ArkStream Capital: Meta Universe and blockchain games

The Meta Universe and blockchain Game

Original author: Moke

Virtual Migration

Anyone who sees a storm coming should warn others. I, on the other hand, see the storm coming.

In the next generation or two there will be many more, even hundreds of millions of people immersed in virtual worlds and online games. Once we play the game, outside the game, things in "reality" no longer happen, at least not in the way they do now. When millions of man-hours are taken out of society, something super big is bound to happen.

———— Eduard Castronova, The Great Migration to the Virtual World

When I put on the Steam Index and entered Half-Life: Alyx, I saw the tower towering in front of me and heard the sound of aircraft in my ear, the boundary between virtual and reality was broken down for a moment. There has never been a moment when the pulse of history's great migration to the virtual world has hit my senses as deeply as it does now.

  Half-Life: Alyx

Chuang tzu's dream

We don't know how vivid a butterfly is! We don't know how vivid a butterfly is, but we call it "fill in the blanks". If we don't know how vivid a dream is, we call it "zhou" and "Butterfly".

Whether zhuang Zhou had become a butterfly in his dream, or whether the butterfly had become Zhuang Zhou in his dream.

Similarly, In the west, Hilary Putnam proposed the "brain in a VAT" illusion: if you put a brain in a tank filled with some kind of nutrient solution and interact with sensory information through powerful computers, the brain will think it is living in the real world. Think about it: Are we just "conscious" in a VAT?    

Brains in vats

Chuang Tzu and Hilary Putnam are the representative idealist philosophers of east and West respectively. Idealism holds that we cannot know anything without feeling, and that everything that comes before our consciousness is already what we feel.    

Such as false as true

After the 20th century, people generally accepted the materialist philosophy, but the progress of technology forced us to rethink the importance of consciousness. The world has my world, your world, his world, the physical objective world. The world without me has no meaning for me, because one can never think of the world before my world. In this sense, consciousness is first.

After the 20th century, the reality we are facing is that VR/AR technology, somatosensory clothing and brain-computer interface technology are iterating at a high speed. After taking over our five senses, the boundary between virtual and reality becomes blurred. The virtual world replaced the physical objective world by taking over my world.

The virtual can become reality.

Fake Barbara

When technology gets there, can you really realize you're virtual?

When it comes to the meta-universe, everyone uses the phrase "Number one Player" as an example, but I prefer to use the Truman Show as an example. In ready Player One, the main character is clearly aware that he has moved from reality into a very real virtual world.

And the more real virtual is that you never question its authenticity. Truman had been placed in a set environment since he was a baby, and it was not until he became an adult, thanks to Sylvia, that he began to doubt the reality of the world. This was in a costly, error-prone "meta-universe" that he had been lied to for so many years. So imagine if you were Truman and you grew up with a brain-computer interface in your head, and you grew up in a virtual world, and the virtual world, to you, was the real world.

The Truman Show

And the value of the meta-universe, the value of NFT, the value of virtual goods, all of these discussions of value, when the virtual world becomes Truman's real world, are they any different from the real world?

Discussing the value of an NFT avatar at this point is as pointless as discussing the value of a nice dress. A girl will pay hundreds of thousands for a nice bag, a boy will pay millions for a Dream Car, and so will Crypto Man's NFT avatar.

In the end, value is nothing more than a ruler generated by human behavior and interaction. All rulers measure time in the end. As the virtual occupies more and more of our time and life, a virtual minute is not as important as a real minute.

Gen Z grew up with a higher concentration of data than we did, and they're more comfortable with paying for virtual goods than we are. The main way to pay for games in the 70s and 90s is to pay for the value, and with legends as a typical example, we are willing to pay for the value to improve the experience in the game. In the major gaming years of the post-80s generation, aesthetic has not become a mainstream consumer. In the post-90s and post-00s gaming world, there will be big games like League of Legends that make money by selling heroes and skins. Behind this is a generational shift in consumption habits.

