# for Yale Blockchain Club

By [willwangtf.eth](https://paragraph.com/@willwangtf) · 2022-04-07

---

**Bertelsmann: Europe No.1 Media Group, $20bn+ media/content rev, ~$2bn profit**

*   RTL: 50+ TV stations, largest MCN on YouTube
    
*   Penguin Random House: No.1 book publisher, over 1/3 market share
    
*   BMG: ~3 million music rights management
    
*   Education: Udacity, etc
    
*   Fremantle: No.1 reality show innovator
    
*   Multiple listed companies/BU
    
*   FoF of multiple crypto funds: Pantera, Greenfield One
    

**BAI Capital: 40 Unicorns invested in China/Asia**

*   Started as Bertelsmann CVC, 14 years in China/Asia
    
*   ~300+ investments, in which 40 unicorns
    
*   20+ crypto/web3/metaverse investments so far
    
*   Recent investments: Layer 1, Defi, Socialfi, NFT, CEX, Data Infra
    

**Web3/Metaverse/Next Generation Network…**

_\= Program/Protocol is eating the world/humanity!_

**5 Questions before all in web3**

*   Q1: 10 years thesis since 2012, 30m MAU, 2-3 $trillion
    
*   Q2: 99% “bad guys” to 80% “bad guys”
    
*   Q3: Invent for the future, not past, 不要逼娼为良
    
*   Q4: non-consensus, non-linear, non-continuity
    
*   Q5: token utility direct to value
    

**3 Narratives of Metaverse**

*   AIGC（生产力）+ open world games
    
*   VRAR（生产资料）+ virtual world
    
*   Crypto（生产关系）+ asset network
    
*   _what else: robotics, space_
    

**What we are investing in? standpoints from a “web2” VC**

*   driving MAU from 20m to 200m, 10x utility growth
    
*   token utility and innovation, direct to value
    
*   china based international company
    

**How?**

*   concentration: huge network effects
    
*   coverage: non-consensus
    
*   community: e.g. Web3 Global Demo Day in May

---

*Originally published on [willwangtf.eth](https://paragraph.com/@willwangtf/for-yale-blockchain-club)*