懂财帝 (ID:znfinance) ｜ 嘉逸
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互联网的传统叙事体系正在被颠覆，Web3.0成为了全新的起点。
这是“苦中心化平台久矣”的网络红人们最向往的时代。艾瑞咨询研报显示，Web3.0通过大数据、AI、区块链等技术，把网络红人的流量价值转变为资产价值，并将他们创作的内容转变为数字资产在虚拟世界展示、售卖和流通。 This is one of the most desirable times for the Internet. The Ere Consulting Journal shows that Web3.0 transforms the value of the flows of Red people into the value of assets and converts the content they create into digital assets showing, selling and circulating in the virtual world through technology such as , AI, block chains, etc. . 换句话说，去中心化机制下，网络红人们将真正获得数据与创作内容的所有权，其收益路径也将更为多元。 In other words, under the decentralisation mechanism, Internet red people will truly acquire ownership of data and creative content, and their revenue paths will be more diverse. 生产关系的变革往往会直接推动生产力的发展。 Changes in productive relations often directly contribute to productivity development. 据行业测算数据，预计到2024年，中国红人新经济关联的产业市场规模有望达到7.12万亿元。 According to industry estimates, by 2024, China's red people the size of the industry market associated with the new economy 身处于浩荡的科技洪流之中，一部分互联网公司如Twitter、快手等信奉改良主义，借鉴Web3.0背后的平等理念来追求商业生态平衡与可持续发展。 In the midst of a massive technological flood, some Internet companies, such as Twitter, fast-handedness and others, believe in improvement, drawing on the concept of equality behind Web3.0 to pursue the balance of business ecology and sustainable zwstock>. 另一些互联网公司如天下秀等颇具冒险精神，它们主动拥抱Web3.0，布局软件、硬件、生态等领域，意欲进化为创作者和商家之间的“超级连接器”。 Other Internet companies, such as , offering to embrace Web3.0 in areas such as layout software, hardware, ecology and so on in order to evolve into “superconnectors” between creators and traders. 实际上，Web3.0如今还处于萌芽阶段，其最终的发展形态还远未显露。 In fact, Web3.0 is still in its infancy, and its final form of development is far from visible. 面对无法预测的未来，Twitter、快手向左，天下秀向右，仍勇闯“无人区”，试图以颠覆式的创新实践打造出新的创作者经济生态。 In the face of an unpredictable future, Twitter, fast-handedly to the left, to the right, continues to stomp into the “no-man's-land” in an attempt to create a new creator's economic ecology based on subversive innovative practices. 长期主义哲学的「忠诚信徒」 's long-standing philosophy of "faithful believers" 从Web2.0初期到Web3.0，中国的互联网公司似乎总是习惯于追逐产业风口，它们时刻想要向资本市场叙述些不一样的故事，以寻求更高的估值溢价。 From the early days of Web 2.0 to Web3.0, Chinese Internet companies seem to be accustomed to pursuing industry and are constantly trying to tell different stories to capital markets in search of higher valuation premiums. 但也有一部分“佛系玩家”选择坚守长期主义信仰，默默在行业中“开垦拓荒”。 , but also some of the 以红人经济赛道为例。 Take the Red Economy track, for example. Web2.0初期，网络红人还不被社会所认可，其商业化变现模式也尚未成熟，就连彼时的机构投资人都觉得找网红做推广太不靠谱了，完全不能落地。 In the early days of Web 2.0, the Internet red people were not recognized by society, their commercialization models were not yet mature, and even the institutional investors of each other felt that it was too hard to find red for promotion. 因此，YY语音、贴吧等平台大多也只是为红人提供“栖息地”，以吸引新用户，做大平台流量。 As a result, platforms such as YY voice, bar and so forth are mostly simply providing “shelter” for red people to attract new users to large platform traffic. 不过，在天下秀等科技公司看来，网络红人群体在社会营销环节中将会起到特殊作用。 However, in the view of technology companies such as 金融 But the vast majority of start-ups are concentrated in the hottest and most volatile areas of /span', and few technology firms notice the value of block-chain technology in copyright protection and the Red Crescent economy. 