原标题Web3.0撕裂资本圈
Original heading Web3.0 tore the capital circle.
深燃（shenrancaijing）原创
Deep combustion (shenrancaijing)
作者 | 李秋涵
Mr. Lee Qiu-hek
编辑 | 魏佳
* The present report is being issued without formal editing.
Web3.0霸屏，又一个概念火了。
Web3.0, it's another concept.
和当初元宇宙概念兴起时的情景类似，这一概念10多年前就有人提出过，在移动互联网时代陷入增长瓶颈时期被热捧，知名机构投它，投资人关注它，社交媒体上在讨论它。而对于普通人来说，就正如网友感叹的那样，“每次看这种文章，都是一个字一个字看完，仍然一头雾水。”
Similar to what happened at the time when the meta-cosm concept arose, which was raised more than 10 years ago, when a time of growth bottlenecks in a mobile Internet era was acclaimed, invested in it, invested in it, and discussed in social media. And for ordinary people, as they lament, “every time you look at such an article, it's a word, it's a word, it's still a fog.”
近期，Web3.0直接带动资本热情的，是国际知名投资机构的动作。2月，全球最大风险投资之一的红杉资本，宣布推出一支专注于投资Web3.0相关技术创业公司的基金，资金规模在5亿至6亿美元之间。美国知名私募股权投资公司贝恩资本也成立了5.8亿美元的加密货币专门基金。
In February, Redwood Capital, one of the world’s largest venture capital investments, announced the launch of a fund dedicated to investing in Web3.0-related technology start-ups, with a capital of between $500 million and $600 million. The US-renowned private equity investor, Bain Capital, has also set up a $580 million special fund for encrypted currencies.
据媒体不完全统计，2022年1月1日-2022年4月26日，红杉资本以每周一家的投资速度，共投资了17家Web3.0公司。而投资机构Coinbase Ventures在2022年第一季度，就投资了71家公司，除去休息日，几乎一日一投。
According to incomplete media statistics, on 1 January 2022 and 26 April 2022, Redwood capital invested in 17 Web3.0 companies at a weekly rate of investment, while the investment agency Coinbase Ventures invested in 71 companies in the first quarter of 2022, almost one day after the day off.
但相比于对元宇宙的高谈阔论，更多投资人对它讳莫如深。人们对它的态度也截然不同，有人认为这是通往新世界的大门，必须赶在下一次浪潮来临前抓住机会，有人认为这是过于理想的空谈概念，在当下的大环境下难有落地空间。
But there's more investors to it than talk about the meta-cosmos. There's a very different attitude towards it. Some think it's the door to the new world and must seize the opportunity before the next wave, some think it's too ideal a rhetorical concept, and there's no room in the present environment.
那么，Web3.0是什么？现阶段投资人在投什么？为什么资本圈的观点大相径庭？它的发展前景到底如何？
So, what is Web3.0? What is the investor doing at this stage? Why is there a wide divergence of views in the capital circle?
Web3.0是什么？
What's Web3.0?
其实不论元宇宙，还是Web3.0，都是为了方便描绘未来新形态诞生的概念。
In fact, whether it's a metacosystem or Web3.0, it's designed to make it easier to describe the concept of the birth of new forms in the future.
Web3.0中的Web，即万维网，是互联网提供的主要服务之一。根据维基百科上的解释，可以把它简单理解为是一个通过互联网访问的资讯系统，包含了比如我们日常在网上会使用到的文件、图片、多媒体等信息资源。
Web in Web3.0, the World Wide Web, is one of the main services that the Internet provides. It can be interpreted simply as an Internet-accessed information system that contains information resources such as documents, pictures, multimedia, etc. that we use online on a daily basis.
至于1.0、2.0、3.0，则是由业内人员制造出来，方便理解万维网发展的不同阶段。本文讨论的Web3.0概念以近期较为主流的解读为主，它来自美国区块链数据库公司Messari研究员的一篇文章。
In the case of 1.0, 2.0, and 3.0, they are produced by practitioners to facilitate understanding of the different stages of the development of the World Wide Web. The Web 3.0 concept discussed in this paper is based on a recent, more mainstream interpretation and is based on an article by Messari Researcher of the US Block Chain Database.
