Portrait of Chinese Web3 Entrepreneurs: After interviewing 228 founders, we have the following 7 insights

Original: 《After Interviewing 228 Chinese Web3 Founders, We Have the Following 7 Insights》

Author: Wanwu Island ThreeDAO

After 2 months of registration and selection, and at least 30 minutes of interview communication with the founders of over 200 projects, 65 projects were successfully selected for the first phase of the Wanwu Creation Camp. The covered fields include Tool, Social, Defi, Game, Infra, AI, Metaverse, DAO, and many others. The vast majority of projects have completed at least one round of financing, and their products are usable and have achieved certain business data. After communicating with so many entrepreneurs in a short period of time, we have vaguely sketched a panoramic picture of the current Chinese Web3 entrepreneurs in our minds…

Please note that the following content is based solely on the statistics and summaries of the projects interviewed in this Wanwu Creation Camp and does not fully represent real conclusions.

1. Talent density has greatly increased, trending towards specialization and internationalization

Over 72% of the core team members have backgrounds in large companies, prestigious universities, and overseas work or study, with over 65% of founders having two or more entrepreneurial experiences.

With the significant increase in talent density among Web3 entrepreneurs, the era of wild growth is coming to an end. As more specialized and international talents begin to enter, the sustainability and regularity of the industry will also be greatly enhanced. However, the competitive pressure among entrepreneurs will also increase.

2. The top three categories in the competition are tools, games, and Defi

After categorizing the number of registrations into broad categories, the largest proportion is tool types, confirming the pragmatic characteristic of Chinese entrepreneurs driven by the need to solve problems.

Among all the projects interviewed, tool products such as data tools, trading tools, DAO tools, etc., accounted for the highest proportion. Tools represent a clear and linear entrepreneurial path from start to finish, but they also require more efficiency, technology, and user insight in their operational capabilities.

3. Entrepreneurs have not formed a large-scale migration from Web2 to Web3

75% are serial entrepreneurs, and 68% are native Web3 entrepreneurs.

The previously speculated wave of many BAT companies "going into" Web3 entrepreneurship has not yet appeared on a large scale. Only a small proportion are entering Web3 entrepreneurship for the first time from Web2, with many members from large companies still in part-time stages. Some Web2 entrepreneurs entering Web3 also face adaptation issues, experiencing a phase of arrogance, pain, and doubt due to a lack of understanding of the industry.

4. The enthusiasm for Web3 entrepreneurship among Chinese people remains high

Despite the relatively strict registration threshold for the Wanwu Creation Camp, over 200 project discussions were completed in a short time, covering various backgrounds, fields, and age groups.

As the development dividends of traditional industries come to an end, the increasing talent density in Web3 and the trend towards stability and compliance indicate that the ultra-early stage of wild growth in Web3 is about to end. Web3 entrepreneurship will experience a transition from guerrilla tactics to regular forces, with many entrepreneurs holding a mindset of seizing the window of opportunity.

5. Capital expectations for Web3 projects remain high

Among the projects that have secured financing, 40% have valuations exceeding 20 million USD, with several projects valued over 60 million USD.

Currently, the overall market environment remains relatively cold, with institutions being cautious, the money-splashing model closed, and project financing still quite challenging. However, projects that successfully complete financing in this environment have been tested, so those projects that remain after stricter environmental screening can still achieve good valuations. Good projects are also being competed for by multiple institutions; the bigger the storm, the more valuable the fish!

6. DAO has not yet become a mainstream form of business organization

Only 3.5% of projects are DAO and community types. DAO is a new type of organizational form, but perhaps it is not yet an effective business organization form.

Globally, there are few successful cases of DAOs emerging from a business perspective. The appeal of DAOs compared to traditional corporate structures lies in their ability to mobilize global talent through consensus and decentralization. However, the theoretical, infrastructural, and organizational model inadequacies of DAOs create friction in understanding and operational efficiency, especially in the field of business, which relies heavily on organizational collaboration, making it not the mainstream choice for entrepreneurs.

7. Proceeding cautiously is essential for Web3 to thrive in the long term

The vast majority of projects, whether in terms of team or product status, can be felt to embody one word: "stability" after discussions. There is a strong sense of build and mission, while speculative projects still exist but struggle to gain recognition.

This Hong Kong conference and related industrial policies have injected a shot of adrenaline into Chinese Web3 entrepreneurship, opening a window for the April spring breeze to blow in. We also felt the enthusiasm and expectations of everyone on-site. Hong Kong has provided a legitimate stage for those quietly building the industry, but we must also guard against the spring breeze turning into a storm. As Xiao Feng said: "Proceeding cautiously is essential for Web3 to thrive in Hong Kong."

