We divide Web3 investment into four sectors:

First, L1, public chain;

second, the middle layer;

Third, the application layer, what everyone talks about most now is GameFi and DeFi;

Fourth, crypto finance.

Web3 is currently around the year 2000 of the Internet, which is still very early.

There has been a period of de-VCization in the blockchain. Many projects do not require VC money and only require crowdfunding. The number of Web3 project financings is less than that of Web2, but more institutions participate.

In addition to mining and mining machine companies, Chinese account for more than 90%. Among the top ten exchanges in the world, five or six have Chinese founders. There are more Chinese investment institutions in Web3, but they are relatively low-key.