Hey guys! You’re listening to the 60th episode, which is also the last episode of 51%. I’m sunsetting this show and launching a brand new podcast brand, HODLong (which is homophonic to 后浪, or “next wave” in Mandarin). In the new podcast brand, I’ll continue to shed light to the Asia-based Web3 world, but will expand my interviewees to the broader Web3 community, whether that being operators, investors, or ecosystem participants of other forms. Some of my friends would also join me as co-hosts in some episodes. It was an amazing journey to have done the 60 episodes of 51%, and I wouldn’t be able to advance the production without your feedback and suggestion. In the future production of HODLong, I would very much appreciate your continuous feedback. The subscription link to HODLong is in the show notes - Can’t wait to see you guys on the other side! 大家好！在陪伴大家走过了过去一年多之际，即日起五十一说将退役，我将成立一个全新的播客品牌《后浪》（与英文中的“Hodl long” 谐音）。在新的播客品牌里，我将持续对于亚洲的 Web3 世界投以关注，但《后浪》的受访人群体将会是更广范围的 Web3 社区运营者、投资人、和其他各种生态参与者。我也会邀请一些朋友作为联合主持在部分节目里出现。 过去的六十期五十一说的成长，离不开所有听众的持续反馈和建议。在《后浪》品牌的制作中，也十分希望大家能持续给予反馈。《后浪》的订阅链接在本期节目的节目笔记中，非常期待在新的节目里见到大家！ Subscription link to HODLong: Simplecast: https://hodlong-hou-lang.simplecast.com Apple Podcast: https://podcasts.apple.com/us/podcast/hodlong-%E5%90%8E%E6%B5%AA/id1622341355 Xiao Yu Zhou: https://www.xiaoyuzhoufm.com/podcast/62735d9aa679bbb043f60ae3?s=eyJ1IjogIjYwNTg4ODc5ZTBmNWU3MjNiYjU3MGJmMSJ9 RSS Feed: https://feeds.simplecast.com/lnmJvIXR 《后浪》订阅链接： Simplecast: https://hodlong-hou-lang.simplecast.com 苹果播客: https://podcasts.apple.com/us/podcast/hodlong-%E5%90%8E%E6%B5%AA/id1622341355 小宇宙： https://www.xiaoyuzhoufm.com/podcast/62735d9aa679bbb043f60ae3?s=eyJ1IjogIjYwNTg4ODc5ZTBmNWU3MjNiYjU3MGJmMSJ9 RSS Feed: https://feeds.simplecast.com/lnmJvIXR

这是又一期吹水播客。这一期里我和Harry坐下来聊了聊关于Uncommon Core 最新的一期播客里面一些有意思的点，还有一些其他漫谈。 This is another episode of chit chat. In this episode, Harry and I sat down and chatted about the interesting points occurred in the latest episode of Uncommon Core. We also covered some other topics.

BAI Capital的 合伙人Will Wang 在本期分享了他们从十年前开始投资互联网起，对于“程序”与“协议”的价值理解，以及他们今天针对Web3 网络价值的一些兴奋点。他基于过去的经验，比较了互联网时代与Web3时代的一些逻辑异同。 推特: @jpejpejpe18 网站: www.bai-cap.com BAI Demo Day 链接：https://www.surveymonkey.com/r/2RDN7H3 更多信息，请移步官网https://multicoin.capital/zh 重要声明：Mable Jiang或嘉宾在播客中的观点仅代表他们的个人看法，并不代表Multicoin Capital官方的观点。此播客仅用于提供信息，不作为投资参考。Multicoin Capital有时可能会在此节目中讨论的某些代币或公司中持有头寸。 In this episode, Will Wang, Partner at BAI Capital, shared with us their insights about the value of "programs" and "protocols" since a decade ago when they started to invest in the Internet. He also explained what Web3 networks excites BAI Capital today. With his ample investment experience in the past, he compared and contrasted the mentality of the Internet era and that of the Web3 era. Twitter: @jpejpejpe18 Website: www.bai-cap.com Link to BAI Demo Day: https://www.surveymonkey.com/r/2RDN7H3 For more information about Multicoin Capital, please visit https://multicoin.capital/. Important Disclaimers: All opinions expressed by Mable Jiang, or other podcast guests, are solely their opinion and do not represent the opinions of Multicoin Capital in any way. This podcast is for informational purposes only and should not be construed as investment advice. Multicoin Capital may hold positions in some of the tokens and/or companies discussed on this show.

At the beginning of the episode, David and Justin touched upon their backgrounds (Twitch, Shopify, etc.,), and how those experience impacted their view on the direction of Fractal. They mentioned a couple ways how they think Fractal should be serving the game developers and engaging the platform users. We also compared the game developers in the traditional gaming studios versus web3 native game developers. We spent some time to discuss the role of Fractal NFT in terms of defining Fractal as a "meta-game", and how they expect the NFT could incentivize users to have active interaction with games on the platform. We also talked about the feedback loop of mini-games versus big triple A games, and how they expect the two types of games to play out. Furthermore, we chatted about the question of community governance for games and for Fractal. It was refreshing to hear these insights from the veterans of the web era! Twitter: @fractalwagmi / @justinkan / @davidwurtz Website: https://www.fractal.is/ For more information about Multicoin Capital, please visit https://multicoin.capital/. Important Disclaimers: All opinions expressed by Mable Jiang, or other podcast guests, are solely their opinion and do not represent the opinions of Multicoin Capital in any way. This podcast is for informational purposes only and should not be construed as investment advice. Multicoin Capital may hold positions in some of the tokens and/or companies discussed on this show. 在这一集的开头，David 和 Justin 谈到了他们的背景（Twitch、Shopify 等），以及这些经历如何影响他们对 Fractal 未来发展方向的看法。他们提到了他们认为 Fractal 应该如何服务于游戏开发者和与平台用户交互的几种方式。我们还比较了传统游戏工作室的游戏开发者和 web3 的原生游戏开发者。 我们花了一些时间讨论了 Fractal NFT 在将 Fractal 定义为“超级游戏”方面的作用，以及他们期望该 NFT 如何激励用户与平台上的游戏进行积极互动。我们还讨论了迷你游戏与大型 3A 游戏的反馈循环，以及他们认为这两种游戏未来的发展。此外，我们还谈到了对于游戏和对于Fractal而言的社区治理问题。 从这些互联网老兵听到这些见解令人耳目一新！ 推特: @fractalwagmi / @justinkan / @davidwurtz 网站: https://www.fractal.is/ 更多信息，请移步官网https://multicoin.capital/zh 重要声明：Mable Jiang或嘉宾在播客中的观点仅代表他们的个人看法，并不代表Multicoin Capital官方的观点。此播客仅用于提供信息，不作为投资参考。Multicoin Capital有时可能会在此节目中讨论的某些代币或公司中持有头寸。