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From YouTube: 2023 Hong Kong Web3 Festival - The Hitchhiker's Guide to Metaverse: NFT, GameFi and Infrastructure
Description
This is the playback of 2023 Hong Kong Web3 Festival "The Hitchhiker's Guide to Metaverse: NFT, GameFi and Infrastructure". The inaugural Web3 Festival, co-hosted by Wanxiang Blockchain Labs and HashKey Group and organized by W3ME, took place on April 12-15 at Hong Kong Convention and Exhibition Centre (HKCEC). This four-day event, hosted on five center stages across an area of about 9,000㎡, has seen over 10,000 attendees, 300 distinguished industry speakers, about 100 Web3 projects, community partners and media partners around the world congregate to network, share, and learn through high-level content and panel discussions.
A
A
A
Ladies
and
gentlemen,
I'm
Jasmine,
it's
my
pleasure
to
welcome
you
back
to
the
main
stage
of
the
Hong
Kong
web
free
Festival,
2023
co-hosted
by
Wang,
Xian,
blockchain
labs
and
hash
key
group
and
organized
by
W.
Free
me
in
this
session,
we'll
focus
on
the
topic
of
The
Hitchhiker's
Guide
to
metaphors
nft
game,
five
and
infrastructure,
and
we
have
invited
several
industry
experts
to
share
their
insights
on
the
subject.
A
A
Ladies
and
gentlemen,
next
please
welcome
Mr
Chen
Shu
executive
executive,
chairman
of
the
matter,
Universe
professional
Committee
of
the
global
carbon
neutrality,
action
steering
committee,
deputy
director
of
The
Meta,
Universe,
professional
Committee
of
the
China
Association
for
the
promotion
of
international
science
and
technology
and
founder
of
matazette,
a
serial
carbon
Universe
Think
Tank.
Ladies
and
Gentlemen,
please
join
me
in
welcoming
Mr
tenshi
on
stage.
B
B
B
B
B
B
B
B
B
B
A
C
Thanks
for
inviting
me
to
address
the
Hong
Kong
web
free
Festival
in
order
to
get
millions
or
billions
of
people
using
the
metaverse,
we
need
to
create
experiences
that
lots
of
people
enjoy
having.
This
might
seem
too
obvious
to
even
mention,
but
I,
sometimes
wonder
if
it's
fully
understood
by
some
of
the
players
in
this
space.
No
one
wants
to
go
into
the
metaverse
to
have
business
meetings,
everyone's
already
sick
of
meetings,
and
there
are
already
serviceable
Technologies
for
doing
that.
C
The
creators
of
these
experiences
work
in
various
roles:
texture,
artists,
animators,
sound
designers,
game
designers,
programmers
Etc.
These
people
are
good
at
using
extremely
sophisticated
software,
such
as
blender,
Maya,
Photoshop
and
Houdini
to
create
assets
that
can
be
packaged
together
as
games
in
order
to
get
those
people
to
make
metaverse
experiences
it'll
be
necessary
to
pay
them.
So
there
has
to
be
an
economic
model,
that's
at
least
as
appealing
to
them
as
the
one
that
exists
they
in
the
game
industry.
C
Now.
Typically,
a
game
is
a
large
collection
of
such
assets,
intricately
linked
together
in
a
game
engine
to
make
a
product
a
single
IP
owned
by
a
single
company
that
can
be
sold
to
end
users.
Of
course,
different
Revenue
models
exist.
Some
games
are
free
to
play,
for
example,
but
there's
still
a
company
that
owns
the
IP
and
that
can
make
money
from
it.
C
Somehow,
eventually,
some
of
the
revenue
is
used
to
compensate
the
people
who
actually
created
the
game
or
to
be
precise,
to
compensate
The
financiers,
Who
fronted
the
money
that
was
used
to
create
it,
but
I'm
not
really
here,
to
give
you
a
comprehensive
description
of
game
industry,
Finance
I'm,
drawing
your
attention
to
the
compartmentalization
of
the
IP.
Every
Creator
who
works
on
a
game
project
has
presumably
signed
an
IP
transfer
agreement
of
some
sort
that
gives
the
game
Studio
the
rights
that
it
needs
to
monetize
the
finished
game
and
thereby
to
pay
back.
C
The
investors
in
this
model
games
are
shrink
wrapped
collections
of
assets.
How
might
that
model
translate
to
the
metaverse?
Well,
the
basic
idea
of
the
metaverse
is
that
a
unified
spatial
metaphor
is
used
to
organize
a
large
number
of
different
experiences.
That's
the
key
difference
between
it
and
the
web.
The
basic
metaphor
of
the
web
is
that
of
the
link.
You
can
make
any
word
or
image
into
a
hyperlink
that
will
take
you
immediately
to
a
different
page
in
the
metaverse.
By
contrast,
there's
one
virtual
space
that
follows
the
rules.
C
C
In
this
approach,
the
streets
and
other
public
spaces
of
the
metaverse
basically
function
like
shared
game
lobbies,
but
as
soon
as
your
avatar
steps
over
the
threshold
into
Hogwarts
or
Call
of
Duty
or
whatever
you're
fully
immersed
in
that
game
world,
and
it's
really
no
different
from
booting
up
that
game
on
your
PC
or
your
console
and
playing
it
in
the
usual
way.
So
the
shrink
wrapped
model
of
game
finance
and
monetization
can
still
work
in
the
metaverse,
but
placing
those
games
in
the
metaverse
doesn't
really
add
value
to
those
experiences.
C
So
it's
probably
not
worth
the
trouble
in
order
to
make
it
worth
the
trouble
in
order
to
make
the
metaverse
valuable.
That
spatial
metaphor
needs
to
add
something:
that's
not
already
present
in
games,
as
we
know
them
today,
and
we
can
see
the
beginnings
of
this
in
games
like
fortnite,
Roblox
and
Minecraft.
The
phenomenon
of
modding
is
also
part
of
this.
Large-Scale
trend
games
like
Hogwarts,
Legacy,
Elden
ring
or
Assassin's
Creed,
are
artistically
coherent.
C
Every
detail
of
the
art,
Direction
and
game
design
reflects
a
certain
Creative
Vision,
but
fortnite
and
the
like
are
creative
mashups
in
fortnite.
Your
team
might
consist
of
John
Wick,
Iron,
Man,
Adonis
Johnson
and
a
blue
banana.
It
makes
no
sense,
but
no
one
cares.
It's
all
part
of
the
fun
and
even
games
that
are
meant
to
be
creatively.
Coherent
can
be
modded.
Valheim,
for
example,
is
a
beautiful
game
that
has
obviously
been
curated
with
x,
Exquisite
Care
by
its
creators,
but
more
than
200
mods
already
exist
for
valheim.
C
Some
of
them
make
the
game
better.
Some
of
them
don't
it's
up
to
the
player,
whether
you
want
to
experience
the
game
in
its
pure
form
or
pick
and
choose
from
among
the
many
available
mods
this
new
world
of
creative
mashups
and
out
of
control.
Modding
is
much
more
metaverse
like
than
the
traditional
game
industry,
but
it
raises
the
question
of
how
Creator
economics
is
going
to
work
if
I'm
employed
by
a
game
studio
and
my
job
is
to
create
a
hairstyle
for
a
character
in
a
traditional
video
game.
C
I
know
how
I'm
going
to
get
paid,
but
if
I
use
the
same
skill
set
to
create
a
hairstyle
that
can
be
used
by
someone's
Avatar
in
the
metaverse,
how
do
I
get
paid
for
that?
A
single
Avatar
could
combine
hundreds
of
different
assets,
textures
animations,
behaviors
accessories
and
so
on.
Each
of
those
assets
might
have
been
made
by
a
different
Creator.
C
As
the
Avatar
moves
around
the
metaverse,
it
could
interact
with
other
avatars
and
specific
experiences
in
a
number
of
permutations
that
might
as
well
be
infinite,
of
course,
we're
a
long
way
from
getting
that
level
of
interoperability
to
actually
work.
But
epic
games
is
recent.
Announcement
of
uefn
unreal
editor
for
fortnite
at
GDC
three
weeks
ago
shows
that
it's
beginning
to
happen.
C
There's
probably
a
way
to
do
that
using
Fiat
currencies
and
centralized
corporate
accounting
there's
always
a
way,
but,
to
my
mind,
there's
a
large
overlap
between
what
I've
just
described
and
the
capabilities
of
blockchain-based
technology.
I
can't
see
any
engineering
reason
why
all
of
the
millions
of
microtransactions
implied
by
this
should
all
be
routed
through
the
servers
and
the
bank
accounts
of
any
one
centralized
entity,
let
alone
a
for-profit
entity
with
an
opaque
Revenue
model.
C
That's
why
I
co-founded
lamina
one
which
is
working
to
build
a
new
layer,
one
blockchain
specifically
for
the
purposes
I've
described,
but
since
this
is
a
web
3
conference,
I,
don't
think
that
I
need
to
give
this
audience
a
sales
pitch
for
this
basic
idea.
So
I'd
like
to
use
the
remainder
of
my
time
talking
about
recent
Trends
in
this
industry
and
where
I
think
it
might
go
next.
C
C
A
few
weeks
ago
at
dice
in
Las,
Vegas
I
gave
a
keynote
on
the
topic
of
volatility.
Those
of
you
who
are
interested
in
this
might
want
to
look
it
up
and
watch
it,
but
I
have
enough
time
remaining
now
to
cover
some
of
the
basic
ideas.
The
key
point
is
that
premature
financialization
is
the
root
of
all
evil.
C
Well,
if
you
look
at
the
history
of
markets
anywhere
in
the
world,
they
begin
thousands
of
years
ago,
with
Ordinary
People
producing
everyday
items
that
are
useful,
such
as
food,
clothing,
tools,
shelter
and
so
on.
Markets
are
places
where
people
can
exchange
those
items
by
bartering,
something
like
3.
000
years
ago,
money
emerges
as
a
way
to
facilitate
the
exchange
of
goods
in
markets
once
money
exists,
additional
layers
of
abstraction
are
built
on
that
Foundation.
You
see
the
emergence
of
money
lenders
once
those
become
sufficiently
big
and
formalized.
C
We
call
them
Banks
currency
exchanges
come
into
existence.
Arbitraging
between
different
currencies
used
in
different
markets.
Bills
of
exchange
are
invented
to
facilitate
the
transfer
of
money
across
large
distances.
Joint
stock
companies
are
invented
stock
markets
and
moves
from
those
the
insurance
industry
annuities
by
bonds
the
bond
market.
These
are
all
inventions
that
emerged
during
the
last
thousand
years
or
so,
depending
on
which
part
of
the
world
you're
talking
about
almost
anything
can
be
financialized.
All
of
these
are
at
risk
for
occasional
crashes.
C
The
classic
example
would
be
the
2008
crash,
which
was
in
part
caused
by
Financial
products
such
as
synthetic
collateralized
debt
obligations
bets
on
bets,
which
were
too
complicated
for
anyone
to
understand
and
so
distant
from
the
actual
underlying
assets,
namely
houses
that
it
was
impossible
to
assess
their
value.
A
crash
occurs
when
people
lose
confidence
in
financial
abstractions
and
cash
out
of
their
positions.
C
C
The
development
of
these
abstract
financialized
systems
is
attractive
to
Smart,
ambitious
people
who
want
to
make
as
much
money
as
possible
without
doing
a
lot
of
work
or
accepting
a
lot
of
risk.
It's
what
economists
call
rent-seeking
Behavior
gaming,
a
system
to
gain
more
profit
without
actually
doing
the
things
that
create
new
wealth.
C
This
term
rent-seeking
behavior
only
emerged
in
the
economic
literature
within
the
last
50
years
ago,
although
once
you
understand
the
concept
you
can
see
it
throughout
history,
the
classic
often
cited
example
of
a
financial
bubble
is
the
tulip
bulb
Mania
in
the
Netherlands.
In
the
mid
1600s,
at
its
height,
some
tulip
bulbs
were
as
valuable
as
find
houses.
Obviously,
there's
no
real
circumstance
under
which
that
much
economic
value
can
really
be
extracted
from
a
tulip
bulb.
You
can't
eat
it.
You
can't
wear
it.
C
You
can't
live
in
it,
so
the
only
reason
someone
would
pay
that
much
money
for
a
tulip
bulb
was
in
the
expectation
that
someone
else
might
pay
even
more.
That's
speculation
in
its
classic
form
and
it's
an
example
of
rent
seeking
behavior
in
the
sense
that
the
people
who
do
it
are
hoping
to
make
money
without
actually
doing
anything
that
creates
wealth.
C
How
is
this
relevant
to
web
3
in
the
metaverse?
Well,
it
took
thousands
of
years
for
abstractions
such
as
collateralized
debt
obligations
to
emerge
from
markets
in
real
Goods
when
digital
currencies
began
to
emerge
just
within
the
last
10
years.
Players
in
this
world
very
rapidly
jumped
ahead
to
create
things
like
currency
exchanges,
fractional
Reserve,
Banks
and
so
on.
C
In
my
opinion,
the
volatility
that
we've
seen
in
the
value
of
cryptocurrencies
and
the
fates
of
connected
financial
institutions
such
as
FTX
results,
ultimately
from
too
much
energy
being
directed
into
financialization
and
not
enough
into
the
creation
of
wealth.
What
is
wealth
in
the
virtual
world?
We
know
what
it
is
in
the
physical
world,
its
houses,
Farms
factories
and
so
on
things
that
people
have
built.
What
would
be
the
virtual
equivalent
of.
D
C
Well,
if
we're
honest,
virtual
goods
are
never
going
to
have
the
same
Rock
Solid
basis
for
economic
value
as
potatoes
or
shoes,
because
we
don't
really
need
virtual
Goods
to
stay
alive.
You
can't
eat
a
hairstyle,
but
that
doesn't
mean
virtual
Goods
can't
have
reasonably
stable
value.
We
don't
need
diamonds
or
wine
to
stay
alive
either,
but
those
things
tend
to
retain
value
over
time.
Pretty
well
because
people
like
them
in
order
for
a
virtual
good
to
have
value
someone
just
has
to
care
about
it.
C
They
need
to
care
enough
that
they
don't
immediately
try
to
exchange
it
for
cash.
At
the
first
moment
that
its
market
value
looks
like
it
might
be
going
down,
the
virtual
good
has
to
possess
some
kind
of
utility
and
or
intangible
value
that
causes
the
owner
to
hesitate
before
mashing
the
sell
button.
C
In
order
to
make
an
analogy
to
the
use
I
I
like
to
make
an
analogy
to
the
used
book
Market.
If
you're
like
me,
you
probably
have
a
fair
number
of
books
in
your
house.
There's
a
market
for
used
books.
