Complete ecosystem as Web 3.0 turns practical in China

Zhu Shenshen
The next-generation blockchain Internet has major applications like NFT trading and Metaverse.
Zhu Shenshen
Complete ecosystem as Web 3.0 turns practical in China
Ti Gong

The metaverse is a major application based on Web 3.0.

Web 3.0, dubbed as "future Internet infrastructure" after Web 2.0 and is turning practical in China with a complete ecosystem, instead of just a buzzword in a small circle of tech and investment industries.

The blockchain-based Web 3.0, with hot applications like NFT or non-fungible tokens and the metaverse, may make the Internet world more fair and create opportunities in virtual realm.

"Web 3.0 has created a user-led digital world of open collaboration, privacy protection and ecological co-construction, bringing a totally new Internet value. It's also the infrastructure and application of future social, payment, service and transaction markets," said Yu Jianing, Executive Director of China Mobile Communications Association Metaverse Industry Committee.

Yao Qian, a senior official of the China Securities Regulatory Commission, has said Web 3.0 represents "China's future Internet infrastructure."

The Web 3.0 ecosystem is growing with increased capital and investment, professional training, growing computing capabilities and rich applications.

Complete ecosystem as Web 3.0 turns practical in China
Zhu Shenshen / SHINE

Digital formats for Chinese relics, based on NFT, went viral in China.

NFT, used in digital art investment and collection certificates, is the latest example.

The Chinese relics' digital formats, such as NFT-version of the ivory seal and bronze horse head, went viral online on International Museum Day last week. Such digital artworks, with limited editions authorized by NFT technology, costs between 29 to 58 yuan (US$4.50 to US$9) each.

They were released by various museums and on several NFT platforms, including those funded by Alibaba and Tencent.

The Web 3.0 applications often spur hopes of a boost in virtual realms that would unlock serious real-world dollars, experts said.

Web 3.0 is the "technological cornerstone" of future applications including Metaverse, said Zhang Cheng, professor of the School of Management of Fudan University.

That can explain why investment and resources are pouring into the Web 3.0 in China and globally.

In April, 218 fund-raising cases were completed in the blockchain industry, including six in China, with about half the cases related to Web 3.0. The average case investment was more than US$30 million.

Complete ecosystem as Web 3.0 turns practical in China
Ti Gong

A Web 3.0 online training course debut in China, targeting programmers and professionals.

The Web 3.0 technology, in early stage and with huge potential in China, has urgent demands for professionals and talent, industry insiders said.

Compared with applications in game or art trading, Fudan professor Zhang expected more Metaverse applications to debut in wider sectors like industrial and medical. It brings more direct impacts to real economy development.

The blockchain computing capabilities are also growing rapidly, which may fuel the Web 3.0 development.

Canaan Inc reported last week that its blockchain computing capabilities jumped 119.1 percent year on year in the first quarter.

It fueled the Nasdaq-listed Canaan, which offers capabilities for Web 3.0 applications, to boost net profit and revenue. Its net profit hit 441.6 million yuan in the first quarter, almost fourfold of the last year level. The revenue also more than doubled to reach 1.35 billion yuan in the quarter.

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