The blockchain has never been short of hot spots. From Polkdot to distributed storage to DeFi, wave after wave, the wind direction is switching faster and faster. When everyone sighs that the trend is changing really fast, they ignore it. This so-called hot spot is also There may have been years of ups and downs. In 2017, Cryptokitties can only be accessed through Metamask, and cannot support mobile wallets; Etherscan cannot display NFT addresses, and Opensea is still only a beta version, not to mention ERC-721, which was only a draft at the time, and it will not be released until July 2018. month to officially release. Three years have passed, and the NFT field has slowly evolved from a single burst of encrypted cats in 17 years to the current state of flourishing.

Investment institutions, as the sharpest whales, have gradually begun to deploy. Recently, Multicoin Capital partner Kyle Samani also said: "NFT has many sub-sectors, including art, music, general IP and real estate, etc. These are completely independent businesses. In general, we are seeking to make more investments in this field." It is obvious that NFT has gradually emerged from an investment "hidden and obvious" to a trend "obvious line".

At 10 am on September 23 (Wednesday), Beep invited Roham, CEO of Dapper Labs/Flow founder, WhaleShark, the richest man in NFT/founder of WHALE, and Rem Ong, partner of Fenbushi Capital, to chat about "NFT will be the next Is it an investment outlet?” The following is the transcript of the interview:

Mia Bao: First of all, please let our guest make a brief self-introduction, and share with you the blockchain industry experience of yourself and your team? @Roham @WhaleShark @Rem Ong
Please give us a brief introduction about yourself and how you joined blockchain industry at the first place ?

Roham: Founder/ceo of dapper labs, before this i was founder/ceo of axiom zen, the company that created cryptokitties! Got into bitcoin back in 2013/2014 thanks to Dieter Shirley who was my CTO at Axiom Zen - he mined his first btc in 2010…! Summer of 2017 we basically went through 20+ different projects at Axiom Zen before choosing NFTs starting with CryptoKitties... Dieter writes ERC-721 the non-fungible token standard, then we build a little prototype with a team of 4-5 people that we launch at EthWaterloo.. That goes really well so we 4x the team and build most of CryptoKitties v1 in about a month 😅 and the rest is history.

Hello everyone, I am the founder/CEO of dapper labs. Before that, I was the founder/CEO of Axiom zen, the parent company of cryptokitties! I would like to thank Dieter Shirley for joining me CTO of Axiom Zen, who has been using Bitcoin since 2013/2014 - and he mined his first BTC in 2010... In the summer of 2017, before choosing an NFT starting with CryptoKitties, we basically Experienced more than 20 different projects on Axiom Zen... Dieter wrote the ERC-721 non-fungible token standard, then we formed a small group of 4-5 people, and then we launched it on EthWaterloo ~It went very well, we later increased the size of the team by 4 times and built most of CryptoKitties v1 in about a month~

Axiom Zen is the company behind products like zenhub.com (now 2nd largest partner of github, customers including big open source projects as well as apple microsoft nasa  shopify and 500k+ other developers).

Besides that, Axiom Zen is also the parent company behind Zenhub.com (Zenhub is now github's second largest partner, customers include large open source projects, as well as Apple Microsoft's shopify and 500k+ other developers).

WhaleShark: Hello everyone, I am the founder of the WHALE project. My name is WhaleShark. This is the third time I can participate in the Beep Crypto event. I am very honored! Let’s communicate with you today by voice. The first time I came into contact with the blockchain industry was when I bought my first bitcoin in 2012. At that time, I invested a considerable amount of money, and then completely converted to Ethereum in 2015. , and later bought my first NFT in 2019. From 2019 to now, I have collected more than 15,000 NFTs so far, and then I established the Whale community in May 2020. So far, the market value of WHALE has exceeded 50 million, and WHALE has more than 2,500 large households.

Rem Ong：Hi, I'm Remington, and I'm a partner at Fenbushi Capital, the first and most active blockchain VC in Asia.  

My early background was in computer science and investment banking, and by 2014, I had been involved in a number of startups when I was first introduced to Bitcoin and blockchain.  Having this background helped me connect the dots quickly on how blockchain technology could revolutionize finance and other industries.  I joined an early blockchain startup as a co-founder, and while looking for funding to scale, we realized in 2014 there were very few VCs who understood blockchain, which inspired us to start Asia's first blockchain VC.  

For the past 5 years, we have been very active in building up the ecosystem, supporting over 120 teams globally using blockchain to disrupt a wide range of industries.

Hello everyone, I am Remington, and I am a partner of Fenbushi Capital, the first and most active blockchain venture capital in Asia.

My early background was in computer science and investment finance, and by 2014, when I was first exposed to Bitcoin and blockchain, I had been involved in a number of startups. With this background, I was quickly able to connect how blockchain technology could revolutionize finance and other industries. In 2014, I joined an early blockchain startup as a co-founder, while looking for funding, we realized that very few VCs understand blockchain, which inspired us to start the first blockchain VC in Asia .

In the past 5 years, we have been very active in building the ecosystem, supporting more than 120 teams around the world to use blockchain to disrupt traditional industries.