So
in
theory,
if
you
wanted,
you
could
probably
exchange
every
book
in
your
house
for
cash
tomorrow,
but
no
one
ever
does
this.
That's
because
the
intangible
value
that
your
old,
worn
out
dog-eared
copy
of
your
favorite
novel
has,
for
you
greatly
exceeds
the
amount
of
money
you
could
get
by
selling.
C
It
I
believe
that
we
saw
the
first
stirrings
of
that
kind
of
Market
in
the
rise
of
nfts
during
the
last
couple
of
years.
What
makes
these
things
valuable
is
right
there
in
the
name,
non-fungible
a
fungible
token
is
exactly
the
same
as
any
other.
A
non-fungible
one
is
unique,
and
typically,
what
makes
it
unique
is
that
it's
a
work
of
art
and
lots
of
people
are
willing
to
buy
and
hold
art
because
of
its
intangible
value.
Picasso
is
worth
much
more
than
the
canvas
and
the
paint
that
were
used
to
create
it.
C
Premature
financialization
has
had
a
negative
impact
on
this
Market.
However,
recently
some
of
the
exchanges
where
nfts
are
bought
and
sold
have
made
the
decision
to
stop
paying
artists
royalties
on
secondary
sales,
there's
a
business
reason
for
making
that
decision,
of
course,
but
it
removes
much
of
the
incentive
for
creators
to
put
their
valuable
talents
to
work,
making
new
assets
creating
wealth
as
opposed
to
Mere,
rent
seeking.
C
We
know
that
virtual
Goods
can
have
stable
enduring
value
even
when
they
are
being
bought
and
sold
for
many
years.
Games
like
World
of
Warcraft
and
Eve
online
supported
Market
mechanisms.
Warcraft
gold
has
been
exchangeable
for
hard
currency
for
a
long
time.
It's
famously
more
stable
than
some
national
Fiat
currencies.
C
So
these
virtual
Goods
markets
are
stable
because
the
games
are
fun
and
the
people
who
play
those
games
trust
the
makers
to
continue
delivering
the
intangible
characteristics
that
make
them
fun.
This
produces
a
virtuous
circle
that
has
the
potential
to
make
in-game
and
in
metaverse
economies
as
stable
as
real
world
markets.
For
things
like
used
books,
the
fundamental
Paradox
that
we
all
have
to
wrap
our
heads
around
is
that
the
harder
you
try
to
build
such
a
system
to
deliver
Financial
rewards
the
more
certain
you
are
to
fail
as
Rebecca
Barkin,
the
CEO
of
laminar.
C
C
Games
are
art
and
that
art
has
value
not
only
for
its
own
sake,
but
measurable
economic
value
as
well.
In
order
to
create
a
metaverse
that
will
attract
a
large
audience
and
become
an
important
part
of
our
cultural
and
economic
life,
we
need
to
fill
it
with
virtual
Goods
that
have
intangible
value
to
the
people
who
own
and
hold
them
part
of
that
intangible
value
lies
in
uniqueness.
C
Non-Fungibility.
We
get
that
by
tracking
the
history,
the
provenance
of
each
object
individually,
to
go
back
to
the
book
analogy.
Many
identical
copies
of
a
book
may
have
rolled
out
of
the
bindery,
but
your
copy
is
unique
because
you
have
a
history
with
it.
Keeping
track
of
that
provenance
is
something
that
blockchains
are
good
at
another
part
of
that
intangible
value
lies
in
the
aesthetic
qualities
the
Beauty
and
the
Elegance
of
a
particular
item
and
how
well
it
fits
into
a
creatively
coherent,
Universe.
C
We
get
that
by
making
it
economically
worthwhile
for
creators
to
spend
their
valuable
time
and
energy
making
such
things
establishing
a
system
for
paying
creators
isn't
therefore
merely
a
nice
thing
to
do.
Functioning
markets
are
the
basis
for
all
Economic
Development,
which
is
why
great
cities
have
always
tried
to
Foster
markets
or,
to
put
it
another
way,
cities
develop
around
markets
because
that's
where
wealth
is
created,
the
mediverse
will
develop
around
solid
markets
for
virtual
Goods.
A
E
E
E
E
E
A
A
gentle
reminder
for
all
of
you.
The
afternoon
session,
provides
some
retainers
interpret
interpretation.
You
can
use
WeChat
Twitter
browser
Etc
to
scan
the
QR
code
of
simultaneous
interpretation
on
the
signage
at
the
entrance
of
each
venue
or
the
conference
brochure
and
listen
to
the
simultaneous
interpretation
through
your
mobile
phone.
You're
also
recommended
to
bring
your
headphones
to
the
venues
in
advance
foreign.
A
Ai
Roger
Zhang
strategy
and
investment,
director
of
exterior
Dominic
law,
Chief
metaverse
office
of
Neopets
Mark,
Ryden,
co-founder
and
CEO
of
Matawan
and
Rio
mitsubara
representative
director
of
osis
private
limited.
Ladies
and
Gentlemen.
Please
join
me
in
giving
a
round
Applause
to
all
the
speakers
to
come
on
stage
now
ground
Applause,
please.
A
F
Hello:
okay:
we
are
having
the
round
table
like
new
Cycles
games
and
plus
web
3,
like
Outlook.
Actually,
I
can
still
remember
that.
Two
years
ago
we
were
in
Shanghai,
like
also
the
blockchain
like
conference
organized
by
hashki
and
the
one
shell.
Like
two
years
ago,
we
were
talking
about
medeva's
hives
virtual
world
I
can
still
recall.
F
The
memory
is
still
like
Vivid
we
I
guess
we
have
experienced
a
very
unique
and
Unforgettable
like
last
cycle,
like
crash
hype
and
so
on,
and
we
are
probably
at
the
starting
line
of
the
next
next
cycle.
So
but
we
have
to
learn
something
from
the
pasta
cycle,
so
we're
gonna
like
cover
three
parts
today
what
we
have
learned
from
the
last
cycle
and
where
we
are
doing
today
and
we
are
expecting
for
the
future.
So
first
I
probably
should
introduce
like
our
guests,
so
probably
Roger
go.
D
Yeah,
hello,
I'm,
Dominic,
so
I'm
the
project
leader
for
Neopets
metaverse,
so
we're
Reviving,
The,
Legendary,
Neopets
IP,
and
what
we're
trying
to
do
is
Bridge
the
kind
of
like
web
2,
mainstream
Gamers
and
attract
them
to
play
web3
games
and
one
of
the
biggest
draw
of
Neopets
as
being
one
of
the
first
web
browser
based
virtual
pet
raising
game.
That's
been
ongoing
for
23
years
and
a
big
part
of
it.
H
Hello,
everyone
I'm
mock
the
CEO
and
co-founder
of
metal.
One
network
we're
a
decentralized,
real-time,
rendering
Network.
What
that
means
is
essentially
a
cloud
gaming
service
built
on
the
blockchain
powered
by
mining
networks
right
so
essentially,
what
we've
been
able
to
do
is
reduce
the
ecosystem,
cost
of
rendering
Service
Such
that
cloud
gaming
technology
with
M1
is
now
scalable
through
the
regions
of
the
world,
where
it
would
provide
the
most
value,
which
is
essentially
places
where
low
end
devices
Dominate,
and
you
know
where
the
largest
number
of
Gamers
actually
live.
I
Hi,
this
is
Rio
matsubara
from
The
Oasis
blockchain,
so
we're
gaming,
Focus
layer,
1,
blockchain,
plus
Layer
Two.
So
we
are
importing
the
gaming
giants
like
like
our
Sega
Square
next
Bandai
or
you
know,
Ubisoft
that
marble.
So
all
all
those
you
know
a
kind
of
you
know:
gaming
company
build
a
layer
to
own
Oasis,
so
are
utilizing
the
layout.
So
we
realize
that
you
know
zero,
Gatsby
and
instant
transaction.
So
that's
why
we're
doing
so?
We
are
aiming
the
mass
adoption
of
the
you
know:
blockchain
gaming
yeah!
F
To
your
guests,
I
guess
probably
should
have
started
with
the
first
part.
What
we
have
learned
from
the
loss
of
cycle.
We
need
to
learn
some
license
right,
so
the
first
question
should
be
so.
What
are
the
some
like?
The
significant
Lessons
Learned
From,
the
last
cycle
regarding
the
integration
of
blockchain
technology
and
gaming?
So
probably
Roger
go
first
yeah.
G
Sure
I
think
there
are
two
listen
lessons
I
learned
from
the
last
cycle,
so
the
first
one
is
about
the
timing
of
the
product
because,
for
example,
like
we
noticed
the
web3
gaming
industry
becoming
a
very
popular
topic
with
the
appearance
of
the
X
Infinity.
So
after
the
access
actually
Infinity
many
other
similar
products
or
say
x,
infinity
copycat
came
to
the
market
as
well,
but
with
no
change
in
terms
of
the
gameplay
in
terms
of
the
tokenomics.
They
didn't
make
that
big
success
as
x.
G
Infinity
do
so
thinking
thinking
nowadays,
two
years
from
two
years
from
the
appearance
of
the
X
Infinity,
which,
if
you
still
want
to
introduce
a
product
similar
to
XMP.
This
is
gonna,
definitely
not
be
a
success,
and
second
thing
about
the
gaming
industry.
I
think
I,
just
want
to
quote
was
the
previous
guest
just
mentioned,
give
time
to
Ponzi,
not
Ponzi.
Two
times
sounds
this
this
kind
of
quotation.
G
Similarly,
normally
when
we
do
a
gaming,
we
put
a
lot
of
emphasize
on
the
live
Ops
regarding
on
the
continuous
operation
of
this
game,
but
over
the
past
three
years
or
past
two
years,
we
noticed
those
kind
of
game,
five
projects,
they
are
relatively
of
short
Lifetime
and
we
think
that
they
need
to
better
prepare
and
that's
why
many
people
may
criticize
the
GameFly
industry
as
a
Ponzi
scheme
and
I
think
she
resolves
this
kind
of
issue.
We
need
to
get
prepared,
especially
as
a
game
developer.
D
Yeah
I
think
I
agree
to
all
of
the
the
points
that
were
made,
I'd
like
to
emphasize
that,
like
with
weftly
Technologies,
there's
a
lot
of
innovation
and
business
model
for
the
gaming
industry,
but
something
that
we've
learned
from
the
life
cycle
is
that
we
definitely
need
a
game
to
be
at
its
core.
It
needs
to
be
fun
and
engaging
for
the
gamers
to
play
once
we
lost
that
kind
of
playability
like
no
business
model
can
save
it.
So,
at
the
end
of
the
day,
game
is
in
the
entertainment
industry.
D
I
think
it's
very
important
for
the
next
cycle
for
really
good
quality
games,
fun
games
to
be
out
in
the
market,
and
that
could
be
where
the
the
business
model
can
continue
to
innovate
like
tokenomics
and
everything
kind
of
like
all
tied
to
it,
but
at
the
core
of
it
it
has
to
be
a
game.
That's
fun
and
engaging.
H
Yeah
again
absolutely
agree,
I
think
the
core
Narrative
of
of
this
cycle
is
building
fun
and
entertaining
games
bringing
gaming
back
to
its
to
its
core.
Bringing
back
to
what
you
know
it
needs
to
be
to
survive
in
in
web
2.
Right,
I.
Think
a
couple
of
kind
of
obvious
things
that
we
learned.
We
learned
that
you
know
financial
instruments
that
look
like
games,
don't
really
work
outside
the
bull
cycle.
H
We
learned
that
gating
content
behind
expensive
nfts
is
probably
not
a
great
way
to
encourage
Mass
adoption
and
I
think
we
also
learned
that
maybe
web3
technology
itself
is
not
enough
of
an
incentive
to
onboard
again
a
large
number
of
users
right.
We
need
to
be
focusing
a
little
bit
more
on
the
content
and
the
narrative
and
the
story
and
the
enjoyment
factor
of
the
games,
not
just
maybe
the
the
technology
that
excites
us
as
kind
of
core
members
of
the
of
the
web
3
community.
I
I
think
the
last
cycle
started
from
the
D5
summer.
So
then,
then,
after
that
NFD
boom
came
and
the
gamified
boom
came
so
the
level
aging
power
of
the
finance
is
huge.
But
you
know
the
as
it's
a
blockchain
game
is
it's
called
gamify
right
now,
I
think
it's
too
much.
You
know
the
finance
Centric
right
now,
so
we
need
to
focus
on
the
real
demand
next
in
next
cycle.
So
that's
what
I
learned
we
learned
from
last
cycle.
F
So
I
I
heard
that
everybody
is
talking
about
like
yo.
We
need
to
make
a
better
quality
of
content.
That's
really
good.
I
totally
agree
with
that,
but
according
to
my
memory
that
some
of
the
topic
like
last
time
when
we
talked
about
some
off
the
stage,
but
some
remains
are
on
the
stage
such
as
like
what
do
you
think
really
differentiate
the
web
3
games
and
web
2
games
since
we
are
providing?
We
want
to
provide
some
like
good
content,
but
how
we
can
defer
differentiate
from
the
web
2
games.
F
I
So
currently
we
are
focusing
on
the
one
just
the
one
feature
of
the
blockchain,
the
building
the
economy
in
one
and
the
in
the
game.
So
the
in-game
currency
could
be.
You
know,
cryptocurrency
and
the
in-game
item
could
be
NFD,
but
it's
just
a
feature.
One
feature
of
the
blockchain
I
think
so
so
we
have
a
locked
up
in
the
future
of
the
blockchain.
It's
like
in
gaming
item,
for
example,
the
one
game
item
could
be
used
in
different.
I
You
know
in
games,
so,
but
you
see
nft
inter
property
is
not
realized,
because
you
know
nft
metadata
standard
is
not
in
standard
isofix.
Yet,
though,
so
and
other
you
know,
future
of
the
you
know,
nft
is
like
a
UCC
yeah,
so
using
nft
data
Maybe
user
generated
contents
could
be.
You
know
it
could
be
huge,
because
anybody
can
create
a
good
contents
using
like
a
chat,
chat,
GDP
or
AIS
the
country
so
or
we
need
to.
You
know,
add
more.
You
know
feature
of
the
blockchain.
I
H
Yeah
again,
I
I,
totally
agree,
I.
Think
with
the
the
quality
point
that
you
you
made
earlier,
I
think
we
do.
We
are
quite
critical
of
of
web3
content
and
web
3
web
3
game
experiences
right
and
I.
Think
I.
Think
that's!
Okay,
because
the
industry
is
it's
very
young
right.
It
takes
a
lot
of
expertise.
A
lot
of
experience
in
you
know
your
management
team
and
your
engineering
team
to
deliver
a
really
high
quality
piece
of
gaming
content.
H
Maybe
this
year-
or
you
know
at
least
very
very
soon,
so
I
know
that
we
are
all
very
critical
of
the
the
quality
of
the
the
game.
