Relying on metauniverse and NFT, the world shows crazy "cutting leeks"?

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Source: wechat official account"Yikecaijing" (id:yikecaijing)Author: Li Buxun, editor: Zhou Ye

In 2021, yuancosmos exploded, and many enterprises and capital institutions entered this trillion level market one after another, trying to take a share. Tianxiaxiu is one of the most radical. 

Since July this year, tianxiaxiu has made more frequent moves to layout the meta universe. 

On July 13, Li Meng, chairman of tianxiaxiu, appeared on the camera and shot a video, showing the first digital collection display hardware jointly released by tianxiaxiu and Skyworth——Hashii encryption digital printmaking new product.For this product, tianxiaxiu said that it has opened up a new mode of digital art products and digital asset display applications in the meta universe era. 

Shortly after that, on July 18, Tianxiaxiu also announced its cooperation with virtual fashion brand rprsented. The 3D virtual life community "honnverse rainbow universe" under tianxiaxiu and rprsented jointly created a series of wearable digital sneakers of "super cyber",According to reports, the series was sold out in only 24 hours after landing in rainbow universe. 

Virtual sneakers released by tianxiaxiu, figure /honnverse hongcosmos official Weibo

Tianxiaxiu is speeding up its layout in the meta universe world, but interestingly, tianxiaxiu was originally a popular economic company, and its entry into the meta universe field is regarded as "cross industry". 

Tianxiaxiu was founded in 2009,The core business model is based on weiq, a celebrity marketing and trading platform, which links celebrities on the one hand, connects merchants on the other hand, and completes matchmaking transactions online,Under this cooperation mode, businesses have gained business income, and the platform and celebrities have earned commissions. 

However, ten years ago, when tianxiaxiu just started, the domestic e-commerce industry was not yet mature, and the infrastructure such as mobile payment had not been built. Tianxiaxiu went through a long dormancy. It was not until the rapid popularization of the Internet in recent years that the celebrity economy began to usher in a blowout development. With this, tianxiaxiu also rose. In August 2020, it was successfully backdoor listed on a shares, known as "the first share of the celebrity economy". 

In 2021, metaverse burst into flames. In October of that year, Facebook officially announced that it was renamed metaverse. Since then, the trend of metaverse has been instantly ignited again, and it has spread rapidly around the world. No one wants to miss this vent. 

It was also at the early stage of the explosion of the concept of meta universe that tianxiaxiu officially announced its entry into meta universe and launched the virtual social product "Rainbow universe", which is one of the first batch of meta universe products in China.

From the several actions of tianxiaxiu, the intention of rubbing the popularity of Yuan universe is obvious. Why should a company mainly engaged in red economy cross industry to do yuan universe? Is this a forward-looking layout of tianxiaxiu or follow the trend of hype? Is it chasing the wind or cutting leeks? 


1. March into metauniverse and NFT, and the world show follows the wind


Since 2021, the world's best-known celebrity economy has particularly liked the concept of "rubbing" the meta universe. 

In October 2021, the virtual social product "honnverse rainbow universe" of tianxiaxiu was launched, and then the digital collection platform topholder digital collection platform was launched.

First, let's look at the rainbow universe. As a virtual life community, after downloading the app, users can establish a 3D virtual image in rainbow universe, own their own 3D virtual house, and carry out social networking, games and life, in which users can not only communicate with other users, but also visit each other's homes. 

Like other virtual real estate or land on the meta universe platform, the virtual real estate market is booming at the beginning of the launch of rainbow universe. In rainbow universe, there are 13 types of houses, with a total circulation of 350000 units. According to the level, they can be divided into six levels: SSS, SS, s, a, B and C. SSS level houses have not been issued yet. SS Level "Huanhai island" is the highest level house type, with the highest scarcity. The planned circulation is only 420 sets. Class s includes polar wooden houses and half sea view villas, with a planned circulation of 2450 and 4550 units respectively. 

