingbin's Monk 20th anniversary black glue NFT). Users can open the QQ music platform for a limited 2001 drawing of lots. The tweaking music was drawn on August 14 at 10:00 and officially released on August 15 at 10:10. The tweak music became China's first music platform for the distribution of tweaks NFT. （2） 腾讯 PCG 事业部上线 NFT APP 幻核：8 月 15 日，腾讯 NFT 交易软件“幻核”联合 GGAC 合作艺术家周方圆，计划于 8 月 20 日 15:00 正式发售“万华镜”数字民族图鉴 NFT。本次将发行 56 种 NFT 商品，象征 56 个民族，共计 3136 枚 NFT，其中 112 枚随 机图鉴将用于活动和赠送给用户使用，其余将限量出售，且后续不以任何形式增发。“幻 核”将启动“NFT 艺术家计划”，未来将出售更多 NFT 数字艺术商品。 (ii) NFT APP Miracles: On August 15, the NFT Trade Software Convergence of GGAC Collaborating Artists is scheduled to be officially launched on August 20, at 15:00, for a digital national map of NFT. Fifty-six NFT commodities, symbolically 56 ethnic groups, will be released, of which 112 with machine charts will be used for activities and gifts to users, and the rest will be sold in limited quantities and will not be increased in any form. 视觉中国将基于 NFT 技术对 500px 摄影社区升级，出于合规的考虑计划推出国内版与海外版两个 版本。视觉中国的 NFT 布局在阿里与腾讯的基础上更进一步，开放了交易功能，但是内容创作方 不会面向所有人，而是仅面向收到已有用户邀请的艺术家。但不完全公开可以保证 500px 平台内 容相对于 Opensea 等公开平台的优质性，提升用户内容寻找与最后成交的效率。 Visual China will upgrade its 500px photography community on the basis of NFT technology, and plans to introduce two versions – domestic and overseas – out of compliance considerations. The NFT layout of visual China builds on Ali and Totem, opening up trading functions, but content creators will not be open to everyone, but only to artists invited by existing users. 我们认为，视觉中国基于创作社区做 NFT 交易平台的优势如下： We believe that the advantages of visual China as a NFT trading platform based on the creative community are as follows: （1） 内容丰富：视觉中国及其用户可以基于自己已有版权的产品进行二次创作，丰富平台的内 容及趣味性； (1) Content-rich: Visual China and its users can create secondary creations based on their copyrighted products and enrich the interior and taste of the platform; （2） 价格体系优化：NFT 的难点之一在于估值，而视觉中国基于实物创作（摄影）搭载 NFT 产品可以将 NFT 的定价拆分为底层摄影图片的创作价值以及基于 NFT 的溢价，可以通过 实物资产的价格降低 NFT 交易的底层风险； (2) Price system optimization: one of the difficulties of NFT is valuation, while visual China can divide NFT pricing into the creative value of low-level photographic pictures and NFT-based premiums by carrying NFT products based on in-kind creation (photography) and can reduce the lower risk of NFT transactions through the price of physical assets; （3） 产品质量：基于已有的社区做 NFT 改造可以保证 NFT 创作质量，并且通过 NFT 的搭建 吸引更多相关用户进入社区，对于原有业务与新业务是双向催化； (3) Product quality: NFT adaptation based on existing communities ensures the quality of NFT creation and attracts more relevant users into the community through the NFT mix, which is a two-way catalyst for both the original and the new business; （4） 潜在发展方向：相较于 Opensea 等开放平台，500px 社区的理念更明确，且未来拥有向 艺术画廊、拍卖行方向发展的潜质（即与现实中拍卖行开拓展览业务类似，500px 社区也 可以通过展览已有的 NFT 商品并进行拍卖）； (iv) Potential directions for development: the concept of the 500px community is clearer than that of open platforms such as Opensea and has the potential to move towards art galleries and auction houses in the future (i.e. similar to the actual opening of auction houses, where the 500px community can also be auctioned through the exhibition of existing NFT commodities); （5） 灵活商业模式：NFT 可以灵活化原有 500px 社区的商业模式。