数字经济时代，每一个行业都值得再重做一遍。 Every industry deserves to be repeated in the digital economy. 坚守着长期主义信仰的天下秀等科技公司再一次躬身入局。去年与今年年初，天下秀相继推出了3D虚拟生活社区“Honnverse虹宇宙”、自媒体数字藏品工具集TopHolder“头号藏家”，旨在提升Web3.0下红人新经济的生态效率。 Once again, technology companies such as Sunshine, who hold on to long-standing beliefs, joined the game. Last year and early this year, 3D virtual life communities, the Honnverse Rainbow Cosmos, and the TopHolder Collection of Digital Materials from the Media, were launched to enhance the eco-efficiency of the new red economy under Web3.0. 近期，天下秀又与创维集团共同发布了全球首款加密数字展示硬件——HASHII加密数字版画。 More recently, the global premier encryption digital display hardware — HASHII — has been published jointly with the Sovi Group. 天下秀旗下星矿科技总经理张磊表示，“HASHII加密数字版画融合了区块链技术、数字藏品服务、虚拟场景、IP运营以及智能硬件，是国内元宇宙数字资产呈现的重要一步。” According to Zhang Xing, the general manager of satellite mining technology, “the combination of block chain technology, digital collection services, virtual scenes, IP operations and smart hardware in HASHII is an important step forward in the emergence of digital assets in the domestic meta-cosm”. 张磊还认为，“HASHII加密数字版画就像一个把现实与元宇宙世界相连的‘小窗口’，将驱动Web3.0时代下社交关系的新变革。” Zhang was also of the view that “HaSHII's encrypted digital drawings, like a `small window' linking reality to the meta-cosmos, will drive new changes in social relations in the Web3.0 era”. 综上来看，在红人新经济赛道，虽然追逐产业风口能迅速收获媒体的聚光灯，获取更高的资本溢价，但别忘了那句话“当潮水退去，终有人在裸泳”。 In summary, on the Red Crescent economic track, while pursuing industrial winds can quickly harvest media spotlights and obtain higher capital premiums, don't forget the phrase “when the tide returns, someone is swimming naked at the end of the day”. 基于天下秀的案例来看，行业玩家还是要秉承长期主义思维，沉下心来服务创作者、服务行业发展，才能持续穿越产业周期，成为中国红人新经济的“领航者”。 On the basis of the case of the show, industry players still have to follow long-term thinking and sink their hearts to serve creators and service industries in order to continue through the industrial cycle and become “leaders” of the new Chinese red economy. Web3.0时代的「超级连接器」 Web3.0's "superconnector" 蹭概念、博眼球、不务正业……对于天下秀等红人新经济公司进军Web3.0、布局元宇宙，资本市场其实一直怀着质疑的态度。 The concept, the eye-blowing, the inactivity of the capital market has been questioning the march of Redsweet Economics, such as the Show, to Web3.0 and the set-up of the dollar universe. 回到技术的第一性原理来透视事物的本质。 Back to the first principle of technology to see the essence of things. 中金公司在5月17日发布的研报中认为，Web3.0生态的核心特征是基于区块链的相对去中心化和基于Token（代币）机制的经济激励体系。 , in a study published on 17 May, found that the core characteristics of the Web3.0 ecology were based on relative decentralization of the block chain and on an economic incentive system based on the Token mechanism. Web3.0在生产关系方面，意在解决Web2.0带来的生态不平衡、版权不清晰、发展不透明等问题。 对此，一位资深行业人士曾在晚点LatePost发文表示，在Web2.0时代，很难明确界定创作者产出的内容、数据是属于自己或平台。即便版权界定清晰，但在中心化的流量分发体系下，部分创作者们获得的收益回报不成正比。 In response, a senior trader wrote late at LatePost that, in the Web 2.0 era, it was difficult to clearly define the content of the creator’s output, the data as belonging to himself or to the platform. Even if copyright was clearly defined, some of the creators did not receive a positive return under a centralized flow distribution system. 