The meta-universe is very far away, and the meta-universe is very close to us. These low-latitude virtual payments are its early tentacles.

Yuan universe & have spent  

The meta-universe and the dimension of information

My son, who is three years old, has recently enjoyed cooking make-believe, stir-frying the Legos I bought him with a spatula. As I was writing about the meta-universe, IT occurred to me that playing house was the original, understated version of the meta-universe.

The pursuit of richer life experience has always been one of the underlying needs of human beings. The meta-universe is the sum total of a series of technologies that provide a higher density of life experience through a low-cost five senses link scheme. The meta-universe also implies a richer dimension of information.

None of the current blockchain-based meta-universes can be called meta-universes because they do not provide higher dimensional five-sense information transmission. All of the current blockchain metaverse like SAND and MANA are just blockchain games, but it could be a metaverse in the future.

The promotion of each information dimension will bring about tremendous industrial change.

At the beginning, we were a one-dimensional metasomes of words, through harry Potter, Lord of the Rings and other words, and then through the fictional structure of the brain metasomes of magic.

Then there are the two-dimensional visual metasurses, which enter our brains directly through vision through the powerful visual industry, causing intracranial orgasms.

Then there was pseudo-3d, which was opened by Avatar and climaxed by the Avengers, which grossed $2.542 billion worldwide.

VR/AR and other technologies bring true 3D, which brings more expectations of industrial change.

Avengers

In my own life, I also feel the impact of this dimensional increase. I've been playing Renwang 2, looking for a walkthrough. Suddenly, with the growth of the video medium, a lot of the walkthroughs I saw on game portals were video walkthroughs. Once again, two-dimensional information triumphed over one-dimensional written information in the familiar corners of my life.

With the cost reduction brought by technological development, the victory of multidimensional information is inevitable, and the meta-universe is inevitable.

The relationship between metaverse and blockchain

The meta-universe is the sum total of a series of technologies that provide a higher density of life experience through a low-cost five senses link scheme. At the bottom of the metaverse are the five senses link scheme and virtual world calculus capabilities.

Blockchain is a trusted computing body composed of redundant computing resources according to a certain consensus mechanism. Its core essence is to provide machine trust through high cost.

There is no hard technical link between the two. All those who say that the meta-universe must need blockchain as the underlying technology are the insiders themselves.

If we understand the high cost nature of blockchain, then we have to accept that blockchain technology is unlikely to be adopted in the early days of the metasexes, which limits its large-scale commercialization in terms of cost.

When we talk about the metasverse, what metasverse are we talking about? Workplace meta universe, Magic meta universe, martial meta universe, future technology meta universe. Human beings have too many imaginations, some of which are in complete conflict at the bottom, and the existence of the magi is challenging the physical laws of the future technological metasomes.

When we talk about the metasverse not in terms of breadth, but in terms of depth, a virtual world in which you would be willing to spend more than 50% of your life, would you be willing to breathe in a virtual space in which the air is controlled by a large entity (be it ZF, be it corporation)?

No regime can imprison the freedom of air and water, but the ultimate control in the meta-universe can easily destroy you physically through mental annihilation.   A true meta-universe, one in which human beings are willing to devote themselves wholeheartedly, must be decentralized in control, as objective as air and water, without emotion and without interest appeal. But technically, we still have a long way to go.

It is hooligan and irresponsible to confuse the present with the future.

Decentralized cults & NBSP;  

Web3 is an important topic of Crypto market discussion in 2021. Decentralization is our holy grail, but decentralization people often fall into the cult of decentralization, ignoring that whether it is decentralization or decentralization, they are ultimately responsible to the market and users.

One of the ironies is that Defi, which led decentralization to victory in 2020, is central at its core.

Defi's two pillars, DEX and Lend, both use centralized pools to improve liquidity.