----------【Appendix: Full List of the First Batch of Participants】----------

▎0xScope

0xScope is a data layer providing Web3 knowledge data, using graph computing to solve the problems of multi-address analysis and poor data quality in Web3.

Website: https://0xscope.com/

▎Angel Protocol

Angel Protocol is a reinvestment protocol based on interest-bearing assets.

Website: https://angelbond.io/

▎ARKS Labs

ARKS is a universal dynamic NFT liquidity solution platform for real-world assets (RWA) entering the blockchain.

Website: https://arkslabs.io/

▎Ascendant

Ascendant is an AI-driven metaphysics system. It uses AI to train astrology models, providing users with highly interactive metaphysical and holistic services. At the same time, Ascendant will deeply integrate AIGC and NFT technology to create an immersive metaphysical metaverse.

Website: https://ascendant.fun/

▎AssetClub

Assetclub is a game dedicated to the financial vertical track, creating an integrated experience of investment simulation games and social interaction, and providing Web3 investment education through games, ultimately building a social platform for Web3 investment around the game.

Website: https://www.leapthinking.com/

▎Avault

Avault is the first one-stop full-chain yield aggregation platform. It has achieved one-click cross-chain operations for users on Arbitrum, Optimism, BNB chain, and Polygon, enabling crypto users to achieve one-click full-chain asset allocation.

Website: https://www.avault.network/

▎Beez Finance

Providing convenient and compliant consumption and payment services for organizations and individuals holding crypto assets.

Website: https://beeztrip.com/

▎Biteye

Biteye is Asia's leading Web3 research community, generating investment research content and tools through community-driven and AI methods.

Website: https://biteye.info/

▎BlockModel

BlockModel is an open platform for smart design and automated auditing of Tokenomics, providing users with one-stop Tokenomics solutions and incentivizing innovation ecosystems around Tokenomics.

Website: https://block-model.com

▎BUDDH.AI

A Web3 project built on blockchain and artificial intelligence, brain-computer integration technology, serving the global community of 800 million Buddhism culture enthusiasts.

Website: https://buddh.ai/

▎Cell Protocol

Cell Protocol is an organic, composable, and evolvable social graph protocol based on decentralized social identity.

Website: https://cell3.me/

▎Chaintool

Onestop AI-supported RiskOps platform suitable for Web3 businesses, providing AML compliance and fraud prevention solutions.

Website: https://Chaintool.ai/

▎Civia

Civia is a social software with real-person-based social recovery features, allowing users to establish identity, social relationships, and reputation on-chain through SBT.

Website: https://civia.org/

▎Createra

Createra is a community-driven user-generated content (UGC) metaverse project that allows players to create, distribute, and MetaFi games.

Website: https://Createra.fun/

▎CredAI

CredAI quantifies and models scores for all on-chain projects across different tracks such as DeFi, GameFi, and NFT, ensuring the interpretability of AI models with financial-grade requirements to optimize portfolios.

Website: Not available

▎CrossSpace

A community management and business social platform for Web3.

Website: https://crossspace.io/

▎Cryptobricks

CryptoBricks crawls, cleans, integrates, compares, and analyzes data through large-scale social data, on-chain transaction data, and other related data, empowering both C-end and B-end clients with data and analytical insights.

Website: https://www.cryptobricks.xyz/

▎CypherBabel Index

CypherBabel Index (CBI) focuses on the construction of crypto indices and related technologies, products, and services for crypto index investment.

Website: https://incre.cypherbabel.com/

▎db3 network

db3 is a decentralized data network that enables data interoperability for Web3 applications.

Website: https://db3.network/

▎Desmo Labs

Helping real-world assets (RWAs) go on-chain while launching innovative digital asset delivery solutions and integrating regulatory technology KYC and KYB for digital identity verification.

Website: https://desmolabs.org/

▎Dynavo

Dynavo is the next-generation NFT infrastructure, with protocols and domain-specific chains that facilitate users in creating and selling interactive, interoperable dynamic NFTs.

Website: https://dynavo.xyz/

▎Elven

Elven is the first platform for financial transparency and compliance of crypto assets, providing one-stop accounting, financial reporting, tax filing, and auditing services for Web3 project parties, financial institutions, and regulatory bodies to enhance financial transparency and compliance.

