《Interview date: June 29, 2023》
1. You can briefly introduce yourself
Hello everyone, I am Detective 500 Million, LittleMamiFounder, and one of the founders of the BAYC Chinese Club. I am a person who loves NFT and I am also a BAYC holder. We organized the first BAYC party in China. The success of this party prompted us to hold many offline party events in succession.
In addition, I also have my own MCN organization, including the YouTube channels "Where is the Coin Chain", "The Most Beautiful Coin Circle" and "Tongtong Says Metaverse". Previously, we also engaged in the Bitcoin mining business, which is located in five different places overseas and has a relatively large computing power. At present, these businesses are operating normally and complement each other.
2. Can you share your opportunity to enter the circle?
My experience in joining the industry was actually quite passive. I officially entered the industry when I graduated from college in 2016. At that time, virtual currency had just begun to become popular in China, but in fact, as early as 2015, I bought some Bitcoin and Ethereum with my friends and family. At that time, the price of Bitcoin was about 800 yuan. It was so long ago that I can no longer remember the price of Ethereum. It was probably a few yuan. In the end, I spent 600,000 yuan each to buy Bitcoin and Ethereum.
The main reason why I got involved is because my father is a huge believer in Bitcoin. He has been holding Bitcoin since 2012 and has never sold one until now. His firm belief in Bitcoin had a great influence on me. He once told me something profound, to the effect that it is impossible for your generation to acquire wealth by buying houses, land, etc., but through blockchain, you have many opportunities to achieve what you want to do.
I did not fully accept this belief at the time, because at that time the blockchain was not as mature as it is now, let alone the concept of Web3.0. The industry at that time was more barbaric, many times more unstable than it is now, and many things were chaotic. So I am half accepting and half rejecting this circle. However, I still bought some coins and officially joined this circle. During this period, I also experienced several major events in the currency circle, such as the 1994 withdrawal, the ICO craze in 2018, and some other key nodes. I feel very lucky because during this process, I have witnessed the development of this industry from zero to one.
Now I am very optimistic about the future of Web3.0 and Bitcoin as a long-term store of value. It may be one of the best assets of our generation because it may have greater room for appreciation in the future. Although it may not rise too much in this round of bull market, it still has the potential to rise several times compared with other investment targets. So I currently believe very much in the future direction of this industry, and I am fortunate to have experienced and witnessed many people become rich and stable in this process.
Core Content: I purchased Bitcoin and Ethereum in 2015 with friends and family. The opportunity for me to join the circle was because of my father’s belief in Bitcoin. He has always held it firmly and encouraged me to gain wealth and achieve my goals through the blockchain. Although I was initially ambivalent about this choice, I still bought some coins and experienced major events in the currency circle and the development process of the industry. I am currently very optimistic about the future of Web 3.0 and regard Bitcoin as a long-term stored value asset. I believe that it may have greater room for appreciation in the future.
3. Can you tell us about what you are doing now?
The first is that I am now mainly responsible for maintaining the resource connection between our several YouTube channels, and I hope to help the channels grow and attract more new users to enter this circle. YouTube and this kind of KOL channel are our direct channels to connect with users. I hope that through the content we deliver, users can understand the normal investment logic, take fewer detours, and avoid being deceived by others.
The second one I participated in was a project called LMC (LITTLEMAMI LABEL), which is an NFT project. We will issue a series of tool-type NFTs. We have previously issued about 30,000 to 35,000 tool-type NFTs, and the prices are relatively low. These NFTs have different prices depending on their rarity and usage functions. Recently, we also conducted an NFT synthesis game. After synthesis, you will receive a new NFT (the key to the PFP blind box) and a high-level tool reward. The current price of advanced tools is about 0.8e, and we support operations such as installment payments on OS and xBank.
[LITTLEMAMI LABEL: An NFT and Metaverse application platform built around the club. It is committed to transforming Metaverse into the real world. Mami Protocol is an open source protocol that aims to solve the liquidity problem of the NFT market by supporting the creation of ERC20 and ERC721 trading pairs, allowing users to earn liquidity tokens by staking ERC20 and ERC721 tokens. LMC is applicable to the entire Mami Protocol ecosystem and is the main token for future commercial applications.]