Mia Bao: The public chain track is still crowded in 2020. The ETH, Polkadot, Filecoin and exchange public chains that have attracted the most attention in the Chinese market have already grabbed most of the market attention. Why does Dapper Labs develop a separate public chain? Compared with Ethereum, what are the core competitiveness? For Flow, who are the markets and users you are targeting, and how can ordinary Chinese users participate?
But so far, Public chains like Etherum, Polkadot, Filecoin and exchange chain still keep flourishing. Why would Flow team decide to develop a new public chain? Compared with Ethereum, what core competitiveness does it have and what kinds of problem is it designed for solving? For Flow, What's your  target markets and users, and how can ordinary Chinese users participate?@Roham 

Roham：So we spoke to all those teams. We spent a year doing research into L2 and with different L1s. After cryptokitties’ launch we sat down with vitalik, dan larimer, the parity team, read 100+ white papers.. We did not feel any of them had a winning solution: from a technology perspective, almost all teams were pursuing some variant of sharding as a means of scaling the network – we believed (and we were right) that this makes application development and composability way harder. From a go to market perspective, none of these projects were thinking with the user experience in mind – they were building technology and hoping that other people would make them usable. But the problem is, when you don’t have a use-case in mind, your platform ends up being very impractical. 

We talked to all of the above teams. We spent a year working on layer2 and different layer1 solutions. After the launch of CryptoKitties, we talked with Vitalick, Dan, the Parity team, and read 100+ white papers. . . . But we don't think they have a successful solution: From a technical point of view, almost all teams are pursuing some version of sharding as a means of scaling the network - but we believe (and we're right) ), which makes application development and composability more difficult.

From a marketing perspective, none of these projects have user experience in mind—they're building technology with the hope that other people can use it. But the problem is that when you don't have a use case in mind, your platform becomes very impractical.

Compared to Ethereum 1, Flow keeps the same composability and synchronicity (every smart contract on ETH1 can interact with every other smart contract and wallet in a single atomic transaction --> this is the power of defi) but cuts cost 1000x and increases speed and throughput by orders of magnitude 

Compared with Ethereum 1, Flow maintains the same composability and synchronization (every smart contract on ETh1 can interact with other smart contracts and wallets in a single atomic transaction, which is the power of defi), but We achieved a 1000x reduction in cost and orders of magnitude improvement in speed and throughput.

Compared to ETH2 / NEAR / Polkadot / Dfinity / all the others, Flow is a much more powerful architecture that gets massive increases in speed and throughout WITHOUT sharding and without compromising decentralization 

Compared to ETh2/NEAR/Polkadot/Dfinity/all other architectures, Flow is a much more powerful architecture with huge improvements in speed and overall process.

Basically: instead of sharding the network, Flow works the way modern CPUs - or supply chains – work: specialization. Different node types specialize in different stages of a transaction. 

In general, Flow does not divide the network, but adopts modern CPUs or supply chain working methods to solve the expansion problem; at the same time, it realizes the specialization of each node, and different nodes are responsible for different stages of transactions.

So you can still have very powerful machines doing the computation at datacenter scale, but you can also have thousands of less powerful machines that actually have the control (unlike EOS, Solana etc where powerful computers do most of the work *and* have all the control) 

So you can still have very powerful machines doing computations at datacenter scale, but you can also have thousands of not-so-powerful machines that actually have control (unlike EOS, Solana, etc. where powerful computers do most of the the job *and* has all the controls)

this is A16Z writing about the Flow architecture back when they led the first round for Flow: https://a16z.com/2019/10/14/flow-scalability-trilemma-blockchain-architectures/ 

Here is A16Z's article on flow architecture, they led Flow's first round of investment: https://a16z.com/2019/10/14/flow-scalability-trilemma-blockchain-architectures/

Mia Bao: Looking at the public chains that wanted to benchmark or ban Ethereum in the past, judging from the current status quo, they have not succeeded. Are you worried that Flow will fall into the same end? @Roham but looking back at public chains that wanted to benchmark or excel Ethereum in the past, they seem to fail from the current status quo, are you worried that Flow will fall into the same ending? @Roham

Roham: not only because our technology actually works and is practical,but also because we have a rock solid go to market strategy. Not only because our technology is feasible, but also because we have a solid market strategy.

1)we have our flagship products, NBA Top Shot is already our most successful product ever 

We have our flagship product (success story), NBA Top Shot is already our most successful product ever.

2) we have a long list of partners, 100+ companies with real projects not just pilots.you can see a big lis of them on our website but i can name drop some here: Ubisoft, Animoca, Warner Music, Turner Sports, Opensea, nWay, Sumo Digital (a tencent company) and many more 
 
2) We have a lot of partners, more than 100 companies have real projects, not just pilots. You can see many partners on our website such as: Ubisoft, Animoka, Warner Music, Turner Sports, Ovisa, Neway, Sumo Digital (Tencent) and so on.