Website: https://elven.com/

▎EX3

EX3 is a next-generation decentralized exchange with a centralized exchange experience and full-chain compatibility, achieving transparency and trustworthiness in decentralized exchanges, million TPS, and compatibility with all-chain assets and wallets.

Website: https://hk.ex3.one/

▎Exbee

Exbee is a Web3 trading platform for digital goods and cryptocurrencies, with a mission to help build a world of free exchange. Users can trade digital gift cards, game items, and other goods securely and efficiently.

Website: https://exbee.io/

▎Falcon

Falcon is a next-generation investment infrastructure for Web3, helping users "select, buy, manage, and sell" crypto assets through multi-factor models and AI, supporting no-code construction and complete backtesting of trading strategies.

Website: https://falcon.lucida.fund/

▎FaTPay

FaTPay is a company providing a range of blockchain-based financial infrastructure services, including fiat payments, wallets, and OTC trading, licensed in the EU and Canada.

Website: https://fatpay.org/

▎Furion

Furion is a fragmented NFT application platform aimed at enhancing NFT liquidity and application scenarios.

Website: https://furion.io/

▎GameCreator

GameCreator is a visual game-making tool based on game templates and a developer community, allowing developers to freely share game templates, plugins, materials, and communicate.

Website: https://www.gamecreator.com.cn

▎HIPO

HIPO is a decentralized bill asset liquidity protocol, dedicated to building a liquidity market for bill-type assets in the DeFi ecosystem through innovative algorithm models, interest rate price discovery mechanisms, and rich flexible trading functions.

Website: https://www.hipo.one

▎HotpotDAO

Hotpotdao is the first platform with all the basic functions of a community economic model, featuring no-code, full-cycle economic models, and flexible bonding curve designs, making it easy to start and run Web3 communities.

Website: https://hotpotdao.xyz/

▎JACKBOT

Jackbot is a casual competitive gaming arena, offering games and competitions such as poker and baseball.

Website: https://jackbotclub.com/

▎JoJoWorld

JoJoWorld is the application of AIGC in Web3, helping global users build their free 3D Lego homes in the Metaverse.

Website: https://jojoworld.com/

▎LUDIS WORLD

LUDIS WORLD is a Web3 company that combines AAA-level mobile gaming experiences with star talents to create a unique fitness gaming experience.

Website: https://ludis.club/

▎Matr1x

The first FPS mobile game in the metaverse, a trilogy game with a unified worldview story, focusing on the years of war between centralized data cartels and decentralized rebels.

Website: https://www.matr1x.io/

▎MetaBorn

MetaBorn is the world's first AI-generated 3D Avatar identity protocol, combining composable 3D NFTs and decentralized identities to create a universal digital identity in the Web3 world.

Website: https://metaborn.me/

▎MetaChat Protocol

The MetaChat protocol is a Web3 smart messaging protocol built on a unified social network, creating the next generation of social communication through AI and blockchain.

Website: https://link3.to/metachat

▎MG.Land

MGLand is the largest NFT space on the blockchain, where everyone can bring their NFTs into the space for socializing, gaming, hosting NFT exhibitions, and free trading.

Website: https://lmg.land/

▎MiYou

A next-generation email ecosystem based on blockchain.

Website: https://lmiyou.io/

▎Moriverse

Meet Forest is dedicated to building a personalized AI platform, providing creators with powerful customized AI tools and top-notch cloud infrastructure.

Website: https://lbeta.moriverse.xyz/

▎Move Accelerator

Move Accelerator is an acceleration and incubation platform focused on the Move ecosystem, providing one-stop solutions for technology, growth, branding, strategy, and financing.

Website: https://link3.to/suiworld

▎MEGAxis

MEGAxis aims to serve the AI revolution's 10 billion+ super individuals with a one-stop Web3 service platform for AI application developers, an AI Prompt NFT creation market, and Lego-style LLM-as-a-service.

Website: https://megaxis.xyz/

▎Pluto Studio

PLUTO provides one-stop solutions from games to blockchain, crypto, and WEB3.

Website: https://pluto.vision/#/

▎Oasis AI

Oasis AI attempts to create a virtual world where humans and AI can coexist and interact. We launched Oasis Origin, a Web3 super application that provides a perfect training environment through extensive conversations and activities.

Website: https://twitter.com/Oasis_Origin

▎Openask.me

Web3 paid voice social Q&A platform.

Website: https://openask.me/

▎Openverse

Openverse focuses on cutting-edge virtual avatars with VAOH series copyrights using its internal AIGC platform, making the VAOH series prominent virtual characters in the Web3.0 world.

