文 | 野马财经 姚悦
Mustang Finance > nbsp;Yiaoyan
编辑 | 缪凌云
Editor Mu Lingyun
资本闻风而动，互联网大厂抢滩登陆，元宇宙究竟有何神力？
What is the power of the Won-Cosmos?
作为今年国内VR赛道的最大一笔收购案，字节跳动90亿重金收购小鸟看看的消息一出，便让元宇宙概念迅速受到广泛关注。
As the largest acquisition of the VR track in the country this year, as soon as the byte beats the 9 billion-dollar gold-buying birdie to see it, the concept of the meta-cosmos is rapidly gaining widespread attention.
加之字节跳动投资的代码乾坤上线元宇宙游戏《重启世界》；“元宇宙第一股”Roblox登陆国内，由腾讯改名为《罗布乐思》代理发行。互联网大厂的不断加注，更是让元宇宙加速火出圈。
The code for the bytes to jump in investment is a game to reboot the world; Roblox, the first share of the Woncosmos, landed in the country, and was issued by the agent of Robres. The Internet factory’s constant ups and ups, and more so, speeds up the fires of the Woncosmos.
借着元宇宙的热度，多家上市公司在互动平台上表示，已开始布局该领域。9月8日，被称为“元宇宙龙头”的中青宝开盘即涨停。当日，与“元宇宙”概念相关多只个股涨幅超10%。元宇宙一度引爆资本市场，证监会不得不出马发函关注，这股“火”才下去了一些。
With the heat of the meta-cosmos, several listed companies indicated on the interactive platform that the field had begun to be laid out. On September 8, the Chinese Qingbao, known as the “constellation of the meta-column”, was on the rise. On that day, more than a 10% increase in shares related to the concept of the meta-cosmos.
事实上，29年前元宇宙概念就已经被提出，7年之前就开始被布局，如今为什么突然火爆？所谓的元宇宙究竟是泡沫还是未来？
In fact, the concept of the meta-cosmos was raised 29 years ago, it began to be laid seven years ago. Why is it suddenly hot? Is the meta-cosmos a bubble or a future?
翻红的元宇宙已走向成熟？
上个世纪90年代初，在互联网刚刚开启快速发展模式时，作家尼尔.史蒂芬森就在自己的科幻小说《雪崩》中畅想了一个超现实主义的虚拟世界：人们沉浸式生活在数字世界中，以虚拟形象进行交流。
In the early 1990s, when the Internet had just opened up a rapid development model, the writer Neil Stephenson was thinking of a super-realistic virtual world in his science fiction, Avalanche: people living in a digital world, communicating with virtual images.
尼尔.史蒂芬森将这个世界称为元宇宙（Metaverse），即超级宇宙。元宇宙是一个虚拟时空间的集合，由一系列的增强现实（AR）、虚拟现实（VR）和互联网（Internet）所组成。而随着AR、VR、5G、云计算等技术成熟度提升，29年前的那一设想不断照进现实。
Neil Stephenson calls the world a meta-cosmos, the supercosm. The meta-cosmos is a collection of virtual time space, made up of a series of enhanced realitys (AR), virtual realitys (VRs) and the Internet.
元宇宙的核心技术是VR，被称为“VR元年”的2016年是元宇宙第一次潜在崛起。Facebook这样的互联网巨头在内的诸多企业纷纷入局。根据CVSource投中数据，当年中国相关项目的融资事件达120起，累计融资额近25亿元。但最终因缺乏内容支撑，元宇宙在国内外的热度急转直下。
The central technology of the Woncosm was VR, the first potential rise of the Woncosm in 2016, known as “VR Year.” A number of businesses, including Internet giants like Facebook, entered the game. According to the CVSource investment, there were 120 financing events in China in that year, with a cumulative financing of nearly 2.5 billion yuan.
如今，元宇宙再一次火爆，又是否意味着元宇宙真正走向成熟？
Now, once again, is the Yuan cosmos hot again, and does that mean that the Yuan cosmos is really maturing?
开源证券研报称，元宇宙在2021年成为风口的原因主要在于硬件、软件及内容的日趋成熟。软硬件方面，5G将端到端的时延控制在10ms以内，使得3D视频等弱交互内容观看流畅度大幅提升。
Open Source Securities Research reports that in 2021, the meta-cosmos became a vent mainly because of the growing maturity of hardware, software, and content. With respect to hardware and software, the 5G end-to-end delay is contained within 10ms, resulting in a significant increase in the flow of weak interactive content, such as 3D videos.