与之形成鲜明对比的是，在Web3.0?时代，创作者们将能真正获得数据与创作内容的所有权，其收益路径也将更为多元。 In sharp contrast, in the age of Web3.0, the creators will be able to truly acquire ownership of the data and the content of the creation, and their profit paths will be more diverse. 艾瑞咨询提出，区块链等新兴技术将为红人流量变现注入新鲜血液，如授权虚拟人IP、售卖数字藏品等。 The Irene consultant suggested that emerging technologies, such as block chains, would inject fresh blood into red traffic, such as enabling virtual IPs, selling digital collections, etc. 顺着上述思路来看，天下秀等红人新经济公司进军Web3.0，实际还是来源于内容创作者群体的商业化变现需求。 In line with the above, web 3.0 has been marched by Red Economics and others, and is actually the result of the commercialization needs of the content creator community. 再基于历史视角，国内互联网科技公司与Web3.0早有渊源。 On the basis of a historical perspective, national Internet technology companies and Web3.0 have a long history. 腾讯于2003年就推出了虚拟社交产品QQ秀，天下秀于2011年上线了网页版虚拟社交产品火星微社区。 The virtual social product QQ Show was launched in 2003, and the online version of the virtual social product Mars Micro-Community was launched in 2011. 除此之外，对于互联网公司而言，想要蹭热点成功，必然也需要硬科技实力。 In addition to 以天下秀为例。财报数据显示，2018至2021年，公司研发费用从3871.58万元持续增长到了1.295亿元。 By way of example, the financial data show that the cost of research and development in companies increased from $387.15 million to $129.5 million between 2018 and 2021. 这期间，天下秀成立了区块链价值实验室，上线了HASHII哈希区块链价值网络及HASHII BOX全球首个区块链个人专属硬件节点，并助力全球第一件区块链全链路艺术品交易成功。 During this period, a block chain value laboratory was set up in the skylight show, and the HASHII Hashi block chain value network and the first global block chain personal exclusive hardware node in the HASHII BOX, and contributed to the success of the global first block chain full-chain art trade. 2022Q1，天下秀继续加码，研发费用为3577万元，同比增长34.14%。 2022Q1, with continued additions, R & D costs $35.77 million, an increase of 34.14 per cent over the same period. 客户对新技术生态往往最具有发言权。据介绍，龙湖地产正是Web3.0生态的受益者之一。 Clients often have the most say in the ecology of new technologies. 今年2月26日，天下秀旗下“虹宇宙”与龙湖集团新开发的“京能龙湖熙上”楼盘达成合作。用户能够超越时间与空间的限制，“亲身”进入到对线下样板间1:1复刻的“线上虚拟样板间”场景中，随时随地体验房屋的本来面貌和内部结构细节。 On February 26th this year, the “Ion cosmos” under the banner of the Dragon Lake Group entered into a partnership with the newly developed “Kyoto Dragon Lake” building. Users are able to go beyond time and space, “in person” to the bottom of the line, at 1:1 a.m., to experience the physical and internal structural details of the house at any time. 而“京能龙湖熙上”开盘当日，虹宇宙虚拟售楼处就成为了最火爆的展区之一。 On the day of the opening of the "Kyoto Dragon Lake" it became one of the hottest expositions of the rainbow cosmopolitan virtual complex. 不仅是实体经济产业，在Web3.0生态的赋能下，新华社、央视新闻、中国日报等媒体也开辟了信息传播的新数字世界。 Not only the real economy, but with the power of the Web3.0 ecology, the media such as Xinhua News, China Daily News and others have also opened up a new digital world of information dissemination. 如今年两会期间，新华社就将政府工作报告搬到了天下秀的“虹宇宙”平台上。新华社通过区块链、数字孪生等技术，以3D、多维度且自定义的手段将语音、文字、短视频等融入到社交场景当中，实现了信息内容与社交体验的完美融合。 Now Xinhua has moved its report on government work to the Xinhua cosmopolitan platform. The Xinhua society, through technology such as block chains, digital twins, integrates voice, text, short videos, etc. into social scenes in 3D, multi-dimensional and self-defined ways, and integrates information content and social experience. 