Real estate released by hongcosmos, photo /honnverse hongcosmos official Weibo 

According to the chart of housing issuance rules at the landing stage of hongcosmos, the selling prices of class A, B and C housing types range from 8.8 yuan to 88 yuan; The selling price of houses above grade s is not clearly marked, and the price is unknown. 

For users, after purchasing "virtual real estate" in rainbow universe, they can incarnate into virtual digital people and "lie down" with friends anytime, anywhere.

Tianxiaxiu has high hopes for hongcosmos, and has publicly said that hongcosmos is the ticket for tianxiaxiu to the next generation of Internet. In the 2021 annual report of tianxiaxiu, it also mentioned "Rainbow universe" for many times, and said that it would continue to improve innovative technology products such as rainbow universe, and explore the economic and business models and product applications of entrepreneurs.

However, at the stage of the internal test of hongcosmos, some users' comments encountered problems such as choking and serious power consumption. At present, the experience of downloading honnverse hongcosmos app commercially at a moment has found that,At present, the software still has problems such as jamming and flash back.

At the same time, with the continuous influx of individual players and "real estate speculators", the buying and selling prices of virtual real estate have repeatedly broken new highs. The listing prices of a rainbow universe house type on the second-hand platform range from hundreds of yuan to hundreds of thousands of yuan, and the highest price is 999900 yuan. 

Let's take another look at topholder, another product of tianxiaxiu, which is positioned as "an we media digital collection tool set for social platform content creators". Each digital collection has an exclusive digital certificate, which cannot be copied or tampered with at will, and can effectively solve the problem of infringement. 

At present, the product is not only connected to rainbow universe under tianxiaxiu, but also cooperates with Weibo. It is worth noting that sina and Weibo participated in multiple rounds of financing of tianxiaxiu as early as before. 

After cooperating with Weibo, creators can post their original works on Weibo, and then generate corresponding digital collections through topholder, which can be sold on the platform. 

Digital collection released by topholder, figure /topholder's top collector's official Weibo 

According to the scienceboard daily, online celebrities can produce relevant content through the tools provided by tianxiaxiu, including but not limited to digital collections and other digital peripherals. Tianxiaxiu will also charge a certain fee for users who use the tools, which is also one of the predictable profit models of rainbow universe. 

As soon as topholder went online, it attracted some popular big V's to settle in. In March this year, Wang Zijian, a veteran player of the digital collection, spent 8888 yuan to buy the digital collection "running" released by the giant v@ genius panda on Weibo. Domestic animation ip@ fish too idle has also sold two digital collections priced at 30000 yuan on topholder. 

After purchasing digital collections, users can show them to others as furniture or decorations in virtual real estate in the metauniverse. 

As a result, users will display on rainbow universe after spending on topholder, forming a certain business closed loop to harvest users crazily.


2. From users to the capital market, how much did tianxiaxiu "cut"?


As soon as the news of the world's Xiuyuan universe came out, it triggered widespread heated discussion, and the stock price rose by the limit continuously. 

On November 18 last year, on the 11th anniversary of tianxiaxiu, founder Li Meng issued an open letter entitled "facing the next decade to make connections more valuable". In the letter, Li Meng officially introduced the company's 3D virtual social product rainbow universe based on blockchain technology, and said that "Rainbow universe will enable us to constantly approach the ultimate dream of social technology and build a new content creation ecosystem that connects users, creators and brands." 

After the release of the open letter,On November 18 and 19, tianxiaxiu's share price rose by the limit for two consecutive trading days. As of the close of the 19th, tianxiaxiu's share price was 15.31 yuan, and the company's total market value was 27.68 billion yuan, with a market value soaring by nearly 5 billion yuan.

Changes in tianxiaxiu's share price in November 2021, figure / futu Niuniu app 

An open letter, with two trading limits, is worth more than 5billion yuan. Maybe even Li Meng himself didn't expect to receive so much attention. Li Meng said that honguniverse products are still in the state of gray-scale test, and there are more than 130000 reserved users. 

However, the good times did not last long. After the market value soared for two consecutive days, the regulatory tips of the Shanghai stock exchange followed.