原有社区的交易为单向单 次，产品不可拆分；而将社区 NFT 化后可以进行多次交易，且产品可以拆分为多个产品 进行编码销售。 (5) Flexible business models: NFT can be flexible about the original 500px community business model. 9.3、 商业模式：通过 NFT 创造加密货币现金流 根据 Patrick Rivera 在《Community DAOs》文章中的观点，DAO 可行的商业模式包括收集蓝筹 NFTs、赚取会员费、发布 NFT 空头等 7 项潜在的商业模式，其中部分商业模式已有成熟的 DAO 应用案例。 According to Patrick Rivera in Comunity DAOs, viable business models for DAO include the collection of bluefield NFTs, membership fees, release of NFT blanks, and seven potential business models, some of which have matured DAO applications. 收集蓝筹 NFTs 的 DAO 收集蓝筹NFTsDAO 的运作方式为：DAO 将这些 NFT 储存起来，并通过发行 ERC-20 代币，通 过持有者交易赚取交易费，并决定何时出售相关 NFT 资产。具有代表性的 DAO 包括 PleasrDAO、 FlamingoDAO 以及 PartyDAO。 PleasrDAO 是专门收集高价 NFT 艺术品的去中心化组织。2021 年 6 月，PleasrDAO 以 400 万美 金购买了狗狗币迷因 NFT，并与 2021 年 8 月通过 fractional.art 将其拆分成了数十亿个的 DOG ERC-20 代币进行销售。 The method of collecting blue for NFTsDOs is as follows: DAO stores these NFTs and earns transaction fees by issuing ERC-20 tokens, deals with the holder and decides when to sell the NFT assets. Representative DAOs include PleasrDAO, FlamingoDAO, and PartyDAO. PleasrDAO is a decentralized organization specializing in the collection of high-value NFT artwork. In June 2021, PleasrDao purchased NFT for 400 million United States dollars and sold it in billions of DOG ERC-20 tokens in August 2021 through Fractional.art. Flamingo 是一个为服务 NFT 社区而建立的去中心化自治组织，由以太坊去中心化自治组织 The LAO 发起。Flamingo 主要的功能包括：（1）购买 NFT 并将 NFT 所有权分割，接入现有的 DeFi 平台，这些 NFT 作品会由以太坊生态的人持有并管理；（2）通过 DAO 预订知名 NFT 艺术家、匠 人以及创作者的作品；（3）对数字艺术家进行投资，投资方式主要为购买社交代币；（4）管理所 购买的作品，为 DAO 中的用户创建 NFT 作品的数字博物馆或画廊；（5）挖掘并投资 NFT 核心 基础设施和项目。 Flamingo is a decentralised self-governing organization set up to serve NFT communities, initiated by The LAO, a decentralised self-governing organization based in Ether. The main functions of Flamingo are: (1) to buy NFTs and to divide ownership of NFTs into existing DeFi platforms, where NFT works are held and managed by people in Ether Ecology; (2) to book works of recognized NFT artists, craftsmen and creators through DAO; (3) to invest in digital artists, mainly by buying social tokens; (4) to manage purchased works and create digital museums or galleries for users in DAOs; and (5) to dig and invest in NFT core infrastructure and projects. 而 PartyDAO 在 FlamingoDAO 和 PleasrDAO 的基础上进一步降低了 NFT 参与者的门槛。 The PartyDAO, on the basis of FlamingoDAO and PleasrDAO, further lowers the threshold for NFT participants. FlamingoDAO 和 PleasrDAO 通过 DAO 成员集资，建立金库来投资 NFT：FlamingoDAO 持 有多件 CryptoPunks；PleasrDAO 则购买了 Dodge 迷因 NFT 和爱德华·斯诺登作品。 FlamingoDAO and PleasrDAO invest in NFT: FlamingoDAO with multiple CryptoPunks; while PleasrDAO buys Dodge mescades NFT and Edward Snowden by collecting funds from DAO members. 与 FlamingoDAO 和 PleasrDAO 形成强烈对比，PartyDAO 推出了一款大众化 NFT 集合竞价 产品 PartyBid。PartyBid 没有任何资金要求与其他限制，任何人均可参与 PartyDAO 生态， 并且可以通过 PartyBid 创立众筹，参与指定 NFT 拍卖，尽最大的可能拉低普通用户参与天 价 NFT 资产的门槛。 In contrast to FlamingoDAO and PleasrDAO, PartyDAO introduced a popular NFT pool product, PartyBid. The PartyBid has no funding requirements and other constraints, and anyone can participate in the PartyDAO ecology and can be organized through PartyBid to participate in the designation of NFT auctions and, to the extent possible, lower the threshold for ordinary users to participate in the daily NFT assets. 