要厘清Web3.0的概念，绕不过Web1.0和Web2.0。
The concept of Web3.0 should be clarified so as not to bypass Web1.0 and Web 2.0.
在这版解释里，Web1.0时代，网页是“只读的”，用户只能搜索信息，浏览信息，无法参与创作。比如早期人们在互联网上浏览新浪网站、搜狐网站的资讯等，只是在资讯下留言、评论、互动。Web2.0时代，网站是“可写可读的”，即用户不仅仅是内容的接收方，还可以参与创作内容，比如发短视频、发微博、写大众点评等。现在，人们就正处于Web2.0阶段。
In this version, web pages are “read-only” in Web1.0. Users can only search information, browse information, and do not participate in creation. For example, early people view new wave sites on the Internet, search information on fox sites, etc., and leave messages, comment, and interact with information. Web 2.0 is “readable” in Web 2.0, where users are not just recipients of content, but are also involved in creating content, such as short videos, microblogging, writing public comments, etc.
这两个时代，都是中心化的形式，与用户有关的所有数字资产，都从属于某一家巨头公司，用户在平台上生产的内容，不属于用户；用户在不同平台上的数据，也不能跨平台使用。比如，用户在淘宝上的行为数据，微信并不能获得并使用，抖音上的视频内容，也不能直接转到微信上等。
Both times are centralized, with all digital assets related to users belonging to a giant company, whose content is produced on the platform and does not belong to the user; the user’s data on different platforms cannot be used across the platform. For example, the user’s behavioural data on treasures cannot be obtained and used, the video content on twitches cannot be transferred directly to the micro-mail.
而在近期流传的Web3.0时代概念里，一切内容是“可读可写可持有的”。这是一种去中心化的模式，每个用户都能掌握自己的数字资产和数据，主导权不在互联网巨头手中，而在用户手中。
And in the recently circulated Web3.0 concept,
英诺天使基金合伙人王晟对深燃进一步解释，“现在，用户到淘宝购物，它可以凭借用户过往的行为数据，推荐用户可能感兴趣的商品。未来，平台想推荐商品，必须获得用户的授权，即数据的使用权掌握在用户手里，这是Web3.0基本的逻辑”。
In the future, the platform must be authorized by the user, i.e. the right to use the data, which is the basic logic of Web3.0, to recommend goods that may be of interest to the user.
在理解“可持有”上，国盛证券做了一个游戏应用的比喻。在Web2.0时代，用户玩王者荣耀，不能将喜欢的孙悟空杀进魔兽世界，这不是因为技术实现难，而是因为控制权并不在用户手中。而在Web3.0的世界里，用户可以不受第三方限制进入一个游戏世界，可以将喜欢的形象自由植入到游戏里，还可以让角色跨平台行动。
In the Web 2.0 era, users played the glory of kings and could not kill their favorite Sun Goku into the world of monsters, not because technology was difficult to achieve, but because control was not in the hands of users. In the Web3.0 world, users had access to a world of games free of third-party restrictions, freeing images of likeness into the game, and allowing actors to move across platforms.
在这里，用户可以畅游在Web3.0的世界，不用受巨头生态隔离的限制。用户数据隐私，将通过加密算法和分布式存储等技术手段获得保护；用户主导内容的诞生，并且还能直接获得数据、内容带给他们的价值。
Here, users can swim freely in the Web3.0 world without being constrained by big ecological isolation. User data privacy will be protected by technical means, such as encryption algorithms and distributed storage;
在王晟看来，Web3.0就是构建在区块链基础上的，去中心化的一种新互联网应用形态，背后是生产关系的创新。这其中，有两个板块必不可少，一个是区块链技术，一个是Crypto，即基于区块链技术的加密货币。
In Wang’s view, Web3.0 is a new form of Internet application built on a block chain, decentralized, behind which there are innovations in productive relationships. Two of these are essential, one is block chain technology and the other is Crypto, an encrypted currency based on block chain technology.