On the evening of November 19, the Shanghai Stock Exchange issued the decision on giving regulatory warnings to tianxiaxiu digital technology (Group) Co., Ltd. and relevant responsible persons. 

The "decision" said that in the current hot period of the market, the "metauniverse" and other related products and technologies are highly concerned, but the company has not actually participated in the research and development of AR, VR, Mr and related hardware technologies, and there are no related hardware technology reserves or patents, and the company's main business has not changed significantly. In the current business and product technology development stage of the company, Li Meng mentioned in the open letter that the joint promotion of material science, distributed science, AI algorithm, quantum computing and related hardware science, with the help of MR and other content, may mislead investors. The company shall disclose truthfully, accurately and objectively on the media that meet the legal conditions of the CSRC. 

It is undeniable that tianxiaxiu's layout of the metauniverse can attract its own popularity accumulated over the yearsRenren pulseThe entry of resources opens up the market, provides a certain creative world for the original authors, and endows the original works with digital art value. But what cannot be ignored is that without solid hardware technology as a solid foundation, the layout of the meta universe will eventually be dangerous buildings, and will eventually become particularly fragile and vulnerable. 

Back to the app itself, rainbow universe is currently on the shelves in some app stores. As of April 2022, since the internal test for half a year, the number of users registered by rainbow universe is 400000.

Experienced big V said that the essence of rainbow universe is a game of spending unlimited money to decorate a house. But in the eyes of many people, speculation in virtual real estate is far more fun than the game itself. For example, after grabbing the class a glass greenhouse worth 88 yuan, some netizens said that they didn't know whether this virtual house could rise tenfold or eightfold like the house prices everywhere, or even a hundredfold or onethousand fold like digital currency and virtual collections? 

As early as the middle of December last year, Zhongxin Jingwei reported that on Xianyu platform, some sellers sold SS Level Huanhai islands at a price of 150000 yuan, claiming that they were "numbered as the top 5", while others sold Huanhai islands at a price of 100000 or 120000 yuan, claiming that their house numbers were top.What's more, some netizens showed that the price of a set of islands around the sea on Xianyu was as high as 500000 yuan.

Is this a new blue ocean or a new foam? 

Time soon gave the answer. After a period of crazy hype, at the end of December last year, Xianyu blocked keywords such as "meta universe" and "Rainbow universe" to restrict the trading of virtual real estate; Hongcosmos' official Weibo also issued a document saying that it will focus on monitoring all violations and violations involving private transactions, induced transactions, speculation, fraud and so on. Once found, it will take measures such as restricting and prohibiting login to relevant accounts. 

Although there are still users who resell honguniverse real estate in QQ group, the price has shrunk significantly compared with before. According to blue whale finance, in honguniverse exchange QQ group, the price of real estate transactions ranges from 500 yuan to 2800 yuan.

Shortly after the explosion, tianxiaxiu's shareholders embarked on the path of reducing their holdings and cashing out. In the first week of 2022, tianxiaxiu disclosed the reduction plan twice. Several shareholders of the company plan to reduce their holdings of no more than 4.5% of the company's shares in total, cashing out nearly 1billion yuan. 

Recently, the reduction of tianxiaxiu shareholders continues. Since July, tianxiaxiu shareholders and persons acting in concert have reduced their holdings of 36.137 million shares and cashed out 316million shares.

Tianxiaxiu announced the announcement of shareholder reduction, figure / futu Niuniu app 

The share price of tianxiaxiu has long been returned to its original form. Up to now, the share price of tianxiaxiu is lower than that before the launch of yuanuniverse products. As of July 25, the closing price of tianxiaxiu was 7.64 yuan / share, while its share price could remain above 8 yuan before the release of rainbow universe, which was nearly half lower than 15.31 yuan / share at its peak. 

It can be seen that rainbow universe is weak in the future, and as the enthusiasm for virtual asset trading tends to be rational, rainbow universe has only harvested 400000 users in the six-month internal test period, which is completely unable to support a social platform, not to mention that a large number of users are still non target users who want to cut leeks from each other. 