The traditional model is n-N order matching model, which will encounter the negative cycle of liquidity depletion. Fewer buying and lending orders will lead to fewer selling and lending orders, which in turn will lead to fewer buying and lending orders. N-n can match demand more accurately, but consumes more matching energy of traders.

While THE AMM model collects buy (borrow) orders and sell (lend) orders into "1" through the N-1-N model. The biggest benefit of this model is that traders obtain great transaction certainty and save energy. Although he could Not match a more accurate counterparty, from the principle of large numbers, he also got the average result in the market, Not Bad.

  AMM Lending Model

This model has generated great vitality in solving the long tail problem of Crypto market, which is a very important factor in the rise of Defi.

Of course, Defi's rise is not only this, but also other factors, which are not mentioned here.

As you can see, the core design of AMM is centralized and centralized. And liquidity needs to be concentrated in centres of Matthew value. Defi beats centralization with centralization, which is probably the greatest irony of a decentralized cult.

Is centralization always the devil? Can't they be true poles in Web3? Or there are more middle-of-the-road options beyond the poles.

Cost, cost, cost.

When we used to work in the factory, the dust-free workshop of the factory required air cleanliness. Our former customers are part of the supply chain of the mobile phone industry, basically thousands of levels. And semiconductor factory air cleanliness is required to 100,000, million. For people in industry, it's all a matter of cost and necessity.

When EOS Dapp was at its peak in 2018, 90% of the Dapp users were gambling. The speed and transaction volume of EOS far exceeded ETH, and the data expansion of EOS nodes was very fast. The question comes: Is it necessary to store so much Dice result data on EOS network?

On the investment axis in 2021, there is a very important high-speed new public chain, which has a large part of EVM compatible, including 21 nodes for BSC, 100 nodes for Polygon and 44 nodes for Fantom. Compared with 300,000 nodes for ETH, they are too decentralized. But these users don't care. Even during the massive hacks on BSC and HECO in 2021, there were voices in the community that wanted Biannce and Huobi to have centralized oversight.

Another way to think about the BSC is as a little Binance that publicly displays transaction data.

Requirements and users are facts no matter how we interpret them. Even in January 2022, when the external capital market and Crypto market are depressed because of the interest rate hike, Pancakeswap is still No2 in the decentralized trading platform.

Su Zhu of 3AC reflected in a conversation with Hasu in 2021 that "one of the mistakes that early players of Bitcoin and Ethereum like me could make is to become an extremist." Much like bitcoin in '17, ethereum is now in a situation where new users don't necessarily have to choose them, even if they are indeed the best public chain. Acquisition of new users is critical to the public chain, and ethereum doesn't have that right now. When we go to a restaurant to eat, if we don't trust their food safety, do we want their cook to be elected by DAO or choose transparent kitchen plan?

Web3 is all about the advantages of privacy, but we don't need it as much as we think, or as much as different people need it. Traffic jams are a common topic during Chinese New Year every year (except during THE COVID-19 pandemic), while it is common to see some boys or children urinating on the side of the road during traffic jams on expressways, but it is less common to see girls doing this as their privacy is not as important. When my community was connected to face system, I seldom wore magnetic cards. It also supports magnetic cards, but I'm tired of wearing them. In many cases, centralized applications can already be handled very well, and decentralization is not as important as we at Crypto think.    

Blockchain games & NBSP;  

All blockchain meta-universes are self-sustaining, and at this stage all blockchain meta-universes are just blockchain games.

Then we bring it down not to attack it, but to better understand and confront it.

The person who truly loves life is the one who has seen the dark side of society and still loves life.

Before discussing blockchain games, I'd like to start with the Token economy.

From media victories to subset parent sets

The successful history of Douyin is a history of media changes.

In the transmission of video content, media has been making progress with science and technology.

First we used television to distribute video content. In the era of TELEVISION, the production of video is a high-cost industrial content, which requires the support of a professional industrial team. The video content needs to be transmitted to every family through the cable TV network through expensive recording equipment and professional gathering and editing team.