他介绍，区块链是构建Web3.0的基础，也是实现“可持有”的技术支撑。我们可以简单将区块链理解为一个共享的账本，能储存数据、交换价值，记录交易活动，而且不受任何中心化的实体控制。总之，它为Web3.0提供了安全的执行层，使用户可以在这里创建、发行、交易加密资产。
He described the block chain as the basis for the construction of Web3.0 and as a technical support for achieving “possibility.” We can simply interpret the block chain as a shared ledger that can store data, exchange values, record transactions, and not be controlled by any centralized entity. In short, it provides a secure enforcement layer for Web3.0 where users can create, issue, and trade encrypted assets.
而加密货币，可以理解为Web3.0里的原生货币，和法定货币不同，仅用于支付Web3.0服务并参与Web3.0的治理。
The encrypted currency, on the other hand, can be understood as the original currency of Web 3.0 miles, unlike the legal currency, which is used only to pay for Web3.0 services and to participate in the governance of Web3.0.
必须提及的是，由于加密货币的介入，让人对Web3.0的发展打上问号，也有媒体解读，Web3.0“非币化”在国内才有落地机会，一位行业人士解释，就像“只要区块链技术，但不要后面的Crypto”。
It is important to mention that, as a result of the intervention of encrypted currency, which has led to a question mark on the development of Web3.0 and a media interpretation, Web3.0 “decodification” has only a chance of landing in the country, as explained by one trader, as follows: “Just block chain technology, but not Crypto behind”.
一位在美国硅谷从事区块链项目创业的技术人士对深燃介绍，在美国，区块链项目的展开逻辑是自下而上的，往往是出现一个创业公司，技术人员拿到投资后做出自己的链，就可以ICO（筹措资金）套现，再用套现的现金付钱给开发者们，让他们在这个链上做一些产品，联合形成一个生态。
In the United States, where a technologist who started a block chain project in Silicon Valley, described the depth of the fire, the logic behind the block chain project was bottom-up, often with the emergence of an entrepreneurial company, where technicians could make their own chain of investment and then pay the developers with cash in cash to produce some products on the chain and form an ecosystem.
而在中国，更像是自上而下的逻辑，由政府主导，目前已经成熟应用到车道罚款、信息登记等政府类的项目里，是在产业上布局，而不是消费布局，主要涉及的领域有农业、工业、碳交易、政务等。一些项目也在与腾讯、阿里这类大厂合作。
In China, more like top-down logic, government-led projects are now ripe for use in government-type projects such as lane fines, information registers, etc., in industrial, rather than consumer, areas such as agriculture, industry, carbon trading, government, etc.
不论哪种模式，整体来说，在Web3.0时代，用户的时间、内容创造以及劳动投入，都会通过区块链技术形成数字资产，交付到用户手上。
In either case, overall, in the Web3.0 era, users'time, content creation and labour inputs were delivered to users through block chain technology to form digital assets.
投资人在投什么项目？
尽管Web3.0看似遥远，还有不少技术问题需要解决，但它描绘出的图景能解决当下互联网存在的数据资产归属、数据安全、隐私泄露、巨头垄断等问题，这让不少投资人将其视为一个必然的趋势和方向。
Despite the seemingly remote nature of Web3.0 and the many technical problems that still need to be addressed, the picture it paints addresses issues such as the attribution of data assets to the current Internet, data security, privacy leaks and mega-monopoly, which allows many investors to see it as a necessary trend and direction.
一些代表着市场反应的数据也在成为佐证。
Data on market responses by a number of representatives were also supported.
东吴证券统计，根据加密货币数据公司dappradar数据，2022年2月平均每天的独立活跃钱包数（UAW，可以简单理解为在加密货币平台上的用户数）达到235万。而据加密资产价格跟踪网站CoinMarketCap统计，截至2022年4月4日，NFT（非同质化代币，可以简单理解为一种“数字产权”）主流项目资产规模合计达到约101.61亿美元。目前市值最高的NFT项目Bored Ape Yacht Club，已经接近41.83亿美元。
East Wu Securities Statistics, based on data from the encrypted money data company dappradar, the average daily number of active wallets (UAWs) in February 2022, which can be easily understood as the number of users on the encrypted currency platform, reached 2.35 million. According to the encrypted asset price tracking website CoinMarketCap, as of 4 April 2022, the total size of the NFT (non-assimilated tokens, which can be understood simply as a “digital title”) in mainstream projects amounted to approximately $10,161 million. The current highest market value of the NFT project, Bored Ape Yacht Club, was close to $4,183 million.