At present, the virtual product trading of honguniverse is also gradually cooling down, and most of the virtual real estate has returned to the trading price of hundreds of yuan and thousands of yuan, so the grand occasion of internal test is difficult to last.

Metauniverse social track is still in its early stage, and the industry still faces many problems. If you simply rub hot spots and have no real skills, the final outcome is often that crazy krypton users and retail investors in the stock market become cut leeks. 


3. Why should tianxiaxiu madly rub yuan universe heat?


Crazy rub yuan universe concept of the world show, in fact, its own celebrity brokerage business has already been in danger. 

According to the 2021 financial report previously disclosed by tianxiaxiu,The revenue was 4.51 billion yuan, an increase of 47.4% year-on-year; The net profit deducted from non profits was 420million yuan, with a year-on-year increase of 12.7%. During the reporting period, tianxiaxiu had nearly 180000 business customers and more than 1.92 million celebrities.

The revenue of tianxiaxiu mainly includes two parts: Hongren marketing platform business and Hongren economic ecological chain innovation business. Among them, Hongren marketing platform business accounted for the main force, recording an operating revenue of 4.29 billion yuan, accounting for about 95% of the overall revenue, an increase of 45% year-on-year; The Hongren economic ecological chain business recorded a revenue of 222million yuan, accounting for only 5% of the overall revenue, but a year-on-year increase of 123%. 

Although tianxiaxiu's revenue and net profit showed a positive growth trend, the company's operating cash flow was a continuous net outflow. 

The financial report shows that the net operating cash flow of tianxiaxiu has been in an outflow state in the past five years,The net cash flow in 2021 was -438 million yuan, which was further expanded compared with -316 million yuan in 2020.

In response to the problem of net cash flow, Li Meng responded at the performance communication meeting that, on the one hand, it is the upgrading of big data products in the main business of new media business, on the other hand, the innovative business layout around the Hongren economic industrial chain has initially achieved results, and increased investment during the reporting period. 

For any enterprise, operating cash flow is the key to survival and development. With the continuous net outflow of operating cash flow, the capital chain will only bear greater pressure. In the long run, it is difficult to maintain the healthy operation of the enterprise. 

Moreover, tianxiaxiu is also facing a very fierce competitive environment. 

Several platforms and tianxiaxiu provide similar services. For example, relying on the full platform content data, Xinbang provides content marketing, e-commerce shopping guide, user operation, copyright distribution and other services; Easy communication realizes the ecological closed loop of the whole advertising industry chain integrating media entry, advertising trading and public opinion monitoring; Weibo Yi provides one-stop KOL resource purchase services, social big data services, social media communication strategy services, etc. 

According to market reports, tianxiaxiu staff also said that before tianxiaxiu went public, in order to achieve large revenue, the profit margin of the entire industry was depressed. Later, tianxiaxiu had trouble trying to improve its profit margin. Because the competition in the whole industry is fierce and the price is transparent.

In this case, tianxiaxiu has to find a new business growth curve. 

As early as in the 2019 annual report, tianxiaxiu said that it would continue to expand innovative businesses and new growth points, that is, the Hongren economic ecological chain innovation business sector. 

However, for the specific content of this sector, tianxiaxiu itself seems to have failed to make a clear division. In the 2020 annual report, the Hongren economic ecological chain innovation business includes international Hongren accelerator and topklout Crowley. 

However, in the 2021 annual report, celebrity accelerator and crow Rui were divided into new media businesses, and the celebrity economic ecosystem innovation business mainly refers to the construction of a "celebrity economic ecosystem" based on the Web2.0 era, including new consumption channels, celebrity vocational education, fashion content block West Fifth Street and other innovative businesses. 

Such rapid changes may not clarify the specific direction of the innovative business of Hongren economic ecological chain, let alone rely on this business to achieve large-scale revenue.

Nowadays, tianxiaxiu's main business is difficult to achieve high growth, and the innovative business has no substantive output, so the revenue and business dilemma are really in front of us. At this time, the sudden emergence of metauniverse has become the "life-saving straw" of tianxiaxiu, but tianxiaxiu is doomed to go not far by cutting leeks to expand its revenue.


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