3)we already have an amazing indie developer community – you can check out the buzz on our discord.gg/flow - also check out the amazing flow developed portal: almost 3000 projects and over 6000 smart contracts have already been made using the Playground 

4) We already have a great community of independent developers -- you can come to discord to see how popular we are: discord.gg/flow --- You can also check out the amazing Flow development interface: nearly 3000 Projects and more than 6,000 smart contracts are already under development.

Mia Bao: In addition to some huge progress in Flow in the NFT field, WHALE has also made a lot of progress recently! WHALE is one of the earliest projects deployed in NFT+DeFi, and with WHALE's Pleage Mining, Liquidity Mining, and NFT Mining series of actions, WHALE has been growing steadily: more people join, more usage scenarios, better fluidity. But some people will object that WHALE is a social token, where does its value support and growth come from? Someone in the community once summarized "WHALE = Berkshire Hathaway in the NFT field". How would you compare the WHALE operation model with the familiar brand? How is WHALE TANK currently operating? Is there any target for investment? @WhaleShark
Besides the big update about Flow, Whale recently keep forward really fast as well. WHALE is one of the first projects to combine NFT+DeFi together. After pledge Mining, liquidity Mining, and NFT Mining , WHALE has been growing steadily: more people joined, more usage scenarios, and better liquidity. But some people will question about the real value and function of a social money, how do you respond to that? People in the community  summed up that "WHALE = Berkshire Hathaway in the NFT field". How would you benchmark WHALE to other traditional bands ? How is WHALE TANK currently running? Are there any targets you want to invest in recently ? @WhaleShark

WhaleShark: The recent growth of social tokens is very fast, and the functions of each social token are different. Traditionally, for many electronic currencies, their value concepts reflect future application scenarios and possible contributions to future society. When designing tokens, we will see a lot of diversified value concepts. Let me give you an example. There is a social token called Alex. This token represents Alex’s income share in the next three years.

Another example is that a new currency called Coin was released recently. This is a social token issued by CoinArtist. It was issued by the founder of a well-known game company. It allows people to use it to directly exchange for better games. assets.

So for WHALE, our value concept is actually four aspects: the first aspect, value storage. There are more than 5,000 NFTs in our The Vault, and there are more than 9,000 that have not been added, and these NFTs are some of the more popular projects in the industry, and they can be said to be the rarest and most popular. Therefore, the function of value storage should be faster and faster according to the length of time. According to the monthly report, the NFT assets in The Vault are rising at a triple-digit rate every month.

The second function is the function of the trading medium, which is divided into two parts. If you go to OpenSea, you will find that many artists not only accept ETH payment, but also accept WHALE payment. In addition, many NFT creators have discovered that WHALE is a very good value storage carrier, and many people will create works that can only be purchased with WHALE.

The third function of WHALE can be regarded as a tool that can provide return on investment. Let me explain it a little bit. Recently, the WHALE community has launched two products with DeFi functions, the first is liquidity mining, and the second is Hold to Play (H2P).

In liquidity mining, if you contribute more than $600 in our liquidity pool, you can share 8,000 WHALE rewards every month. Regarding Hold to Play, there are two characters in our Discord that can get WHALE rewards, the first is Whale, and the second is Dolphin. If a person holds 600+ WHALE, he can enter a secret channel ( If Chinese users do not go to discord, they can directly contact the Chinese community BeepCrypto) to share 5,500 WHALE rewards every month, and the other is Dolphin. If you have 11 WHALE in discord, you can also participate in some community activities to earn WHALE.

The fourth function is the function of comparative psychology. The big players in our community feel that holding WHALE is like a badge of honor.

So how to expand the WHALE brand, we have three main activities: first, we need to maintain our core competitiveness, so what is our core competitiveness? It is the NFT assets in The Vault. We must continue to increase the NFT assets whose value will continue to grow in the future. The core products also include our WHALE core community. We now have more than 2,500 large households, and this number is increasing every month.

The second strategy is that we will continue to promote WHALE education through Podcasts, articles, etc. There is a Whale FM in our community, and we will have dialogues with many NFT founders, which will also deepen everyone's understanding of NFT.

Third, we also have a WHALE marketing team, who are doing some special marketing activities every month. Finally, we uphold a principle, that is, we must maintain a concept of the WHALE community. It is openness, fairness and win-win. Openness means that every action of our leadership can be proved by the blockchain. As for fairness, we don't put profit first, but we do the right thing. And the third one is that no matter what we do, we will pursue a win-win result, so that everyone can positively expand this new field.

About WHALE Tank, this is a VC part. We started a month ago, and at that time their overall capital was about 80,000 US dollars, and the current capital is about 600,000, so it is growing very fast. At present, we are using WHALE Tank to do some liquid mining, so it is increasing every day. I just checked yesterday’s income, which is about 3,000 US dollars. Although there is no investment goal now, we will continue to regard this as a VC fund, and when it reaches about 1 million US dollars, we will start to screen some better projects to make some angel investment.

Mia Bao: It is said that DeFi, distributed storage, and Polkadot ecology are the obvious lines of investment in blockchain in 2020, while NFT may be a "hidden line" of investment. May I ask @Rem Ong, what do you think of this year's investment track? ? What layout have you made on the NFT track, and what is your investment logic?