知名投资机构中，在移动互联网时代投资过多家明星企业的红杉资本、a16z等，都在积极布局Web3.0。
Distinguished investment institutions, redwood capital, a16z, etc., that invest in too many star businesses in the mobile Internet age, are all active in the deployment of Web3.0.
根据IT桔子的记录，在5月，就有Web3.0开发平台、社区平台、生活方式应用程序、NFT初创公司等获得融资，融资金额大多在1000万美元到5000万美元之间。
In May, IT oranges recorded financing of Web3.0 development platforms, community platforms, lifestyle applications, NFT Startup, etc., mostly between $10 million and $50 million.
如果将Web3.0视为一个新系统，需要投资布局的可以分为基础设施技术、上层应用、管理工具等几大类。
If Web3.0 is to be considered a new system, investment configurations can be grouped into broad categories of infrastructure technology, top-level applications, management tools, etc.
比如，华映资本近期表示对Web3.0进行布局，其高级投资总监朱彤对深燃透露，现在Web3.0处早期阶段，从底层基础设施到上层应用都不完善，他们更偏向对Web3.0生态进行投资布局，关注的细分领域涉及基础设施、工具、Defi、NFT、gamefi等。
For example, China’s capital recently indicated a layout for Web3.0 and its senior investment director, Chu, revealed deep fire. At this early stage of Web3.0, neither the bottom infrastructure nor the upper-level applications are perfect. They are more inclined to invest in Web3.0 eco-systems, with a breakdown of areas of concern relating to infrastructure, tools, Defi, NFT, Gamefi, etc.
他提到，在Web3.0领域，现阶段大部分的项目偏“模式创新”，头部项目具有明显的马太效应，团队在产品迭代和运营方面的能力非常重要。在投资时，由于Web3.0行业目前变化非常快，较难从终局思维去判断一个项目是不是能做起来，行业群雄纷争，就像三国早期一样，投资人更重要的是“投人”，即找到曹操、刘备这样能打的团队。
In the area of Web3.0, he mentioned that most of the projects at this stage were in favour of “model innovation” and that the head project had a clear Matthew effect, and that the team’s ability to produce and operate was very important. At the time of the investment, given that the Web3.0 industry was currently changing very rapidly, it was more difficult to judge from the final thinking whether a project could be done, and the industry was as aggressive as it had been in the early years of the three countries,
至于投资的项目，可以分为美元基金、人民币基金两个板块探讨。
As for investment projects, they can be divided into two sections, the United States dollar fund and the renminbi fund.
王晟介绍，不考虑国内外环境，以美元基金的投资布局动作来看，大家对Web3.0的布局可以分为三大类。
Wang Xing explained that, regardless of the domestic and foreign environment, the organization of the investments of the United States dollar fund can be divided into three main categories.
第一类是矿圈。挖矿，指通过类似电脑推演算法来获取加密货币的过程，“矿”源自对采矿的比喻，矿圈即专注于挖矿的矿工圈子，大家投资的大多是矿机、矿池、挖矿组织。“矿工是最原始的，也是最有影响力、最有钱的阵营，会有人投资，不过不是主流VC关注的主力部分”，王晟表示。
第二类是链圈。链圈可以理解为专注于区块链技术的研发、应用的圈子。投资的项目即为Web3.0提供技术相关的支持，如跨链桥、智能合约开发等，“这是主流投资人在关注的领域”，他表示。
第三类是币圈，即Defi，去中心化金融，是指投资依托于区块链技术研发出来的加密货币项目。在他看来，去中心化金融锚定的资产，还是主要在Web3.0里，但根据现在的发展来看，有机会逐渐锚定更多实体资产。不过，这极容易与炒币挂钩，需要排除一些割韭菜的项目。
由于国内外投资环境不同，目前“美元基金是敞开投的，很多项目都在看”，王晟透露，人民币基金，只有数字藏品领域是有可能合规的投资领域，“国内数字藏品平台背后的股东，已经有一些投资机构在里面”。
Because of the different domestic and foreign investment environments, the current “dollar fund is open and many projects are being watched”, Wang Yong revealed that the renminbi fund,
这一类项目，多家大厂也在布局，比如支付宝推出的蚂蚁链粉丝粒，腾讯推出了幻核APP等。
In this category of projects, large plants are also being laid out, such as ants-chained fan grains launched by payment treasures, and tungsten has introduced hallucinogenic nuclear APPs, among others.
