This is a Hong Kong web3 carnival essay.

It may be a bit ugly to scold, but I want to talk about why those past things were falsified.

1. Is the Hong Kong web3 carnival cold?

Length is also the first impression of many people. The conference was crowded with people and surrounded by people. This time, it was almost all familiar project parties. The vip room was empty and there were not many people coming to the exhibition. Where did the mobility and creativity come from in the future? But more people wear suits, and the underlying logic of the industry seems to be reconstructing.

From the source of the deserted touch, some people say that the layout of the venue is very strange and seems empty, while others say that everything is not prepared enough, it is difficult for guests to invite, the project party is scarce, and even the price of speeches on stage has returned to calmness. Some of the voices are more like proving that I am still alive and not dead.

As I saw, the relationship between the East and the West was still hot and cold ass.

It has significantly less Western perspectives. In three years, there are more fields in the field of web3 (and perhaps more).

Even if Vitalik came to the scene in person, except for the fans' photos and socializing, what he encountered was the unilateral responsibilities of some bald guys who were playing tricks on the industry.

What is deeply rooted is the difference between culture and pursuit.

Those who only use web3 technical achievements as casinos, rely on screenshots of three bananas in each cycle, influence the overall direction, build more slot machines, lure more gamblers, and siphon the new achievements of builders. .

The collective demands of Western public chains for the East are at most considered as a user, not a partner.

Is it because others don't bring fun here, or is there something wrong with me?

Or what everyone pursues is not the same thing, and they still hope to play with each other?

2. RWIs A right?

Every time there are keynote speeches, more than half of the photos are cheated. When can the content keep up with the title they took?

RWA is the mainstream narrative this year, but is there any big difference between it and the 3-year-old NFT, 2-year-old inscriptions, and 1-year-old Meme?

A careful look at the underlying support of each cycle, and you will find that once everything enters a macro perspective, it will eventually be correct and just.

RWA is just a new macro perspective to cover topics. But in fact, grand narratives often ignore the rights of thousands of individuals without limit, just like a feeling of "all things are straw dogs", and sometimes even dogs are not just numbers.

Capting a mainstream narrative can certainly take off. Phantom captures sol and meme airdrops, bitget captures the TG ecosystem, and takes multiple chains + annual narratives. They have a huge annual growth.

But growth in this industry has never been difficult, the difficulty is retention (resources and momentum are done in place, which will have a more flywheel effect than the growth explosion of traditional Internet).

The things you do with chains are still limited, and it is basically not a daily necessity. After the war between hundreds of wallets, even the hottest unisat last year has not been opened for a long time, and it does not need to be opened, which adds sadness.

RWA institutions are also encountering a wave of PPT scams with the halo of Web2 elites in the narrative, and people who keep silent about "empowering the ecosystem" but have never used their wallets.

Interestingly, BTC's event does not care about narrative, which is very promising. After all, those who pursue narratives generally cannot catch up, and those who create narratives still have the opportunity to turn things around.

3. Is V okay?

What kind of conspiracy is more terrifying?

I think it is to turn the essence of tragedy into a choice trap, it is a burning selfMy destruction or decay of chronic suicide, the most horror is that no matter which path you choose, it will add shackles to the exploration on the other path.

V has been standing on a difficult multiple-choice question, and no matter how you choose, it cannot be separated from personal tragedy or collective tragedy.

Authentic, V is a genius, V is the best in the industry, and V is also very young. If Ethereum’s future is, the biggest opportunity is such a young brain and vision, which brings unlimited growth potential.

But behind any characteristic is shortcomings

The age of 30 has the disadvantage of being 30 years old, it is too easy to be surrounded by villains, and too easy to fall into the honey of words.

V's speeches at each venue are completely betting on L2, which is very correct, and there are a lot of logically self-consistent reasons.

The great reason is that EF is best at the chain, not the off-chain. It has the creation of the infinite chain, but how to link to the off-chain requires partners to do it, but EF can no longer divide the cake, so you might as well treat yourself as a platform to empty a booth, welcome each project party to bring their own resources, and EF gives you all the names you want.

But who passed these reasons to V? Why has it become his deeply rooted expansion direction?

If L1 itself is good enough, then will it still need the empty city of L2? What should I do if the gap between L2 is derived?

EF will upgrade in the next stage and begin to return to the experience of L1. The biggest resistance at the time will not come from L1 itself, but L2s.

This is the current selection trap.

3. The web3+ game is unwilling to give up, but it is a trap. There are dozens of venues before and after this meeting. It is the most daring to say about the venues for web3 games. Perhaps because there are not many people, I can say more of the insights after being touched on the ground.

I first entered the industry because of loot, Ah Xie and running shoes, but now everyone isWhen you wake up, players wake up, and investors wake up, what is not giving up is the obsession that was once.

Those who are still investing in this place can only talk about masturbation: ecological placeholding, defensive positioning, and considering costs.

The games in the past had countless good reasons to become a good business, and even the game version control was an opportunity for the explosion of web3 games. The hardware needs of games are naturally different from other financial scenarios, so the web3 game public chain has always been a direction that has been continuously carried out.

But from the play to earn, onchain, tg game, it all became a trap.

Because the game in B circle is played, the dopamine motivation is actually not as good as inscriptions.

When you are typing the inscription, you will not wake up naturally at 6 o'clock, and it will be difficult to fall asleep at 3 o'clock. What game can have the purest motivation to reach the core is more effective.

But they do not attract new users from each other, they all use each other to lead the volume and make high data to fool investors. They used to just fake account data, but now they are even co-authors in joint audits. Even those who invest in web3 games do not play games themselves, they have only played Conra.

Just do fi in the currency circle, don’t make games anymore.