Experiences
that
we
have
available,
but
I
think
what
we
do
have
to
remember
is
that
this
sort
of
this
quality
takes
time,
and
it
is,
you
know,
very,
very
close
to
the
point
where
we
will
be
seeing
you
know.
Hopefully,
some
really
really
cool
content.
D
So
there's
no
efficient
way
of
like
recouping
your
account
investment
in
entertainment.
So
the
analogy
is
like
you're,
renting
a
house
versus
you're
owning
your
house.
You
take
much
greater
care
if
you
actually
own
the
house,
you
live
in
and
you
probably
end
up
spending
a
lot
more.
So
we
actually
see
that
Webster
technology
can
enhance
the
business
model
of
the
gaming
industry
in
general.
D
So,
instead
of
a
long
tail
kind
of
like
public
business
model,
where
we
can
have
a
very
long
window
of
monetizing,
a
game
with
web3
where
users
and
your
players
actually
own
the
content,
we
actually
see
that
the
long
tail
solution
can
actually
be
much
thicker.
So
the
long
tail
like
the
all
the
ultimate,
the
willingness
to
pay
and
kind
of
like
the
long-term
value
of
a
player,
can
actually
be
even
more
than
a
web.
2
gamer.
G
When,
since
when
you
raise
this
question,
the
first
thing
that
reminds
me
is
like
the
first
mobile
games:
I
play
is
Flappy,
Bird
and
I
guess.
Some
of
you
may
also
play
this
kind
of
game
before
right.
So
at
that
time,
what
kind
of
flat
paper
in
terms
of
the
gameplay
in
terms
of
the
graphics,
those
are
not
comparable
compared
to
the
PC
console
games
at
the
time,
but
people
still
trying
to
develop
in
those
mobile
games
built
starting
from
the
Flappy
Birds
to
Temple
Run
and
to
the
following
products
right.
G
So
this
kind
of
reminds
me
what
kind
of
question
or
what
kind
of
user
experience
just
as
Dominic
you
mentioned,
what
kind
of
user
experience
could
web3
provided
to
the
customers
other
than
the
digital
asset
ownership.
I.
Think
one
interesting
thing
in
in
term
from
the
crypto
perspective
is
about
the
transaction
because,
for
example,
taking
the
MMORPG
this
kind
of
game
genre
as
an
example,
we
know
that
there
are
many
big
Wells
spending,
a
lot
of
money,
time
and
money
on
on
those
kind
of
games,
but
it's
kind
of
difficult.
G
There
are
so
many
different
items
in
the
MMORPG
and
they
don't
have
time
to
to
acquire
all
of
them
by
themselves.
Therefore,
they
need
to
do
the
trading
with
some
other
players.
So
In,
traditional
MMORPG,
is
the
trading
the
friction.
A
trading
friction
is
kind
of
huge
for
for
those
players
if
they
want
to
do
some
in-game
Trading,
but
nowadays
with
the
blockchain
technology
and
with
some
energy
or
tokens,
it's
those
kind
of
new
things
come
into
embedding
in
the
game.
F
Really
good
discussion,
so
I
guess,
like
we
all
learned
a
lot
from
the
processor
cycle
and
I
do
think
that
web
3
plays
a
really
important
rules
in
enhance
the
experience
of
games.
So
I
guess
after
the
experience
the
last
cycle,
we
all
have
kind
of
a
sense
that
what
kind
of
problems
we
still
need
to
solve
to
make
web3
apply
into
the
games
and
make
the
games
more
like
web3
and
like
like
solving
some
problems
that
we
just
mentioned
so
we're
getting
into
a
second
part.
F
G
Think
I
would
like
to
answer
this
question
from
two
perspective.
The
first
one
is
from
the
game
development
perspective,
because
all
we
know
is
that
we
need
to
have
really
high
quality
content.
This
kind
of
high
quality
could,
from
two
perspective
one
is
I.
Think
the
definition
of
high
quality
really
depends
on
what
which
customer
you
are.
You
are
Focus
which
customer
group
you
are
focusing
on
so
for
some
place
to
earn
users,
there
are
always
some
place
to
earn
users.
You
need
to
provide
them
with
a
relatively
stable
reach.
G
Churn
product-
that's
that's
so-called
high
quality
product
is
that
for
those
kind
of
traditional
Gamers
you
need
to
provide
those
kind
of
long-lasting,
relatively
interesting
gameplay
and
the
high
quality
Graphics
product
to
them.
This
could
attract
those
kind
of
traditional
Gamers
to
the
industry.
So,
from
the
development
perspective,
we
are
doing
this
kind
of
experience.
G
I
would
say
kind
of
experiment,
because
there
is
no
successful
case
so
far,
I
would
say
for
for
the
existing
market
and
also
I
would
like
to
emphasize
on
from
the
publishing
perspective,
because
we
know
existing
game
by
user
base
is
around
1
million
Dau,
but
compared
to
the
three
billion
traditional
gamer
markets.
This
is
very,
very
small,
so
wow.
While
we
are
doing
this
kind
of
publishing
platform,
it's
kind
of
try
to
leverage
our
web
2,
branding
user
acquisition
capability
and
bring
more
traditional
Gamers
into
the
Webster
areas.
G
D
Yeah,
so
we're
basically
trying
to
solve
one
of
the
biggest
issues
that
we
have
a
very
big
existing
customer
based
player
base
in
our
original
game.
So
at
our
Peak
we
have
150
million
users
playing
neopets.com,
and
now
we
stay
up
like
around
1
million
Mau.
The
majority
of
these
mainstream
gamers
are
not
very
welcoming
to
web3
gaming
concept
so
most
of
them,
they
don't
really.
They
don't
get
excited
when
we
announced
that
we're
doing
a
web
3
version
of
Neopets.
D
But
what
we
should
do
is
that,
like
the
biggest
challenge
for
us
is
like
how
we
can
use
webview
technology
and
build
a
new
game
experience
that
actually
connects
with
the
original
game.
So
we
do
have
the
luxury
of
having
an
IP
and
also
having
an
ongoing
game
that's
around
for
23
years,
but
that's
also
a
big
challenge,
because
it's
like
a
it's
a
legacy
product
and
how
we
can
balance
the
game
economy
and
the
tokenomics
and
making
sure
when
anything
that
we
Port
over
from
the
original
game
and
convert
into
the
new
game.
D
H
So
when
you,
when
you
look
at
the
inability
for
many
of
these
web3
games
to
get
onto
these
platforms,
it's
it's
quite
a
big
issue,
because
the
number
of
eyeballs
that
these
platforms
are
able
to
generate
so
these
channels
are
able
to
generate
as
massive
right.
The
App
Store
is
on.
You
know
every
every
iPhone,
the
Google
Play
Store,
is
on
Android
devices.
H
If
our
competitors
are
all
gaining
access
to
these
channels,
even
with
the
30
Revenue
take
right,
it's
a
it's
a
competitive
advantage
that
is
difficult
to
to
overcome,
so
web3
does
really
need
to
solve
the
the
publishing
issue.
If
we
want
to
compete
at
that,
you
know
broader
adoption
scale
that
I
know
we
all
want
to
reach.
I
So
currently
we
are
are
challenging
the
three
difficulty
with
the
blockchain
right
now,
so
we
should.
We
should
eliminate
the
blockchain
difficulty,
a
slow,
expensive,
diff,
hard
to
use
yeah,
so
they
get
which
gas
speed
should
be.
Zero
and
transaction
should
be
instant
and
also
the
we
don't
we
don't
need
we
don't.
We
shouldn't
Force
our
gamer
to
memorize
a
private
key
or
a
seed
phrase.
So
because
so
are
we
trying
to
eliminate
those?
You
know
web
3
featured
barrier
so
after
that,
so
we
should,
you
know,
invent
something.
I
New
web
free
features,
something
new
as
the
wefti
successful
web,
2
game,
game,
publisher,
Invented,
Sex,
just
like
social
function
and
also
the
smartphone
features
vertical
actions.
Also
the
gacha
also,
you
know
the
business
model
so
something
like
a
new
experience
in
a
blockchain.
A
business
model
should
be
created
and
are
to
for
a
mass
adoption.
I
So,
as
I
said
as
before,
the
maybe
building
the
economy
is,
you
know,
are
the
totally
the
new
experience
and
also
you
know,
creating
the
ugc
economy
and
interprepreneur
nft
could
be
the
new
experience.
So
so
those
kind
of
the
new
experience
the
Liberties
will
be
important
then
so
as
as
for
your
infrastructure,
the
blockchain
game.
As
we're,
you
know
layer,
one
blockchain,
so
we're
helping
the
kind
the
gaming
Giants.
So
the
each
gaming
Giants
approach
is
different.
I
Actually,
the
one
game
giant
it's
approaching
the
or
the
mix
of
the
web,
2,
gamer
and
web3
are
customers,
so
they
want
to
mix
the
economy.
So
that's
their
approach,
they're,
trying
to
approach
this
approach
into
southeast
Asia
and
it's
like
an
Indian
market.
So
those
kind
of
you
know
kind
of
huge
population
Market,
but
nothing
you
know.
What's
not.
Originally
the
you
know,
Target
of
the
dose.
You
know
the
gaming
Giants
originally
but
they're
trying
to
reach
that
so
other
gaming
Giants
approach
is
the
esport
approach.
Actually
So.
I
Currently
game
is
not
for
only
it's
it's
not
only
for
the
gamer
a
player,
so
game
is
also
for
you
know,
kind
of
a
streamer
and
a
watcher.
So
those
kind
then
are
in
Japan
actually
are
the
the
Esports
players
it's
been
like
Idol,
so
the
kind
of
fun
economy
is
very
important.
Utilizing
the
blockchain
for
fun
economies
is
really
important.
So
that's
another
approach,
so
another
gaming
giant
which,
having
the
thumbs
up
in
a
huge
IP
are,
is
trying
to
deliver
the
new
experience
to
for
existing
fun
of
the
huge
IP.
I
F
F
Guess
everybody
here
also
cares
about,
like
Mass
adoptions,
more
users
in
the
industry,
so
I
want
to
specifically
ask
so
what
do
you
think
that
what
we
can
do
to
onboard
the
next
building
or
next
of
billions
of
users
into
the
web
3
world,
probably
through,
like
Webster
game,
probably
through
other,
like
channels
or
whatever,
but
I
won't
hear
your
thoughts,
probably
like
video
song.
You
go
first,
this
time.
Okay,.
I
Two
okay,
but
it's
very
you
know
new
to
you
know:
existing
gaming
company
is
so
they
can
reach
to
the
in
a
frontier
Market,
as
I
said,
Indian
African
Market,
which
wasn't
originally
the
mark.
You
know
target
market
to
them,
so
the
the
XC
infinitive
challenge
was
really
good,
but
the
model
was
not.
You
know
the
sustainable
to
to
make
it
sustainable.
The
the
money
out
money
from
external
economies
should
be
injected
to
its
economy.
It's
like
in
a
donation
her
advertisement,
so
that
kind
of
money
should
be
injected.
I
So
they
can
approach
to
the
you
know
massive
amount
of
the
you
know
the
the
consumer
then
so
then
original
web
2
gamer
they
they
pay
to
play
right.
So
they
they're
trying
to
mix
the
economy,
but
in
the
demanding
of
the
asset
would
be
increased
depending
on
the
number
of
the
user
because
they
want
to
show
off
the
items
like,
for
example,
the
Rolex,
the
Mercedes.
So
it's
they
just
want
to
show
off
the
items.
I
So
the
acquiring
the
new
you
know,
customers
are
very
important,
so
the
we
should
we
don't
need
to.
You
know
give
up
the
you
know
the
playground,
actually
the
playground
aspect,
but
we
don't
we
don't
we
shouldn't.
You
know
too
much
focus
on
the
web
you
know
later
on,
but
we
need
to
mix
the
the
users
yeah.
Thank
you.
Mark.
H
Okay,
I
guess
to
to
illustrate
our
thesis
on
on
where
these
next
billion
users
come
from.
I'll
just
have
to
maybe
introduce
my
company
a
little
bit
and
and
what
we
do
so,
as
I
said
before,
we're
meta
one
network,
a
decentralized,
real-time,
rendering
Network,
you
can
think
of
us
as
like
a
cloud
gaming
solution
built
on
the
blockchain
powered
by
mining
networks.
Now
I
know
that
maybe
all
of
those
words
don't
mean
a
lot
to
to
many
of
you
so
I'll
quickly.
H
Just
maybe
explain
the
key
one,
which
is
cloud
gaming
right,
I'll
use
an
analogy.
Cloud
storage
right
is
something
that
I'm
sure
everyone
in
the
room
is
pretty
familiar
with:
it's
probably
operating
on
the
phone.
That's
in
your
pocket
cloud
storage
is
essentially
the
ability
of
the
cloud
to
deliver
storage
to
your
device,
such
that
your
local
device
doesn't
need
to
have
it
available
right.
Well,
cloud
gaming
is
very
similar,
except
instead
of
delivering
storage
to
the
device
we
deliver
computational
resource
right.
H
Essentially,
what
we
do
is
we
deliver
the
processing
power
needed
to
play
a
game
to
your
device
via
the
cloud.
Now
you
might
be
asking
why
why
is
this
important?
Well,
when
we
look
at
the
three
you
know:
3.3
billion
Gamers
that
are
out
there,
2.8
billion
of
them
game
on
low
end
devices
right
they
game
on
older
generation,
low-cost
Android
phones
and
they
game
on
low-cost
PCS.
H
Now,
as
a
result
of
this,
the
vast
majority
of
the
world's
Gamers,
literally
that
2.8
billion,
are
unable
to
enjoy
the
the
gaming
content
that
the
majority
of
us
would
say
is
is
mainstream
in
this
room
right
and,
conversely,
it
means
that
the
majority
of
the
world's
gamers
are
inaccessible
to
the
largest
Publishers
on
the
planet.
Right
and
this
access
barrier
is
something
that
gaming
as
a
whole
needs
to
overcome.
If
we
want
to
have
any
sort
of
you
know,
Mass
adoption,
particularly
in
in
web
3.
H
H
It
is,
you
know,
a
pioneer
of
one
of
the
world's
most
popular
gaming
genres
and
they
released
in
Southeast
Asia
like
18
months
ago
and
as
a
result
of
that
really
popular
and
you
know
very
hyped
release.
They
found
out
pretty
quickly
that,
unfortunately,
the
vast
majority
of
the
gamers
in
that
region
were
unable
to
play
the
game
as
a
result
of
the
fact
that
they
had
kind
of
low
end
smartphones.
H
Now,
funnily
enough,
as
a
result
of
this
one
of
Lightspeed
published
the
pubg's
publisher,
one
of
the
main
competitors,
garina
stood
up
a
game
called
free
fire.
