On January 21, Tsinghua University jointly Hylink Digital Solution Co.Ltd(603825) released the report "meta Universe Development Research Report Version 2.0". The report combs the development process of meta universe from seven aspects: the origin of meta universe concept, concept and attribute, technology and industrial chain, scenario application, risk points and governance, hot issues and long-term future prospect.
The report said that compared with the initial stage of social imagination in which the "meta universe" was "blindly praised" and "blindly criticized", recently, with the Internet giants competing to layout the meta universe, netizens have more and more discussions on the meta universe, and public opinion has gradually become rational.
And the meta universe public opinion heat is significantly correlated with the stock market heat at the confidence of 0.05, and the correlation coefficient is 0.5450. The changes of the two in this time period have no obvious lag, and basically fluctuate synchronously.
The people concerned by the meta universe are mainly 30-39 years old, accounting for 37.54%, followed by 20-29 years old, accounting for 34.93%. Divided by sex, 72.74% of the concerned people were men.
The three attributes of the yuan universe are space-time expansion, man-machine integration and economic value-added. From the perspective of economic value-added, it can be divided into digital use value creation, digital exchange value creation, digital added value creation, value expansion and distribution and participation in the economic cycle of real industries.
As a medium of exchange, digital currency should have the following characteristics: ① it has the attribute of value, and any commodity in the meta universe can be expressed by a certain amount of digital currency; ② It has good circulation attribute and can be used as the medium of virtual commodity exchange; ③ There is consensus, and community participants recognize the economic model of the digital currency; ④ It has liquidity, can be exchanged with legal currency or real assets, and has a convenient trading place; ⑤ With compliance, digital RMB is the compliant digital currency of China's Internet.
As the subject matter of exchange, digital assets, like real assets, are based on the premise of being tradable and imply the attribute of property rights. Based on the division of production mode, meta universe digital assets include: ① professional production assets (PGA); ② User production assets (UGA); ③ Artificial intelligence production assets (AIGA).
The report also expounds the problems and future prospects of the digital collection industry. Question 1: the financial risk and valuation structure are unreasonable. The tendency of capital to pursue profits is too strong, most digital collections are overvalued, and the high financial risk is particularly prominent under the background of the flood of global liquidity.
Question 2: insufficient judicial interpretation of copyright and ownership. After purchasing a digital collection, users have the sole ownership of the asset, but there are still many copyright related problems in practice. Many users directly save digital images as avatars of their social accounts. Is this an infringement? How to deal with infringement? At present, the judicial interpretation in this regard is still blank.
Question 3: speculation, high entry threshold. The asset liquidity is weak, and there are many restrictions on creativity and expansibility. The problem of high transaction fees and network congestion deter many users; At present, the actual use scenario is still relatively single, with weak asset liquidity and obvious speculation.
Question 4: the price discovery mechanism is still not perfect, and the price discovery mechanism of digital collections is not perfect. At present, the price of digital assets is mainly anchored by supplier pricing, historical transaction pricing and auction pricing, which makes the price easy to be manipulated by individuals and management, thus deviating from the actual value.
In terms of prospect, it can be specifically divided into the exploration of compliance of digital collections. There will be more traditional assets on the chain. Digital collections will become one of the infrastructure of the meta universe, and more financial innovative products will emerge in digital collections.
Due to a series of differences between China and the United States in economic system and management system, China needs to further explore compliance in the field of digital collections and NFT. The chain of traditional assets will effectively solve the problems related to ownership and copyright. For example, for the upgrading of knowledge assets, each paper or industry solution can be upgraded in the future to become a digital collection.
In the future, all objects in the meta universe will be digital assets, and each object will have a unique chain address. Digital collections will help the rapid development of the meta universe. Digital collections are expected to integrate more new financial products with traditional finance in the future, such as loan products with digital collections as collateral, funds sold with a high-value digital collection, etc.
Judging from the study of the secondary market, the current concept of meta universe is still in the early stage of development, and the company's business has not changed much in essence. Therefore, the factors affecting the rise and fall of stocks are mainly based on external news rather than the company's performance. The first source is the dynamics of the United States (the dynamics of Technological Development in the United States), the second is the dynamics of the game between China and the United States (the US entity sanctions list against China), and the third is the dynamics of China (the progress of enterprise technology application and government policies). As China's foreign technology promotes new iterations and policies continue to be good, the long-term trend of yuanuniverse concept stocks is good.
Data statistics show that the sector related to the content layer is the main growth point at present. After the early blowout, some pseudo yuan universe stocks will burst after the performance is not up to standard or unexpected events. After the bubble burst, a new round of reshuffle will take place, and the capital market will become rational and speculative hot money will be reduced.
In the future, the five major sectors may be sought after by capital: first, the underlying technology sector (photoelectric chip field, 5g and 6G communication field, VR / AR visualization, etc.); Second, related software technology (3D engine, holographic display, etc.); Third, relevant media carriers (smart cars, edge computing, Internet of things, etc.); Fourth, the relevant content creation section (digital assets, etc.); Fifth, the terminal manufacturing sector (game industry, social media, office education, etc.). In addition, high-end intelligent manufacturing, high-precision maps and other industries in the industrial chain will also develop rapidly in the future.
