The metaverse is currently one of the hottest topics in China's capital market . It is neither the first nor the last. In the past two decades, hot technology ideas have emerged in this market one after another.
Let's quickly review the history, starting with the bursting of the dot-com bubble in 2000. The bubble did not stop technological progress, nor did it stop the efforts of capital operators to create new concepts and attract new investments. For a time, when the Internet industry was in danger in those years, capital quickly rushed into the real estate market and created huge bubbles of subprime mortgages and their derivatives.
The 2007 subprime mortgage crisis triggered the 2008 global financial crisis. The following years saw a surge in cryptocurrencies based on the decentralized internet. As many people argue that Bitcoin can destroy sovereign currencies and contribute to building a democratic, law-based, fair, free world, new technologies such as blockchain, artificial intelligence (AI), virtual reality (VR), and augmented reality (AR) have risen.
Meanwhile, the development of mobile internet, mobile payments, peer-to-peer (P2P) lending, crowdfunding and online insurance have contributed to the emergence of internet finance and financial technologies. This has convinced many people that internet finance can disrupt and replace traditional finance.
With its rapid growth, online finance faces a number of south korea telegram number database challenges and has become a sector that is closely monitored by regulators around the world. In this context, blockchain has quickly become a seemingly foolproof machine or the Internet of Values. Thanks to the development of blockchain, initial coin offerings (ICOs) have had a huge impact on the entire society and attracted large amounts of capital. Some even claim that “ICOs will end finance.”
But in China, ICOs have been banned because they can lead to serious fraud, which may explain the large price swings of Bitcoin and other cryptocurrencies. Cryptocurrencies have proven difficult to maintain their value and gain widespread adoption. Thus, we have seen the rise of stablecoins (such as Tether), which are equivalently pegged to a single legal currency, and super-sovereign currencies (such as Libra, as envisaged by Facebook), which are structurally pegged to multiple legal currencies. This is what has given rise to central bank digital currencies (CBDCs). This abundance of digital currencies has had a profound impact on what “currency” is and how monetary finance is managed.
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