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Our Web3 startup project is yellow

Time : 31/03/2022 Author : k8afd6 Click : + -
        This spring, a sea Internet company in Beijing planned a new project internally, which was directed at the air outlet &mdash& mdash; Web3。 Wu Xin, the Internet operation manager without Web3 experience, who is also my friend, was urgently mobilized to participate in the development of the project. However, the progress of the project was not as smooth as expected. After changing the direction of the project for many times, the company finally decided to stop the project. Coincidentally, a Web3 entrepreneur also shares his experience on social platforms &mdash& mdash; With the background of overseas returnees, I started the Web3 project entrepreneurship in Shenzhen at the end of last year, and the angel round fund is almost spent, but so far the next round of financing is far away.
 
        "I used to be confident, but now I start to doubt myself after seeing VC again and again." If you don't complete the financing within the next two months, you will close the company and look for a job again. Half a year later, Web3 has gone from noisy to gradually silent. Hearing the news, the entrepreneurial team seemed to have received bad news halfway. This is the most controversial track in the VC Circle this year, and now it may also be the fastest extinguished track. That is the middle stage of the company's Web3 project in full swing. The project team held meetings every day until the evening. Wu Xin listened to the meeting for two hours, but found that everyone seemed to be immersed in meaningless discussions. "No one gave Web3 a clear definition. All kinds of abstract words ran through the end of the meeting. I found that everyone seemed to talk about a bunch of empty content.".
 
        During that period, Wu Xin secretly submitted several resumes. She began to believe that Web3 made the current work painful. It all starts from the beginning of this year. At that time, the direct leader suddenly found Wu Xin and let her know what "NFT" and "crypto" are. She felt inexplicable. She had been in the Internet industry for so many years, and she had never heard these two words. Wu Xin has worked in a well-known Internet manufacturer for several years. Her position is overseas operation, base Beijing. But at the beginning of this year, her leaders asked her to move into a new project team and start preparing for the Web3 project. The company is a well-known Internet listed company, so it's not surprising to open new projects temporarily.
 
        There is no doubt that this is a water test. The company has just recruited a community operator with Web3 experience, but in addition, the team members of the whole Web3 project are selected from the original Internet operation team. No one is familiar with Web3. "Leaders may just read some articles and reports and think this is a vent, so let's do it.". What is Web3? Wu Xin is still unclear. In 2014, gavinwood, the founder of Ethereum, put forward the concept of Web3 in a blog, which seems to be a new Internet operation mode: information will be published, kept, traceable and never leaked by users, that is, "decentralized network".
 
        The Bennett Institute for public policy at Cambridge University defines Web3 as "the hypothetical next-generation network technology, legal and payment infrastructure — — including blockchain, smart contract and cryptocurrency". This concept has been popular since 2021. At that time, the price of bitcoin soared to $69000. NFT alone generated more than $22billion in trading volume last year, and wealth gushed. As a result, Silicon Valley giants have left Web3. Twitter and reddit took the lead in testing their own Web3 projects, followed by American Internet companies such as meta, Google, Amazon, eBay, etc.
 
        In the primary market, in 2021 alone, venture capital companies have invested more than $27billion in projects related to digital cryptocurrencies. Obviously, no one wants to miss the cake, including Wu Xin's company. According to the leader's idea, the new Web3 project needs to be learned, but the original app operation still needs to be continued. After the new year, Wu Xin and her colleagues invested in the Internet of the old and new generations at the same time. However, after only three months, Wu Xin felt that the project was going yellow. Almost every month, the general direction of the project will be changed, completely overturning the previous work, and making a new thing according to the leader's intention. Each direction requires a lot of research time of Wu Xin and the team.
 
        At first, the team wanted to imitate opensea (NFT trading platform), and then wanted to add the function of mirror (Web3 blog platform). Later, the team decided to imitate a crowdfunding platform and abandon the previously explored mirror and opensea. Although the leaders will comfort everyone, "Web3 is a new field, and it is normal to overturn and redo". But the company did not accept such progress in the end. As summer approached, the progress of the project stalled, and the Web3 project team was disbanded, "they don't think this project is worth investing money.". The first thing to face is a lot of new knowledge and the early stage of the "industry black line project". There are very few Chinese materials related to Web3. Wu Xin needs to read a lot of English materials, and a large number of terms undoubtedly increase the threshold for learning.
 
        "It's very painful for people without any foundation to learn Web3." This is Wu Xin's true experience. The greater loss of the project may be the scarcity of consensus. In the field of Web3, the word "consensus" is often mentioned. The value of NFT requires people to have a consensus, and the value of virtual assets requires people to have a consensus &mdash& mdash; The whole Web3 requires users to have a consensus: ownership and autonomy of their own data and property. But Wu Xin soon found her distrust of this statement. "A very important feature is decentralization, but as a company, everything we do must be centralized. For profit, is it contrary to decentralization?".
 
        This suspicion is accompanied by frequent changes in the project plan. A week after Wu Xin completed a market research, another new market research task was assigned, and the previous research was completely overturned. In the new field, the safest entrepreneurial model is imitation, but Web3 industry is pouring in a large number of products every day. Before we know who to imitate, we have to try and make mistakes again and again. Over time, Wu Xin also found changes in the project team. At the early stage of the Web3 project, the foreign colleagues in the team were more enthusiastic about Web3. There was no reading barrier in English documents, and the learning speed was faster. But when the direction changed again and again, the foreign employees also became somewhat resistant, "the tone and complexion are not very good-looking, and everyone can't help doing so much useless work.
 