从产品上看，AR、VR产品确实放量明显。有机构预测，今年上半年，Facebook的Oculus VR产品全球出货量同比增长297%至226万台。代工企业歌尔股份2021年出货量可达800万台左右。
On the product side, AR and VR products do appear to be in significant quantities. There are agencies predicting that in the first half of this year, Facebook's Oculus VR products have increased their global output by 297 to 2.26 million on a year-on-year basis. The surrogate Gore shares can reach about 8 million in 2021.
不过，有分析认为，目前AR、VR上下游产业链中，最关键的几个技术，包括精确传感、动作跟踪、3D光学成像、专业视觉计算芯片，以及AR、VR操作系统和计算平台都处在搭建阶段，而且技术方向很不明朗。至少对于国内来说，话语权更多地掌握在国外高精尖企业手中，比如需要高通、英伟达提供算力芯片。
Analysis suggests, however, that several of the most critical technologies in the AR/VR upstream/downstream industrial chain are currently in the build-up phase, including precision sensing, motion tracking, 3D optical imaging, professional visual computing chips, and AR/VR operating systems and computing platforms, and the direction of the technology is unclear. At least for the domestic level, voice rights are more in the hands of highly sophisticated firms abroad, such as high-fibre, English-Weed chips.
此外，在元宇宙这条赛道上，AR、VR仅仅只是一方面。作为底层硬件，它能够为用户带来立竿见影的体验提升。但要想打造一个成熟的元宇宙，还需要依赖更加丰富的内容生态，以及能搭建起虚拟关系网的社交平台。
Moreover, on the course of the meta-cosmos, AR/VR is just one side. As a bottom hardware, it can bring immediate experience to users. But building a mature meta-cosm requires reliance on a richer content ecology, as well as a social platform that can build virtual networks.
中信证券最新研报指出，元宇宙相关话题快速破圈，市场关注度极高，分歧与共识并存。终极的元宇宙联通物理世界和数字世界，将成为20年之后人类的生活方式，重塑数字经济体系。元宇宙将大量离散的单点创新聚合形成新物种，带来长期超越想象的潜力和机会。未来3~5年，元宇宙将进入雏形探索期，VR/AR、NFT、AI、云、PUGC游戏平台、数字人、数字孪生城市等领域渐进式技术突破和商业模式创新将层出不穷。
In the next 3-5 years, the meta-cosmos will enter into an exploratory phase, with progressive technological breakthroughs and business model innovations in areas such as VR/AR, NFT, AI, cloud, PUCC, digital people, digital twin cities, etc.
新时代证券研报指出，元宇宙未来可期，但当下仍是初级形态，需要不断探索，未来AR/VR硬件，数字内容等有进一步发展，元宇宙或可期待。
According to the New Age Securities Journal, the meta-cosmos is a promising future, but it is still a primary form that needs to be explored and further developed in the future in terms of AR/VR hardware, digital content, etc., which may be expected.
与此同时，多家机构研报也指出，目前“元宇宙”仍停留在初期阶段，仍有很多“元宇宙”要素未实现，真正实现“元宇宙”需要技术的推动与支撑，产业链初见雏形至少5-10年的时间。
At the same time, several institutions have pointed out that the metacosystem is still in its early stages, that many of the metacosystem elements remain unfulfilled, that the real realization of the metacosystem requires technological push and support, and that the industrial chain begins to emerge for at least 5-10 years.
更有一位国内游戏巨头相关人士表示：“过去与游戏相关的AI、VR、社区等概念都已经炒作过一遍，现在的‘元宇宙’相当于是把过去十年的游戏和计算机的人机交互等诸多民用成果整合在了一个模式下。但所谓的‘元宇宙’游戏的形态还是雏形中的雏形，即便是Roblox。”
Another national game giant said, "The concepts of AI, VR, community, etc. that were associated with the game in the past have been invented, and now the ‘megaspace’ is equivalent to integrating many of the civil achievements of the last 10 years, such as games and computer interactions, into one model. But the form of the so-called ‘megaspace’ is still a prototype, even Roblox."
一度引爆资本市场
尽管在不少人士看来，元宇宙还未见雏形，但敏锐的资本早已经开始疯狂涌动。
Although, in the view of many, the meta-cosmos has not yet taken shape, the agile capital has already begun to rage.
今年3月，作为第一个将“元宇宙”写进招股说明书的公司——Roblox登陆纽交所，首日股价大涨54%，市值突破400亿美元，较一年前的40亿美元估值暴增9倍。“元宇宙第一股”Roblox无疑也打响了今年元宇宙在资本市场的第一枪。
In March of this year, Roblox, the first company to write the dollar cosmos into an offer, landed at New York, with a sharp increase of 54% in the first day, with a market value of $40 billion, a ninefold increase over a year ago’s estimated value of $4 billion. Roblox, the first share of the dollar cosmos, undoubtedly, also hit this year’s first shot in the capital market.