发布 NFT 空投的 DAO NFT 空投是一种常见的链上现金流方式。匿名的巴西计算机科学家/NFT 艺术家 Arihz 与 FingerprintsDAO 合作建立 Avid Lines 项目，在项目上线的 30 天内即取得了 1000 万美元的交易 量。Avid Lines 项目将 DAO 用户与 Arihz 的随机化代码结合，并生成一种名为 Avid Lines 的混合 NFT。DAO 参与者可以通过简单地调用智能合约上的白名单功能参与生成 NFT 的过程，而这一过 程中产生的 NFT 也会为 DAO 参与者带来收益。 NFT airdrops are a common method of cash flow on the chain. An anonymous Brazilian computer scientist/NFT artist Arihz, in collaboration with FingerprintsDAO, created the Avid Lines project, which generated $10 million in transactions within 30 days of the project becoming online. The Avid Lines project combines DAO users with randomized codes in Arihz and produces a hybrid NFT called Avid Lines. DAO participants can simply participate in the process of generating NFTs by calling white list functions on smart contracts, and the NFT generated in this process will also bring benefits to DAO participants. NFT 画廊 DAO 基于自身的 NFT 收藏可以建立代币化 NFT 画廊，代币化的 NFT 画廊也可以为 DAO 产生线 上现金流。NFT 画廊的运作流程包括： DAO can build a monetized NFT gallery based on its NFT collection, and a monetized NFT gallery can generate cash flow lines for DAO. The NFT gallery operates as follows: （1） 会员使用社区 DAO 代币投票决定 DAO 可以纳入的加密艺术家/NFT 藏品； (1) Members use community DAO tokens to vote for encrypted artists/NFT collections that DAO can include; （2） 让开发者在 DAO 的 NFT 画廊注册处注册智能合约，这些智能合约可以支持包括保留拍 卖、荷兰拍卖、抽奖、空投等在内的多种投放机制； (2) To register developers with the NFT Gallery Registry in DAO in smart contracts that support a variety of delivery mechanisms, including reserved auctions, Dutch auctions, prizes, airdrops, etc.; （3） 同时智能合约带来的一级与二级销售收入可以被设定由艺术家、DAO 开发团队以及 DAO 财政部门共享； (3) Revenues from sales of the first and second levels from smart contracts can also be set to be shared by artists, the DAO development team and the DAO financial sector; （4） 在运营过程中，与传统 DAO 社区一致，艺术家、收藏者、开发团队以及其他 DAO 贡献 者可以获得社区 DAO 代币； (4) In the course of their operations, artists, collectors, development teams and other DAO contributors can receive community DAO tokens, consistent with the traditional DAO community; （5） 代币持有者可以凭借代币数量获得专属功能，例如独家空投、NFT 徽章、空投、实物奖品 等。 (5) Holders of tokens may acquire exclusive functions based on the number of tokens, such as exclusive air drops, NFT badges, air drops, in-kind prizes, etc. 目前已经上线 NFT 画廊的 DAO 代表为 FingerprintsDAO，其是一个面向收藏家、策展人和制作人 的组织，致力于策划和收集以极富创意的方式使用智能合约创作的艺术品，并生成对应的区块链指 纹。 The DAO representative of the NFT Gallery, currently on line, is the RingerprintsDAO, an organization for collectors, performers and producers dedicated to the design and collection of works of art made in a very creative way using smart contracts and to the generation of corresponding section chain finger prints. 9.4、 DAO 而非 DO：关键在于提升代码可信任程度 9.4, DAO instead of DO: The key is to increase the trustability of the code 现阶段很多 DAO 在运行方式上仅仅做到了去中心化（D），而没有完全实现自治（A），因此很多 DAO 并非真正意义上的“DAO”，而是“DO”。 