Then with the development of network technology, the ascension of the broadband network bandwidth to support the growth of the Internet, youku tudou video media era, video editing software also supports the exhibited some creators of content, I often see in tudou then call beast easy small magnitude of the creator video (now is every day should be the boss with director).

In the process, the attention of the post-80s and post-90s generation is gradually shifting away from TV.

  Yi Xiaoxing, an early video creator of Tudou, is now one of the founders of WanheTianyi

2010 年，随着智能手机的发展迭代，4G 网络的铺设，我们突然发现，视频的创作门槛变得极低，只需要一步手机，下载一个 App，就可以实现，任何人都可以成为创作者。抖音跟快手成为了新的时代之子。   

  Kuaishou /Bilibili Online celebrity Zhuogeng

In this story, the protagonists of three eras all exist to satisfy the needs of human beings for video content. The winner is the program that offers the lowest threshold and the most inclusive.

From TV, to Youku Tudou, to Douyin Kuaishou, every technological iteration has lowered the threshold and brought new parent sets. The contemporary parent sets are integrated into the subset of the next generation.

Subset is A mathematical concept: set A is called A subset of set B if any member of set A is A member of set B. Sign language: if aA, both aB, then aB.

In tiktok's hot list, we will see traditional media content like People's Daily and CCTV News, as well as celebrities like Andy Lau and Chen He, as well as Internet celebrities like Crazy Little Yang Ge and Crazy Sisters, which are not seen in traditional media. Geng handwork, Zhang students these grassroots with a mobile phone on the meeting on the road to the Internet red speed start.    

Tiktok charts

Genius is impossible to produce industrially, genius and talent are god's dice, the fairness of probability theory. The greatest significance of a threshold free creative platform is to include all the seeds in the world. Tiktok Kuaishou such a platform is compatible with the content contained in the previous carrier.

So Uniswap will win, Opensea will win, Token will win, Web3 will win, and that victory lies in a more inclusive mindset, not in a fight to the death.

Uniswap creates a no-barriers DeFi market that includes all Token liquidity, good and bad, and every local dog is a SHIBA.

Opensea creates a market for art and social value without barriers. The more IreneDAO and Indonesian DAO talk, the more successful Opensea will be.

Token economy-value parent set & NBSP;  

What is a Token? Token is by far the best measure of value.

Money is the measure of things that a country issues for transactions.

A stock is a measure of a company's shares issued by a stock exchange.

Points are a company-issued measure of user behavior.

Token is the parent of the above subset, Token allows anyone or entity to publish a measure of anything.

In this system, China can issue the digital renminbi, the US can issue the digital dollar, Teda can issue the USDT with unregulated part collateral, and Circle can issue the USDC under the legal regulatory framework.

Without considering the conflict of interests of each subject.

The characteristic of currency is cutting. Electronic currency can cut circulation more conveniently, while digital currency is more convenient to cut circulation without time limit.

China Banknote Group, the world's largest banknote printing and minting enterprise, has been suffering from overcapacity since 2015. The rise of mobile payments, the substitution of electronic money for paper money, and the relentless flow of history in favor of newer wheels.

Digital currency is the new paradigm shift, and technically it has become the new parent set.

And interestingly, the nature of digital money leads to new problems: securitization of money, monetization of securities.

BTC/LTC and other currencies were originally designed as currencies, but since there was no supply-demand adjustment scheme for market demand, they were set with a fixed total amount at the beginning. As a result, market demand would lead to fluctuations in currency prices, and gradually lost their currency attributes in the process of market evolution. It's more about assets and securities. 2017 is a popular year for ICO. In 2017, many project parties accepted BTC and ETH as financing currency. After the bull market of DeFi in 2020, the primary market of blockchain is also very hot, but Stablecoin is widely used as financing currency.