紧接着4月，风靡游戏《堡垒之夜》母公司Epic Games获得新一轮10亿美元的融资，是今年以来元宇宙领域最高的融资。
Immediately following April, the Fortress Night parent company, Epic Gomes, received a new round of $1 billion in financing, the highest ever in the meta-cosm since this year.
国内资本市场也闻风而动。去年10月打造大火国产独立游戏《动物派对》Demo的VR工作室Recreate Games，投资方根据“元宇宙”概念给出了数亿元估值，身价瞬间翻倍。
Domestic capital markets are also moving. Last October, VR studios in Demo built the fire independent game, the Animal Party, were valued by investors at hundreds of millions of dollars based on the concept of the metacosystem, and prices doubled in an instant.
据VRPinea数据统计，单6月VR/AR/AI领域就有27笔融资并购；2021年以来，包括经纬中国、真格基金、五源资本等在内的一线基金均已入局。
According to VRPinea data, there were 27 financing mergers and acquisitions in the VR/AR/AI area alone in June; since 2021, front-line funds, including longitude China, Jingue funds, five-source capital, etc., have been on board.
近期，“元宇宙”概念更是在资本市场被爆炒，多只贴上“元宇宙”标签的个股录得大涨，尤其以游戏为炒作重地。
In recent times, the concept of the “megasmos” has been blown up in the capital market, with a large increase in shares labelled “megasmos”, especially playing games.
9月6日，中青宝宣布将打造一款元宇宙游戏《酿酒大师》，玩家可以在游戏中穿越回100年前，经营酒厂。
On 6 September, Sino-Singbao announced that he would build a dollar-cosmos game, " The Wine Master ", in which players could travel back 100 years to run a wine factory.
推出电子宠物类游戏《会说话的汤姆猫》的汤姆猫也于9月8日在互动易表示，现有产品拥有庞大用户基数，具备元宇宙产品开发的用户基，将积极探索元宇宙产品开发的技术储备。
Tom Cat, who launched the electronic pet game, The Talking Tom Cat, also interacted on 8 September to say that the existing product had a large user base, a user base for the development of meta-cosmos products, and that it would actively explore a technological reserve for the development of meta-cosmos products.
9月8日，中青宝、汤姆猫涨停，中青宝录得两连板；26只游戏板块成份股中，24只股录得上涨，昆仑万维、盛讯达涨超15%。
On 8 September, Qingbao and Tom had risen and Qingbao had recorded two chains; 24 of the 26 gameboard units had recorded an increase in the number of shares, with Klon Wanwei and Seng gaining more than 15 per cent.
被普遍认为是进出元宇宙的主要终端——VR设备也带动相关股大涨。A股多支VR、AR概念股均发生异动：金龙机电一度涨停；歌尔股份盘中大涨。
The VR equipment, which is widely considered to be the main end in and out of the meta-cosmos, has also led to a huge increase in the shares. The A shares of multiple VRs and AR concept units have all experienced an aberration: the Golden Dragon Power has been suspended for a while, and Gore's share plate has been boosted.
此后，监管对蹭热点、炒概念的个股火速下发关注函。9月9日，连续上涨的元宇宙概念股深度回调，领跌概念股板块，个股多数飘绿，佳创视讯、天舟文化、宝通科技、丝路视觉、超图软件等跌逾10%。
Since then, regulatory attention has been sent to hot spots and frenzy concepts. On September 9, successively upswings of the meta-cosm concept unit echoed deep, leading to a fall in the concept block, most of the shares were green, and more than 10% of the views, the ark culture, the bouncing technology, the silk path vision, the hypercharting software, etc.
9月8日，中青宝在股价异常波动公告中提醒称：元宇宙是一个巨大的概念和模式，公司尚处于初步探索阶段，触及概念相对较浅，对应产品尚在研发中。目前新游戏上线时间和地区受到诸多因素影响，存在不确定性。
On September 8, in a notice of abnormal stock price fluctuations, China Xingbao warned that the meta-cosmos was a huge concept and model, that the company was still in the preliminary stages of exploration, that the concept was relatively shallow and that the corresponding product was still under development. There were a number of factors affecting the time and area of the new game.
汤姆猫也于9月10日公告称，元宇宙是宏大而遥远的愿景，公司当前的游戏产品与理论上的元宇宙存在很大差距，具体表现在沉浸感、多端入口切换、金额及系统、可触达性、可延展性等方面。
Tom Cat also announced on 10 September that the meta-cosmos was a grand and distant vision, and that there was a wide gap between the company's current game products and the theoretical meta-cosm, in terms of immersion, multi-end import switching, amount and system, tactability and scalability.