需要强调的是，由于Web3.0的概念大火，随之诞生的创业项目不少，但也鱼龙混杂。
It is important to note that, as a result of the burning of the concept of Web3.0, a number of entrepreneurial projects have been created, but they are also mixed.
一些创业者在做的Web3.0项目，试图将移动互联网的产品，迁徙到Web3.0里，就像当初从PC互联网迁徙到移动互联网一样。比如有创业者提到，正将微博或者腾讯文档等互联网产品“搬”到Web3.0上。
Some entrepreneurs are working on the Web3.0 project, which seeks to move mobile Internet products to Web3.0, just as they moved from PC to mobile Internet. For example, entrepreneurs mention that Internet products such as microblogging or tweak files are being “moved” to Web3.0.
投资人陈兮兮表示，这其中有一些创业者在做取巧的项目。即在Web3.0世界里，做Web2.0的映射和打通。当下Web3.0还没有到来，很多产品介于Web2.0与3.0之间，甚至成为2.0与3.0之间的桥梁。比如用户进入Web3.0体系时，需要认证他在Web2.0是谁，有哪些资产，这些产品正在把他们在Web2.0的数字资产，平移至Web3.0世界里。
Investors say that some of these entrepreneurs are doing smart projects. That is, in Web3.0 world, web 2.0 maps and connects. Web3.0 has not yet arrived, and many products range between Web 2.0 and 3.0 and even become bridges between 2.0 and 3.0. For example, when users enter the Web3.0 system, they need to authenticate who he is and what assets web2.0, and the products are moving their digital assets in Web2.0 to Web3.0 world.
当下，也有不少投资人态度谨慎，表示对Web3.0只是分析关注、试图理解，并没有真正出手。
At the moment, there were also a number of investors who were cautious in indicating that the Web3.0 was merely an analytical concern, an attempt to understand, and did not really work.
Web3.0，是虚火吗？
对于Web3.0，有人追捧，也有人质疑。
In the case of Web3.0, there are those who take credit and there are those who question it.
特斯拉CEO马斯克曾公开质疑Web3.0，“我不认为Web3.0真实存在，现在更像是市场营销的热词。”推特前首席执行官多尔西也表示，“用户并不实际拥有Web3.0产品，Web3.0的实际拥有者是项目背后的风投机构，及其有限合伙人。”
Tesla Ceomask has publicly questioned Web3.0, “I do not believe that Web3.0 exists, and is now more like the popular word of marketing.” The former Chief Executive Officer of Twitter also said, “The user does not actually own Web3.0 products, and the actual owner of Web3.0 is the wind investment agency behind the project and its limited partners.”
一些曾被视为Web3.0的知名项目，轰然倒塌。5月，加密货币Luna大崩盘，仅用了几天时间，价格就从接近90美元一枚跌到了不足0.00015美元一枚。曾经的“P2E链游之王”Axie Infinity，其游戏代币SLP也曾在一夕之间跌破0.005美元，较最高点下跌了99%。
应用较为成熟的NFT领域，近期也出现了一次大乌龙事件，推特创始人杰克·多西2006年第一条推文被制作成NFT后，去年卖出290万美元，到了今年，这条推文的NFT最新报价回落至280美元，跌了一万多倍。
In the more mature NFT area, there has also been a recent event in the Great Ulong, with the founder of Twitter, Jack & Middot; following the production of the first tweet in Dosi in 2006 as NFT, $2.9 million was sold last year. By this year, the latest NFT offer for this tweet fell more than 10,000 times.
