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Tencent will close the "magic core" digital collection. Is there any resistance to the development of the field?

Time : 24/06/2022 Author : 65a78h Click : + -
        On July 20, Tencent insiders were quoted as saying that Tencent was planning to abolish its "phantom core" business this week. Tencent did not respond to this, but some media learned from an insider that the matter was basically true, and the external business of magic nuclear had been stopped as early as early July. Digital collections were born based on blockchain. It gives the characteristics of blockchain technology to digital goods, digital assets and digital artworks, so that these virtual objects have unique vouchers that cannot be tampered with, thereby creating mathematical scarcity for them. In essence, domestic digital collections do not have the financial attributes of foreign NFT, so there is no closed loop. However, the more direct reason for the abolition of phantom core is said to lie in Tencent's "cost reduction and efficiency increase".
        For digital collection lovers, once the magic core is shut down, how a large number of users, that is, their digital collections, should be cleared away will become an urgent problem to be solved. Previously, Hang Seng Electronics' digital collection platform "to Tibet" was selected by users who could choose to retain but only provide viewing functions or refund the original price. However, if magic core adopts the original price refund method, it will become a dream for some users who expect to make private transactions after "gift transfer". At present, this technology is also considered as one of the infrastructure of the "meta universe", which is different from the underlying logic of NFT, resulting in the complete removal of financial attributes from digital collections.
        Then, there is an unavoidable question: is there any commercial value in a collection that can't be bought or sold and can only be viewed?. Overseas NFT relies on Ethereum for paid use, and the corresponding fees need to be paid for the uplink of works, which is usually paid in cryptocurrency. However, China clearly stipulates that it is prohibited to engage in the exchange business between legal tender and token, "virtual currency", and not to buy or sell tokens or "virtual currency" as a central counterparty, and not to provide pricing, information intermediary and other services for tokens or "virtual currency". The relevant person in charge of the domestic utonmos digital collection social platform said that in view of the development of today's digital collections and metauniverse, all kinds of digital collection works issued by the domestic mainstream formal platforms have brought technological changes to the confirmation and circulation of digital content relying on the characteristics of blockchain tamper proof and traceability.
        From concept formation to concept dissemination, from technology drive to capital intervention, the future development path, follow the relevant national policies, for the meta universe field, it is inevitable to improve at the infrastructure level before there is rich content ecology. Among them, we can focus on the following directions, including algorithm infrastructure to support the massive computing needs of the meta universe; Artificial intelligence technology such as AI perception algorithm to strengthen the connection between virtual and real; The construction of 3D graphics and related production tools is used to build virtual digital space. At the Q1 2022 earnings conference, Ma Huateng said that in the face of industry challenges, the company has implemented cost control measures and adjusted some non core businesses, which will help to achieve a more optimized cost structure in the future.
        In Q1 of fiscal year 2022, Tencent's net profit was 25.55 billion yuan, a year-on-year decrease of 23%. This has been Tencent's net profit decline for three consecutive quarters. At the same time, the number of Tencent employees is also expanding. Tencent had about 116200 employees in the first quarter of 2022, a year-on-year increase of 30.2%. The total remuneration in the first quarter of 2022 was 29.229 billion yuan, an increase of 43.2% year-on-year. Employee remuneration is already Tencent's largest expenditure. Today, Wang Shimu, who is in charge of the phantom core business, was just transferred to the PCG social platform and application line in May, responsible for the phantom core and other innovative businesses incubated by his team.
        Before that, Wang Shimu was the head of Netease cloud music and successfully promoted it to become the top product in the online music market. After joining Tencent, Wang Shimu started the personalized recommendation reform of Tencent News, advocating the use of big data and algorithm recommendation to build Tencent News into a diversified content platform covering videos and communities. But this transformation is not successful. Tencent News' advertising revenue fell by as much as 30% in Q1 2022. According to Ma Huateng, it is unknown whether it is really "cost reduction and efficiency increase" or whether it is facing some resistance inside and outside the enterprise. For Tencent's huge ecosystem, magic core is only one of the new projects incubated internally, which is not harmful.
        However, from the perspective of the industry, the departure of phantom core will undoubtedly bring a certain blow to the development of the digital collection distribution platform.
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