行業報告 | 《元宇宙 Web3.0 虛擬云經濟》（中英雙語）

Grayscale Investments成立于2013年，是全球最大的數字貨幣資產管理公司。GrayscaleResearch于11月份發布重磅報告《The Metaverse - Web3.0 Virtual Cloud Economies》。

The Meta Takeaway

The Metaverse is a digital universe that moves beyond the internet we know today. This vision for the future state of the web has the potential to transform our social interactions, business dealings, and the internet economy at large. The Metaverse is still taking shape, but Web 3.0 open virtual world crypto networks are offering a glimpse of what the future of the internet may hold. The market opportunity for bringing the Metaverse to life may be worth over $1 trillion in annual revenue and may compete with Web2.0 companies worth $15 trillion in market value today. This potential has attracted companies like Facebook to pivot towards the Metaverse, which mayserve as a catalyst for other Web 2.0 tech giants and investors to follow.

劃重點

元宇宙是一個數字世界，它超越了我們今天所知的互聯網。這種對未來網絡狀態的愿景有可能改變我們的社會、商業和整個互聯網經濟。元宇宙仍在形成中，但Web3.0開放虛擬世界加密網絡正在為互聯網的未來提供驚鴻一瞥。實現元宇宙所帶來的市場機會可能超過1萬億美元年收入，并與今天市值約15萬億美元的Web2.0公司競爭。這一潛力吸引了Facebook等公司轉向元宇宙，成為其他技術巨頭和投資者效仿的催化劑。

The Meta Thesis

The internet has always been about connecting people.Over the past three decades, internet technology has evolved, and the way we all interact with the web has evolved with it. Much has changed, but three key eras of online-based communities could be thought of as:

• Web 1.0 - Netscape connected us online

• Web 2.0 - Facebook connected us into online communities

• Web 3.0 - Decentraland connected us into a community-owned virtual world

理論

互聯網一直都是關于人的連接。在過去的三十年中，互聯網技術不斷發展，我們與網絡的互動方式也隨之改變。雖然已經發生很大變化，但在線社區的三個關鍵時代可以被認為是：

• Web 1.0 - 網景公司將我們連上網絡

• Web 2.0 - Facebook將我們連接到在線社區

• Web 3.0 - Decentraland將我們連接到一個屬于社區的虛擬世界

譯者注：Decentraland是一個由用戶擁有的虛擬世界，最近林俊杰在那炒房花了78萬人民幣。

As we moved across these eras, our interactions and the mediums we used to create them expanded. We experienced first hand how organizational architectures connecting us transformed, how computing infrastructure we relied on matured, and how control over the web ebbed and flowed between the community and big tech companies.

當我們跨越這些時代時，我們的互動方式和用來創造它們的媒介不斷擴大。我們親身體驗了連接我們的組織架構是如何轉變的，我們所依賴的計算基礎設施是如何成熟的，對網絡的控制是如何在社區和大型科技公司之間起伏流動的。

The Web 2.0 mobile internet changed how, where, when,and why we used the internet. In turn, this changed the products, services, and companies we used, which changed our business models, culture, and politics – the Web 3.0 Metaverse has the potential to do the same.

Web2.0移動互聯網改變了我們使用互聯網的方式、地點、時間和原因。相應的，改變了我們使用的產品、服務和公司，進而改變了我們的商業模式、文化和政治——Web 3.0 元宇宙也有可能做到這一點。

The Meta Market Opportunity

A greater and greater portion of our attention is going towards digital activities, especially for younger generations. Today,1/3rd of our lives (8 hours/day) is already spent watching TV, playing games,or on social media.

市場機會

如今，我們把越來越多的注意力集中在數字活動上，尤其是年輕一代，我們生活中三分之一的時間（每天約8小時）花在看電視、玩游戲或社交媒體上。

As we spend more of our time in these digital world experiences,we also spend more of our money within these digital realms to build our social status within these online communities.

隨著我們將更多的時間花在這些數字世界的體驗上，我們也將花更多的錢，以建立在數字社區中的社會地位。

Our social lives and gaming are converging and creating a large, fast-growing virtual goods consumer economy. It is estimated that revenue from virtual gaming worlds could grow from $180 billion in 2020 to $400 billion in 2025.

我們的社交生活和游戲正在融合，并創造了一個大型、快速增長的虛擬商品消費經濟。據估計，虛擬游戲世界的收入會從2020年的約1800億美元增長到2025年的約4000億美元。

The continued shift of game developer monetization is a key dynamic within this growth trend. Players are increasingly moving away from paying to play premium games towards free games, which developers monetize by selling players in-game items to enhance game play or social status within these virtual worlds.

游戲開發商貨幣化的持續轉變是這一增長趨勢中的關鍵動力。玩家越來越多地從付費玩高級游戲轉向免費游戲，開發者通過向玩家出售游戲中的物品來提高游戲性或在這些虛擬世界中的社會地位。

This shift is accelerating further with the transitionfrom Web 2.0 closed corporate metaverses to Web 3.0 open crypto metaverse networks, which are:

• Web 2.0 Closed Corporate Metaverse: centrally owned and controlled by big tech, or;

• Web 3.0 Open Crypto Metaverse: democratically owned and controlled by global users.

