On June 10, 2022, Mr. wugaolin, chairman of the board of directors of the Hong Kong Intellectual Property Exchange, was invited to attend the second bay area meta universe conference. The conference will exchange relevant information about the meta universe, analyze the development trend of the meta universe, explore the landing and development of the meta universe scene, and jointly seek a new ecological blueprint for the future of the meta universe!
The conference was guided by Shenzhen Science and Technology Association, Shenzhen Internet Industry Federation, Futian District Federation of industry and commerce, hosted by Shenzhen information service industry blockchain Association, and jointly hosted by Tencent cloud, yuancosmos innovation center of Shenzhen Polytechnic, with the special support of Huawei cloud.
Wu Gaolin, chairman of the board of directors of Hong Kong Intellectual Property Exchange, Tencent, Huawei and other guests delivered important speeches and shared. Explore with participants the development trend of meta universe economy, infrastructure, computing power network, blockchain, virtual real interaction, digital twin and other cutting-edge tracks, and help participants seize the market heights and discourse initiative of meta universe world.
Chairman wugaolin shared the economic scale of the original universe, risk factors, and the comparison between the original universe of China and the original universe of Europe and the United States. Share the full text below:
Good afternoon, everyone!
It is a great honor to be invited to the second bay area meta universe conference.
Today I am going to talk about the original universe from three aspects:
The first content is: how big is the economic volume of the meta universe? How big is this cake? Is it worth digging?
The second content is: what are the risks of being a metauniverse? After we make money in the meta universe project, can we settle in our pockets?
The third content is: China's meta universe. China has always followed the blind pursuit of European and American countries for digital economy and blockchain. In fact, China also has its own internal things.
I have been engaged in the intellectual property industry for nearly 20 years. What we do is intangible assets. The digitalization mentioned in yuancosmos and blockchain are all intangible assets. In fact, the three major contents of intellectual property that we often talk about are just a narrow concept, such as patent technology, trademark and brand, and copyright assets. These are intangible assets. Anything that does not have a physical form belongs to intellectual property and intangible assets. Therefore, metauniverse, blockchain, NFT, etc. all belong to the scope of intellectual property rights and are products that can be traded.
From 1975 to the present, the S & P 500 has made an analysis on the comparison of the value of fixed assets and intangible assets of global listed companies in the company for about 50 years. In 1975, the fixed assets of global listed companies accounted for 87% of the company's value, while intangible assets accounted for only 13% of the company's value. The 1970s was the era of industrial manufacturing, so the top five were manufacturing enterprises.
As for the proportion of fixed assets and intangible assets, great changes have taken place since 1995. Intangible assets accounted for 67% of the company's value, while fixed assets accounted for only 33%. Intangible assets have been able to bring more and greater value to the company. Let's look at the data in 2020. The intangible assets of the company have accounted for 90% of the total value of the company, and the fixed assets only account for 10%. So today we talk about meta universe, blockchain or NFT, which contain huge business opportunities. We have transitioned from the era of industrial manufacturing to the era of knowledge economy, which is a huge change in economic form. In this new form, knowledge has become an indispensable factor of production and the main source of wealth.
We can take a look at the eight categories of product content covered by intangible assets and intellectual property rights. Anything without physical form belongs to intangible assets. Last year, our company ranked the world's Listed Companies in terms of intangible assets. Microsoft ranked first. Its intangible assets have reached US $2trillion. What is the concept of US $2trillion? Microsoft's intangible assets accounted for 93% of the company's total value, while its fixed assets accounted for only 7%.
Let me give you a few examples. Everyone will understand that whether Microsoft, apple, or domestic companies such as pinduoduo, meituan, today's headlines, Tiktok, will their fixed assets exceed 10% of their market value? The answer is No. Therefore, the fixed assets of these companies are valued at 10% higher. After entering the era of knowledge economy, it is no longer factories, energy or mines that generate wealth, but our human wisdom and human innovation.
Why should we analyze the economic volume of blockchain and cloud universe? We can see from this table that the economic volume last year was 17.8 billion in 2021 and 678.8 billion by 2030. I think this volume is absolutely underestimated. It's not too much to turn it 10 times. Why? Does anyone know how big China's digital economy is? China's digital economy accounts for 34% of China's GDP.
So I have no doubt about the growth rate shown in this table, but if by 2030, there is only $678.8 billion in volume, this pie is too small, and we do not need to participate. Why? Because there are huge risks.
For example, legal and regulatory risks, environmental and social governance risks, assessment risks, content risks, network security and fraud risks, smart contract and maintenance risks, intellectual property risks, capital and due diligence risks, anti money laundering and combating terrorist financing risks, etc. The first thing we need to do is to comply with the regulations. First, we need to understand all financial risks. The money we earn should be reasonable and legal. We cannot do illegal or non-conforming, so risk control is very important.
Finally, China cannot blindly copy the European and American countries. Why did the European and American countries draw us an empty pie after they put forward the concept of the meta universe and encourage you to drill into the surface. In fact, China already has a meta universe. China's 5000 year history is the most ready-made resource of virtual reality. Zizhi Tongjian has a history of 1362 years, providing us with many clues, characters, scenes and so on of the original universe. Here, I would like to appeal to Chinese IT professionals to take a look at China's 5000 years of civilization and develop their own meta universe, which is far more than the pie depicted by the West.
Here, I congratulate the second bay area meta universe Conference on its complete success. The Hong Kong Intellectual Property Exchange will focus on the infrastructure construction of digital economy, the cultivation of digital talents, the construction of data trading platform, etc., and make its own contribution to accelerating the construction of Shenzhen's digital economy and building a "Yuan universe" Shenzhen.
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