Website: https://www.openverse.io/

▎Opside

Opside is a decentralized ZK-RaaS platform that uses a hybrid consensus of PoS and PoW, providing a one-click solution for launching zkEVM chains.

Website: https://opsi.de/

▎Oneverse PTE

A Korean game IP with a 20-year history, RO World is a new generation product in the new era.

Website: Under testing

▎Parami Protocol

As a proposer of ERC5489, we are building a product suite to form an incentive layer for Web3 users, featuring rewardable DID, hyperlinked NFTs, DeFi solutions, and DAO governance.

Website: https://parami.io/

▎PayPto

PayPto offers a range of products including: aggregated cryptocurrency & fiat payment gateways, cross-chain bridges, deposits and withdrawals, aiming to provide secure, cost-saving, and user-friendly revolutionary payment products for the Web3.0 era.

Website: https://paypto.io/

▎PKing.Games

PKing is a Web5 3D bumper car NFT mobile game, primarily featuring PVP, PVE, and team battles, characterized by fun, low entry barriers, and light social interaction.

Website: https://pking.games/

▎PopFun

PopFun was created to become the Steam of chain games, bridging the gap between traditional gamers and the blockchain industry, ensuring the future of Web3.0 and a decentralized Metaverse.

Website: https://www.popfunx.com/

▎PortUS

PortUS is a game distribution platform that realizes real-time monetization of traffic through NFTs, importing quality users for various games through the Game as a NFT mechanism, and helping traffic owners achieve sustainable income while using SBT for player identity recognition and profiling, more accurately building the next generation of gaming communities.

Website: https://www.portus.games/

▎RE:DREAMER Lab

RE:DREAMER Lab focuses on creating the exchange protocol ERC6672 to achieve seamless and secure connections between mainstream systems and blockchains, allowing for the trading of physical goods in the metaverse.

Website: https://redreamer.io/

▎Rivermen

A UGC metaverse with infinite possibilities in simulation management gameplay.

Website: https://rivermen.io/

▎SeeDAO

SeeDAO is a digital city-state dedicated to connecting one million crypto nomads, composed of a decentralized digital network and physical locations mapped around the globe, co-built, co-governed, and co-shared by SeeDAO members.

Website: https://seedao.xyz/

▎SmartDeer

SmartDeer is a recruitment platform focused on connecting Web3 projects and talents for the global market.

Website: https://smartdeer.com/

▎Spaceconnect

Providing players with a game that combines AR, LBS, and blockchain technology, allowing players to search, capture, and collect different types of sprites in the real world, enhancing their combat power by upgrading sprites.

Website: Not available

▎SuperZoo

A leading Web3 pet game and rescue platform, rescuing stray animals and providing them with a home.

Website: https://discord.com/invite/superzoo

▎Topia

Topia is the first decentralized storage Layer2 solution, aimed at improving the interoperability of smart contracts and distributed storage, expanding Ethereum's key-value data storage capabilities while significantly reducing data storage costs, ultimately achieving fully decentralized pure on-chain applications and personal data sovereignty.

Website: https://topia.network/

▎TxBoost

We have built a fast network layer on the Ethereum p2p network, where nodes are interconnected through high-speed links, allowing them to quickly transmit transactions while identifying and filtering out junk transactions, enhancing processing efficiency.

Website: https://txboost.com/

▎US3R Network

US3R Network is a developer platform and application ecosystem centered around off-chain decentralized data storage.

Website: https://us3r.network

▎VIP3

VIP3 is a WEB3 membership and rights platform, launching the first on-chain membership system, attracting high-quality users through numerous benefits, thereby bringing quality incremental users to Web3 platforms.

Website: https://vip3.io/

▎Web3 Analytics

Web3 Analytics is a next-generation AI technology-driven Web3 data portal center, aimed at providing users with better decision-making capabilities for investment, trading, and choosing Web3 services.

Website: https://3analytics.ai/

▎xBank

xBank is a decentralized consumer finance protocol, providing potential Web3 users with NFTFi "entry leverage" and an open capital market, allowing consumers to easily purchase NFTs in a buy now, pay later manner, lowering the barriers for new users to enter Web3 on a large scale.

Website: https://xbank.plus/

▎Crypto Art Driver

Digital Compound is an institution for researching and creating crypto art. The published research publication "Crypto Art Yearbook" has a certain level of industry recognition. The artworks "Crypto Art Driver" and "Digital Babel Library" were shortlisted for the Venice Biennale. It also undertakes curatorial and consulting work in crypto art.

Website: https://cad.digitalcompound.org/