Free
fire
is
like
a
it's
a
pubg
clone
right.
It's
a
pubg
clone
built
specifically
for
lower
end
devices.
Free
fire.
Now
has
you
know
just
over
100
million
monthly
active
users
across
southeast
Asia
right.
They
have
189
million
monthly
active
users
worldwide,
specifically
because
they
built
a
game
that
played
off
the
popularity
of
an
already
popular
title,
but
optimized
for
accessibility
right.
H
So
what
we
do
is
we
built
a
cloud
gaming
infrastructure,
Network
right
where
utilizing
a
mining
Network.
We
can
reduce
the
cost
of
service
to
the
point
where
now
cloud
gaming
is
not
just
accessible
in
North
America
and
Western
Europe,
it's
scalable
through
southeast
Asia,
it's
scalable
through
India,
it's
scalable
through
Latin,
America
and
and
we're
we're
doing
that
now
we're
on
track
to
to
reach
20
million
monthly
active
users
on
our
system
by
the
end
of
the
year.
Now,
when
we
reference
this
one
billion
users,
number
I
like
to
give
this
example.
H
If,
if
you
could
go
to
Pub
G-
and
you
could
say-
hey
pubg,
here's
a
patch
for
your
game
that
will
make
any
accessible
on
any
phone
in
any
region
anywhere
instantly
right.
You
don't
need
a
new
phone
to
to
access
it.
Pubg
would
bet
I.
Could
you
know
I'd
almost
guarantee
they'd
bet
that
within
a
week
they
could
get
50
of
their
market
share
back
right,
they'd
be
able
to
get
50
million
users
onto
their
ecosystem
just
by
using
that
patch
right
and
give
them
six
months.
H
I
reckon
they
would
they'd
bet
that
they
could
get
90
of
their
market
share
back
from
Karina
because
they
believe
that
their
content
is
better
right
and
I
think
the
market
would
agree
that
their
content
is
better,
but
it's
an
accessibility
issue,
so
at
M1
we
are
essentially
that
patch
right.
We
turn
that
game
into
content,
that's
accessible
on
any
device.
So
if
we
were
to
serve
as
pubg
right-
and
they
were
to
you
know-
have
confidence
in
being
able
to
achieve.
H
Maybe
90
of
the
the
market
share,
return
that
that
Garena
and
free
fire
have
taken
from
them.
That's
you
know:
100
million
users
right
do
that
10
times,
and
and
that's
your
billion
I'm,
not
saying
that.
Maybe
we
will
necessarily
be
responsible
for
all
of
it,
but
you
know
I'll,
give
you
I'll,
give
you
50
percent
good
Dominic.
D
So
I
think
you
mentioned
that,
like
the
gas,
these
are
expensive
and
then
transactions
are
not
instant.
Imagine
like
building
all
like
if
your
whole
game
is
on
chain,
then,
like
you,
do
just
normal
game
activity,
and
then
you
have
to
wait
every
step
of
the
gaming
kind
of
like
procedure.
It's
really
boring
the
game.
Experience
is
gone,
so
I
think
like
making
it
seamless.
It's
also
kind
of
like
the
the
most
important
thing
to
improve
the
game.
D
Experience
of
a
web
3
game
which
in
the
past
we
haven't
seen
it
a
lot
of
new
games,
are
coming
out
that
probably
have
solved
a
lot
of
these
issues,
so
I'm
very
much
looking
forward
to
the
rest
of
the
year
and
early
next
year,
when
a
lot
of
game
titles
are
being
released,
I
think.
Lastly,
while
there
are
a
lot
of
new
game,
titles
are
coming
out.
A
lot
of
the
these
game.
Titles
are
more
focused
on
kind
of
like
Triple
A.
D
They
might
not
run
well
on
like
lower
and
kind
of
like
platforms
or
does.
Does
it
really
appeal
to
the
casual
gamers,
because
I
feel
like
this
Casual
Gamer
segment
out
of
the
3.3
billion
Gamers,
actually
I?
Think
80
of
them
are
casual.
Gamers
serious
serious
gamers
only
are
like,
like
a
very
small
portion
of
it
for
West
3
Mass
adoption
to
happen.
I
think
there
should
be
really
successful.
Casual
games
out
there
to
really
attract
these
casual
gamers
to
also
on
board
into
web3.
G
So
when
we
think
about
the
mass
adoption
it
kind
of
implies
our
user
base
for
the
existing
gaming
game
for
money
is
not
it's
not
that
big
or
say
relatively
small.
So
there
are
generally
two
two
reasons
to
this.
The
first
one
is
the
the
market
does
not
have
such
such
big
demand,
but
as
we
discussed,
there
are
three
billion
traditional
gamers
in
the
market.
So
it's
already
a
proven
Market
that
people
do
have
this
kind
of
entertainment
demand.
So
then
it
comes
to
a
second
question.
G
Whether
or
not
the
product
is
good
enough
to
attract
and
to
retain
those
customers
and
also
given
we
have
already
very
mature
web
2
products.
How
can
we
help
them
to
transfer
from
their
web
2
products
to
the
website?
Even
if
give
a
try?
What's
the
incentive
for
them?
So
I
think
Mark
mentioned
about
the
technology
Dominic
mentioned
about
the
Casual
games.
I.
Think
it's
all
about
know.
Your
client
is
I'm,
not
saying
play.
G
Tuner
many
people
say
Okay
x,
infinity,
is
kind
of
upon
this
scheme,
etc,
etc,
and
therefore
play
touring
is
kind
of
dead
end,
but
I
I'm,
not
a
group
I'm,
not
100.
Agreeing
on
this
point,
because
at
the
very
beginning,
when
we
do
this
kind
of
thing,
I
also
have
this
kind
of
feeling
those
kind
of
game.
Five
projects
they
are
kind
of
play
to
earn.
They
are
just
defy
projects
with
some
game
skins.
That's
that's
my
view
at
the
very
beginning,
but
later
I
realized
that
there
are
also
some
games.
G
There
are
also
some
game
players.
They
like
this
kind
of
feeling
they
like
to
play,
play
to
earn
so
know
your
clients
and
understand
different
genre.
We
say
there
are
several
genres
like
the
pubg
or
free
fire.
Those
kind
of
FPS
genre
like
the
find
Western
fantasy,
fantasy,
West,
fantasy,
Westward
Journey,
this
kind
of
MMO
RPG
game
or
some
Genji
impacts
those
kind
of
ACG
games.
G
After
all,
the
game
is
not
to
create
the
some
some
feelings
for
the
gamers,
but
to
from
my
point
of
view,
is
to
evoke
the
different
feelings
from
The
Gamers
so
that
they
were
willing
to
spend
time
and
money
into
the
game.
Either
is
kind
of
sympathy
or
it's
kind
of
enjoyment,
those
kind
of
feelings
you
you
use
a
game
as
a
product
to
evoke
those
kind
of
feelings.
So
my
my
feeling
is
like
to
to
to
to
take
to
have
the
mass
adoption
into
the
website
area.
G
F
For
really
enjoying
listen
to
you
guys
now
we're
getting
to
the
one
last
question:
I
guess:
there's
one
subject
that
we
we
can
now
really
skip
over
is
AI.
So
AI
is
the
probably
one
of
the
major
training
in
this
year.
So
I
particularly
want
to
know
that.
Do
you
think
that
a
generative
AEI
can
bring
to
the
web
3
web
3
games
so
Roger?
Please.
G
Yeah
I
think
to
make
it
short
I
think
AI
definitely
can
reduce
the
cost
from
the
gaming
development
perspective,
and
the
more
important
question
to
us
is
whether
or
not
aigc
or
AI
could
help
to
create
some
new
gameplay
or
to
create
some
new
user
experience
to
create
a
new
genre
in
games
and
I
think
we
are
still
kind
of
experienced
it
doing
some
experiment
on
this
on
this
part.
During
my
trip
to
GDC
I
think
there
are
some
studios,
some
English
Studios.
G
They
are
thinking
about
you
doing
this
one,
because
talking
about
the
website
talking
about
the
blockchain
Technologies,
we're
thinking
about
the
Finance
Financial
features
right.
So
there
are
three
things:
one
word
that
commonly
raised
in
crypto
industry.
So
we
are
just
thinking
about.
Maybe
we
can
use
the
AI
to
train
some
characters
to
to,
and
then
we
have
this
kind
of
characters
to
fight
against
each
other.
G
For
example
like
the
boxing
those
kind
of
thing,
and
then
we
use
the
blockchain
technology
to
also
say
the
crypto
features
to
do
the
trading
on
the
on
that
part.
So,
to
a
certain
extent,
the
players
no
longer
operate
their
characters
by
themselves,
but
function
like
a
coach
or
or
a
broker
to
to
his
character,
so
I'm
thinking
in
this
way
great.
D
Yeah
I
think
AI
actually
has
been
an
existing
and
gain
for
the
longest
time.
I
mean
think
about
first
generation
games
where
the
NPCs
are
actually
controlled
by
the
computer.
That's
actually
AI
already
so
I
think
AI
is
actually
a
big
part
of
gaming
of
the
gaming
industry,
all
along
and
especially
particularly
now,
I
think
like
how
you
can
turn
the
NPC
character
to
be
something
that's
with
hidden
character
traits
or
the
character
traits
can
be
customized
or
based
on
your
interaction
with
them.
So
everyone
actually
see
different
characters
inside
the
game.
D
It's
definitely
a
very
interesting
way
and
for
games
like
Neopets,
where
it's
more
simulation
based
AI
can
definitely
improve
the
game.
Experience.
Imagine
that,
like
your
interaction
with
your
own
pet,
can
actually
change
the
outcome
of
the
evolution
or
the
kind
of
like
a
game
stats
Improvement
of
of
your
own
pet.
So
a
lot
of
these
things.
We
see
a
lot
of
potentials
and
we're
experiment
experimenting
a
lot
of
these
Technologies
already
and
I
think
it
will
definitely
make
the
the
social
element
and
emotional
attachment
from
the
gamer's
perspective,
with
the
in-game
characters.
H
Yeah
I
think
AI
based
NPCs
massive
is
going
to
be
revolutionary
for
the
kind
of
player,
immersion
and
storytelling
and
going
to
create
a
huge
amount
of
unique
game.
Experiences
for
gamers,
so
I'm
particularly
excited
about
that
I
think
generative,
visual
environments
right
the
ability
for
AI
to
create
beautiful
landscapes
and
game
that
are
unique
and
different,
and
not
just
procedurally
kind
of
like
copycatted
and
copy
and
pasted
and
then
I
guess
from
the
development
side.
H
It
is
going
to
make
development
cheaper.
It's
going
to
reduce
development
Cycles
it's
going
to
allow
smaller
teams
the
ability
to
compete
with
larger
incumbent
Studios
and
particularly
with
web3.
It
may
also
give
us
or
give
less
experienced
web3
teams
the
ability
to
do
more
with
smart
contracts
right
AI
can
assist
them
with
overcoming
that
that
web3
hurdle
that
exists
between
web
2
and
web3
development.
I
So
you
know
the
80,
the
cost
of
the
game
development,
it's
a
drink
picture
of
the
games
or
I'm
from
you
know,
mobile
gaming
company
originally.
So
then
so
AI
make
our.
You
know
it's
a
rebel.
It's
a
revolution
of
you
know,
forget
game
development,
so
I'm
from
Japan
and
the
country
over
the
IP.
So
for
IP
horror
it
is
very
important
to
create
the
user
ugc
economy
so
utilizing
the
AI.
So
maybe
that
kind
of
approach
will
be
you
know
adapted
using
blockchain
and
AI
I.
Think
yeah.
F
A
A
So
our
Dental
reminder
for
all
of
you.
The
afternoon
session
provides
simultaneous
interpretation.
You
can
use
WeChat
Twitter
browser
to
scan
a
QR
code
of
simultaneous
interpretation
on
the
signage
at
the
entrance
of
each
venue
or
the
conference
brochure
and
listen
to
simultaneous
interpretation
through
your
mobile
phone
and
also
you're
recommended
to
bring
your
headphones
to
the
venue
in
advance.
A
A
J
About
web3
culture
and
the
open,
metaverse
I
wanted
to
take
you
back
a
little
bit
to
the
original
days
of
what
one
just
to
sort
of
highlight,
the
reason
as
to
where
we
are
today
and
back
in
the
earliest
days
of
the
internet
web
one
was
known
as
a
web
of
read-only.
Basically,
where
you
could
read
whatever
information
you
could
freely
access
on
the
internet,
and
then
we
evolved
into
web
2,
which
sometimes
is
referred
to
as
a
social
whip,
and
it's
the
web
where
we
can
read
and
write
meaning.
J
J
But
it
is
actually
the
world's
most
valuable
resource
because
all
the
companies
that
have
control
and
access
to
the
data
that
we
create
actually
are
the
ones
who
control
the
world.
If
you
will,
or
certainly
have
the
most
power
and
influence-
and
we
can
see
this
effect
today-
because
we
ourselves
don't
really
know
how
to
value
our
data.
So
we
just
happily
sort
of
surrender
that
to
the
platforms
by
sharing
photos
by
making
posts
and
all
that
kind
of
stuff-
and
you
know,
driving
our
cars.
J
All
of
that
information
then
actually
gets
constructed
into
knowledge
in
these
platforms,
and
they
then
create
these
incredible
Network
effects
and
this
incredible
intelligence.
In
fact,
if
we
don't
contribute
our
data
to
the
platforms,
there
would
be
no
chat
GPT.
There
would
be
no
AI
in
the
way
that
we
see
it
today
or
self-driving
cars.
None
of
that
stuff
would
actually
be
possible
if
it
wasn't
for
the
fact
that
we
are
contributing
this
data,
but
the
problem
is
because
we
don't
own
this
data,
as
it
resides
in
the
exclusive
platforms
of
these
large
giant
companies.
J
We've
now
become
digitally
colonialized.
We
live
in
a
kind
of
digital
feudalism
where
we
ourselves
have
become
dependent
on
these
platforms.
Think
about
what
happens
to
your
life.
If,
actually,
you
were
removed
from
these
platforms,
you
don't
actually
have
any
rights
you
actually
are
dependent
on
them.
J
It
lays
a
foundation
and
the
perspective
that
we
take
that
we
no
longer
should
be
looking
at
what
we're
building
in
the
web
3
space
anyway,
simply
as
just
businesses,
but
they
should
be
viewed
in
forms
of
new
National
economies,
meaning
that,
whether
it's
a
blockchain
or
metaverse
game
or
an
environment,
they
should
be
viewed
in
economic
terms
like
National
economies
and
the
underpinning
of
the
economies.
As
we
see
in
the
real
world.
J
For
culture
we
wouldn't
be
buying
flat
screen
TVs
or
we
wouldn't
be
listening
to
music
in
different
devices.