上述在美国硅谷从事区块链项目创业的技术人士介绍，将Web3.0建立在区块链基础上，实现起来有两大难点。首先是在技术上，单点MVP（最小化可实行产品）已经基本能实现，但缺少基础架构，即没有主链，“任何一条主链产生，都将对世界带来巨大改变，这背后有政治和经济上的障碍”。
The above-mentioned technologists working on block-chain projects in Silicon Valley in the United States presented two major difficulties in building Web3.0 on a block-chain. First, the single MVP (minimizing implementable products) has been largely achieved, but the lack of a base structure, i.e., without the main chain, “any chain of production will make a huge difference to the world, and there are political and economic obstacles behind it.”
其次是技术上的瓶颈，行业还需要大量的探索和积累。他举例，现在比特币的交易速度约为每秒7笔交易，而支付宝这类产品，峰值能达到每秒9万笔，“效率没有保障，存在较大问题”，他表示。
The second is a technical bottleneck, and the industry needs a lot of exploration and accumulation. For example, Bitcoin's transactions are now about seven transactions per second, while products such as payment treasures reach a peak of 90,000 per second, and “efficiency is not guaranteed, there are big problems”, he said.
也就是说，技术上并没有准备好，而在政治因素和经济因素影响下，也难以实现。
In other words, it is not technically ready, and it is difficult to achieve it under the influence of political and economic factors.
他举例，3年前，Facebook想推出自己的加密货币Libra，但被紧急叫停。当时美国国会议员指出了Facebook发币的“四宗罪”，简单来说，一是Facebook对世界四分之一的人口有影响力，如果发生危机，对美国甚至全球金融系统的稳定将造成巨大影响。二是缺乏监管及保护，投资者和消费者可能会受到各种威胁。三是不知道Facebook能否保护用户信息安全。四是可能会成为不受监管的洗钱工具。
For example, three years ago, Facebook tried to launch its own encrypted currency, Libra, but was stopped on an emergency basis. US Congressmen pointed to the “four counts” of Facebook coins, which, in short, had an impact on a quarter of the world’s population and, in the event of a crisis, would have a huge impact on the stability of the US and even the global financial system.
这也侧面表明这一模式在政治、经济上的处境。
This is also an indication of the political and economic context of the model.
陈兮兮表示，现在大家针对Web2.0不尽人意的地方，阐释改良空间，以此来界定Web3.0。在她看来，这两者间没有“黑与白”的差别，更多的是一种技术上的进步，让她持保留态度的是，“这种进步，是否在短期内真的必要，以及维持互联网生态的正常运转，是否需要达到这样极致的理想主义。”
In her view, there is no “black-white” difference between the two, more a technical advance, and she has reservations that “this progress, whether it is really necessary in the short term, and whether 以用户通过数据获得收益为例。Web3.0的确能做到保护用户的数据隐私，但要形成数据打通、实现确权，首先用户也需要公开其数据，为它定价，让它产生收益，“这本身与数据隐私，是有一些相悖的”。同时她提到，“一个很重要的前提是，怎么定义这些东西的价值，也需要很大的共识”。 Take, for example, the user's access to data. Web3.0 does protect the user's data privacy, but in order to generate data access and certainty, first the user needs to make its data publicly available and price it to produce benefits, “which are itself contrary to data privacy,” and she mentioned that “a very important premise is that there is also a great deal of consensus on how to define the value of these things”. 在她看来，Web3.0在逻辑上可以说通，但在落地上困难，势必会冲击现在的金融与政治体系。“它跟元宇宙的问题是一样的。大家没有想象出一个场景，是在Web2.0不能完成，必须在Web3.0能完成的。”陈兮兮表示。 In her view, Web3.0 makes sense logically, but the difficulty of landing on the ground is bound to hit the current financial and political system. “It's the same as the question of the meta-cosmos. You do not imagine a scenario that we have to do in Web 2.0, which we have to do in Web3.0.” Chen Quan Qui. 一位此前专注TMT领域的投资人告诉深燃，在研究Web3.0后，自己仍不理解，选择不投。在他看来，一些专注投资技术上的项目有价值，但现在更多是聚焦在割韭菜项目上，大火的Web3.0网游STEPN就像是典型的庞氏骗局。这个游戏的原理是“用户走路就可以赚钱”，但这本身没有产生价值，人们赚的钱，就是新加入的人出的钱，和此前涉嫌传销的“趣步”APP模式相似。 