The game companies regard web3 as a new field to make games, from the Perfect World to the Korean game chaebol, and then to the Western meta-universe narrative, they are all in the wasteland left by making games in B-Circle.

Before and after, these 100W have been spoiled. Those who don’t go to the chain do not play, while those who go to the chain only play financial attributes. Since you want to play financial attributes, it’s better to play meme.

If you transfer from 0 education external users to the link, why bother to find out? Who is willing to do bitter user education?

But the game itself is indeed a good business. Even the surrounding areas of Mihayou provide him with a total profit increase of 10%, but the gross profit can reach 70%.

Now, there is no team that can make a profit in the market. As a product that provides emotional value, even if it isValue will also be generated in the process, compared to many products with pure result value on the chain (such as public chains that are struggling to work hard, and they will completely lose their value if no one plays).

So, the game will continue to fool some investors who are not giving up.

600 million valid addresses, which is believed to be the Internet in 1994. If you save it, the thicker the feces, the more fragrant the flowers.

4. Is the bear market coming?

I have seen the era of bears but not the most bearish in recent years, and I have also seen the era of the most breakthrough. Every period of narrative confusion seems to be around the hk conference.

After last year's bitcoin asia, the inscriptions became cold. Once the market was cold, the pressure on the project party became greater. The more honey juice operations, the harder it was to calmly think.

This conference has many faces as always, but the project has changed for 2-3 rounds. Although serial entrepreneurs are always ridiculed, they are more worth cherishing.

People who have seen the cycle know that a bear market is the opportunity for Builder.

I have only years of experience in striking pits, and now I know more about what I can survive.

The "Enterprise Blockchain" movement is widely regarded as a dead end, but with the emergence of L2s, this movement has revived again, and Soneium is a typical example.

The increasingly ineffective "decel" community that can roar at how immoral and bad a variety of mainstream actors can't really provide a better alternative. But these are pitfalls

DeFi originally wanted to replace banks, NFT originally wanted to redefine ownership, and the metaverse should have become a new gathering place for people. But after billions of dollars in promises, the only thing that is truly widely used is stablecoins, as well as the corresponding trading pairs and markets.

Some people say that those who do not repurchase are hard business, and they need to constantly find new users. Some scenarios also have long-term after-sales service, and they have to be entangled in old customers until they go bankrupt. actuallyHigh liquidity and lack of core retention are also hard business.

In these businesses, the biggest loss in this round is the new vulnerable group: VC, from giving guidance to projects and seizing a good project, it is a hundred times the profit, to the fact that the project party has cut its losses, and rarely makes money. After TGE, the project party and market makers will make money first.

I dare not invest at all, and I lose one. It is not so much a problem with the industry, but rather an operational problem with the early project parties.

The era of large-scale infrastructure through narrative has ended, and projects with high valuations and low circulation have no room for survival. The valuation system of all VC projects is being reconstructed, and old projects are being reshuffled.

Don't be too superstitious in the new cycle.

Hong Kong has indeed changed a lot, but the bottom is still saying, "We accept it, as long as we don't mess it up."

Institutions have taken over today's market. It is no longer a situation where small entrepreneurial ideas can be challenged. Either adapt and learn the game or be eliminated. It is not easy to dominate in one direction, and the cooperation between institutions and entrepreneurs has just begun.

5. Where are the opportunities next?

It seems that it is cursing, but those things that have been messed up are just spraying, and after spraying, they will return to rationality. After all, these years have not been messy. After the inscription storm, I began to catch myself off guard. What I left half a year later was the layer-by-layer optimization of the infrastructure.

The meme storm today has also passed halfway, from gmgn to Axiom, leaving behind products that understand the needs and are proficient in the technology at the bottom of the chain. Many performances are not proficient in the underlying layer and cannot be achieved at the extreme.

As a result of outbreaks like Gmgn, but not knowing how to divide the cake, it forces high-quality talents to flow in the industry.

After entering the deep waters, a group of people has completed the popularization of user education and the shift in scientific research in colleges and universities, making the talent foundation of the future industry very solid.

In the direction, chain making is already disgraceful, and funds are only pursuing big agreements. Although VCs are more cautious at this time, there is a tool layer with a clear business model user group, and the application layer has ushered in an opportunity for objective evaluation.

The password learning has reached the bottleneck, and the user's operation object is also breaking the limit.

Because many behaviors in the real world cannot be proven by cryptography, and not everything can be solved with decentralization. The bottlenecks of efficiency and technology are there. Each bottleneck is an opportunity. In the future, there will be no unfuse to continue the unreachable gap between centralization and decentralization. Some are only the two sides give in.

Before this, what you need to do is to protect your attention, improve your ability to identify what garbage is, and maintain a good mood and live long from the fluctuations of the cycle.

6. Finally

I am really disappointed with this industry, which is due to the excessive expectations in the early days, and I completely regard the term web3 created as the scale of the next generation infrastructure level. But now, if you only treat it as crypto finance 3, you will be much more rational.

Some attempts that are not in line with crypto finance are not necessary to pay attention to.

There is always such a group of people who pursue freedom in the world. It would be great to make the best tools and facilities for these people.

Reading to friends today, your attention is precious. Don’t be filled with other people’s gossip. Otherwise, when the information sources of ordinary people are monopolized by Twitter KOLs and abstract language communities, they will only become "consensus cannon fodder".

What is truly worth paying attention to is always those who become KOLs after doing their jobs to the extreme.

A friend (@Odyssey_Leexixi) said:

Now, people no longer believe in all kinds of blowing bubbles, which is also reflected in the venue. The low-hanging fruits have been picked, and everyone has turned to product-market fit to create products that truly meet user needs, have cash flow and have business models.

From market share, I like this transformation very much because it is something I always want to do.