\u3000\u3000Web3. 0: strive to build a user led and decentralized network ecosystem based on blockchain technology. In web3 0, users interact to meet their own needs, and use blockchain technology in the interaction, so as to realize the creation, distribution and circulation of value. This whole process of user interaction and value circulation forms Web3 0 ecology. Compared with web2 Platform centralization feature of 0, Web3 0 is committed to realizing a “decentralized” network ecology owned and jointly built by users.
\u3000\u3000Web3. Main elements and characteristics of 0 Ecology: 1) user identity: traditional centralized identity is prone to security and privacy risks. Web3 constructs a decentralized identity, and takes did as the form of user identity of Web3; 2) Organizational form: the core view of Web3 is user co construction and user ownership, so it will form an organizational form of user co construction and autonomy, namely Dao; 3) Economic system: digital assets are the core elements of Web3, and data assets will constitute the whole economic system in the form of pass. As of April 2, 2021, each project of defi has a total of about 7.12 million active users, an increase of about 3.5 times compared with 1.6078 million since January 2021. The total asset scale of NFT mainstream projects also exceeds US $10 billion, becoming the most rapidly developing field in the meta universe project; 4) Presentation form: all activities and interactions in Web3 need to be realized by specific applications, and the interaction through DAPP will eventually form a dynamic Web3 world; 5) From centralized storage to decentralized storage: the decentralized storage scheme, IPFs, provides basic support for Web3. In Web3 ecology, blockchain is the core support. Its technical, financial and social attributes will help build a decentralized and credible digital value interaction network.
China’s policy is good for Web3 0 technology development, and major industries promote the application of blockchain. The 14th five year plan has repeatedly mentioned the need to vigorously develop blockchain technology and increase the development and construction of meta universe related technologies such as immersive video, virtual reality and 8K HD video. In addition to the State Council, local governments are also competing to issue policy documents to vigorously promote the construction of local meta universe related industries. We believe that in the development of Internet, web2 The centralized application and platform mode in the 0 era will be the same as Web3 The decentralized application and distribution mode in the 0 era coexist for a long time. Whether it is user identity, value system or user organization, it will be displayed in web2 0 and Web3 Overlap in 0. In this overlap, new topics such as how to store huge data, how to distribute the increasingly tense computing power, and how to develop traffic competition will bring challenges and opportunities to ecological participants.
Investment suggestion: from the perspective of China, the industry is still in its early stage, and the investment certainty is still limited by the development stage to a certain extent. However, we still maintain a positive and optimistic attitude towards future changes, and the continuous introduction of policies is also conducive to the healthy development of the industry. In the field of media and Internet, it is suggested to pay attention to relevant subjects: (1) recommend Visual China Group Co.Ltd(000681) , Shanghai Fengyuzhu Culture Technology Co.Ltd(603466) , Shanghai Yaoji Technology Co.Ltd(002605) , Wuxi Boton Technology Co.Ltd(300031) . (2) It is suggested to pay attention to the related subjects of the exchange and NFT: Bluefocus Intelligent Communications Group Co.Ltd(300058) , Three’S Company Media Group Co.Ltd(605168) , Zhewen Interactive Group Co.Ltd(600986) , Chengdu B-Ray Media Co.Ltd(600880) , Zhejiang Huamei Holding Co.Ltd(000607) , Zhejiang Daily Digital Culture Group Co.Ltd(600633) , etc. (3) Recommend industry leaders and high-quality targets at the bottom: Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , Focus Media Information Technology Co.Ltd(002027) , Mango Excellent Media Co.Ltd(300413) , etc. Hong Kong stocks suggest to pay attention to: Fubo group, chuangmengtiandi, chizicheng technology, etc.
Risk tip: Web3 related technologies are still in the early stage of development; The technology path has great uncertainty; The business model is not yet mature; Policy regulation uncertainty; The value of digital assets fluctuates greatly.