It is said that DeFi, distributed storage, Polkadot ecology is the "clear investment targets" of blockchain in 2020, while NFT may be an investment "hidden line" (potential upcoming investment targets) , how do you see this year's investment chance? What have Fenbushi Capital done within NFT realm? What's the principles of investing a project ？ @Rem Ong

Rem Ong: When looking at investments,there are always opportunities both in the short term and the long term.

Take Polkadot for example, while a lot of investors started taking notice of the ecosystem this year, Fenbushi Capital invested in Parity Technologies in 2016 and in Polkadot's seed round in 2017, so it can take several years for a project to move from early development to mainstream awareness, and even now, there's still a long way to go for Polkadot to reach its full potential. 

Taking Polkadot as an example, although many investors began to pay attention to the ecosystem this year, Fenbushi Capital invested in Parity in 2016 and invested in Polkadot’s seed round in 2017. Therefore, it takes a few years for a project to go from early development to mainstream, and even now, Polkadot still has a long way to go before it can reach its full potential.

In the same way, I think right now, we are still in the early days of NFT use cases, and there is a lot of potential for growth in the future.  When most people think about NFTs these days, it is usually linked to gaming, digital art, and blockchain domain names.  But already, we are starting to see broader use cases for NFTs, from event ticketing to DeFi-linked insurance policies, and many of these use cases may be easier to explain to the non-crypto population.  I think this is why some people see NFT as a “hidden line” for investment, because it is still very early, still not yet obvious for a lot of people, and there is very big potential for growth in the future. 

Likewise, I think right now, we are still in the early stages of NFT, and there is still a lot of potential for growth in the future. When most people think of NFTs, it's usually associated with games, digital art, and blockchain domains. However, we are already starting to see a wider range of use cases for NFTs, from ticketing to DeFi-related insurance, many of which may be more accessible to non-crypto users. I think this is why some people see NFTs as the "hidden line" of investing, because it's still in a very early stage, not obvious to many, and has a lot of potential for growth in the future.

In the NFT space, Fenbushi Capital has supported a number of projects, with announced ones including @roham Dapper Labs (creators of Cryptokitties), Mythical Games (creators of Blankos), and 8 Hours Foundation (creators of Vimworld). 

In the NFT space, Fenbushi Capital has invested in a number of projects, announced projects include @roham Dapper Labs (creator of CryptoKitties), Mythical Games (creator of Blankos), and 8Hour Foundation (creator of Vimworld).

As early stage investors, we place a lot of emphasis on the team and founders, that there is a good balance between strong technical capabilities and ability to execute and go to market, as well as a defensible competitive edge.  So for instance, in Dapper Labs' case, investing in the team that created the ERC-721 standard plus the rock solid go-to-market strategy that Roham mentioned earlier made it an obvious choice  

As an early investor, we attach great importance to the team and founders. We have a good balance between strong technical capabilities and execution capabilities, and listing capabilities, as well as reliable competitive advantages. For example, in the case of Dapper Labs, investing in the team that created the ERC-721 standard, combined with the rock-solid go-to-market strategy that Roham mentioned earlier, made investing in it an obvious choice.

Mia Bao: There are already NBA, UFC, Warner Music, Ubisoft, Samsung, Binance BUSD and other industry giants in the Flow ecosystem. Any one of them is expected to bring a large number of users. In China, the development of DeFi has benefited from the Ethereum ecosystem, Polkadot has benefited from the support of a large number of Grants from Web3, and Filecoin has benefited from the ecology of tens of billions of mining machines. As far as the current partners disclosed by Flow are concerned, only Cdot Network is from China . How will Dapper Labs choose ecological partners? In what ways will you increase community support and cohesion? What support will be provided for ecological development? Will a team be established in China for long-term operation? @Roham Gharegozlou

In the Flow ecosystem, there are already industry giants such as NBA, UFC, Warner Music, Ubisoft Games, Samsung, Binance BUSD, and any of them can actually bring massive users. In terms of community fostering, the development of DeFi has benefited from the Ethereum ecosystem, Polkadot has benefited from Web3's massive Grants support, and Filecoin has benefited from the tens of billions of mining ecosystems. How will Dapper Labs choose ecological partners? What kinds of support will you provide for ecological development? Will you plan to  set up a long-term partner in China? and how?  @Roham Gharegozlou

Roham: We have lots of big brands and will continue to work with top 10 global IPs directly but we are really turning our focus to the community. But we're shifting our focus to the community.

In terms of support: we have a network of non-profits, accelerators, and universities that developers can go to get FLOW credits from - so that no developer will be blocked from building on Flow because they dont have enough tokens to deply their first contract or onboard their first 1000 users. we call this the Cloudburst program and it includes everyone from the Andreessen Horowitz Cultural Leadership Fund to Yonsei and Berkeley University. We would love to find similar community organizations in China that can run a Flow validator node and distribute its rewards to their community in the way I'm describing here. This has been very successful. 