Our plan is to build an IP-based community through the issuance of NFTs to attract new people to join. At present, our community size is about 1,500 people, all of whom are newcomers who only have a superficial understanding of the concept of NFT. We are building the foundation of the community and plan to better connect it with PFP. We will also develop the metaverse space and focus on the direction of Socialfi, providing visual and operational experience and experience of interacting with people. In addition, we also plan to support our own NFT projects and provide derivative services on the protocol so that users can earn income. In the future, we will also cooperate and associate with other IP projects, and support functions such as lending and mortgage to improve the liquidity of NFT. We plan to raise funds in the second half of the year, and have already released a part of the tokens. We hope to officially launch the project in the second half of the year and attract more new users to join and promote the development of the project.
Core content: I am responsible for maintaining the resource docking of YouTube channels and am committed to attracting new users into the circle. At the same time, he will participate in the LMC project, issue tool NFT, and plan to establish an IP-based community. We build a community foundation, develop the metaverse space, and focus on the Socialfi direction. Plans to support its own NFT projects and cooperate with other IP projects to increase NFT liquidity. Financing will be carried out in the second half of the year to officially launch the project and promote development.
4.Do you have any unforgettable experience in Web3?
A more interesting experience is that my first transaction in 2015 was conducted through the customer service staff of Huobi trading platform through my QQ account. I still remember that the biggest question in my mind at that time was, if there were any problems during the transaction, what would happen to my 1 million RMB? But out of trust in my friend, I transferred the money to the other party's account, and then he transferred the coins to my wallet address. At that time, I was still using a web wallet called Blockchain.com. Later, I started using tools like MetaMask.
The 94 withdrawal was a very profound experience for me. This withdrawal was the first major problem faced by the cryptocurrency industry. The government required domestic platforms to liquidate assets, which led to the closure of many platforms and the inability to repay users' funds. At that time, the scale of Huobi's withdrawal was about 40 billion, and the withdrawal speed was very fast. I held about 300 bitcoins on Huobi. They acted very quickly. The customer service staff called me. The rapid withdrawal of funds made me panic. I was worried whether the introduction of the policy meant the end of this field. But after that, I gradually realized the important point that it was a safer choice to put assets in the on-chain wallet, although the concept of cold wallets was not very popular at the time. The process of withdrawing assets from the trading platform to the wallet made me believe that at least there were still some people in the cryptocurrency industry who were really working hard to solve the problem. This withdrawal experience made me determined to find opportunities that suit me in this field and pursue what I want to do.
Before I got involved in this field, I had always been an investor. Although I had no experience of bankruptcy, I also had times where I lost money. I have invested in some ICO projects, but was defrauded of funds by others. The amount is about 500,000 to 1 million. I also experienced the FTX lightning incident and lost $500,000 in quantitative funds. These are very common things in the currency circle. Therefore, I think everyone should do a good job in risk control, because many unexpected situations may happen at any time.
Regarding the issue of making money, I think there are still some details that need to be paid attention to. I always believe that as long as you stay involved and avoid risks, there will always be opportunities. For example, the main purpose of the MCN organization we incubated is to maintain links with users through the influence of KOL, and at the same time, it also allows users to better keep in sync with market trends, and then better participate based on their own judgment of the market. Come to the market. For example, the currency chain I mentioned earlier has been outputting various professional contents on Youtube for a long time, attracting many people outside the circle who are interested in Web3.0. Another example is the most beautiful KOL currency circle. As a technology stream sharer, I occasionally recommend some investment projects that I am optimistic about. A user in our community once invested 250,000 yuan and earned about 250,000 yuan in just three months. With a profit of 10 to 20 million, he temporarily retreated from the circle until the bull market came back and then rejoined.
Core content: I contacted the customer service of Huobi trading platform through QQ to make my first transaction and purchased Bitcoin and Ethereum. Later, the 94 liquidation was a very profound experience for me. The government required domestic platforms to liquidate assets, which led to the closure of many platforms and the inability to repay users' funds. The Bitcoin I held was quickly liquidated during the liquidation, which made me realize that it is safer to put assets on the chain wallet. As an investor, I have also experienced losses, including being defrauded of funds by others and participating in projects that went bankrupt. However, these experiences did not shake my confidence in the cryptocurrency circle. I firmly believe that risk control is very important. I believe that as long as I stay involved and do a good job of risk avoidance, there will always be opportunities in the cryptocurrency circle.
5. What do you think are the potential development tracks in Web3 in the future?
At present, I don’t have a clear choice of a specific track. I think tracks that have been hotly discussed recently, such as RWA and LSD, are both important. But I think the most basic thing is that whether it is in the NFT field, the security field, or various project teams such as developing plug-ins, as long as you can attract new users, you have a chance to succeed, because the most critical thing now is to introduce new users.