• Web 2.0封閉式企業：由大型科技公司集中擁有和控制；
• Web 3.0開放加密元宇宙：由全球用戶民主擁有和控制。

Many gamers today spend their money and hours of their time building digital wealth within Web 2.0 closed corporate metaverse worlds.The problem is, most game developers don’t let players monetize their investment and efforts. Developers prohibit players from trading items with other players and keep these worlds closed so players cannot transfer their in-game wealth to the real economy.

如今，許多游戲玩家花費金錢和時間在Web2.0封閉的企業元宇宙世界中創造數字財富。問題是，大多數游戲開發商不讓玩家將他們的投資和努力貨幣化。開發者禁止玩家與其他玩家交易物品，并將這些渠道關閉，這樣玩家就無法將游戲中的財富轉移到實體經濟中。

Web 3.0 open crypto metaverse networks solve this problem by eliminating the capital controls imposed on these virtual worlds by Web 2.0 platforms. This new paradigm allows users to own their digital assets as Non-Fungible Tokens (NFTs), trade them with others in the game, and carry them to other digital experiences, creating an entirely new free-market internet-native economy that can be monetized in the physical world. This evolution of the “creator economy” is known as “Play to Earn”.

Web3.0開放加密元宇宙網絡通過消除Web2.0平臺對這些虛擬世界施加的資本控制來解決這一問題。這一新范式允許用戶將其數字資產作為NFT擁有，在游戲中與他人進行交易，并將其帶到其他數字體驗中，創造一個全新的自由市場互聯網原生經濟，可以在實體世界中實現貨幣化。這種“創作者經濟”的演變被稱為“邊玩邊賺”。

In the metaverse, users dictate these types of seamless, real-world adjacent interactions across digital communities.Conversely, the closed nature of Web 2.0 corporate Metaverse platforms may put users at a disadvantage compared to Web 3.0 open crypto Metaverse networks.

在元宇宙中，用戶可以在數字社區中支配這種無縫銜接的、真實的交互過程。與Web3.0元宇宙的開放相比，Web2.0平臺的封閉性可能會讓用戶處于被支配的地位。

Established Web 2.0 corporations will need to disrupt their business models by opening up their ecosystems and removing their competitive moats. We don’t yet know the path Facebook will take with their Metaverse ambitions, but they—like other Web 2.0 companies—will need to make this challenging shift in the face of pressure to meet quarterly results for shareholders.

成熟的Web2.0公司需要通過開放生態系統和消除競爭護城河來打亂商業模式。我們還不知道Facebook將如何實現其元宇宙的雄心壯志，但他們和其他Web2.0公司一樣，需要在股東面臨季度業績壓力的情況下實現這一具有挑戰性的轉變。

Gaming is just one of the most immediately addressable segments where value is already starting to naturally shift to Web 3.0, but the Metaverse opportunity extends far beyond gaming. The Metaverse is estimated to be a trillion-dollar revenue opportunity across advertising, social commerce,digital events, hardware, and developer/creator monetization.

The total market cap of the leading Web 3.0 Metaverse crypto networks sits at $27.5 billion. This pales in comparison to the $900 billion market cap of Facebook, the $2 trillion market cap of the gamingsector, and the $14.8 trillion market cap of Web 2.0 companies that could shift to the Metaverse or risk disruption.

目前，領先的Web3.0元宇宙加密網絡的總市值約為275億美元。這與Facebook約9000億美元的市值，游戲行業約2萬億美元的市值，以及可能轉向元宇宙或風險干擾的Web2.0公司14.8萬億美元的市值相比相形見絀。

The Meta Web 3.0 Economy

Web 3.0 crypto Metaverses are emerging market virtual world economies with a continually developing complex mix of digital goods,services, and assets that generates real-world value for users.

Early Web 3.0 metaverse worlds have been typically built on top of blockchain computing platforms (layer one) with a host of parties contributing to the development of the games and in-games items that can be freely traded on the blockchain.

早期的Web 3.0元宇宙通常構建在區塊鏈計算平臺（第一層）之上，有許多參與開發游戲和可在區塊鏈上自由交易的游戲內項目的各方。

Users purchasing these items are starting to build a new e-commerce experience. Examples of some more popular business activities within Decentraland and other virtual world economies today are:

• Art Galleries, such as Sotheby’s, have launched allowing owners to showcase and sell their digital NFT art at auction.

• Business Offices: crypto businesses like Binance and others have established digital headquarters in the Metaverse where employees can meet and collaborate.

• Games & Casinos here players can win MANA.

• Advertising: digital billboards have been built by property owners to advertise to game players for a fee.

• Sponsored Content, such as the recently announced Atari arcade which will feature games that can be played within Decentraland.

• Music Venues where DJs and musicians play music and hold concerts.