At this stage, many DAOs have only been decentralised (D) in their mode of operation and not fully self-governing (A), so many DAOs are not really “DAOs”, but “DOs”. DAO：真正实现自治，决策过程依赖预先设定的智能合约及算法，DAO 的组织结构也会根据 智能合约中编写的规则和算法而变化； DAO: Real self-government, decision-making based on predefined smart contracts and algorithms, and the organizational structure of DAO will vary according to rules and algorithms prepared in smart contracts; DO：实际仍有由人类决策和管理驱动，仅通过区块链实现分布式架构。 DO: There are still actual structures that are driven by human decision-making and management and are distributed only through block chains. 我们认为从 DO 到 DAO 的衍进并非仅依赖社区的可接受程度这一点即可完成，更核心的环节在于 算法的完善。2016 年 The DAO 面世时，以太坊社区的参与者接受程度也极高，但由于算法未完 善而被攻击，导致约 5000 万美元资产被盗取。不断完善智能合约与 DAO 的内置算法是 DAO 安 全稳定运营的基础，且由于 DAO 的算法会公开，因此也会暴露给意图攻击 DAO 的黑客，DAO 的 算法很难一次性完善，需要运维人员不断根据潜在的攻击防护，提升算法。 We believe that the penetration from DO to DAO is not based solely on the acceptability of the community, but rather on the refinement of the algorithms. In 2016, the DaO was also highly accepted by participants in the community, but was attacked because the algorithms were not perfect, leading to the theft of about $50 million of assets. The continuous refinement of the built-in algorithms for smart contracts and DAOs is the basis for the DAO's safe and stable operation, and since the DAO's algorithms are public, they are exposed to hackers who intend to attack DAO, and the DAO's algorithms are difficult to refine once and require maintenance personnel to continuously upgrade their algorithms in the light of potential attacks. 9.5、 SFT：以太坊的 SFT 布局——在 NFT 与 FT 间寻找无 数可能 最初的 NFT 诞生于以太坊，开创了 NFT 与 FT 代币共存的生态。区块链中代币可分为 NFT 与 FT （同质化代币），且均被广泛使用。以以太坊为例，以太坊的 ERC-20（FT）与 ERC-721（NFT） 代币数量巨大，但在现阶段的应用中均有限制，主要的限制是：ERC-20 缺少对于转账事件的反馈， 而 ERC-721 无法规模化交易，而且 ERC-20 与 ERC-721 之间彼此不兼容，这大幅增加了区块链 应用的设计逻辑。 The initial NFT was born in Etheria, which created an ecology where NFT coexists with FT tokens. The tokens in the block chain can be divided into NFT and FT (symmetrical tokens) and are widely used. For example, the ERC-20 (FT) and ERC-721 (NFT) tokens are huge, but they are limited in their application at this stage by the lack of feedback from the ERC-20 on transfer events, and by the fact that ERC-721 cannot be scaled up, and by the incompatibility between ERC-20 and ERC-721, which significantly increases the design logic of the block chain application. 以太坊推出更有效地使用资源和调度的方式：ERC-1155。ERC-1155 的创建将 ERC-20 与 ERC721 联合起来，克服了原有应用中出现的局限性，提高基于以太坊各项应用管理的效率。不仅如此， ERC-1155 避免了目前存在的代币碎片化问题，允许相同类型的合约控制两种类型的代币。基于 ERC-1155，dApp 的开发者可以创建 SFT（半可替代代币），并使用同一合约注册可替代代币和 不可替代代币，使资源利用更加有效。（报告来源：未来智库） In addition, ERC-1155 avoids the current problem of monetization and allows the same types of contracts to control both types of coins. The ERC-1155, dApp-based developers can create SFTs (half-substitute) and use the same contract to register as a substitute and as an irreplaceable alternative to a proxy, making the use of resources more efficient. 十、元宇宙时代，互联网形态是否会发生变化？ 10, will the shape of the Internet change? > 基于元宇宙的发展，互联网的协议可能发生改变，互联网会针对于打造可信化的数字底座进行演 进。而区块链技术也在攻克自身的缺陷：交易吞吐量低、与外界沟通困难等。 Based on the development of the meta-cosmos, the Internet’s protocols may change, and the Internet will evolve to create a credible digital base. Block chain technology is also tackling its own flaws: low trade throughput, difficulties in communicating with the outside world, etc. 10.1、区块链容量的改变 10.1, change in block chain capacity 以太坊：区块链 1.0 到区块链 2.0 以太坊是区块链 2.0 时代的标志。