综上，可以说，天下秀等红人新经济公司对于Web3.0的探索并不是不务正业，而是对Web2.0的一次颠覆与重塑。它们有望建立一个去中心化的、全新的内容创作者经济生态。 To sum up, it can be said that the search for Web3.0 by Redskins and New Economics is not an exercise in business, but rather a subversive and remodelling of Web 2.0. They are expected to create a decentralised, brand-new economic ecology for content creators. 滚动「价值雪球」 站在Web3.0时代的大门口，作为投资者，有必要重新审视红人新经济公司的投资价值。 Standing at the doorstep of the Web3.0 era, as an investor, there is a need to re-examine the investment value of the Red Crescent Economics Corporation. 财务数据是重要的参考资料。仍以天下秀为例，2021年，天下秀营收达到45.12亿元，较2018年增长了近三倍。归属净利润为3.543亿元，较4年前增长了一倍多。 Financial data are an important reference. Still, for example, in 2021, it was $4,512 million, nearly three times higher than in 2018. The net profit on belonging was $354.3 million, more than double that four years ago. 2022Q1，天下秀延续高速稳健的增长态势，营收为11.59亿元，同比增长36.16%，归属净利润为9318万元，同比增长12.43%。 2022Q1, which continued with a robust growth rate of $1,159 million, an increase of 36.16 per cent in the same year and a net profit of $9.318 million in the same year, an increase of 12.43 per cent in the same year. 不过，这似乎只是起点。预计到2024年，中国红人新经济关联的产业市场规模有望达到7.12万亿元。 However, this seems to be the starting point. expects the size of China's new red economy-linked industrial market to reach $7.12 trillion by 2024. 艾瑞咨询认为，随着区块链技术的发展和元宇宙概念的入局，或会为红人新经济生态带来新的发展机会。 The Irene consultation concluded that with the development of block chain technology and the introduction of the meta-cosmology concept, new opportunities for development could be created for the new Red People's Economic Ecology. 如在产业端，红人新经济的流量价值将渗透到更多的To C产业。在红人端，品牌在投放过程中将会更多向腰尾部红人倾斜。 At the end of the industry, for example, the traffic value of the Red Crescent economy will permeate more ToC. At the end of the industry, brands will be tilted more towards the hip-tailed red. 李檬也认为，“未来红人会成为一切商业的节点，也是驱动新经济、新消费发展的重要生产力。” "The future Reds will become the node of all business and an important productivity driving the new economy, the new consumption." 毫无疑问，Web3.0时代下的红人新经济，绝对是一条长坡厚雪的赛道。 There can be no doubt that the Red Crescent economy of the Web3.0 era is absolutely a long, snowy track. 资本市场与投资机构往往最先感知到产业风向、公司基本面的变化。2020年，红人新经济龙头天下秀被上海证券交易所纳入上证380指数样本。去年，天下秀又被纳入富时罗素国际指数。 Capital markets and investment institutions tend to be the first to perceive changes in industrial winds and corporate fundamentals. In 2020, the Red People’s New Economy’s flagship show was endorsed in Shanghai by Shanghai as a sample of the 380-/span' index. 券商方面，中金公司在4月发布的研报中维持了天下秀“跑赢行业”的评级。 On the voucher side, 中金公司认为，天下秀前瞻性布局规划清晰，技术与平台结合价值将逐步释放，未来将率先受益创作者经济新形态增长潜力。 东吴证券同样维持了天下秀的“买入”评级，其分析师看好天下秀的红人新经济龙头地位，认为红人生态布局逐渐完善，其创新业务与主营业务协同效应将凸显。 巴菲特曾言，“未来总是不确定的。”“要在短期的不确定性中寻找长期的确定性。” Buffett once said, “The future is always uncertain.” “The search for long-term certainty in the short-term uncertainty.” 神秘的Web3.0的未来同样无法预测。但好在，以天下秀为代表的科技先行者用颠覆式的创新实践，为我们驱散了前方迷雾，提供了红人新经济的长期确定性。 The future of the mysterious Web3.0 is equally unpredictable. But, fortunately, the technology pioneers, represented by the world, used subversive innovations to dispel the fog ahead and provide long-term certainty for the new red economy. 本文作者可以追加内容哦 !
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