We
wouldn't
be
buying,
maybe
Apple
products
that
wouldn't
be
a
Disney
or
they
wouldn't
be
an
HBO.
They
wouldn't
be
Sony,
they
wouldn't
be
Nintendo
and
every
series
of
companies
that
you're
interacting
with
today.
In
fact,
what
you're
doing
is
you're
interacting
with
forms
of
culture?
They
could
be
fashion,
they
could
be
things
about
your
identity,
they
could
be
customization.
J
You
know
the
phone
cases
you
buy
for
your
phone,
but
these
are
all
actually
elements
of
culture
and
that
actually
is
driving
these
economies
think
about,
for
instance,
something
that
is
pretty
utilitarian,
which
is
a
the
use
of
a
car.
Naturally,
we
think
of
buying
a
car
or
something
it
can
take
us
from
point
A
to
point
B,
but
for
those
of
you
who
actually
purchase
cars,
it's
a
consideration
that
the
car
can
take.
J
You
from
point
A
to
point
B
the
most
important
reason
why
you're
buying
that
particular
car-
and
it
turns
out
for
most
of
us
it
no
longer
is
maybe
that
was
true
100
years
ago,
but
today
you
buy
a
car.
For
many
other
reasons.
What
service
can
I
get?
What
other
kind
of
network
effects
are
there
you
know,
can
I
can
I
customize
it?
Does
it
fit
my
baby
seats
is
it
you
know
comfortable
for
me?
Is
it
something
that
my
friends
would
like?
Is
this
something
that
says
something
about
my
status?
J
How
can
something
like
this
board
ape,
which
is
really
maybe
a
fanciful
jpeg,
be
so
actually
more
valuable
than
a
broken
back,
which
is
something
that
I
can
physically
hold.
You
know
as
a
luxury
item.
Well,
it
turns
out
that
most
people
who
buy
a
broken
bag
don't
actually
buy
to
put
stuff
in
I
mean
they
do
put
stuff
in,
but
that's
not
the
main
reason
you
can
put
stuff
in
in
other
bags,
much
more
cheaply
and
much
more
much
more
practically
than
that
of
a
broken
bag.
J
It
turns
out,
however,
that
most
of
us
buy
a
broken
bag
or
other
luxury
items
because
of
different
kind
of
perhaps
invisible
network
effects.
These
Network
effects
are
social.
They
are
things
that
contribute
or
assess
our
value.
The
things
about
you
know
basically
what
other
people
say,
for
instance,
or
the
story
that
it
represents.
These
are
actually
part
of
what
makes
our
own
social
identity
and,
when
you
think
about
all
the
things
that
you
buy
in
the
physical
world
with
its
shoes
or
clothes
or
anything
like
that,
they
actually
contribute
towards
your
social
identity.
J
We
finally
can
because,
for
instance,
if
you
own
an
item
in
a
game,
you
can
move
it
from
one
other
experience
to
another
experience.
You
have
the
ability
to
actually
transport
it.
You
have
the
ability
to
transact
freely
with
it,
and
third
parties
will
come
and
create
experiences
for
you,
and
so
the
same
applies
for
things
like
virtual
real
estate,
the
same
like
the
sandbox
or
life
beyond
or
Phantom
galaxies.
These
are
experiences
or
you
can
basically
own
a
virtual
piece
of
land.
J
And
again,
do
you
actually
own
that
piece
of
land
because
of
its
pure
utility?
Yes,
you
can
make
experiences,
it
could
be
fun
and
it
could
be
say
something
about
your
status,
but
actually
these
are
things
that
become
much
more
meaningful
for
you
in
terms
of
the
areas
you
might
live
in
or
the
environment
that
speaks
to
you
as
we
do
in
the
physical
world.
When
you
think
about
the
way
that
we
think
of
physical,
real
estate
in
terms
of
neighborhoods
in
terms
of
environments
or
in
terms
of
cities,
we
choose
to
live
in.
J
For
instance,
you
could
take
the
most
beautiful
building
in
the
world
and
you
could
plonk
it
in
the
middle
of
say
Africa,
but
it
wouldn't
be
nearly
as
valuable
as
putting
a
in
say
a
much
smaller
experience
of
a
real
estate
experience
in
Hong
Kong
because
of
the
fact
that
Hong
Kong
has
embedded
Network
effects
that
are
valuable
to
you
and
distance
is
not
the
factor.
Influence
and
social
contributions
and
network
effects
are
actually
what's
important
and
that
gives
rise
to
economies,
for
instance
in
the
sandbox.
J
You
already
have
a
thriving
economy
in
terms
of
people
who
are,
you
know
not
just
buying
and
trading
land,
but
actually
sort
of
building
experiences
and
creating
sort
of
you
know
through
through
the
Creator
experiences
assets
that
they
can
sell
and
build.
On
top
of
one
example
here
being
the
sandbox,
and
this
broadly
speaking,
has
also
influenced
the
broad
Market
where,
for
instance,
things
like
land
sales
in
the
Medicals
have
reached
close
to
two
billion
dollars.
J
It
Financial
rails
of
the
open,
metabors
and
there's
also
over
12
billion
dollars
of
community
treasuries,
held
in
what's
known
as
decentralized
autonomous
organizations,
and
you
could
view
these
almost
as
a
kind
of
sort
of
I
guess
quasi-sort
of
companies
of
the
metaverse
but
nature.
The
nature
of
these
companies
are
actually
native
to
the
web3.
J
In
contrast,
for
instance,
we're
in
web
3,
the
value
is
distributed
as
it
are
in
economies,
in
other
words,
like
an
economic
perspective,
you
have
value
that
is
distributed
broadly
across
the
community,
rather
than
just
simply
sort
of
concentrated
amongst
the
few.
In
that
perspective,
right,
and-
and
so
that's
that's
one
of
the
reasons
why
animal
brands
also
has
a
strategy
in
which
we
believe
in
what
we
describe
as
the
shared
network
effect,
in
other
words,
by
investing
and
by
contributing
and
by
adding
to
this
world
of
web
3.
J
You
know
by
having
made
over
400
Investments
at
this
point
in
time
and
also
building
things
like
sandbox
or
kind
of
galaxies
or
left
Beyond
or
Tiny
Tap
or
whatever.
These
companies
that
we're
sort
of
investing
and
acquiring
and
sort
of
building
up
to
We
believe
that
they
actually
are
like
building
economic
contribution
to
this
entire
state
of
web3,
and
so
everyone
can
participate
in
this.
Both
as
a
user
as
a
Creator
and,
of
course,
as
owners
as
well
now
I
wanted
to
sort
of
dovetail
a
little
bit
into
the
area
of
gaming.
J
Just
because
that's
what
we're
most
well
known
for
and
one
of
the
reasons
we
focus
so
heavily
on
gaming-
is
that
gaming,
unlike
many
other
areas
of
businesses,
is
a
digitally
native
business.
In
other
words,
it
only
exists
in
additional
realm,
even
though,
when
we
might
sort
of
experience
it
sort
of
in
physical
ways,
but
through
physical
proxies,
like
monitor
screens
and
that
kind
of
stuff
and
gaming
also
continues
to
grow.
J
And
so
that's
one
of
the
reasons
why
the
gaming
industry
we
feel
is
so
primed
to
basically
sort
of
enter
the
world
of
web3
because
they
already
have
many
of
these
elements.
The
people
who
play
games
believe
that
they
own
these
items,
or
they
should
own
these
items
and
they
purchase
them
for
reasons
of
social
identity,
for
reasons
that
are
important
to
them,
but
not
necessarily
just
for
its
peer
utility,
which
is
a
given.
J
J
So
if
gaming
is
really
a
huge
business
at
200
200
billion
dollars,
actually,
education
is
even
larger
at
a
multi-trillion
dollar
stage,
because
you
know
we
already
spent
so
much
on
education
as
it
is
because
it's
one
of
the
most
important
things
we.
We
need
to
do
continued
learning
education,
but
again
here
the
value
that
actually
goes
towards
the
creators
of
that
educational
content,
which
is
mostly
teachers,
is
actually
very,
very
low
relative
to
their
overall
contribution.
J
That
takes
place,
and
again
here,
is
an
opportunity
for
web3
to
alter
and
change
that,
and
also
in
learning
and
education.
Broadly
speaking,
it
is
perhaps
one
of
the
most
important
contributors
to
culture
in
the
world.
It
is
where
we
learn
our
social
norms
as
where
we
understand
about
the
state
of
the
world
around
us.
This
actually
is
perhaps
even
more
important.
J
You
could
say
you
know
in
the
macro
strategic
sense,
then
you
know
the
pure
gaming
segment,
although
learning
actually
also
intersects
very
heavily
in
the
gaming
world
as
well
think
about
our
children,
who
are
playing
Minecraft,
for
instance,
what
they're
experiencing
and
learning
or
social
behaviors.
These
are
things
they're
already
learning
in
the
gaming
world,
so
there's
an
intersection
of
that,
but
there's
one
of
course,
major
difference,
which
is
that
education
already
and
learning
is
already
a
multi-trillion
dollar
space
in
which,
basically
close
to
you
know
what
the
prediction
is.
J
I
said
in
a
number
of
years
by
2030
it
will
be
a
10
trillion
dollar
industry
so
combine
that
together,
what's
happening
in
the
mass
adoption
space
in
the
gaming
space.
You
know
we
believe
these
are
going
to
be
some
of
the
key
drivers
that
basically
bring
us
towards
web
3
adoption.
One
of
the
reasons
why
we
are
also
investing
in
the
learning
and
education
space,
so
in
closing
in
the
importance
of
web3
and
comparing
it
basically
to
actual
National
economies.
J
There's
a
clear
correlation
that
those
countries
in
the
physical
world
that
have
strong
property
rights
actually
have
much
stronger,
gdps,
much
stronger
economic
outputs
and
more
value
that
is
basically
being
shared
across
the
entire
communities
rather
than
just
a
concentrated
small
number.
And
we
see
this.
The
fact
that
we
can
own
property
and
our
intellectual
property
rights
are
protected
in
places
like
Hong,
Kong
or
the
us,
or
all
these
countries
is
a
reason
why
we're
also
willing
to
sort
of
pay
the
higher
prices,
or
maybe
the
higher
taxes
on
the
higher
infrastructure
costs.
J
J
When
you
think
about
the
nft
industry
being
really
just
a
few
years.
Value
has
shifted
entirely
from
the
centralized
platforms
to
the
owners
and
the
creators,
which
is
one
of
the
reasons
why
we
believe
that
web
3
is
just
so
powerful
because
it
also
can
provide
broadly
more
equity
for
those
that
actually
contribute
to
the
ecosystem,
to
the
shared
network
effect
that
we
described.
So,
in
closing,
we
are
ready
at
this
point.
J
Web
3
is
basically
going
to
be
the
next
iteration
of
the
internet
in
our
belief
and
because
of
their
immense
value
that
is
already
able
to
contribute
relative
to
what's
happening
in
web
2..
We
believe
that
this
is
the
path
of
the
future
and
that
everyone
else
would
want
to
ultimately
see.
Thank
you
so
much.
A
L
L
L
L
L
L
L
L
L
L
L
L
L
L
L
L
L
L
L
L
L
L
L
L
L
L
L
L
L
A
M
We're
going
to
change
the
channel
back
into
English,
so
for
those
who
need
to
listen
to
the
simultaneous
Mandarin,
please
feel
free
to
do
so.
I'm
delighted
to
be
here
I
come
from
a
very,
very
different
industry,
so
I'm
not
going
to
purport
to
know
very
much
about
the
crypto
world
or
Arab
3.
So
today
my
sharing
is
really
on
nft
and
art.
Now
in
kind
of
a
world
that
you
all
exhibit
in
I,
think
Christie's
or
even
Fine
Art
is
definitely
a
new
space
for
for
us.
It
all
started.
M
Nft
and
art
was
never
really
in
the
art
world's
radar.
If
we
think
about
last
year
for
those
who
may
be
budding
art
collectors
or
who
enjoy
art,
the
most
expensive
art
ever
sold
through
Christie's
was
Leonardo
Da
Vinci
Salvador
Mundi
that
sold
for
450
million
US
Dollars.
Last
year
we
sold
an
Andy
Warhol
piece
called
Blue
shot,
Sage
Marilyn
for
200
close
to
200
195
million
US
dollars.
M
So
nft
was
never
really
part
of
the
ecosystem
within
which
the
art
world
was
operating
until
people
so
I'm
sure
people
is
a
household
name,
perhaps
for
nft
collectors
or
art
collectors.
People
fetched
an
unprecedented
69.3
million
US
Dollars
during
its
auction
sale
two
years
ago,
and
this
was
really
catapulted
the
business
or
the
notion
of
nft
in
the
Fine
Art
World
sphere,
or
even
in
the
auction
Market
sphere.
M
Many
people
saw
kind
of
people
sell
at
nft
that
every
day
500s
as
a
start
of
how
nft
as
a
vehicle
could
create
Limitless
potential
to
artists,
give
opportunity
to
Young
Artists
to
Showcase
their
works,
but
of
course,
also
bring
in
a
new
generation
a
new
family
of
collectors
who
would
be
interested
to
collect
art
through
this
manner
through
this
through
this
vehicle
as
well.
So
people
sold
the
nft
in
2021..
M
M
M
World
people
may
not
have
stood
up
and
paid
attention
to
the
work
very
much,
but
because
he
presented
it
in
this
format
because
he
used
kind
of
NXT
as
a
way
to
combine
and
put
together
all
the
works
together
in
one
cell
I
think
that's
what
made
it
incredibly
unique,
incredibly
special
and
for
Christie's
as
well.
This
is
a
new
frontier
because
it
Incorporated
cryptocurrency
and
Incorporated
the
sale
of
it
through
kind
of
a
smart
contract
address
and
it
being
minted
in
February,
2021.
M
M
The
art
auction
place
or
the
auction
Market
as
a
secondary
provider
really
is
one
of
is
the
Forerunner
with
regards
to
knowledge,
the
opening
of
information,
the
pricing
of
artwork
and
sales,
but
here
kind
of
in
the
nft
ecosystem.
As
we
said,
we're
kind
of
a
different
player,
we
sit
as
a
different
player
and
we
sit
kind
of
more
at
the
bottom
section
in
the
smaller
portion
of
the
entirety
of
the
ecosystem
in
nft.
Of
course,
we
have
creators,
we
can't
have
a
business
without
creators
similar
to
artists.
M
We
have
to
have
buyers
and
collectors.
Of
course,
there
are
marketplaces
in
place
for
it
as
well
as
influences
social
media,
the
metaverse,
as
well
as
auction
houses,
so
auction
house
is
kind
of
play
a
part
in
it,
but
in
a
different
way,
compared
to
traditional,
fine
art
or
kind
of
physical
art
that
we
know
it
at
present
moment.