        ”。 A meeting made Wu Xin fully realize that the life of this project may not be long: the product manager doesn't recognize what the operation does, but what the product manager is doing, as an operation, Wu Xin doesn't know. "The products think that they can do the work of operation, so the operation is dispensable. There is a problem in the internal coordination of the Department". A blockchain product manager also revealed his similar concerns on the social platform, "non-technical personnel are hard wired to engage in the blockchain industry to make products. Technicians (personnel) know everything, and technology can make products by itself". The unclear division of labor makes the Web3 project team vulnerable. Shortly after the termination of the company's project, Luna coin, known as "coin circle Moutai", fell sharply, and the market value of various digital coins evaporated by about $400billion.
 
        When Wu Xin saw the news, she thought, "it's OK.". In April this year, meituan co-founder Wang Huiwen changed the instant app signature to: learning crypto. Guo Yu, a well-known retired programmer in the industry, also publicly said that he was studying Web3. Internet companies are enthusiastic &mdash& mdash; Tencent founded its own XR department, and byte incorporated a meta universe team. Station B launched its first overseas Web3 project "cheersupriod" in May. Alibaba announced the provision of NFT solutions overseas. Yingke even changed its name to yinguniverse and decided to allinweb3.
 
        "The group of friends who invested in TMT in those years began to go to Singapore to see the Web3 project." A VC investor in Shenzhen revealed that most of his US dollar fund friends had rich overseas study and life backgrounds, and many people chose to go to sea this year &mdash& mdash; Either look for consumer Internet projects in Southeast Asia, or go to Singapore to see Web3. But the person who really tasted the cake has not yet appeared. Fang Tong, a partner of a dual currency fund in Beijing, revealed to the investment community that the overseas team of his international fund was very aggressive in the Web3 project, but the Chinese team was very hesitant. She still remembers countless awkward questions and answers.
 
        Since this year, I have received more and more BP about Web3 and met many Web3 entrepreneurs. However, when Fang Tong asked why the data must be "linked", the other party began to be vague. Impressed, a Web3 entrepreneur said that he hoped to encourage everyone to open and share data through profit sharing, but he was immediately interrupted by Fang Tong, "can't traditional Internet do this?" The conversation began to be incoherent. It is difficult for traditional VC and Investment Committee to vote for such a project. "There is no way to persuade us to measure the project standard with traditional business value." Fang Tong said. "It has no practical significance and application value.
 
        All economic models are based on the latecomers' taking over. Only those in the back can take over the offer, and those in the front can make money. This plate can design a lot of incentive mechanisms to make everyone feel that they can make money when they come in, so it becomes to see whose plate is well designed and can attract more people to take over. ". In the eyes of Web3 entrepreneur Silin, speculators and foam are everywhere. In the primary market, VC companies rush to enter the market, but they don't know much about Web3. He remembered that a CVC brought several people to talk about Web3, pretending to be in the game, but in fact there was no output. Afterwards, Silin regarded this as "white whoring".
 
        In the entrepreneurial circle, speculation has become more explicit. In an entrepreneurial group chat with nearly 400 people, he even saw that the founder made a fortune and decided to give up the project. A Web3 job seeker also said on the social platform that he once interned in the domestic NFT startup company, but after one month of employment, no salary was paid, and finally he left angrily. Twitter founder Jack Dorsey was once a bitcoin enthusiast, but last December, he angrily denounced Web3 as a "plaything for venture capital companies" on twitter, pointing at the American venture capital fund a16z, which is rich in the field of Web3. "Users don't actually own Web3, but this is a movement proud of decentralization and community.
 
        ”。 Contradictions and differences still exist today. Not long ago, the columnist and marcandreessen, the star investor of a16z, had a dialogue, which was similar to the dialogue experienced by Fang Tong, full of jams and inexplicable abstract words. This inevitably makes people wonder, where is the future of Web3? Or, does it really have a future?. The latest alarm is Tencent. According to reports, Tencent insiders revealed that Tencent is planning to abolish its "phantom core" business this week, and this news has been conveyed in the phantom core backbone. Interface news also learned from insiders that this matter is basically true, and the external business of magic nuclear had been stopped as early as early July.
 
        Tencent magic core online month. At that time, the domestic NFT boom was vigorous. At that time, Alipay and Dunhuang Art Research Institute released two NFT skins, and the price was once fried to more than 1 million. Subsequently, Tencent launched the NFT launch platform phantom core app. In the view of many people in the industry and players in the digital collection circle, magic core has become the top digital collection platform in China. In March this year, magic core completely wiped out the words NFT in the platform and adjusted it to "digital collection". In addition, wechat also renovated official account and small programs that hype and resell digital collections. This regulatory action coincides with the bear market in the NFT market, which has severely frustrated the digital collection circle.
 
        In addition to compliance risks, magic core has also faced the problem of unsalable for many times. Take master Hongyi's calligraphy motto screen digital perfection and shizhuzhai painting manual in June this year as examples. Both digital collections were closed before they were sold out. On some social media, several Tibetan circle players said frankly that "magic core is IQ tax". The biggest difference between digital collections and foreign NFT concepts is that digital collections cannot be freely traded at the secondary level. NFT, like bitcoin and Ethereum, is a form of token, which naturally has certain financial attributes. However, China has always prohibited the speculation of virtual currency. Digital collections shield the financial attributes of NFT, adopt alliance chain technology support, and restrict secondary transactions.
 
        The suspected termination of phantom core also indicates the risks that domestic Web3 companies may encounter to a certain extent, which is also a problem that all Web3 entrepreneurs need to face.
 
        
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