Current blockchain currencies are securities, although they are generally defined as tokens. In the traditional market, securities cannot be directly used as payment tools, but due to the unlimited cutting characteristics of digital securities and 24H online, it has the property of money.

It's a victory for technology, it's a victory for the parent set.

The value of Token -- time magic Hand & NBSP;  

The Dutch East India Company was the world's first joint-stock company, set up in the form of capital raising. Since then, this organizational form of enterprise is widely popular in the capitalist world.

To live is to fight against the law of increasing entropy. Life feeds on negative entropy. - the schrodinger

The establishment of order is the need to consume energy, and the most wonderful joint-stock system is through credit, from the future to the current use of energy, to establish order, order capacity energy, which is a common cycle across time and space Crypto drive, this is no friends of the magic hand. Token, on the other hand, is the better magic hand.

In 2014, Didi and Kuaidi engaged in one of the craziest subsidy wars in the history of the Internet. For a while, Didi burned through a total of 150 billion yuan to secure its grip on the mobility empire.

In addition to the most typical case, in group buying, food delivery, shared bikes, the Internet subsidy war has never stopped.

All these subsidies are financed by unicorns in the capital market and paid by users after they monopolize the market.

Selling shares (capital negotiation, cost of time + cost of discount) -- coupons -- users

Token - users

In the subsidy war, Token, as a tool with better cost and time efficiency, broke out in the Crypto industry first. 2020 Defi keyword mining, with the advantage of the Token to become the mainstream of the market. Of course, mining is not a new thing. As early as 2018, trading mining led by Fcoin caused a wave in the market, but relatively speaking, liquidity mining is more profound.

For example, Lookshare, which has been popular on NFT Marketplace, accounts for 250% of Opensea's transactions with 5% of Opensea's users, and 99% of the transactions from Collection.

  Looksrare vs Opensea 20210116

这里必须说明，这个判定是带一定的主观性的，判断一句是 Lookshare 交易量前 5 的 NFT 系列没有版税，而这 5 个系列在 Opensea 的 24H Vol 都排不上前 50。Looksare 第六的 NFT 系列是 Bored Ape Yacht Club，它需要版税 2.5%，Lookshare 24H Vol 350ETH，同期在 Opensea 24H Vol 1537ETH。 

  Looks Collection 20220116

Through short-term trading volume mining stimulation, transaction mining has obtained a very good-looking data surface, but the good-looking data surface cannot directly attract and retain users.

Liquidity mining can directly improve liquidity, reduce the slip point of AMM DEX, and reduce the loan interest rate of AMM Lend, which can directly attract and retain users.

We do not see transaction mining as a long-term beneficial design for the Token economy. Many projects are designed without thinking clearly. The price of Token's magic hand is debt. If the network effect cannot be established through Token incentive, the rolling debt will become a black hole to bite the project. If you are interested, do your own research on the latest data for the above example. That's an aside.

Getting back to business We spent a lot of time talking about tokens to illustrate our point that a good Token design can help blockchain game projects get off to a fast and low-cost cold start. This is one of the major issues in games right now, traffic and channel costs.

Typical channels such as apple's appstore and Google play take 30% of domestic revenue.    

Open Economy & NBSP;  

Blockchain projects have become de facto global economies.

Blockchain projects generally issue tokens, which represent the right to issue money, and no large entity will refuse to expand its capabilities if the law allows it. Historically, the Dutch East India Company had its own currency and army. But in a regulatory environment, traditional Web2 entities are restricted from doing this. FaceBook's Libra project (now called Meta) has been officially shut down by the US Congress. In China's regulatory environment, Tencent and Alibaba, despite their internal blockchain research departments, do not have the courage to try or speak out in open channels.

China does not recognize digital currencies as currencies and defines them as commodities. In the United States, bitcoin is regarded as Money in a federal court case in July 2020, but there is no official definition of the currency status of BTC.