M
There
are,
of
course,
a
variety
of
different
platforms
that
that
allow
for
the
trade
of
kind
of
nfts,
open,
C
being
kind
of
one
of
the
key
ones
apart
from
art,
it
spans
all
across
the
different
boards.
You've
heard
today,
especially
on
today's
this
afternoon's
track,
all
the
different
ways
kind
of
it
can
be
functioned,
whether
it's
Collectibles
photography,
music,
Sports
trading
cards,
utility
or
Virtual
Worlds.
M
If
we
were
to
kind
of
consider
the
top
50
kind
of
highest
ranking
artists
that
are
successful
in
the
nft
sphere,
if
you
go
to
portion.com
nfty50,
these
are
kind
of
the
top
artists,
as
we
say
currently
in
the
sphere,
with
people
and
crypto
punks,
taking
kind
of
top
I
think
notable.
One,
of
course,
is
Mark
cubain,
the
billionaire
who
is
kind
of
so
bullish
and
heavy
kind
of
in
that
sphere
as
well
foreign.
M
This
is
kind
of
the
top
collectors,
whether
it's
sandbox
mutant,
8,
Yacht,
Club
and
all
the
different
kind
of
collectors
in
open
sea.
But
of
course,
as
I
said,
I'm,
not
here
kind
of
presenting
or
you
know,
being
kind
of
a
specialist
within
the
whole
nft
realm.
My
specialty
here
is
an
art
specifically
in
a
fine
art,
specifically
on
kind
of
trading
items
of
nft,
of
high
value
per
similar
to
kind
of
what
Christie
sells
in
the
physical
art
world.
So
Christie's
has
taken
Leaps
and
Bounds
to
be
kind
of
Center.
M
You
know
take
up
space
in
the
sphere.
We
were
the
first
auction
house
to
sell
an
nft
in
March
21..
We
were
the
first
auction
house
to
accept
cryptocurrency
75
of
the
150
million
US
dollars
that
we
sold
of
nfts
came
from
new
clients
and
all
digital
art
and
nft
sales
of
Christie's
between
March
21
and
August.
22Nd
was
off
chain.
Currently,
of
course,
our
nft
Market
Outlook.
Is
we
see
it
as
a
maturing
category?
M
Christie
has
invested
in
the
space
Christie's
Ventures
was
set
up
last
year
and,
of
course
it
is
an
incubator
for
many,
many
very
talented
artists
filled
with
Limitless
potential
in
the
in
the
realm,
specifically
to
Christie's.
We
have
had
quite
a
few
Landmark
sales
and
transactions
with
regards
to
nfts,
as
well
as
artists,
the
Robert
Alice
being
an
incredibly
important.
One.
I
highlight
the
sale
of
October
2020.
M
This
was
before
the
people
sale
and
you
can
see
its
price
realized
was
not
particularly
spectacular,
shall
we
say:
selling
131
250,
even
though
its
historical
value
and
its
depth
of
value
in
terms
of
it,
the
meaning
of
the
art,
was
interesting.
What
followed,
rather
after
kind
of
the
sale
on
11
of
March
2021,
that
sold
for
69
million
dollars
came
more
opportunities
for
artistic
development,
for
artistic
kind
of
empowerment.
With
regards
to
the
use
of
this
platform,
reflect
anadol
being
one
of
this,
his
living
architecture
run
on
algorithms.
M
So
the
sale
of
kind
of
The
larva
Labs
here
achieves
a
total
of
16.9
million.
There
are
kind
of
a
mixture
of
trying
to
meld
history.
So
if
we
think
about
art
in
past
present
and
future
context,
artists
are
looking
to
combine
the
possibilities
of
taking
what
they
know
taking
what
they
can
achieve,
putting
it
in
kind
of
that
futuristic
sphere.
Rewind
Collective
is
one
of
that.
Remember
us
for
also
called
watch.
Your
head
is
kind
of
a
reinterpretation
of
16th
and
17th
century
female
artists
put
together
in
a
digital
format
talking
about
present.
M
Of
course,
we
have
Emily
ratajowski
buying
myself
back
a
model
for
redistribution.
We
think
about
social
media.
We
might
be
talking
about.
All
of
you
may
be
incredible
kind
of
computer
code,
AS
Tech
kind
of
futuristic,
but
many
of
the
things
that's
happening
on
the
social
platform.
If
we
looked
at
the
previous
presentation
just
now
with
Alibaba,
all
of
it
is
on
visual
all
envision,
Optics
and
kind
of
images
and
art.
M
Another
combination
of
fine
art
with
regards
to
kind
of
the
nft
sphere,
or
the
digital
world,
of
course,
is
this
groundbreaking
online
auction
of
five
unique
nfts
of
digital
work
created
by
Andy
Warhol
Andy
Warhol.
Even
if
you
aren't
in
the
art
space
I'm
sure
all
of
you
will
know
kind
of
the
name.
Not
only
was
he
one
of
the
key
Landmark
sales
last
year
for
Christie's
with
blue
short
Sage
Marilyn,
the
foundation
themselves
took
kind
of
recovered.
These
digital
works
that
were
on
floppy
disks.
M
How
many
of
us
are
old
enough
to
remember
floppy
disk
in
the
mid-1980s
and
kind
of
culminated
them
together
to
put
it
as
a
cell.
This
was
realized
with
3.3.
Seven
million
dollars
was
the
first
time
the
foundation
extracted
kind
of
these
image
and
repositioned
it
as
an
artwork
itself,
rather
than
a
piece
of
Legacy,
rather
than
a
piece
of
History.
M
Collaboration,
of
course,
is
why
we're
all
here
today
and
why
we're
all
Keen
to
kind
of
hear
and
speak
from
each
other,
so
the
collaboration
with
Lady
Phoenix
was
also
kind
of
something
we
wanted
to
do
with
regards
to
New
Media.
With
regards
to
kind
of
trying
new
things,
this
proof
of
sovereignty
and
curated
nft
sale
was
done
by
Lady
Phoenix.
There
are
18
lots
that
happened
that
sold
for
close
to
a
million
dollars
following
kind
of
these
collaborations.
Following
kind
of
this,
these
ideas
from
Fine
Art
to
digital
art.
M
And
with
regards
to
collections
and
collectors,
specifically,
we
had
kind
of
no
time
like
present
curated
collection
of
nfts
by
a
collector
in
Asia
Mrs,
Sean,
Yu,
Who,
Sold
kind
of
his
Works,
including
crypto
punks,
yoga
Labs
board
ape
as
well
as
the
me
bits.
This
was
the
first
nft
auction
ever
offered
in
Asia
before,
and
so
that
was
very
significant
for
us.
When
we
talk
about
the
development
of
art
apart
from
kind
of
visuals
or
digital
art,
we
also
have
videos.
M
So
this
white
male
for
sale,
nft
video,
was
a
slow
motion,
shot
of
a
generic
white
male
in
his
work,
shorts
and
pants
as
kind
of
Brooklyn
or
black
Brooklyn
pass
by.
So
this
off
also
kind
of
gave
us
a
new
platform
or
a
new
way
to
consider
how
we
can
position
art
or
how
art
can
be
sold
and
and
visualized
through
kind
of
this
new
platform.
M
Another
one
was
the
curio
cars
I,
think
this
kind
of
in
relation
to
our
current
kind
of
appetite
for
social
media,
current
appetite
for
Optics
and
the
immediacy
of
things.
So
many
of
these
images
are
instantly
recognizable
for
us
how
it
was
kind
of
changed
or
emitted,
so
that
you
have
to
kind
of
take
a
second
look
or
take
a
Second.
Glance
was
one
of
the
reasons
why
this
full
set
of
curio
cards
was
created,
and
this
was
the
first
time
in
a
major
Auction.
House
Christie's
was
accepting
live
bidding
in
ether
itself.
M
Another
very
interesting
one
is
twin
flames
by
Justin
arisano.
This
piece
was
the
first
nft
in
photo
auction
with
a
physical
collection
of
100
photos,
so
not
only
kind
of
traversing
into
the
digital
realm,
but
combining
kind
of
physical
art
with
digital
art,
together
for
collectors
to
have
something
kind
of
in
their
hands
or
something
that
they
can
kind
of
put
on
their
their
walls
together
with
kind
of
tracing
or
a
fungible
token
online
as
well.
M
We
mentioned
yoga
labs
and,
of
course,
kind
of
osanachi.
This
one
was
the
first
nft
by
a
contemporary
African
artist.
Many
times
when
we
talk
about
Autumn,
we
talk
about
the
different
themes.
Of
course
we
have
Young
Living
artists,
we
have
female
marches
and
of
course,
one
key
theme
that
has
been
running
in
recent
years
is
contemporary
African
art.
This
was
offered
in
Christie's
in
Europe
and
was
the
first
nft
collaboration
for
the
group
themselves,
foreign.
M
People's
human
one,
this
was
kind
of
following
the
everyday
500.
This
was
kind
of
one
of
the
things
that
people
created.
If
any
of
you
have
visited,
M
plus,
you
will
have
noticed
the
piece
being
presented
there.
The
artist
himself
was
here
last
month
during
art
weekend,
art
basil,
and
you
may
have
seen
this
work
present
here
at
the
convention
center
at
the
lgdr
booth,
where
it
was
later
sold
to
a
Chinese
art
museum,
private
Art
Museum,
where
it
kind
of
received
significant
or
quite
kind
of
important,
New,
Media
and
news.
M
With
regards
to
its
sale.
The
artist
himself
was
present.
The
artist
is
very
vocal
about
its
creation
and
development,
and
we
are
definitely
looking
to
see
new
things.
People
just
launch
a
new
crossover
with
with
kind
of
an
artist,
so
there's
many
many
cool
things
here
in
store
for
collectors
and
aficionados
alike.
M
If
we
go
back
to
some
of
the
collaborative
kind
of
opportunities
with
regards
to
Christie's,
of
course,
as
we
mentioned,
Open
Seas,
being
one
of
the
clear
platforms
to
trading
nfts
Christie's
also
worked
together
to
do
a
joint
kind
of
Cooperative
option
with
Open
Seas
platforms.
We
had
kind
of
the
frenzy
sale
friends
with
you.
M
Kind
of
this
was
one
of
the
things
that
was
that
happened
as
well,
and
if
we
kind
of
look,
you
know,
of
course,
I'm
here
not
to
just
talk
about
some
of
the
first,
but
also
some
of
the
top
features
or
the
top
nfts
that
are
transacted.
We
just
need
to
kind
of
take
a
look
at
kind
of
this,
as
well
as
its
sales.
These
are
the
top
10
pieces
of
nft
artworks
that
have
been
transacted
recently.
M
If
they're
not
changing
constantly,
they
probably
become
a
landmark
on
their.
You
know
own
kind
of
Avatar
site
I
mentioned
no
time
like
present,
but
of
course,
another
celebrity
collector
and
someone
who
put
together
their
own
was
the
Fanta
Bear
by
Jay
Chou,
so
celebrities
not
only
spearheading
or
driving
the
collecting
Market,
but
also
creating
kind
of
their
own
versions
of
the
nfts
and
minting
them
for
for
sale.
Also
kind
of
was
something
that
is
of
note
at
the
time
of
launch
on
the
1st
of
January.
M
M
That
is,
that
is
quite
memorable,
but
also
kind
of
those
Crossovers,
and
the
opportunities
with
these
crossovers
is
something
that
we
find
very
exciting
as
well
as
we
mentioned
kind
of
Christie
started
Christie's
Ventures
last
year
in
2022,
it's
a
space
that
we're
always
kind
of
looking
to
find
new
potential
and
new
collaborative
projects
on,
even
though
nft
sales
hit
a
12-month
low
after
the
cryptocurrency
crash.
So
last
year,
the
same
way
crypto
had
kind
of
its
own
winter.
Of
course,
nfts,
together
with
it,
had
kind
of
a
less
transactionary
momentum.
M
But,
let's
not
forget
these
are
created
by
artists
and
artists
aren't
going
to
stop
creating
just
because
the
value
or
the
nominal
value
of
the
cryptocurrency
or
the
base
note
has
dropped.
The
art
will
always
be
there.
The
continuation
and
potential
for
these
collectors
or
for
the
artists
to
create
will
always
be
there.
So
it
is
definitely
a
space
that
we're
very
excited
to
continue
to
to
look
at
and
that
we
hope
all
of
you
will
continue
to
support
as
well
and,
of
course,
we
always
want
to
end
in
optimism.
M
M
Of
course,
we
can
notice
the
momentum
of
nftr
creation
will
be
growing
concurrently,
together
with
it,
as
we
mentioned,
the
sale
of
nfts
had
kind
of
dropped
to
under
1.5
billion
in
2022,
but
we
are
incredibly
optimistic
with
regards
to
kind
of
the
collection
of
both
sorry,
the
collection
of
both
Blue
Chip
art
as
well
where's,
my
side,
the
collection
of
Blue
Chip
art,
as
well
as
the
volume
of
sales
in
2023,
and
with
that
I
believe
my
time
is
up
I
hope
all
of
you
enjoyed.
Thank
you.
A
Ladies
and
gentlemen,
a
gentle
reminder
for
all
of
you.
Simultaneous
interpretation
are
provided
during
all
sessions.
You
can
use
WeChat
Twitter
browser
Etc
to
scan
the
QR
code
of
simultaneous
interpretation
on
the
signage
at
the
entrance
of
each
venue
or
the
conference
brochure
and
listen
to
simultaneous
interpretation
through
your
mobile
phone.
You'll
also
recommended
to
bring
your
headphones
to
the
venue
in
advance.
A
O
O
Q
Q
Q
R
O
O
T
O
O
Q
Q
Q
Why
stay
in
a
place
where
there's
no
opportunity
where
there
is
another
place
where
there
there
could
be
opportunity?
What
do
we
have
to
lose?
There
is
no
opportunity
cost.
That's
what
I'm
saying
so
in
in
the
world
of
nlts
in
web
3,
it
could
be.
You
could
be
dabbling
and
tokenized
solutions.
You
could
be
dabbling
in
non-fungible
Solutions,
like
nft.
Q
O
S
S
S
S
T
T
O
O
R
S
R
Q
I
have
to
make
world-class
art
tech
for
Hong
Kong
in
the
next
three
years.
So
wish
me
luck
in
the
theaters
and
I
have
to
make
my
my
hamsters
Community
grow
more
organically.
So
wish
me
luck
and
support
the
hamsters
and
I
have
to
make
my
sandbox
collection
happen
by
the
end
of
the
year.
So
wish
me
luck
on
that.
Those
are
my
challenges.
O
P
A
A
So,
ladies
and
gentlemen,
a
gentle
reminder
for
all
of
you.