互联网大厂争相布局
作为互联网社交巨头的Facebook，早在2014年就通过收购虚拟现实公司Oculus，开始为自己成为“元宇宙”中“头号玩家”铺路。
As an Internet social giant, Facebook began paving the way for itself to become the “first player” in the Woncosmos as early as 2014 by acquiring the virtual reality company Oculus.
在国内，字节跳动、腾讯、字节跳动、网易、百度一众互联网大厂自然也不想在元宇宙这一站落后于人，并主要从社交和游戏切入元宇宙。
Domestically, the bytes, the bytes, the bytes, the web, the hundreds of large Internet plants naturally do not want to lag behind in the meta-cosmos station and cut into the meta-cosmos mainly from socialization and games.
今年，字节跳动不仅1亿元投资国内手机游戏研发商代码乾坤，更是斥资90多亿元收购VR硬件厂商小鸟看看，可谓重金拿下元宇宙的入场券。
This year, not only did the bytes beat 100 million dollars in domestic cellular game developers code, but more than 9 billion dollars were spent on buying VR hardware producers and birds to take tickets to the meta-cosmos.
相比之下，腾讯更早瞄准这一赛道。2012年，就对今年荣升“元宇宙第一股”的Roblox进行了投资，还购入了前文中提到的拿下今年元宇宙最高融资的Epic Games超40%的股份，以布局社交、直播、电商等全业务领域的元宇宙生态。2019年，腾讯还与美国元宇宙游戏公司Roblox合资创办团队，并将《罗布乐思》和《堡垒之夜》作为接下来在元宇宙游戏方面的两大王牌。
In 2012, Roblox, who rose to the first share of the Woncosmos this year, made an investment and purchased more than 40% of the shares of the Epic Games, mentioned earlier, the largest dollar cosmos financing this year, to map the eco-cosm of the entire field of operation, such as socialization, live broadcasting, electricity dealers, etc. In 2019, it also co-organized a team with Roblox of the United States dollar cosmos, and used Roblox and Fortress Night as the next two great medals in the meta-cosm game.
今年1月，网易则出现在了Avatar-Based社交平台Imvu新一轮融资的投资者名单中，该产品主打沉浸式的3D聊天。此外，网易还发展了自己首个轻游戏原创社区游戏《河狸计划》。
In January, the Internet appeared on the list of investors in the new round of financing of the Avatar-Based social platform, Imvu, a product dominated by immersed 3D chats. In addition, the Web has developed its first light-playing community-based game, the Beaver Initiative.
2021百度世界大会上，百度通过设置VR分会场，推出基于5G、百度云手机技术和全新升级的“希壤”虚拟空间多人互动平台，让无法亲身到场的人们可以体验这场科技盛会的虚拟空间，为元宇宙“现身说法”。
At the 2021st World Congress, hundreds of people were able to experience the virtual space of the Science and Technology Fair by setting up VR Chapters and launching a platform for interactive interaction among many people in the “Hyoma” virtual space, based on 5G, 100-year-old cloud cellular technology and a completely new upgrade, so that people who could not be present could feel the virtual space of the event and “present the words” for the meta-cosmos.
其实，元宇宙涉及到的产业链非常广泛，包括AR、VR、网络游戏、社交互联网、云计算、智能穿戴、生物识别、数字孪生、光学以及音视频技术服务等。
In fact, the meta-cosm involves a wide range of industrial chains, including AR, VR, network games, social Internet, cloud computing, smart wear, biometrics, digital twinkling, optical and audio-visual technology services.
当虹科技在互动平台上表示，元宇宙所代表的是继PC时代、移动时代之后的全息平台时代，在教育、医疗、学习、交友、购物、旅游、工业、产业化等场景皆可应用。
When IonTech said on the interactive platform that the metacosystem represented the post-PC era, the post-movement holo-platform era, it could be applied in educational, medical, learning, dating, shopping, tourism, industry, industrialization, etc.
经济学家朱嘉明表示，“元宇宙”为人类社会实现最终数字化转型提供了新的路径，并与“后人类社会”发生全方位的交集，展现了一个具有可以与大航海时代、工业革命时代、宇航时代同样历史意义的新时代。
The economist Benjamin said that the meta-cosmos provided a new path to the eventual digital transformation of human society and that it had a full intersection with the “post-human society” and presented a new era that could be as historic as the era of ocean navigation, the era of industrial revolution and the space age.
此外，科幻小说之父儒勒·凡尔纳还曾说过“但凡人能想象到的事物，必定有人能将它实现”。
Moreover, Jules Verner, the father of science fiction, once said, “But something humans can imagine must be realized”.
你期待进入元宇宙吗？你认为元宇宙何时能够真正实现呢？欢迎留言评论！
Are you looking forward to going into the meta-cosmos? When do you think the meta-cosmos will actually come true? Welcome to comment!
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