In terms of support: we have a non-profit network, accelerators and universities where developers can go and earn FLOW credits - this way, there will be no developer who can't deploy their first contract or contract on Flow because they don't have enough tokens The first batch of 1000 users. We call it Cloudburst, and it includes people from the Andreessen Horowitz Cultural Fund to Yonsei and Berkeley. We would love to find similar community organizations in China that can run a Flow node and distribute their rewards to the community in the way I describe here. This has been proven to be very successful.

We dont' like "giving out grants" we don't think it's effective, but we do have a portion of our ecosystem development fund set aside as collateral subsidies for smart contract / protcol-based business models on Flow – think something like YFI but applicable to mainstream consumers. we'd like to use our FLOW to back and accelerate those kinds of projects. 」

We don't like "direct grants", we don't think it's efficient, but we have a portion of our ecosystem development fund as a collateral subsidy for smart contract/protocol based business models. But for mainstream consumers. We hope to use our FLOW to support and accelerate these kinds of projects.

Mia Bao: NFT is a digital commodity, and its value will only be reflected in specific scenarios, and then the price will be generated. In 2017, there were CryptoKitties and Decentraland. In 2020, the NFT concept became popular again. Three years later, what important changes have taken place in the entire NFT track (infrastructure, single NFT), and whether we have just entered the periodic concept of Fomo ? In addition, what is your most fancy field in the NFT subdivision track? Many people think that these existing scenarios do not have so much room for imagination, and think that NFT needs to expand into wider fields such as insurance and other financial fields. Do you have any opinions? Do you think it would be more interesting to combine NFT with others? @WhaleShark @Rem Ong

CryptoKitties and Decentraland springed up in 2017 and now NFT seems to be popular again this year. what do you think change the most within the three years (infrastructure,  NFT asscets,etc. ), or do we just Fomo with concept again with nothing changing ? Meanwhile, Which directions you believe have the most potential? Some people may think those existing scenarios are lack of imagination, and NFT can be applied to other senarios like insurance etc. How do you think? What else do you think NFT can be combined with? @WhaleShark @Rem Ong

Rem Ong: The space has definitely come a long way since 2017. When Cryptokitties was launched in 2017, you could only access it using Metamask, as no mobile wallets supported NFTs; Etherscan couldn’t show you the NFTs in your address, Opensea was just launching in beta, and ERC-721 was just a draft EIP, which wouldn’t be formalized until July 2018. 

The NFT space has certainly come a long way since 2017. When Cryptokitties launched in 2017, people could only access it using Metamask because mobile wallets were not supported. Etherscan cannot display NFT addresses, Opensea is only a beta version, and ERC-721 is only a draft and will not be officially released until July 2018.

Over the past 3 years, we’ve seen the space develop at a steady pace, with not only infrastructure maturing and new projects building using NFTs, but also the continued experimentation of new economic models in auctions, farming, etc. for NFT. 

In the past three years, we have seen a steady development in this field, not only the maturity of infrastructure and the construction and use of new projects. NFTs are also constantly trying new economic models in fields such as auctions and mining.

Initially, trading of digital collectibles and art are easy to understand for many users, as are playing games with in-game assets or registering domain names.  Now, we are starting to see some more complex use cases, whether it’s using valuable NFTs as collateral backing for tokens such as $WHALE or minting individual tradable insurance covers. 

Initially, trading digital collectibles and artwork was as easy to understand for many users as playing with in-game assets or registering domain names. Now, we’re starting to see some more complex use cases, whether it’s tokens backed by valuable NFTs as collateral, such as $WHALE or other tradable, personally-backed tokens.

Even major companies are experimenting with NFTs, as Nike patented a system for using NFTs to create digital shoes, where “breeding” these CryptoKicks like CryptoKitties can actually generate new shoe designs that may inspire Nike’s real world product development. 

Even big companies are experimenting with NFTs, as Nike's patented system uses NFTs to create digital shoes, where "breeding" CryptoKicks like CryptoKitties can actually inspire new shoe designs that might inspire Nike's real-world products develop.

Some people have speculated that NFTs could be linked to real world assets like real estate or physical art, but I think the biggest potential for NFTs lies in digital native assets.  Domain names, for example, are a digital equivalent of real estate, as each domain name is unique, some have more value than others, and represent someone’s presence in the digital world.  Just like country club memberships in the real world are resalable and offer the holder access to specialized services, NFTs can serve as a “membership card” to some digital services, possibly something as simple as a Netflix subscription that is tradable or as complex as accessing specific AI algorithms for computations. 

Some have speculated that NFTs can interact with real-world assets like real estate or physical art, but I think the greatest potential for NFTs lies in digitally native assets. For example, domain names are the digital equivalent of real estate because each domain name is unique, some have more value than others, and represent someone's presence in the digital world. Just like country club memberships in the real world are resellable and provide professional services to the holder, NFT can serve as a "membership card" for some digital services, perhaps as simple as a Netflix subscription, tradable, or as Accessing specific AI algorithms is as complex.

There is a lot of room for imagination as well for convergence with other technologies.  NFTs can be combined with distributed file storage where an NFT is like a “key” to a locker which gives you access to certain files or media.  IoT can link NFTs to the physical world, where instead of having a physical key to a car, I can use an NFT in my wallet to unlock my car, and when I want to sell my car, I can just sell the NFT to someone else and I will no longer be able to access this car. 