Moreover, I think if I have to choose, I am most optimistic about the gameplay related to NFT and the metaverse. Because people outside the circle really won't operate such complicated things, and they will not be attracted by empty promises, such as the concept of changing the world, the huge blockchain architecture, etc. What they need is an interesting experience, a smooth interface, so that they feel that a certain NFT project is good, they buy it and join it. As long as you can do this, I think you have a great chance of success in the next development cycle. In addition, I think in the future Web 3.0 era, there will not be only one track dominating, but there will be multiple tracks coexisting, just like a hundred flowers blooming.
Overall, I think the most important thing is to attract new users and let more people participate. Just like our own project, the users I attract may not understand BAYC, but they will play our project. Then through our project, they will learn about BAYC and other on-chain projects. This will make it possible to convert them into users of other projects. So I think as long as everyone focuses on doing their own thing well, attracting new users is the right direction.
Core content: For track selection, I think attracting new users is the key. Especially the gameplay related to NFT and the Metaverse, because outsiders prefer simple and interesting experiences. In the future Web 3.0 era, multiple tracks will coexist. All in all, focusing on attracting new users is the right direction.
6. What advice do you have for new users who are attracted?
For new users, my advice is to learn more and observe more. No one can give you the optimal solution. Even KOLs have their own subjective consciousness and cannot conform to your personal investment logic. So I think new users must read more and learn more until they have a certain understanding of the entire field. At least you must know clearly how to operate the tools and how to ensure the safety of your funds. After learning these basic operations, you can then understand other people's investment philosophies and find a way that suits you. This is the advice I give to newcomers, and it’s what our own community has been practicing.
Core content: My advice to new users is to learn more, read more, think and learn independently, learn basic operations and ensure safety, and then understand other people's investment concepts and find a way that suits them. This is my advice to new users.
7. What are your future plans?
Several of our friends have their own platforms and are committed to laying out the entrance of traffic. In addition to the project itself, we also plan to carry out more offline activities. Recently, we planned a music festival in Chengdu and introduced the concept of NETFest, with about 20 project parties participating. We hope to hold more such offline events in the future to break the limitations of the circle and let more people understand the concept of Web3.0. We hope to make them feel that this field is interesting and attractive, and then further understand the financial attributes of it. We believe that there will be two types of people joining in the future, one because it is fun, and the other has financial investment experience. They participate in it for venture capital. Only these two types of people will enter the currency circle. Therefore, our goal is to attract them by doing more things and attract more newcomers in online and offline forms, let them understand this field, and provide gameplay and mechanisms suitable for them, ensure their safe participation, and at the same time leave them with a good impression and lead more people to join. This is what we will do in the future.
Core content: Our friend team is committed to laying out traffic entrances, including carrying out offline activities. Recently we held a music festival in Chengdu and introduced the concept of NETFest, with 20 projects participating. We hope that through these activities, we can break down the limitations of circles, let more people understand the concept of Web3.0, and make them find this field interesting and attractive. Our goal is to attract new users, provide gameplay and mechanisms suitable for them, ensure their safe participation, and lead more people to join. This is what we will do in the future.
8. Do you have anything you would like to share?
As a user, I believe that risk control is always the most important thing in the currency circle, whether in a bear market or a bull market. Many projects that look attractive often have no practical significance. What is really important is to manage your assets and wallet well to ensure stable appreciation income, and then look for opportunities. Reasonable management of positions is very important for every ordinary investor. Only by doing this can we gain access to potential new opportunities.
From the perspective of an entrepreneur, I hope that everyone will not be too affected by the bear market and have good planning. We have made some calculations and it may take 15 to 20 months for the next bull market to have big activities. If as an entrepreneur, you can't even get through 15 to 20 months, how can you talk about the future? The cost every month is very high. Now it is difficult to support a project with millions of funds. Therefore, as an entrepreneur, you must have a good level of professionalism and sufficient financial support. Make good plans to ensure that you can survive longer, only in this way can you have a chance to succeed. You can look back at previous projects, most of which are failures, so it is very important to stand out from the crowd. At least you have to be able to survive longer than others to have a chance to become one of the few successful ones.
Core content: Whether as a user or an entrepreneur, risk control is the most important thing in the cryptocurrency circle. Users need to manage their assets and wallets, look for stable appreciation gains, and manage positions reasonably to access new opportunities. Entrepreneurs need to have plans and be able to survive in the market fluctuations, which requires professional level and sufficient financial support. Only by standing out from many projects and surviving longer than others can you have a chance to succeed.