以太坊在比特币的基础上加入了智能合约，让区块链应用生态的 构建拥有了基础。智能合约首次让区块链数据具备图灵完备的编程能力，已成为区块链的核心技 术，使开发者可以在开源原生框架下创造运行程序。但是智能合约中的交易不可更改，不可撤回， 缺乏灵活性。 Ether is the symbol of the era of the block chain 2.0. Ether entered into a smart contract on the basis of Bitcoin, which provides the basis for the application of the block chain to ecological construction. For the first time, the smart contract has enabled the block chain data to be programmed in such a way that it has become the core technology of the block chain, allowing developers to create operating procedures within the open-source framework. But the deals in the smart contract are unalterable, irrevocable, and inflexible. 路径探索：PoS 机制更贴近区块链 3.0 特征：资源消耗小、吞吐量高 区块链下一阶段的变革集中于应用端。其中包括更广泛的应用场景、更丰富的应用形式、更多的参 与人数等等。但现阶段主流的区块链公链均采用 PoW 共识机制，而 PoW 机制消耗计算资源过多 且消耗时间较长，不利于应用端的发展。 PoW 与 PoS 的区别在于：PoW 的算法复杂程度较高，不需要过度依赖节点间互相通讯与确认， 对代码实现的要求极低；PoS 算法对于多节点间的一致性验证、防伪等环节要去较高。但 PoW 对 于计算资源的要求极高，其对于资源的消耗成为被多方诟病。 Changes in the next phase of the block chain focus on the end of application. These include a broader application landscape, a richer application format, more participation and number of people. But at this stage, the mainstream block chain public chain uses the PoW Consensus mechanism, while the PoW mechanism consumes too much resources and consumes more time than the end of the application. 伦敦升级：区块链 2.0 到区块链 3.0 北京时间 2021 年 8 月 5 日 20:33:42，以太坊于其第 12965000 区块完成伦敦硬分叉升级。伦敦 硬分叉升级是以太坊多年来核心协议最大的一项更新。以太坊将 5 项提案被纳入此次伦敦硬分叉 升级，其中 EIP-1559 协议在以太坊社区中被关注程度最高。 Beijing time 2021, August 5, 20:33:42, Ether completed the hard fork upgrade in London in its block 12965,000. The hard fork upgrade in London was the largest update of the core agreement in the years. Ether added five proposals to the hard fork in London, with the EIP-1559 agreement receiving the highest attention among the Ether community. EIP-1559 协议主要为解决以太坊原有交易机制的问题。在以太坊原有的交易机制中，主要存在三 个问题：1）以太坊的交易费用（Gas fee）波动剧烈，交易费用会随着短期内交易需求的提升而快 速增长，在以太坊价格波动剧烈的阶段，其交易费用也会成倍数上升，为用户带来不合理的额外成 本；2）由于用户可以设置用于交易的成本，短期内交易费用的波动可能为用户交易带来不必要的 延迟，用户的交易需要等待市场交易费用下降至低水平后才能达成；3）以太坊采用第一价格拍卖 方式，以太坊的交易价格具有非实时公开性，即用户彼此之间不了解市场的即时交易费用水平，导 致以太坊交易效率低。 The EIP-1559 agreement addresses, inter alia, the problem of pre-existing trading mechanisms in Etheria. There are three main problems in the pre-existing trading mechanisms: 1) the volatility of transaction costs in the Tai shop, which will increase rapidly as demand for transactions rises in the short term, and the exponential increase in transaction costs in the period of high price volatility in the Taihouse, which will result in unreasonable additional costs for users; 2) the volatility of transaction costs in the short term, which may cause unnecessary delays in transactional transactions among users; the need for users to wait for market transaction costs to fall to a low level; 3) the introduction of first price auctions in the too-group, which is a non-real-time disclosure of transaction prices, i.e., users are unaware of the market's immediate transaction costs, leading to inefficient transactions in the near future. 针对以上痛点，以太坊提出 EIP-1559 协议，伦敦升级后以太坊交易流程得以优化。