Throughout
the
festival
you
may
collect
stamps
in
all
areas
across
the
exhibition
Hall,
you
may
find
the
stem
area
and
the
sponsor
logo
page
of
the
brochure-
and
you
may
refer
to
the
logo
page
for
details.
So
with
a
complete
collection
of
stamps
in
one
area,
you
may
then
proceed
to
the
information
desk
to
redeem
a
corresponding
gift
and
each
visitor
May
collect
once
a
day.
A
Every
gift
is
limited
to
500
pieces
and
will
be
given
out
on
a
first
come
first
serve
basis,
so
come
on
coming
up.
Next
may
I
invite
Mary
ma
co-founder
of
mixed
Marvel
to
share
with
us
on
the
web
free
solutions
for
metaphors.
Ladies
and
Gentlemen,
please
join
me
in
giving
a
round
Applause
to
Mary
Ma.
A
U
You
Mary,
thank
you
guys,
thank
you
for
having
me
here,
I'm
Mary,
ma
co-founder
of
mixed
Marvel
and
accept
the
audience
here.
We
also
have
the
community
hearing
about
our
speech
today.
So
thank
you.
So
much
for
paying
attention
hit
take
the
time
so
actually
the
panel,
the
previous
panel
is
amazing
and
people
have
already
talked
a
lot
about
the
content
and
creation,
and
also
they've
mentioned
some
of
the
barriers
like
how
to
onboard
all
these
web
to
users
so
yeah.
Actually,
that's
what
mixed
Marvel
is
doing.
U
Let
me
share
with
our
background
for
guys
who
don't
know,
mix
Marvel
before
so.
Our
core
team
are
from
traditional
game
industry,
including
Ubisoft
tencent,
that
is
shender
network,
and
my
partnership
has
been
working
in
the
gaming
industry
for
over
16
years
and
we've
been
participated
in
the
projects
like
Assassin's
Creed,
Prince
of
Persia,
and
we
get
into
the
web
3
since
2017
and
our
first
game
was
happy
dragons.
U
We
deployed
on
the
ethereum
since
2018
and
we
surpassed
the
crypto
kitties
on
the
same
year,
just
after
four
months
of
launching
and
then
keep
ranking
top
one
on
ethereum
and
also
some
other
chance,
like
ontology
and
and
after
that,
we've
published
a
series
of
the
hackers
and
the
the
hero.
It's
another
game.
U
So
many
thanks
for
helping
us
to
pre
to
to
promote
the
GameFly
concept
and
also
a
lot
of
thanks
to
Hash
key,
because
they
are
mostly
the
investor
of
most
of
our
projects,
including
mixed
Marvel,
Rangers
and
doll
Venture.
So,
thank
you
so
much
for
having
us
here
and
actually
now,
after
six
years
and
experience
in
this
industry,
we
have
formed
three
main
pillars
so
including
publishing
incubation
and
investment.
So
I,
don't
know
how
many
of
you
guys
you
are
the
practicers
in
gaming
industry,
any
one
of
you.
U
U
Actually,
we've
been
talking
to
many
web
2
game
developers,
including
the
listed
companies,
some
famous
producers.
They
are
really
curious
about
web3,
but
they
always
will
ask
us
three
questions.
So
the
first
one
is:
where
can
I
acquire
the
the
users
which
channel
should
I
cooperate
with?
How
can
I
do
the
media
buy?
So
this
is
the
first
one
and
the
second
one
is
which
channel
should
I
choose?
What
kind
of
wallet
should
I
choose?
U
How
would
my
users
to
deal
with
the
private
Keys,
crypto
crypto
wallets
all
this
complicated
infrastructures
and
the
third
thing
will
be
what
kind
of
tokenomics
should
I
design?
What
kind
of
type
of
the
game
is
suitable
for
the
web3
and
if
they
are
dealing
with
all
these
questions
by
themselves,
so
no
more
than
three
months
they're
gonna
disappear,
because,
sadly,
there's
no
Channel
at
all.
There's
no
way
for
you
to
do
the
media
by
to
acquire
the
users
in
the
web3,
so
people
are
keeping
doing
AMA
to
talk
to
the
influencers.
U
Could
you
please
retweet
a
tweet
for
our
projects
and
products
promote
for
us
and
and
also
they
have
to
deal
with
all
this
chance
Solutions
and
to
choose
from
the
hundreds
of
the
wallets?
So
after
being
us
answering
so
many
questions
from
the
web,
2
game
developers
and
companies,
we've
decided
to
make
our
own
SDK.
U
Oh
yeah,
so
before
this
actually,
we've
always
also
noticed
a
lot
of
needs
in
this
market
because
you
can
see
I,
don't
know
whether
how
many
of
guys
attended
the
GDC
days
before
in
the
states
the
game
developers
conference,
okay,
so
yeah
as
just
one
game
developer
here.
So
I
guess
most
of
you
guys
are
not
interested
in
the
conference.
Okay,
we
were
there
and
actually
people
are
really
interested
in
the
web
3,
but
sadly,
because
of
the
influence
of
FTX
issue,
the
FC
bbcu.
U
So
the
primary
Market
is
not
that
active
anymore.
So
and
but
you
know
on
the
opposite,
you
can
see
a
lot
of
people
gathering
in
Hong,
Kong
and
hash.
Key
has
has
paid
a
lot
of
effort
to
make
the
whole
industry
to
be
fully
compliant
and
to
be
regulated.
So
I
think
I
can
see
it's
a
great
opportunity
here
and
actually
in
the
game
industry.
The
Asian
markets
has
already
playing
a
very
important
role
there.
U
You
can
see
that
most
of
the
consumers
are
from
the
Asian
and
the
population
is
already
half
of
them
in
the
Glo
in
the
global
market
and
they
are
still
increasing
so
and-
and
we
can
notice
a
very
big
big
big
trend
for
the
web
2
game
developers
to
get
into
the
web3.
For
example,
in
China
Mainland
there
is
the
limitation
of
the
license,
which
means,
if
you
do
have
you
do
not
have
the
license.
U
You
cannot
publish
your
game
in
China
Mainland
market,
so
you
need
to
go
to
the
overseas
market
and
the
Publishers
are
so
limited
who
are
familiar
with
the
overseas
market.
So
the
web
3
has
become
already
a
key
strategy
of
many
of
the
holistic
companies
in
China
mainland
in
Korea.
So
we've
talked
to
a
lot
of
to
them
and
we
are
strategic
Partners.
So
we
can
notice
that
it's
a
great
Trend,
including
the
talents,
the
capital,
so
you
can
see
that
in
the
end
of
2017
there
are
only
important
for
8
billion.
U
Capital
goes
into
the
game
five
field,
but
till
the
2021
is
already
for
in
nearly
41
billion.
So
a
lot
of
a
lot
of
investors.
They
are
supporting
this
track
and
also
you
can
see
a
lot
of
different
types
of
the
games
out
here.
It
used
to
be
just
the
game,
the
very
simple
games
you
can
know
you
can
imagine
that
axi
and
some
like
even
hyper
dragons
our
first
game.
U
It's
it's
kind
of
a
kind
of
simple
game,
I
would
say,
but
here
you
can
say
a
lot
of
new
games
are
near
to
publish
like
SOG
like
MMO,
larger
scale
games.
So
it
has
already
got
the
foundation
to
attract
the
normal
web
to
users
and
also
we
can
see
the
all
the
infrastructures
they
are
more
and
more
mature,
like
the
smart
contract
wallet,
the
MPC
wallet
and
also
the
infrastructure
they
can
support
large-scale
games
already.
U
So
here
is
some
of
the
researchers
we
have
already
done
from
different
diverse
features
and
diverse
structures
that
which
are
getting
more
and
more
mature,
so
yeah.
So
after
all,
I
would
say
one
of
our
keypillar
is
a
publishing
and
we
are
very
pleased
to
release
our
SDK
this
year.
So
it's
a
actually
it's
an
aggregator,
so
I've
just
mentioned
about
all
the
issues
the
game
developers
May
face.
So
we
are
trying
to
solve
a
nearly
all
of
them.
U
So,
for
example,
from
it's
for
the
it's,
a
aggregator
of
the
logging
system,
the
payment
system
and
the
in-game
decks
in-game
Unity
Marketplace
in-game
rental
protocol,
which
means
for
the
web
to
users.
They
can
easily
use
their
social
logging
or
email
to
register
and
also
log
into
the
game,
but
at
in
the
meantime,
even
though
the
users
they
have
no
idea,
they
have
already
got
their
crypto
wallet,
but
actually
they
do
have
it's
fraternized
and
announced
non-custodian
by
the
chain.
U
So
it's
pretty
safe
and
then
they
can
use
the
Fiat
on-ramp
off-ramp
service
to
purchase
the
token
or
nft
directly
within
the
game.
And
after
that
and
they
can
even
list
their
nfts
within
the
game
and
trade
with
other
Gamers.
And
if
they
want
to
list
in
the
third
party,
like
some
some
like
on
open
C,
they
just
need
to
withdraw
and
cross
chain
and
or
even
even
though,
in
the
future
they
can
directly
List
It
On,
the
Open
C.
U
So
we
are
the
leading
investor
of
unipas,
so
now
we
will
recommend
Universe
in
most
of
the
environment,
but
we
are
we're.
Gonna
be
evm
fully
compatible
in
the
Q3.
So
if
you
want
to
use
any
other
wallets
based
on
ethereum,
we
will
aggregate
as
well
or
BSC.
That's
the
same,
and
we
also
support
the
traditional
crypto
wallets
logging
or
the
the
keywords
import
import
Solutions.
U
Yeah
here
we
are
using
the
Rangers
as
the
chance,
because
it's
high
performance
chain,
so
the
transaction
will
be
down
just
in
a
click.
So
here
we
support
over
200
kinds
of
Fiat
for
the
users
to
purchase
any
of
the
SS
they
like.
So
this
is
the
nft
within
the
game,
and
it's
exclusively
just
for
your
game.
So
so
you,
the
users,
won't
be
bothered
by
any
other
projects.
U
Ers
they
have
already
been
adopted
and
medicine
is
one
of
the
game,
and
it's
also
one
of
the
projects
we
are
incubating.
So
I
want
to
I,
don't
know
how
many
of
you
guys
have
visited
the
booth
of
mixed
Marvel,
it's
just
outside
there,
and
actually
you
can
play
the
game
in
our
computer
and
medicine
is
actually
doing
the
alpha
test
launching
early
in
May.
U
U
I,
don't
know
how
many
of
you
guys
know
them
the
old
war
of
the
craft,
the
was
the
journey
by
netease
and
the
mirror
two
so
mirror
2
is
developed
by
we
made,
but
it's
published
in
by
Shanda
Network
in
China
Mainland.
So
this
this
game
is
is
the
founder,
is
the
co-founder
of
Shanda
Network,
so
they
have
already
been
doing
20
years
in
developing
and
operating
the
MMORPG
so
and
the
mirror
2
has
already
generated
over,
like
15
billion
US
Dollars
during
the
past
20
years.
U
U
U
U
Okay,
so
much
for
listening
so
much
for
many
thanks
for
taking
the
time.
So
we
are
mixed
Marvel
and
we
are
doing
investment,
incubation
and
Publishing
of
the
web
free
games.
So
we
are
very
welcome
to
any
important
kinds
of
Partnerships.
So
if
you
are
interested,
please
reach
us
out.
Thank
you.
So
much.
A
V
So
my
name
is
Victor
Zhang
I'm
from
a
smartoken
labs
and
that's
multiple
lives.
We
are
mainly
working
on
localizations,
so
we
have
been
doing
this
for
over
six
years.
On
one
side,
we
have
a
on
one
side
of
the
business.
We
are
one
of
the
key
contributor
to
two
open
source
projects,
our
forward
and
token
script.
Our
football
league
right
now
is
the
most
forked
evm
mobile
world
in
the
world.
So
developer,
lovers
and
token
script
is
a
totalization
framework
being
used
by
our
own
business
for
multiple
projects.
V
On
the
other
side
of
the
business,
we
also
serve
as
a
totalization
studio,
so
we've
been
doing
totalization
projects
since
2018.
and
mainly
a
nft
based
the
totalization,
for
example.
The
first
first
localization
project
we
did
is
with
the
FIFA
official
exclusive
takea
agent
in
2018
during
the
FIFA
World
Cup.
We
use
ethereum
blockchain
tokenized,
the
50
FIFA
World
Cup
tickets,
and
at
that
year
there
are
28
non-blockchain
consumers
use
nft,
based
tickets,
pass
the
game
in
Russia
and
watch
the
FIFA
World
Cup
game.
V
So
we
see
this
space
is
growing
to
three
stage
at
the
beginning,
like
the
project
we
date
with
FIFA
with
Karma
with
UEFA,
they
are
more
like
a
type
of
proof
of
concept
without
go
to
market.
So
it's
basically
for
those
brands
for
those
Enterprise
to
test
the
technology
to
see
what
is
the
future
looks
like
and
then
they
will
put
it
in
the
safe
and
wait
for
the
Future
car
and
then
is
the
second
stage.
V
The
second
stage
is
happened
around
the
two
and
a
half
year
ago,
that
is
during
the
nft
booming,
so
I
think
at
that
stage.
Until
now,
many
of
brand
Enterprise
treat
life
tea
very
much
like
a
new
eyesight
category,
basically
either
treated
as
a
digital
product.
They
are
able
to
sell
to
their
consumer
or
treat
it
as
a
super
cost
effect
effective
way
to
do
consumer
engagement
because
it
gives
give
something
free
to
their
user
and
by
doing
that,
they
hope
their
user.
V
So
the
feedback
we
get
is
quite
interesting
basically
is
here
is
that
this
is
three
points.
The
first
thing
is
all
of
them.
Believe
next
wave
is
not
about
treat
lft
as
an
asset;
basically,
they
want
more.
Basically,
they
want
utility
and
another
thing
they
want
to
do.
Is
they
want
Mass
adoption?
It's
not
only
issuing
some
left
key
and
targeting
some
crypto
user
and
found
those
crypto
funnels
across
area
for
the
crypto
user
with
their
brand
audience.
That
is
not
enough.
They
want
to
engage
their
whole
audience
like
a
millions
of
their
existing
users.
V
V
V
V
For
example,
we
are
able
to
using
existing
channel
to
deliver
the
token
and
there's
no
wallets
required,
and
also
we
can
provide
better
privacy,
because
many
of
brands
have
the
concern.
If
they
publish
the
information
on
public
blockchain,
then
what
if
any
other
people
want
to
is
able
to
read
all
those
information?
What
if
they
cannot
get
the
user's
consent
to
do
that?
What
if
it
is
related
to
pii
personal
identifiable
information,
then
there
will
be
big
restrictions
solution.