There is also a lot of room for integration with other technologies. NFT can be combined with distributed file storage, NFT is like a "key" into a locker, allowing you to access certain files or media. IoT can connect NFTs to the physical world, where I can use the NFT in my wallet to unlock the car, and when I want to sell my car, I can sell the NFT to someone else so I can no longer access it This car is gone.

In summary, we’ve come a long way since CryptoPunks and CryptoKitties, but there is still so much potential in NFTs that has yet to be unlocked. 

All that said, we've come a long way, and there's still so much potential. NFTs are still a new opportunity that has not been opened.

WhaleShark: I think what Mr. Wang said is very good and comprehensive. I will add a few more points. The first one, not to mention the first three years, has seen great growth in this year alone. The first one is the diversification of projects and products. Three years ago, maybe you only had CK and DCL. But now if you look at the NFT field, you also have this encrypted art, that is, there are games that have the potential to become AAA, such as Gods Unchained, and these authorized collectibles, such as Dapper Labs' NBA top shot, Godfather seems to be Also creating some more distinctive collections.

And now the products are becoming more and more diversified. There may only be some game assets before, but now, there are 2D electronic art and collectibles. On the contrary, it seems that I am more optimistic about these 3D digital art and collectibles. . The first one is the growth of the overall environment. Before, you may only have one place to buy products, and there is no place to display them, but now, products like CV or SandBox allow you to display your collections NFT assets for loans, or you can also do partial ownership of NFTs. The third change is to show the field to others to achieve a deeper communication. The second is the growth of finance. Now everyone can use the growth of competition in it. Quantitative changes produce qualitative changes. For example, when we talk about encryption art, you are now superare, KnownOrigin, Makersplace, and there are more and more market competitions. As for the virtual world, projects like DCL, CV, and Sandbox are also entering a relatively large period of competition, so they are also promoting high quality. Then even we are seeing a big competition in an NFT public chain. At first, everyone seemed to be doing it on Ethereum, but then Wax was made on EOS, and now there are Flow, Immutable X, etc. , I think this competition is very healthy, and the user experience will become better and better in the future.

My last point is a change three years ago, which is collectors. I read the information yesterday. Maybe three years ago, the sales amount of the whole industry was about 50,000 US dollars. If it is now, the average is about 150,000 or so a day, so that's already a three-fold increase, and none of us have yet entered the mainstream market.

Mia Bao: Different from past expansion solutions such as sharding, two-layer network or side chain, Flow creates a unique multi-node architecture, which ensures decentralization without losing security. How? May I ask how Flow will select nodes, and what are the rights, obligations and rewards of nodes? All DAPP-oriented public chains are competing for developers. How will Flow cultivate developers? In the next 6 months, what application are you most looking forward to appearing on Flow? @Roham

Unlike the former scaling solutions like Sharding, layer2 or sidechains, Flow has created an unique multi-node architecture without loss of safety or decentralization, how does that work? would that be like limited of block-producers（like EOS）? why would that would balance balance both safety and decentralization? @Roham

Roham：the full answer is 100+ pages of technical papers here: https://www.onflow.org/technical-paper。
Details can be found here.

the more straightforward answer i hinted at above which is – Flow essentially lets nodes specialize, so you have four different node types each working on one part of the block production process. This lets you have massive decentralization and participation at the consensus and verification steps while having powerful computers that are doing a lot of work – but dont have any control – at the execution and collection steps. 

What I mentioned above is: Flow will want to specialize nodes, so you have four different node types, each working on a part of the block production process. This lets you have massive decentralization and participation in the consensus and verification steps, while having powerful computers doing a lot of work, but without any control over the execution and collection steps.

Consensus Nodes are responsible for consensus in the network — that is, they decide what transactions make it onto the blockchain and in what order.

- Execution Nodes perform the computation associated with each transaction once their presence and order on the blockchain has been finalized by the Consensus Nodes.
- Verification Nodes are responsible for keeping the Execution Nodes in check.
- And finally, Collection Nodes form a peer-to-peer network that offers the network connectivity and data availability. 

Consensus nodes are responsible for consensus in the network — that is, they decide which transactions go on the blockchain and in what order.

Execution nodes perform the computations associated with each transaction once their existence and order on the blockchain is determined by consensus nodes.

- Validation nodes are responsible for checking execution nodes.

Finally, collection nodes form a peer-to-peer network, providing network connectivity and data availability.

The beauty of this separation is that Consensus and Verification Nodes, whose role is the most critical for the integrity of the network, can optimize for the security + decentralization side of the triangle in the trilemma.

Execution and Collection Nodes, conversely, do work that is fully deterministic (making them less vulnerable to attack). Their work is also verified and held accountable by the other node types. They can therefore safely optimize for security + scalability. 

The beauty of this separation is that consensus and validation nodes, whose roles are most critical to the integrity of the network, can optimize the security + decentralization side of the triangle.

- Execution and collection nodes, instead, do fully deterministic work (making them less vulnerable). Their work is also verified and accountable by other node types.

So they can safely optimize for security + scalability.