EIP-1559 协 议的变革在于：1）在伦敦升级后，以太坊可根据交易量动态调整区块大小，已解决交易拥堵问题； 2）EIP-1559 协议将交易费用拆分为基础费用与优先费用两部分，在完成交易后，基础费用部分的 以太币将燃烧、消失，而优先费用将会归矿工所有。EIP-1559 协议的基础费用将由父块的拥堵情 况决定，而优先费用则可由用户自身决定。 In response to these pains, the EIP-1559 agreement was proposed by the Tai Chamber, and the upgrading of London was optimized by the EIP-1559 transaction process. The changes to the EIP-1559 agreement were: 1) After the upgrade in London, the block size has been adjusted to take account of the volume dynamics of the transaction, and trading congestion has been resolved; 2) The EIP-1559 agreement splits transaction costs between costs and priority costs, which, after the transaction is completed, will burn and disappear in the tautese currency, while priority costs will fall to the miners. The EIP-1559 agreement base costs will be determined by parent block congestion, while priority costs can be determined by the users themselves. 伦敦升级及 EIP-1559 协议的短期影响：基础费用燃烧，矿工短期利润下降。伦敦升级前后，以太 坊的出币量与爆块奖励不变，而本身矿工可赚取的交易费用将有一部分被燃烧掉，这将降低以太坊 矿工的短期利润。根据 WatchTheBurn 网站统计，伦敦升级后约 1 周内，平均每个区块约燃烧 0.72 ETH。 The short-term impact of the London upgrade and the EIP-1559 agreement: the burning of base costs and a fall in the short-term profits of miners. Before and after the London upgrade, the price of the industry’s currency remains unchanged from the bursting incentive, while a portion of the transaction costs that the miners themselves can earn will be burned, which will reduce the short-term profits of the miners in Ether. According to the Watch The Burn website, approximately one week after the upgrade in London, each block would burn about 0.72 ETH on average. 伦敦升级及 EIP-1559 协议的长期影响： Long-term implications of London upgrade and EIP-1559: 基础费用的燃烧将有效降低以太坊通胀。伦敦升级前，以太坊每天约产生 13000 枚代 币，通胀率约为 4%。EIP-1559 升级后，以太坊代币供给量降低约 35%，以太坊的通胀 率将下降至约 2.5%。我们认为，以太坊并非希望通过 EIP-1559 造成以太坊的通缩（即 燃烧的代币量高于奖励的代币量）。如果仅凭基础费用的燃烧造成通缩，则以太坊交易 的基础费用需要达到 133GWei，伦敦升级后以太坊的交易基础费用约为 43-45GWei， 如果以太坊发生通缩，基础费用需要增长至现阶段的 3 倍。 The burning of base costs will effectively reduce the rate of inflation in the Pacific. Before the upgrade in London, the Pacific has generated about 13,000 coins per day, with inflation at around 4%. After the upgrade in EIP-1559, the supply of the Pacific dollar will be reduced by about 35%, and the rate of inflation in the Pacific will be reduced to about 2.5%. We believe that the East Pacific does not wish to cause the East Pacific deflation through EIP-1559 (i.e., the burning of the combustion of the base cost alone will require that the base cost of trade in the Pacific alone be 133 Gwei, while the base cost of trade in London will be about 43-45 Gwei, and that the base cost of trade in the Pacific after the upgrade will increase to three times the current stage. 第二，EIP-1559 可有效控制 GAS 费用。伦敦升级后，以太坊的单笔转账费用可低至 1 美元左右，这个价格预计会被以太坊用户接受，此外这也有利于以太坊流失用户的回流， Second, EIP-1559 effectively controls GAS costs. Once London has been upgraded, the cost of a single transfer in the district can be as low as $1, which is expected to be accepted by the users in the district, and will also facilitate the return of users who have lost in the district. 以太坊的生态得以继续拓展。 为什么我们认为伦敦升级具有深刻的变革意义？以太坊 2.0 演进的必经之路。