購買這些商品的用戶開始建立新的電子商務體驗。如今，Decentraland和其他虛擬世界經濟體中一些更受歡迎的商業活動示例如下：

• 像蘇富比一樣的藝術畫廊已經啟動，允許所有者在拍賣會上展示和出售其數字NFT藝術品。
• 商務辦公室：Binance等加密企業在元宇宙建立了數字總部，員工可以在這里會面和協作。
• 玩家可以贏得加密貨幣的游戲和賭場。
• 廣告：業主建造了數字廣告牌，向游戲玩家收費進行廣告宣傳。
• 贊助內容：如最近發布的Atari arcade，是在Decentraland內玩的特色游戲。
• DJ和音樂家舉行音樂會的音樂場所。

These Web 3.0 Metaverse worlds are part of a larger interconnected crypto cloud economy. These decentralized protocols interoperate with and provide the technical infrastructure to support Metaverse virtual economies.

• Payment Networks: Web 3.0 metaverse economies can use their own digital currency, like MANA, or the currency of the layer onebase crypto cloud economy platform they’re built on, such as Ethereum (ETH) or Solana (SOL).

• Decentralized Finance: Decentralized exchanges allow users to trade in game items while lending platforms allow users to take outloans on their virtual land.

• NFT Sovereign Goods: Players can purchase NFTs from other creators and bring them into other virtual worlds to be put on display or sold.

• Decentralized Governance: Legal frameworks take back control of the digital economies from centralized corporations and allow aglobal network of Web 3.0 metaverse users to decide the rules of their collectively owned virtual space.

• Decentralized Cloud: File storage solutions such as Filecoin give Web 3.0 metaverse worlds a decentralized infrastructure solution to store data while services like Livepeer give virtual worlds decentralized video transcoding infrastructure.

• Self-Sovereign Identity: Internet-native social reputation coin (“creator coins”) data from other platforms may be transferred into the Metaverse and used for identity or credit scoring.

這些Web3.0元宇宙世界是更大的互聯加密云經濟的一部分。這些去中心化協議與元宇宙虛擬經濟進行互操作，并提供支持元宇宙虛擬經濟的技術基礎設施。

• 支付網絡：Web 3.0元宇宙經濟體可以使用他們自己的數字貨幣，如MANA（Decentraland的原生代幣，用戶可以用它購買NFT，包括土地或收藏品），或他們構建的第一層基礎加密云經濟平臺的貨幣，如以太坊（ETH）或Solana（SOL）。
• 去中心化金融：去中心化的交易所允許用戶交易游戲內項目，而貸款平臺允許用戶在其虛擬土地上貸款。
• NFT主權商品：玩家可以從其他創造者處購買NFT，并將其帶入其他虛擬世界進行展示或出售。
• 去中心化治理：法律框架從集中化的公司手中收回對數字經濟的控制權，并允許全球網絡的Web 3.0元宇宙用戶決定其集體擁有的虛擬空間的規則。
• 去中心化云：Filecoin等文件存儲解決方案為Web 3.0 元宇宙提供了一個去中心化的基礎設施解決方案來存儲數據，而Livepeer等服務則為虛擬世界提供了去中心化的視頻轉碼基礎設施。
• 自我主權身份：來自其他平臺的互聯網原生社會聲譽硬幣（“創造者硬幣”）數據可以傳輸到元宇宙，并用于身份或信用評分。

The Meta Web 3.0 Metrics

The combination of these innovations has created a new online experience that’s already attracting users. Web 3.0 Metaverse virtual world users have seen rapid growth over recent years. Today, Web 3.0 Metaverse virtual worlds have nearly 50,000 all-time users (active wallets as proxy), up 10x since the beginning of 2020.

Web3.0矩陣

這些創新的結合創造了一種新的在線體驗，已經吸引到很多用戶。Web3.0元宇宙虛擬世界用戶近年來增長迅速。如今，Web3.0元宇宙虛擬世界擁有近50000名用戶（以加密錢包來計算），比2020年初增加了約10倍。

Compared to other Web 3.0 and Web 2.0 segments,Metaverse virtual world users are still in their early innings, but if current growth rates remain on their current trajectory, this emerging segment has the potential to become mainstream in the coming years.

與其他Web 3.0和Web 2.0細分市場相比，元宇宙虛擬世界用戶仍處于起步階段，但如果保持當前的增長率，這一新興市場有可能在未來幾年成為主流。

Web 3.0 Metaverse virtual worlds are creating real-world value for the developers, third-party creators, and users building these emerging market internet-native crypto cloud economies. All-time value spent on Web 3.0 Metaverse item sales such as virtual land, goods, and services has topped $200 million.

By removing the Web 2.0 centralized companies that have historically controlled these online spaces, Web 3.0 Metaverse virtual worlds have benefited from rapid innovation and productivity gains.

通過替代歷史上控制網絡空間的Web 2.0中心化公司，Web 3.0元宇宙虛擬世界已經從快速創新和生產率提升中獲益。