The article mentions:
“As soon as Byte’s year-end bonus is over, I’m going to [Web3], and byte’s friend from another department is coming with me.” Byte employee Zhang Beihai said to the tiger smell.
As the youngest and the only Internet giant that is still growing rapidly and has great opportunities, many bytedance employees chose to give up the company and explore new industries. Some are tech employees in charge of flying books, some are visual designers, some are in charge of TikTok, and some are “tech gurus” who joined Byte in 2014…… All were born in the 1990s, most of them were born in 1995, enjoying 18 bytes of salary, options with huge growth potential, varying free meals and endless snacks and drinks.
However, this series of preferential treatment of domestic and even global companies does not deter them from making a career change.
The tiger sniffs and observes,
Ali, Ant, Tencent, Byte, NetEase, Meituan, at least six big Internet companies have “high P” (senior managers or senior technical talents), giving up stable high salaries and considerable options to actively explore the Web3 world.
He believes that blockchain has torn the Chinese Internet, and the main contradiction of the Chinese Internet has changed from the contradiction between giants and startups to the contradiction between classical Internet and blockchain. He retired from Meituan in 2020 to start a new track.
From big factory executives to big factory young people, Web3 industry is attracting Internet talents continuously. In the first two decades of the 21st century, the Internet was perhaps the most friendly industry for the vast majority of Young Chinese, even though people now complain more about its problems.
Web3 refers to a decentralized online ecosystem based on blockchain technology that many believe represents the next phase of the Internet. “The current Web3 industry is very much like the Internet in 2000,” a traditional investment partner told huxun. And that phrase is being said more and more often.
Back in 2000, tencent, baidu ali has just set up, pay treasure to be in 3 years, QQ music in five years, 14 years later, the BOSS hired straight KEEP15 years later, the trill as national grade product “” the last paragraph the Internet want to 16 years later, In fact, most of the Internet companies we know today were born between 2000 and 2010. Many of these companies and their products are born with great controversy, but this does not affect their commercial value, far more than traditional enterprises.
So is there already the latest version of Baidu, Alibaba and Tencent as the “new Internet”?
In fact, in the Web3 industry, some products have already had the “prototype” of national mobile phone products, such as MetaMask (decentralized Alipay), STEPN (decentralized KEEP), Audius (decentralized QQ Music), OpenSea…… They already have millions or even tens of millions of users around the world, and three of them were even named among the 100 most influential companies in the world by Time magazine this year.
Among them, MetaMask is currently one of the most popular Web3 products. It surpassed 30 million monthly active users in March 2022, and has grown 42% over the past four months. ConsenSys, the company behind it, recently quadrupled its valuation to $7 billion.
Rich product, high valuation, large number of users…… All of this reminds people of the Internet in its wild days around 2000.
Run!
However, it is no longer in those days. In the past three years, there have been few Internet companies like Web3, which frequently shows a ten-fold increase in valuation and a hundred-fold gain for investors. This may be one reason why so much capital has fled the classical web and poured into Web3.
Heading into 2022, some capital investors are “crazy” about Web3. According to incomplete statistics of Tiger, from January 1, 2022 to April 26, 2022, Sequoia Capital, one of the world’s largest venture capital, invested in 17 Web3 companies at an investment rate of one per week. Sequoia was considered one of the most successful early ventures of the Internet era, but it is facing stiffer competition in the Web3 race. Rival Coinbase Ventures invested in 71 companies in the first quarter of 2022 alone, almost every day except days off. The “war” between capital is approaching a fever pitch.
Big factories and predecessors work hard, but have already missed the company and the industry’s most rapid development period, what is more terrible is that the downsizing action of each big factory is like a plague, one after another, without stopping the trend.
The classical Internet has been around for more than 30 years, since Berners-Lee invented the World Wide Web in 1991. Classical Internet is still “young”, however, compared with Web3, its “old” is not only reflected in age, but also reflected in its system, culture, spirit and other levels.
The Web3 trend has become so obvious that no big Internet company can afford to ignore it, but it can no longer take off as easily as it did 20 years ago.
Hu Smell once mentioned in “Internet giants” Overseas battle “Web3”, Ali, Tencent, byte, ant, JINGdong, B station, NetEase almost all Internet giants have set up a team to explore Web3, and the head of the three big factories: Ali, Tencent, byte is already layout investment overseas. In a public recruitment channel in China, Tencent directly stated that applicants are required to know Bitcoin, Etherrum and other blockchain frameworks.
But still more and more people choose to leave big factories.
Migration
A great migration is taking place on the Internet.
Compared with Internet products, Web3 products have some common characteristics, such as: decentralization, cannot be tampered with, every piece of data belongs to the user, data can be bought and sold. Take decentralization as an example. Whether it is microblog, wechat reading or Tencent documents, they have the common characteristics of Internet products: all the data is collected, stored and used by a single Internet company. Such centralized Internet products, often with only one or two nodes, run the risk of disappearing once compromised.
On the Web3 version of Weibo or Wechat reading, every “microblog” and “book” people post can be cast into NFT (non-homogeneous token), and these NFT are on blockchain such as Ethereum. A blockchain is a collection of thousands of databases with countless nodes, making it hard to steal or destroy data.
Web3 does more than that.
Take NFT, Web3’s hottest track last year, for example. When a tweet, an article, or an e-book is minted into an NFT, they become an asset. Once you’ve written a tweet, you’re no longer unable to know the price of your content. Every tweet you post is a commodity that can be sold or bid on if someone thinks it has value. This may give birth to a highly developed digital property rights society, each section of data will be like a house, a car, has its own value and price, everyone can produce their own data is very convenient display, trade and profit.