以太坊 2.0 通过技术 研发，帮助以太坊可以通过很小的代价获得极高的性能和应用扩展性。以太坊 1.0 向以太坊 2.0 的 演进主要分为三个阶段： Why do we think that London upgrades have profound transformative significance? Ether 2.0. Ether 2.0. Through technology, Ether 2.0. Helps Ether to achieve extremely high performance and application extension at a very small cost. Ether 1.0 evolves to Ether 2.0 in three stages: 阶段一：以太坊发布信标链并在信标链上实行 PoS 验证，此时以太坊 1.0 将继续正常运行； Phase 1: Ether releases the beacon chain and carries out PS validation on the beacon chain, at which point Ether 1.0 will continue to function normally; 阶段二：发布分片链并允许数据存储在分片链上，此时分片链不能处理链上交易。以太坊 1.0 可以继续正常运行，亦可以作为分片链整合进以太坊 2.0； Phase two: Disconnecting and allowing data to be stored on the Fracture Chain, when the Fracture Chain is not capable of dealing in the chain. Ether 1.0 can continue to function properly and can be integrated into Ether 2.0 as the Fracture Chain; 阶段三：允许分片链上处理交易，并且将以太坊 1.0 作为执行环境过渡到以太坊 2.0 上，完 成以太坊 1.0 向以太坊 2.0 的演进。 Phase three: Allowing transactions to be processed on the segment chain and transitioning to Etheria 2.0 as the enforcement environment to Etheria 1.0 to Ether 2.0. 伦敦升级对减少代币发放后的以太坊生态进行实验，并期望通过塑造低通胀、低交易费用的环境促 进以太坊生态发展。而以太坊 2.0 旨在通过 PoS 共识机制替代以太坊 1.0 的 PoW 共识机制，降低 以太坊的能耗，节约能源，同时以太坊通过分片的方式扩大交易容量，得以支撑发展后的以太坊生 态。 London has upgraded to experiment with the Taiwan ecology, which reduces the issuance of tokens, and expects to promote the development of the Etheria ecology by shaping an environment with low inflation and low transaction costs. By replacing the PoS consensus mechanism with a PoW consensus mechanism that reduces the energy consumption of Etheria, saves energy, and expands the trading capacity of the Ethio-Technology by fragmenting it to support the development of the Ethermian state. PoS 后话：DPoS 机制 Delegated Proof of Stake（委托股权证明）是 PoS 共识机制的进化方案。在常规 PoW 和 PoS 中， 对于任意新加入的区块，需要整个网络节点确认，而在 DPoS 下，可以通过不同的策略不定时的选 中一小群节点来完成新区块的创建、验证、签名和相互监督过程。这样可以大幅度减少区块创建和 确认所需要消耗的时间和算力成本。 Delegated Proof of Stock is an evolutionary approach to the PS consensus mechanism. In conventional PWs and PSs, the entire network node is required to identify any newly added blocks, while under DPoS, a small group of nodes can be selected with varying strategies and uncertainties to complete the process of creating, validating, signing, and mutual monitoring of new blocks. This can significantly reduce the time and computing costs involved in creating and confirming blocks. 以太坊通过 Layer2 实现扩容 以太坊通过 Rollup 技术实现扩容。对以太坊来说，要实现原生扩容（执行分片）需要很长一段时 间。以太坊通过 Rollup 技术（数据分片）技术作为方案解决以太坊的吞吐量瓶颈，可以至少将以 太坊的吞吐量提升 100 倍。 It will take a long time for Ether to achieve primary expansion (execution fractions). Using Rollup technology (data fractions) as a solution to the taupulega bottlenecks in the taupulega, it can increase it by at least 100 times. 10.2、区块链网络开放性的改变：跨链技术 & 链上链下数据 互联互通 数据联通的刚需 跨链技术的需求：区块链缺少成熟统一的标准。在建设基于区块链的应用时，不同项目采用 了不同技术的底层链，因此不同区块链之间数据通信、价值转移面临着数据孤岛的现象。 Needs for cross-chain technologies: Block chains lack mature and uniform standards. When building blocks-based applications, different projects use different technology-based bottom chains, so data communication and value transfer across blocks chains face data silos. 链上链下联通的需求：智能合约需关联外部数据。智能合约大多数时间需要关联某些数据源 的链下数据，包括实时数据、API 数据等。