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