An investor who had previously focused on the TMT field told him that after studying Web3.0, he still did not understand and chose not to invest. In his view, some projects focused on investment technology were valuable, but now more focused on cutting vegetables, and the fire's Web 3.0-net STEPN was a typical Ponzi scam. The game's philosophy is that “users can make money by walking”, but it does not produce value in itself, and people make money that is paid by the newcomers, similar to the previously suspected “happy walk” APP model. 他表示，当下投资布局Web3.0技术相关的项目是有价值的，但不能盲目跟着知名机构、投资人投项目，“知名投资人投的项目，也有最后被夷为平地的时候。市场也会做出很多违背常识、让大家值得怀疑的事，但这时候，要相信自己的常识，自己的判断。” He said that projects related to Web3.0 technology in the current investment layout were valuable, but that it was not possible to blindly follow the projects of well-known institutions, investors, “the projects of well-known investors, and eventually razed to the ground.” The market of 朱彤表示，传统投资人更倾向于价值投资，但在Web3.0，很多项目缺少实际的使用价值，项目整体的生命周期较短，“如果从长期价值投资的角度去做判断，很多项目难以出手，但Web3.0领域投资退出周期较短，合适的时间退出，整体投资回报普遍还是不错的，所以要看投资者的心态，追求的是什么”。 According to Chu, traditional investors prefer value investment, but many projects lack real value for use, the life cycle of the project as a whole is shorter, “if judged from the perspective of long-term value investment, many projects are hard to come by, but the Web 3.0 investment has a shorter exit cycle, the right time to exit, and the overall return on investment is generally good, depending on the investor's mindset and what is being pursued”. 在他看来，每个人对于价值的判断不一样，就像有的人认为天天玩游戏没什么价值，但有的人认为有价值一样，“Web3.0也是同样的，要看参与者希望得到什么。很多人不看好，是因为现在这个阶段还不成熟，很多代币经济学模型看起来很‘庞氏’”。 In his view, everyone's judgment of value is different, as some think that playing games every day is worthless, but others think it is worth the same thing, “Web 3.0 depends on what the participants want. Many people don't like it because this stage is premature, and many monetic economic models look like “Ponzi”. 但他认为，是否认定为“庞氏”，也要看项目方能不能持续扩大共识，随着需求的变化调整产品和运营策略，将产品生态丰富，经济系统稳定下来。但在这个过程中，很多人就已经失败。 But, in his view, whether or not to call it “Ponzi,” it is also up to the project to continue to build consensus on how to adjust the product and the business strategy to make it eco-rich and stabilize the economic system as demand changes. But in the process, many have failed. 对于Web3.0的前景，陈兮兮表示，“在国内环境下，短期内不太可能有进展。”在她看来，只有由一些能获得政府监管机构支持和认可的大厂或公司做引导，Web3.0项目才有操作空间。 For the future of Web3.0, Chen stated that “in the domestic environment, progress is unlikely in the short term.” In her view, the Web3.0 project has only operational space if 不管怎样，Web3.0仍是今年以来最火爆和最具争议性的概念。一位投资人总结，当下的世界已经分为了新世界和旧世界，两大世界的支持者已经泾渭分明，“这两个世界现在是完全平行的”。 Web3.0 remains, however, the hottest and most controversial concept since this year. One investor summed up that the world is now divided into the new world and the old world, and that the supporters of both worlds have made it clear that “the two worlds are now fully parallel ”. “移动互联网没有新故事了，这是最真实的原因，现在大家需要一个新的故事”，陈兮兮表示。 “Moved Internet has no new story, which is the most real reason, and now you need a new story”, in the old words. *题图及文中配图均来源于视觉中国。应受访者要求，文中陈兮兮为化名。 At the request of the interviewer, it is written under an alias.
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