Mia Bao: Recently, many people are trying NFT+DeFi gameplay (WHALE, MEME, yNFT, Aavegotchi), and some people even think that the combination of the two will trigger a new wave of enthusiasm. Dear guests, for the direction of NFT+DeFi, currently Any ideas and plans? @Everyone

Lately, many people are interested in a new model combining NFT and DeFi together（WHALE、MEME、yNFT、Aavegotchi,etc.）.  People believe NFT + DeFi will be a key to unlock the next wave of mainstream adoption,what's your perspective ? @Rem Ong 王利明 @WhaleShark @roham

Rem Ong : I am extremely excited by all the experimentation in the space, but I think it’s too early to say NFT+DeFi will lead to mainstream adoption this year.  There is very clear value for using NFTs in financial applications, and using them in the DeFi context, whether it’s as collateral or as a claim to certain assets is a good first step.   

I am very excited about all the experiments in this space, but I think it is too early to say that NFT+DeFi will become mainstream this year. There are very clear uses of value NFTs in financial applications, and using them in a DeFi environment, whether as collateral or as a claim on some asset, is a good first step.

NFT+DeFi can also create new financial markets that are impractical to implement in the real world.  Take mortgages for example, each individual mortgage is tied to a specific property, and thus is non-fungible.  Because it’s inefficient to buy and sell individual mortgages in traditional finance, lenders have packaged them in a basket which can then be resold in a fungible manner, e.g. mortgage bonds.  By leveraging the efficiencies of blockchain, you can create a pool of mortgages and issue fungible ERC-20 tokens against the basket, or you could buy and sell individual ERC-721s representing individual mortgages as well.  You could even issue ERC-20 tokens representing fractional ownership of each individual mortgage, and use robo-advisory algorithms to create your own portfolio of different individual mortgages according to your risk appetite.

NFT+DeFi can also create new financial markets, scenarios that are impractical to implement in the real world. In the case of mortgages, each individual mortgage is tied to a specific property and is therefore irreplaceable. Because of the inefficiency of buying and selling individual mortgages in traditional finance, lenders bundle them into baskets and resell them in alternatives, such as mortgage bonds. By leveraging the efficiencies of the blockchain, you can create a collateral pool and issue fungible ERC-20 tokens, or you can buy and sell individual ERC-721 tokens representing individual collateral. You can even issue ERC-20 tokens representing fractional ownership of each mortgage and use robotic intelligence algorithms to create your own portfolio of different mortgages based on your risk appetite.

Roham: Personally I think NFTs will lead to mainstream adoption this year, which will allow for consumer-scale "defi" usecases (that to consumers will feel more like Robin Hood and Wealthfront than anything else) 

I personally think that NFTs will be adopted by the mainstream this year (next 12 months), which will bring DeFi into the large-scale perspective (it will be more like Robin Hood and Wealthfront to consumers than anything else) .

Super mainstream-ready experience – now imagine if you have a large collection and you want to take out a loan, or you want to bundle it and trade with someone else, or fractionalize your collection like Whaleshark – those become really easy and sustainable with a big enough userbase. but ti's all about user experience and user value 

Experience that wants to be mainstream - now imagine if you have a large collection and you want to take out a loan, or you want to package them up and trade them with others, or subdivide your collection like WhaleShark - NFTs will make this Everything becomes easy and sustainable, if you have a large enough user base, but the key to the final product will be user experience and user value.

here's a link that should let you skip the queue in nba top shot: http://nbatopshot.com/r/roham 
Here's a link that will allow you to jump in line to buy nba top shots: http://nbatopshot.com/r/roham

WhaleShark: I think DeFi and NFT are a good combination. Our WHALE has been playing liquidity mining, H2P, and NFT Mining for a long time. Our NFTMining means that these artists will create works, which can only be purchased with WHALE. Through their monthly sales share, we have a fund of more than 2,000 WHALE to reward them.

Finally, we will also airdrop some works to our liquidity providers, so everyone can earn not only WHALE but also NFT by doing liquidity mining.

Mia Bao: Uniswap released the platform token Uni two days ago. Judging from the data of liquidity mining, both DeFi and CeFi have become a game for big players. The threshold for retail investors to participate is high and there is not much profit. What do you think about this phenomenon? UNI has become the veritable No. 1 DEX. What do you think about the competition between DEX and CEX? Also, what are the top five cryptocurrencies in your personal portfolio? @Everyone

Several days ago, Uniswap released its platform token Uni. According to the data of its liquidity mining, whether it is DeFi or CeFi, it seems to be a game of whales where the threshold for retail investors is extremely high. What's your perspective? Uniswap has clearly been the top 1 DEX in the world, how would you see the competition between DEX and CEX? Besides, what's the top 5 cryptos in your portfolio? @Everyone

Roham: I'm a fan of the product and of the team, definitely agree DEXs are critical to long-term healty of crypto ecosystems – but CEXs are necessary for onramps and offramps which will be important likely forever so... not a competition! let's make the pie bigger and grow adoption together :) 

I'm a fan of the product and team, and I very much agree that DEXs are critical to the long-term health of the crypto ecosystem, but CEXs are necessary. Let's make the cake bigger and grow together :)

Rem Ong: For any product, there is an adoption curve.  For a DeFi or CeFi product, professional investors and traders will usually be the early adopters, and retail and individual users will follow after.  This is why it appears DeFi is dominated by whales right now.