The vast majority of the world's countries do not recognize digital currencies as currencies, let alone allow them to be used for payments within their jurisdictions.

If a creature looks like a duck, walks like a duck, quacks like a duck, it's a duck.

BTC is now one of the top 15 countries in the world in terms of monetary aggregates.

  Global fiat market value ranking 2021

BTC accounts for 40% of the market capitalization, and Crypto is even bigger.

Coinbase last disclosed 56 million registered users. In July 2020, Huobi revealed 15 million users. In July 2020, Okex (now Okx) revealed 20 million users. Crypto.com reports data that as of June 2021, the number of cryptocurrency users worldwide has reached 221 million. Conservative estimate global Crypto market 100 million users. Crypto is currently the top 14 countries in the world in terms of population.    

  World population 2021

The original Crypto startup grew up in the hinterland of this kind of wide network, where legal definition was dumb and regulation difficult. They can issue money in Crypto with impunity.

I would like to ask Uniswap, Aave and Opensea, do you pay tax?

Moneymaking users of Crypto, do you pay your taxes? VC from Crypto, did you pay taxes?

Under the new paradigm, blockchain game project parties have the opportunity to become a de facto new economy of global free circulation based on the huge barrier-free user base, and have the supreme right of coin creation prohibited by the original national subjects.

Although Crypto games are facing the problem of limited number of users at present, Axie, the largest blockchain game, has 27,000 active users, which is far less than the global game users. At present, the Crypto market is mainly dominated by speculative and investment users, and due to the threshold of the decentralized account system of blockchain, the user group of blockchain games is limited.   But both of our major constraints are going to improve over time, as we've seen from 2017 to 2022.

Up to now, the tax problem of global Internet enterprises is still a difficult regulatory problem for all countries. We believe that the regulation of digital currency payment systems, which are independent of countries, is a huge challenge. We believe that there are huge industry opportunities in this area before countries can reach broad cooperation.

The challenge is that this right to issue coins makes every blockchain game a real economy, and even those who don't want to do Ponzi's Gamefi design are not allowed to invest their time in the game's economic design, which few have. Eduard Castronova's Virtual Economics discusses the "faucet" and "sewer" mechanics of many games. Eve is a good example of a good virtual economy design.    

  Eve Online's economic ecology, compiled by Twitter user Aiko

没有良好经济设计的区块链游戏，无法存活到下一个周期。 

自由市场--市场的自我进化 

A typical blockchain supports the free flow of NFT and the free flow of tokens. This is the opposite of the current mainstream game props and game coins must be circulated within the game operator's control.

It's like the difference between a free trade body and a planned economy.   The advantage of a planned economy is that the controlling party can improve profit margins and gain higher profits through "monopoly". Open economies, on the other hand, open up and offer lower taxes, stimulating the overall economic boom and generating more profits in aggregate. That sounds like a trading port like Hong Kong.

The advantage of an open economy is that it can effectively absorb external liquidity in an upcycle and strengthen the economy in a self-cycle. The downside is that it is in a downward cycle and cannot prevent liquidity from escaping.

This is a typical escape process for second-tier Defi projects. In the past year, we have seen a lot of such TVL escape curve projects, while the leading projects in the same period have maintained a steady appeal.      

  BSC faucet item Pancakeswap TVL curve

TVL curve of a BSC second-line Defi project

Do not assume that the north's closed-door management is a fool's act, or the South will be swamped with defectors.

Crypto market is a market with transparent information and capital flow, and its evolution speed is very fast.

When I was in college, more than a decade ago, when we went shopping for clothes, we often had to bargain with retailers. Haggling is a very painful time for me, a man who is not familiar with the clothing market and is at an information disadvantage. It costs a lot to match. But now we have long been used to the price of the explicit list.

Markets evolve, and users vote with their feet. Information transparency is not the soil of the lemon market.