V
V
I
will
dive
in
a
little
bit
of
the
type
detail
in
the
next
slides,
so
basically
on
the
high
level
of
this
solution
for
brand
to
do
partnership.
Integration
is
moving
the
integration
points
from
Brand
to
the
user
side.
So
previously,
when
brand
integrated
with
another
brand
doing
database
integration,
you
can
think
in
this
crypto
token
is
passed
in
between
Brands
database
or
input
between
Brands
database
with
a
platform,
and
then
another
brand
also
connects
to
the
same
platform
to
achieve
integration
and
on
the
high
level
Yahoo
solution.
V
It
looks
like
a
brand
is
passing
the
similar
crypto
token
to
user,
and
then
user
use
those
token
with
consent
on
another
brand
to
achieve
the
same
integration
with
much
lower
cost,
with
much
less
free,
much
less
friction
and
much
easier
to
do
so.
Basically,
all
the
primary
spoke
with
their
marketing
team
growth,
team,
Cosmic
engagement,
team,
CRM
team
love
this
solution,
because
they
don't
need
to
speak
to
their
backend
database
integration
team.
Then
they
can
do
the
different
kind
of
campaign
to
do
user
user
engagement
or
user
growth.
V
At
the
back
of
the
technology
itself,
it
is
used
in
crypto
authorization
and
a
little
bit
more
detail.
It
is
the
machine
readable
statement
with
the
user's
identifier
and
then
it's
signed
by
the
brand
as
the
usual.
With
this
authorization
token
in
user's
hand,
user
can
use
it
not
only
on
Brands
product
services,
not
only
on
brand
Partners
product
Services
can
also
openly
use
it
every
anywhere
who
want
to
Target
in
those
users
and
to
deliver
this
authorization
token
or
option
token.
V
We
encoded
the
authorization
into
a
URL
and
we
call
it
magic
link
and
that
URL
can
be
deep,
linked
to
trigger
Partners
application
or
open
up
Partners
Service
website
to
further
engage
with
the
user
and
on
the
partners
website.
We
provide
this
token
negotiator
module
for
their
website
and
application
to
be
compatible
with
this
option,
tokens
to
be
able
to
verify
and
provide
services.
V
So,
let's
move
to
some
real
world
use
cases,
so
the
first
one
is
in
event
industry.
So
last
year
we
have
the
opportunity
to
work
together
with
ethereum
Foundation
staffcom
team.
So
if
you
don't
know
Defcon,
that
is
the
largest
developer
events
for
ethereum
Community
every
year,
there's
a
round
over
there.
Every
year
there
are
over
6
000
people's
participants,
so
the
in
the
last
years
Defcon
we
worked
with
the
student
Foundation
stefcom
team,
developed
ticket
attestation
for
Defcon
and
also
the
corresponding
promotionless
per
platform
for
partners.
V
So
what
happened
is
all
the
people
who
have
a
Defcon
tickets?
They
receive
a
ticket
attestation
in
their
email
and
that
attestation,
as
I
mentioned,
is
encoded
into
a
URL
format
and
when
people
open
up
that
URL
it
goes
to
a
permissionless
perks
website
and
there
are
many
third-party
Partners
service
providers
promotionlessly
offering
different
perks
to
those
of
verifiable
tickets
holder
and
the
user
experience
is
super
smooth
people,
click
open
up
the
promotionless
perks
website.
V
On
the
same
time,
the
authorization
token
is
injected
into
the
store,
browser's
local
storage
and
then
by
user,
open
up
the
partners
website
to
claim
the
perks.
That
token
will
be
read
with
users
consent
by
the
partner's
website
and
then,
after
verify,
the
partner
website
provide
the
corresponding
perks
to
the
user.
V
So
among
the
6000
ticket
holder,
80
percent
claimed
this
option
authorization
token
this
option
ft
and
among
all
the
ticket
holder,
20
participate
in
one
or
a
few
partnership
perks,
websites.
Basically,
click
claim
the
samples
from
the
partner
and
they
are
25.
Promotionless
Partners
participate
in
this
campaign
and
also
on
the
same
time
as
I
mentioned.
It's
super
easy.
It's
flexible.
V
You
are
able
to
convert
the
attestation
token
into
action
token,
so
there
are
over
1
600
option,
token
being
converted
into
unchain
Lefty
across
four
different
network,
including
ethereum,
polygon,
optimized
and
also
arbitrant,
and
by
user
converter
type
station.
Basically,
they
put
a
train
station
as
the
transaction
payload
and
the
smart
contract
is
verifying
by
the
you
are
the
right
click
holder
and
then
mean
the
corresponding
nft
and
your
testation
will
get
revoked.
V
Let's
move
on
to
the
next
one:
this
one
is
in
the
sports
industry.
Sports
industry
always
have
this
big
problem:
how
to
actually
prove
the
sponsorship
Roi
and
the
current
proof
is
very
blur.
It's
basically
just
based
on
how
much
audience
you
are
able
to
cover
in
this
in
this
case
is
like
how
much
sense
you
have,
because
this
is
a
sports
player.
V
V
If
you
pay
five
dollar,
you
get
the
member
and
you
are
and
then
you
will
be
able
to
enjoy
like
a
10,
different
experiences
online
offline
and,
more
importantly,
you
are
able
to
use
the
same
membership
on
the
Partnerships
platform
on
those
sponsors
products
and
services,
and
by
doing
that,
the
sponsor
is
actually
able
to
accurately
measure
the
ROI.
How
many
people
is
converted?
How
many
people
is
signed
up?
How
many
people
down
the
further
approachment
of
further
engagement
with
the
brand?
V
V
So
the
the
last.
The
last
example
use
case
I'm
going
to
share
is
a
proof
of
concept
working
in
progress
right
now,
so
we
have
a
partnership
you'll
see
in
build
for
of
x3
loyalty
solution,
not
a
membership
solution.
This
is
the
largest
solution,
which
is
basically
for
the
top
tier
loyalty
Cosmos,
and
this
approve
of
concept
is
carry
on
with
one
of
the
world's
most
famous
consumer
Brands,
because
we
have
NDA
before
the
product
launch.
We
cannot
disclose
the
Brand's
name
and
enjoy
this
project.
V
We
use
both
on-chain
token
and
also
option
token,
with
they
find
different
users
rights
within
the
Loyalty
solution,
for
example,
for
your
loyalty
status
like
your
diamond
member
or
your
gold
member
or
your
normal
member.
These
status
will
never
be
transferred
and
the
brand
won't
want
you
to
transfer
your
status
and
those
status
can
stay
as
the
option
token,
but
for
all
the
benefits,
all
the
perks
you
are
entitled
with
this
status,
some
of
them
some
of
them,
can
be
transferred.
V
So
if
they
are
transferable,
then
you
can
convert
those
transportable
rights
into
blockchain
token
to
do
further,
transfer
or
resell.
If
it's
not
transportable,
you
can
stay
as
often
talking,
and
we
are
also
leveraging
the
existing
Mobile
wallet
already
in
every
consumer's
pocket.
That
is
the
Apple
wallet
and
also
the
Google
Wallet.
V
V
Our
solution
is
super
easy
to
be
added
into
any
existing
martech
stack.
So
it's
not
to
replace
the
existing
marital
is
very
much
like
error.
For
example,
we
have
good
collaboration
with
Salesforce.
Our
solution
can
redirect
the
data
back
to
Salesforce
CRM
and
the
Salesforce
CRM
can
also
integrate
it
with
our
solution
and
our
solution
can
integrate
with
existing
other
Market
platforms
as
well,
and
we
believe
by
providing
this
kind
of
solution.
V
So
this
is
the
end
of
the
presentation,
so
the
core
technology
behind
again
option
left
key
and
the
smart
layer
to
be
able
to
add
it
into
any
existing
martech
or
marketing
platforms.
And
if
you
are
interested
in
our
Technologies,
you
can
either
come
to
our
website.
Smart
overlaps.com
or
you
can
reach
me
on
Twitter.
My
Twitter
account
is
at
victor928.
Thank
you.
Everyone.
A
Thank
you.
Thank
you,
Victor
for
your
great
Insight.
Thank
you
very
much
now
may
I
have
the
honor
to
invite
Ms
Elena
Alcott
China
Tech,
correspondent,
Financial
Times,
to
give
us
a
closing
speech.
The
topic
is
newspaper
in
an
age
of
web
free.
Ladies
and
Gentlemen,
please
join
me
in
welcoming
Miss
Eleanor
Alcott
on
stage
foreign.
K
Hello,
my
name
is
Eleanor
Alcott
I
am
the
ft's
China
Tech
correspondent
based
in
Hong
Kong.
My
talk
will
be
very
short
and
sweet,
because
I
know
it's
dinner
time
and
you've
all
have
probably
better
things
to
be
doing
than
listening
to
me,
but
I'm
going
to
talk
to
you
about
the
role
of
traditional
media
and
how
it's
responding
to
the
development
of
web
3.
in
particular.
K
The
Ft,
which
is
part
of
the
Nikkei
group,
provides
a
range
of
offerings
in
our
iconic
light
salmon,
pink,
which
I've
brought
along
here
today.
You'll
see
her
logo
Splash
all
over
newsstands.
In
this
city.
We
not
only
look
good.
If
you
pick
up
our
newspaper,
you'll
also
get
well-beating
scoops
on
things
ranging
from
ubs's
takeover
of
Credit
Suisse,
thoughtful
profiles
of
world
leaders
in
our
how
to,
in
our
kind
of
lunch
with
the
Ft
feature,
and
also
some
glitzy
interior
design
advice
in
our
how
to
spend
it
magazine.
K
K
K
His
was
a
captivating
tale
of
a
young
and
up-and-coming
entrepreneur
with
a
bright
idea
and
money
to
back
it
up.
Not
only
was
he
a
masterful
fundraiser,
but
he
utilized
the
media
to
cultivate
an
image
of
a
philanthropic
entrepreneur
who
wanted
to
write
the
industry.
It
just
tells
you
the
power
of
narrative
and
how
lots
of
journalists
are
now
questioning
whether
or
not
they
did
enough
to
to
question
the
kind
of
Mythology
around
his
rise.
K
Has
anyone
heard
of
Silicon
Valley
Bank?
Yes,
I
would
presume
that
you,
you
have
well
the
world
first
learned
about
its
losses
on
U.S
government
bonds
through
our
coverage
in
late
February.
Our
team
in
the
west
coast
of
the
US
wrote
a
very
prescient
piece
highlighting
some
of
fbb's
problems
and
this
article
actually
prompted
several
Founders
and
and
BCS
to
move
money
to
other
Banks.
So
you
really,
you
heard
it
on
the
Ft.
K
First,
we're
always
following
the
money
at
the
ft,
and
we've
made
a
number
of
editorial
changes
recently
to
reflect
the
growing
importance
of
web3
in
our
coverage.
Firstly,
we
appointed
an
artificial,
our
first
artificial
intelligence,
editor
Madu
murgia,
who
has
been
overseeing
our
coverage
of
the
explosion
of
chat
GPT
and
the
Race
Across
the
world,
including
in
China,
to
create
clone
chat
Bots.
K
K
K
Firstly,
there
are
some
really
interesting
implications
for
news
organizations
whose
content
has
been
plugged
in
to
train
these
models.
We've
seen
a
group
of
tech
companies
using
the
creative
content
that
me
and
my
colleagues
and
others
have
written
without
renumerating
the
company
for
the
original
work
and
are
creating
products
that
has
the
potential
to
generate
billions
of
dollars
in
Revenue
in
the
process.
So,
as
was
the
case
with
search
engines
in
the
past,
there
will
undoubtedly
be
some
form
of
pushback
from
Publishers
demanding
to
be
compensated
for
their
work.
K
K
What
do
we
do
when
the
internet
is
populated,
with
fake
articles
that
are
convincingly
written
in
the
style
of
an
ft
journalist
chat?
Gpt
can
throw
out
a
column
that
sounds
like
me,
but
is
based
on
on
fake
news
sources.
This
is
worrying
because
fake
news
in
the
past
suffered
from
a
problem,
a
lack
of
credibility.
It
just
didn't
read
like
real
news.
The
grammar
was
bad.
The
spelling
was
sometimes
pretty
off,
but
chat.
K
K
K
The
final
and
most
important
thing
that
I
wanted
to
say
on
this
topic
is
that
a
chatbot
can
never
replace
a
journalist.
It
can't
break
a
story
or
offer
incisive
fresh
analysis
on
the
global
economy
produced
by
economists
like
our
Martin
wolf.
The
work
we
do
cannot
as
much
as
I
wish.
It
could
could
be
done
like
this.
It
cannot
be
recreated
with
the
click
of
a
button.
It
requires
hours
of
diligent
reporting,
building
relationships
with
sources
speaking
to
analysts
and
crunching
data.
K
This
not
only
takes
time
it
takes
skills
that
a
machine
cannot
replicate.
It
takes
creativity,
it
takes
empathy
and
it
takes
that
age-old
human
impulse
to
to
share
your
story
with
another
human
and
not
with
a
machine
so
anyway,
just
to
just
to
conclude,
I
was
I'm
very
excited
to
be
here
with
you
all
today,
having
just
spent
a
few
hours
kind
of
walking
around
the
conference
talking
to
company
Founders
I
can
feel
this
really
infectious
energy
and
there's
clearly
lots
of
exciting
Innovation
to
come
in
Hong,
Kong
and
just
yeah.
K
A
A
So,
ladies
and
Gentlemen
The
Hitchhiker's
Guide
to
metaphors
nft
game,
five
and
infrastructure
session
of
the
Hong
Kong
web
free
Festival
2023,
has
come
to
an
end.
However,
there
are
many
more
exciting
sessions,
starting
from
9am.
Tomorrow
morning,
please
be
reminded
to
scan
the
QR
code
to
view
the
detailed
agenda
of
each
session
and
once
again,
we'd
like
to
thank
all
our
sponsors,
including
the
title
sponsor
okx
and
Za
Bank
official
supporting
organizations
invest
HK
fintech,
HK,
Hong,
Kong,
Science
and
Technology
Park
and
cyberport
Platinum
sponsors.
A
They
are
near
filecoin,
Neo,
offside
and
Quest
end
and
our
good
sponsors.
They
are
Avalanche
bocine,
sir,
take
dgft
dodo,
dot
bet
for
belay
map
protocol
meta
48
metaphor
makes
Marvel
Neopets
nervous,
paddle,
cutem
safe
here
in
save
pow
seba,
water
drip
and
zkp
lab,
and
more
than
100
Partners,
who
have
supported
the
Hong
Kong
web
free,
Festival
2023.
Thank
you
so
much
for
your
great
support.
Once
again.
Thank
you,
everyone
for
your
participation
and
we
look
forward
to
seeing
you
all
again
tomorrow,
at
9
00
a.m.
Thank
you.