这些数据均不保存在区块链上，而区块链受共识机 制限制，无法直接获取这些链下数据。 The need for connectivity in the chain: smart contracts need to link external data. Smart contracts need to link data in the chain for most of the time to certain data sources, including real-time data, API data, etc. These data are not stored in the block chain, which is limited by the consensus system and does not allow direct access to data in the chain. 跨链技术 cross-link technology 跨链技术是区块链实现数据联通、提升可扩展性的技术手段。现阶段比较有代表性的跨链技术包括：Ripple 公司主导设计发起的实现跨链交易转账的互联账目协议 Interledger Protocol（ILP）；锚定一个底层链为基础的区块链侧链技术；解决转账速度慢、网络拥堵问题而采取的链下支付技术，如针对比特币的闪电网络（Lightning Network），针对以太坊的雷电网络（Raiden Network）。 Cross-chain technologies are the technical means to achieve data connectivity and increase scalability in block chains. At this stage, more representative cross-chain technologies include: the Internet Account Agreement (ILP) for transfer of cross-chain transactions, designed under the leadership of Ripple Corporation; the technology for anchoring a bottom-chain-based block chain; and the technology for sub-chain payments to address slow transfer and network congestion, such as Lighting Network, for Bitcoin, for the Rayden Network network. 链上链下数据联通 预言机提供智能合约的触发条件是外部信息时的数据服务。区块链预言机是将区块链安全连接至 链下系统的中间层，区块链可以通过预言机连接至数据提供商、Web API、企业后端、云服务商、 物联网设备、电子签名、支付系统以及其他区块链等各种链下环境。 Predictor provides the trigger for an intelligent contract with data services when external information is available. The block-chain premonition is a secure link to the middle of the chain system, which can be connected to various chain settings such as data providers, Web API, enterprise backends, cloud service providers, object-networking devices, electronic signatures, payment systems and other block chains. 10.3、传统网络协议的“区块链化”演进：Dfinity 互联网计算机 Dfinity 基金会是非营利性组织，目标是帮助开发者、企业、个人及政府更好地融入到区块链网络中 来。Dfinity 创建了互联网计算机，在互联网计算机的容器 Canister 上所有的应用、智能合约都是 去中心化的，互联网计算机没有主网只有子网，是世界上唯一一个可以去除智能合约局限性的计算 机。 Dfinity 基于互联网计算机协议使用新的加密算法，使得互联网计算机实现世界计算机的功能。通过 互联网计算机区块链，可以存储所有软件，包括分布式应用、DeFi、Web3 游戏等。而且，互联网 计算机在自主物理网络上进行的，在这样的架构中没有云计算架构。 The Foundation is a non-profit organization whose goal is to help developers, businesses, individuals, and governments better integrate into a network of block lines. It creates an Internet computer, and all applications and smart contracts on Internet computer containers, Canister, are centralized, and Internet computers have no main network but a subnet, the only computing machine in the world that can remove the limitations of smart contracts. 通过互联网计算机去除智能合约局限性且减少储存费用 互联网计算机有非常快的速度，每两分钟就可以更新调用，速度可以达到 200ms，相较其他区块 链拥有许多优势。同时，互联网计算机可以显著得降低存储成本，这为去中心化的网络运营提供了 基础。 Internet computers are fast enough to be updated every two minutes to reach 200 ms, with many advantages over the chain of other blocks. At the same time, Internet computers can significantly reduce storage costs, which provides the basis for decentralized network operations. （本文仅供参考，不代表我们的任何投资建议。如需使用相关信息，请参阅报告原文。） (This document is for information purposes only and does not represent any of our investment proposals. For relevant information, please refer to the original version of the report. 精选报告来源：【未来智库】。 .
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