But I think one key difference is that there are no barriers for anyone to participate in DeFi.  In traditional finance, there is no such thing as a retail market maker, because of minimum capital requirements, licensing requirements, etc.  With Uniswap, someone could contribute 0.01 ETH to the liquidity pool and be a market maker.  So DeFi truly opens up new opportunities for users that they didn't have before. 

For any product, there is a development curve. For DeFi or CeFi products, professional investors and traders are usually early adopters, with retail investors and individual users following. This is why DeFi is now ruled by whales.

But I think a key difference is that there are no barriers for anyone to participate in DeFi. In traditional finance, retail market makers do not exist due to minimum capital requirements, licensing requirements, etc. With Uniswap, someone can contribute 0.01 ETH to a liquidity pool and become a market maker. So DeFi really opens up new opportunities for users that they didn't have before.

I think DEXes have come a long way in terms of matching, liquidity, and scalability, but still have many issues like high gas fees, slow throughput, user experience.  As of now, I think there will continue to be tradeoffs between CEXes (faster matching and settlement) and DEXes (better security, broader set of trading pairs), and both might coexist for some time 

I think DEXes have made great progress in terms of matching, liquidity, and scalability, but there are still many problems, such as high gas fees, slow throughput, and user experience. So far, I think there will continue to be trade-offs between CEXes (faster matching and settlement) and DEXes (better security, wider range of trading pairs), and the two will likely coexist for a while.

WhaleShark: I am very supportive of uniswap and AMM, because I think he will bring two core advantages. The first advantage is that it does not have AML and KYC. Although I also use some large exchanges myself, I always feel that the procedures of AML and QL are sometimes not very accurate and take a long time. Registered a Binance account, but KYC and AML have not yet been completed.

I think uniswap has the potential to become the world's largest exchange, so I actually bought a lot of UNI when they first entered uni.

My current portfolio mainly includes ETH, Tezos, UNI, WHALE, and stable coins including USDC and USDT. And you must not forget that it is the future flow, and Immutable X is about to go online. This is also a strategy for NFT.

Mia Bao: We know that everyone will start to introduce some new moves in the future, so can any guests want to tell you about the next plan? And what do you think of the next market @Everyone
We all know that no matter for Flow, Whale or Fenbushi Capital, will start something big later. Would you guys reveal it a little bit about the upcoming plan? and How do you guys see the market today? will it retrace even harder ? @roham @WhaleShark @Rem Ong

Roham: I can’t comment on the market :) I’m focused on executing. Lots of things going on with Dapper Labs, get in the flow with us: 
- Skip the NBA Top Shot waitlist https://nbatopshot.com/r/roham
- Join discord.gg/flow and discord.gg/nbatopshot
- Join Flow / CK / NBA on WeChat with the QR code
- Explore the Flow Community Sale: https://coinlist.co/flow (not open to US, Canada, or mainland China) 

I can't comment on the market. I'm more focused on execution. There are many things we want to do about Dapper Labs. Here are the activities you can participate in:

-NBA Top Shot shortlist: https://NBA Top Shot.com/r/roham
-Join discord.gg/flow and discord.gg/nbatopshot
-Use the QR code to join the WeChat official account/CK/NBA
-Explore the public offering of the Flow community: https://coinlist.co/flow: (not open to the United States, Canada or mainland China)

WhaleShark: This is the third time I will share with you the future progress of WHALE. We are still actively developing whether it is NFT direction or DeFi direction. We will have a meeting at 10 o'clock every Monday morning, and we can announce the progress of the meeting at that time. But I can say that the current NFT trend will only become more and more popular, and WHALE
The current positioning in this field is quite good. Recently, some financial institutions and some financial analysis institutions have held more meetings, so I can tell you that NFT is definitely a DeFi in the future. If you haven’t been in contact with it, welcome Come to the WHALE community to experience it, or just plan to buy some NFTs and try it out.

Rem Ong : Fenbushi Capital has spent the past 5 years building the ecosystem, attracting new entrepreneurs to build new ideas in the space.

In the next 5 years, our focus is on growing and scaling the space, working with our portfolio to bring the first billion users to benefit from blockchain.

In the time we've been in the space, we've already seen many cycles and short term volatility is a given.  But we always remain long term bullish , and seeing entrepreneurs like @roham and @WhaleShark continuing to push the space forward is our bullish signal! 

For the past 5 years, Fenbushi Capital has been building an ecosystem, attracting new entrepreneurs to build new ideas in this field.

In the next 5 years, our focus is to grow and expand the space, with our portfolio, to enable the first users to benefit from blockchain.

We've seen a lot of cycles in the time we've been in this space, and short-term volatility is a given. But we're always going to be long-term bullish, seeing entrepreneurs like us. @roham and @WhaleShark continuing to push the space forward is a bullish sign for us!