Break the circle! Break the circle! Break the circle!
There is no doubt that some professionals are better suited to Web3, although Web3 continues to attract more and more types of professionals.
Before this, Web3 industry has broken out for many times to start a business. Block, a researcher at OKX, told Huxun: “The birth of Ethereum in 2013 closely combined blockchain and smart contracts, and many DApps (blockchain applications) emerged. In 2020, the “liquidity mining” game launched by Compound of Loan Agreement exploded Defi market; In 2021, NFT Summer stepped out of the small circle of “Crypto” on the circulation level. All of these contribute a lot to the Web3 industry in terms of infrastructure and audience diversion.
From the invention of Bitcoin, to the creation of Ethereum, to Defi, NFT, and now DAO, each wave of blockchain in more than a decade has attracted and screened a group of entrepreneurs.
Ethereum attracted a large number of programmers, Defi attracted a number of Wall Street financial professionals, NFT attracted a large number of artists, DAO attracted a wide range of professionals.
A number of venture-capital firms remain.
While the Web3 model has actually impacted early-stage VCS, a number of forward-thinking firms have remained, such as sequoia capital, a16z, Coinbase Ventures, and others. Sequoia Capital, which once invested in half of China’s Internet, and A16Z, which invested in Facebook, Groupon, Skype, Twitter and other US Internet giants in its early days, are now publicly saying all in Crypto. These were some of the most famous VCS of the Web2 era, and they chose and almost all in Web3 tracks.
Other new VCS are not far behind, with some of them competing with each other to a fever pitch, such as the aforementioned Coinbase Ventures, which invested in 71 Web3 companies in the first quarter of 2022 alone.
The competition among these investment institutions is extremely fierce, and the “origins” of the VC involved are even more complex.
“Traditional investment has developed for more than 10 years, and a set of mature valuation criteria has been developed for Web2 companies. Web2 is a platform economy, and market share is the basis for winning or losing. While Web3 is the use of blockchain and other technologies to create readable, writable and realized value transmission of the third generation of Internet protocol, the value created by users will be returned to users, which may be very counterintuitive for the traditional VC familiar with Web2 investment. Web3 is built on blockchain. To understand Web3 project, the principle of blockchain technology, token economy, governance mechanism and other contents should be studied first. It is easier to understand the feasibility of Web3 project with the underlying knowledge structure.” Brock said.
In addition, the Internet elite and Wall Street elite are “flocking” to Web3.
For a long time, Internet practitioners and financial practitioners have always been the largest group of people in Web3, and more than 70% of the employees of some large Web3 companies come from the Internet. Access to Web3 channels, seems to be these two industries to “monopoly”, until the outbreak of NFT, people from all walks of life to a larger scale into Web3.
DAO Thought and Web3 Culture
Blockchain is a technology, DAO is an institution, and Web3 is a culture.
Starting from this logic, the decentralization of Web3 is reflected in two layers: the first layer is the social scope. The emergence of Web3 provides new opportunities for both ordinary people and entrepreneurs, making the society less monopolized and centralized; The second layer is Web3 itself, its core idea is to believe in decentralization, committed to institutionalize every Web3 product decentralization.
Write in the last
Blockchain and Web3 remain among the most controversial industries in China. Some CEOS of blockchain companies, even if they are worth more than 100 million yuan, have more than 1,000 team members and even appeared on the cover of mainstream global magazines, have been criticized by their old mothers as “blind followers”.
This clash of ideas has been going on for a decade and will continue. China has evolved from an agricultural society, to an industrial society, and then to a digital society in just 30 years. Looking back, each decade is a revolutionary revolution.
That era under the field seedling children, will not think of their future in the factory to work, because at that time can not see a factory; A child playing in a factory does not expect to work in a skyscraper staring at a screen day in and day out because there are low houses as far as the eye can see. For children running between skyscrapers, perhaps the future of work will be in the field, at sea, underground, and even the concept of work will be eliminated.
Stereotypes still linger in people’s minds, but the world is changing. People from the Internet, finance, art and other industries “flood” into this track, incorporating blockchain technology into products, putting DAO’s thinking into companies, and connecting Web3 culture into the digital society.
This is a migration that has been going on for 10 years, and the troops are just starting out.
A brief summary: Ali, Ant, Tencent, Byte, NetEase, Meituan, at least six Internet giants have “high P” (senior managers or senior technical talents), giving up stable high salaries and considerable options, and actively exploring the Web3 world. Web3 refers to a decentralized online ecosystem based on blockchain technology that many believe represents the next phase of the Internet.
Web3 is seen as the next generation Internet, the domestic technology developers with many companies saw this highly dynamic innovation industry, but due to various restrictions, powerful is made, in order to not miss this opportunity, in order to live up to their understanding of the industry, chose the revolution, the beliefs, fled, appeared a great migration… .
Perhaps, this is a transition, a helpless!
Perhaps, at some point in the future, we can also actively participate in this revolution!
Perhaps this is a rare opportunity for wealth for ordinary people? !
Just like the Internet era in 2000, the trend and trend of technological development cannot be changed, and this has just begun.
As stated in the article: rich products, high valuations, large numbers of users…… All of this reminds people of the Internet in its wild days around 2000.
All Web3 needs decentralized storage, and if this is an irreversible trend that is destined to grow, Filecoin providing decentralized storage, combined with IPFS, as a Web3 infrastructure will certainly be needed and will continue to grow.
Do you feel it?
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