No user will be willing to be fed shit. The free market led by blockchain games will have a huge impact on the traditional closed management of games. In the middle, every blockchain game will face the liquidity dilemma of negative cycle, which is the challenge that marketization must face.    

High engagement and willingness to pay & NBSP  

Psychologists Scott Rigby and Richard Ryan have done extensive research suggesting that there are three instinctive motivations for playing games:

· Autonomy: The player feels own in the game world, and personal decisions matter.

· Competitiveness: Players feel that they can do what they want to do in the game world and that they are in control of the process.

· Relatedness: The player feels connected to a socially defined world that watches and validates his behavior.

Due to the highly capitalized nature of virtual goods in the blockchain industry, and the fact that blockchain games grant higher control over assets, players' feelings in the above three directions are enhanced. This increase, in turn, increases the player's sense of engagement with the game and their willingness to pay.

From a capital perspective, it's a bear market for digital currencies that the community generally recognizes, and Gamefi is past its hype period, so the numbers for Axie, the current blockchain game, are worth watching.

  Axie Internal trading market data 24H 20220223

  Dappradar: Axie user data 20220223

That translates to daily turnover of $780,000 per person.

The current marketplace fee is 4.25%, which means that those users alone could generate $9.18*30= $2.754m in revenue for Axie on the internal marketplace.

Of course, compared to the traditional game market, this total amount is not very large, but blockchain games show good potential in terms of per capita VALUE ARPU.    

Composability & NBSP;  

Blockchain games under the free market generally carry out the NFT of game assets.

NFT stands for non-Fungible Token, which refers to a non-homogeneous Token and is the only cryptocurrency Token used to represent a digital asset. The main function of NFT is to provide proof of ownership, mainly in non-standard products.

The oft-cited scarcity of NFT is an error or imprecise expression. An NFT can have a scarcity in the NFT series, which the NFT issuer can design. But NFT, as a recording tool, can only "record" such scarcity or non-scarcity.

NFT is already a very useful and widely agreed documentation tool for proof of ownership, so different companies don't have to reinvent the wheel and get bogged down in complex negotiations and rulemaking.

The NFT of assets expands the composability of blockchain games.

Composability is not only a feature of Gamefi, but of Web3 as a whole.

Defi has a lot of examples of composability. Curve is a typical example.

  Curve Pool 20220223

非常多的算法 Stablecoin 基于 Crv 建立流动性，而这些流动性的建立，不需要过多商业上的沟通，两者之间的合作没有任何门槛，没有任何摩擦。 

DefiLlama: Ethereum TVL 20220223 

This accelerated the establishment of the liquidity empire of the whole Curve. The sky never produces Curve, and the calculation is stable as long as the night.

CVX, the Ethereum TVL # 3 CVX, achieved its current TVL # 3 market status simply by making a liquidity release of veCRV voting rights (lock-in).

Composability is a reinterpretation of the value of no threshold. Ice, water and steam are the three forms of a substance. The vapor state, which has no resistance, can quickly mix with other substances.

We are also seeing interesting attempts in blockchain gaming.

In KittyVerse, once the rage in Cryptokitties, there are many spin-offs, including Kotowars, that can be played directly with your Kitty.      

The combination of characters from different games is an interesting product design in games. 10 on the Switch 2021 sales list is "Nintendo All Stars Brawl."

  Nintendo All-star Brawl

日本的知名游戏公司光荣，也做过类似的操作，把「三国无双」与「战国无双」的人物混糅，做了「无双大蛇」。 

  Warriors orochi

Not only in games, but also in film and television, there are such compositional expressions as tribute and friendship. But there is a sector problem. Nintendo All Star Brawl and Invincible Snake are both made by the same company, so they can do whatever they want with their products. Otherwise you have copyright issues.

No. 1 player, Spielberg takes the homage to the extreme, from movies to games, anime, music, and more, making a comprehensive homage to the pop culture of the 1980s. Most of the characters or elements featured in these are warner Pictures movies/Copyrights purchased, Spielberg's own movies or friends' movies, and warner Bros. games' own/co-signed Copyrights. Altman was replaced by Warner's own iron Giant for copyright reasons.

  # 1 Player Pays tribute to Blade Runner poster

区块链游戏里面的资产的普遍 NFT 化，版权 Open API 化，使得游戏领域这种可组合性具备大规模低成本合作的可能性。当前的区块链游戏还在很早期的阶段，我们期待后续的区块链游戏可以展现更多的合作案例。 

UCG's economy is booming

Genius and talent cannot be mass-produced. Roblox's open engine provides a lower barrier to creation for creators. In 2020, the 345,000 developers on Roblox earned more than $250 million in revenue, and these economic incentives are like a constant stream of water that keeps the seeds growing. You cannot build an industry by generating electricity from love.

Economic incentive is encouraging content output and flourishing the whole ecology. Under the Token economy system, money circulates faster, and many platforms even offer Token rewards to creators, tying them better to the future of the platform.

Of course, the vast majority of blockchain games will not thrive in UCG due to editorial issues. Good UCG relies on good editors, such as the rich RPG maps on Warcraft iii (from which DOTA was derived), and Rebox's current thriving ecosystem.    

Gameplay and flow & NBSP;  

We see that many blockchain games still use numerical values as an important payment system when they are designed, but in the design process, due to the characteristics of Token, they often go in the direction of Ponzi. This Ponzi design is wreaking havoc on blockchain games. The most important thing about any game is its flow experience, the rich experience and emotional reward we can get from the life we spend. The core point of the "sewer" in the Token design also involves providing emotional feedback to the player to make them accept or ignore the financial outlay.

For example, the design of the soul games I like to play recently, the game setting of ultra-high difficulty and few save points will make many players turn away, but this anti-human design makes some players who stick to it, through repeated practice, defeat the BOSS that killed the player for N times, can get great flow satisfaction. The oneness of this kind of design, let a person admire unceasingly.

Wolf

One of the things that frustrates us about blockchain games is that currently there are fewer project parties willing to pay more for gameplay. Encryption first, game second is the portrayal of the current impetuous whole blockchain game. We've never thought of blockchain gaming as a great story at this stage. But a really fun blockchain game, in the process of historical evolution, will certainly eat The Times burst of dividends. When we went back to the game, we thought Axie was still weak for traditional gamers, but it was still the best game in the first tier for 2021. If you're a developer who really loves games and is starting to get into the crypto market, we'd love to talk to you about a fun game.

Conclusion & have spent

As an investment institution, we look at the meta-universe and games from an investment perspective. Our mind is that, in the early stages of any speculation, the price of believing is small. In the middle of any mania, the rewards of doubt are plentiful.

When we are talking about investing in Crypto, we should not forget that a large part of Crypto's much-talked about super-multiple returns come from the irregular market and Fomo sentiment, which bring price pulses far greater than the underlying innovation of blockchain.

But we shouldn't forget why it happened in the first place because of bubbles. BTC experienced the winter of 2018 and 2019, hitting a new high of $60,000. ETH's ICO bubble burst, Defi users are quietly using Uniswap in 2019, God has arranged Airdrop for them as Christmas gift. We firmly believe that the right thing will not change because of bubbles and chaos. To blockchain, to iteration and evolution.

"Oculus Quest 2 has sold 10 million units," Qualcomm CEO Cristiano Amon revealed during a live broadcast. The evolution of technology and market is spiraling forward. In the foreseeable future, the large-scale commercialization of VR equipment will trigger the explosion of VR content, and the explosion of VR content will continue to promote the improvement of VR equipment.

The pursuit of richer life experience has always been one of the underlying needs of human beings.

In the foreseeable future, we believe that blockchain games and beyond will remain an important sector of the blockchain industry.

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