如果直播发生在Web3中

OST、BlockBeats

Pump.fun, a Solana-based meme coin platform, has seen a recent surge in activity, with over 1.17 million tokens being released on the platform since its launch a few months ago, generating total revenue of over 50 million USD. This phenomenon has sparked discussions within the crypto community regarding the role of live streaming in Web3 and the potential for new narratives following the rise of Pump.fun.

基于 Solana 的 meme 币平台 Pump.fun 最近的活动激增，自几个月前推出以来，平台上已发行了超过 117 万枚代币，总收入超过 5000 万美元。这一现象引发了加密社区内部关于直播在 Web3 中的作用以及 Pump.fun 崛起后新叙事潜力的讨论。

Recently, Pump.fun officially boosted its live streaming feature again. In the early hours of November 22, a jobless youth from North America stated during a live stream on Pump.fun that he would not stop streaming until the market value of his token (LIVE) reached 100 million. This live stream was also selected by Pump's official team and featured on the homepage. After hitting 100,000 USD in internal trading, the LIVE token surged, and later KOLs like gmony participated in real-time interaction online, ultimately pushing the market value of the LIVE token above 20 million USD.

近日，Pump.fun正式再次上线直播功能。 11月22日凌晨，一位来自北美的失业青年在Pump.fun的直播中表示，直到他的代币（LIVE）市值达到1亿，他才会停止直播。本次直播也被Pump官方团队选中并在首页推荐。内部交易冲破10万美元后，LIVE代币暴涨，随后gmony等KOL在线参与实时互动，最终将LIVE代币市值推至2000万美元以上。

After the "live streaming guy" became popular, Pump.fun's official website saw a surge in live streaming, with various streamers showcasing their skills to boost the price of their tokens, making Pump.fun gradually resemble a "meme coin version of Kuaishou."

“直播达人”走红后，Pump.fun官网直播量激增，各路主播各显神通，抬高币价，让Pump.fun逐渐像个“表情币版快手”。 ”

In traditional internet, the "attention economy" industry has developed for about 20 years, transitioning from forums and tieba to image and text microblogging, and then to short video and live streaming. Such a trajectory is also playing out in the crypto field.

传统互联网中，“注意力经济”行业发展了20年左右，从论坛、贴吧，到图文微博，再到短视频、直播。这样的轨迹也在加密领域上演。

On May 29, Pump.fun announced the launch of its live streaming feature. For a website focused on making money from meme coins, users indeed have no demand for watching live streams. However, as the form of communication with the highest information capacity and the most scene sense and emotional impact, combined with the asset issuance function, live streaming is a promising application scenario from the perspective of attention economy.

5月29日，Pump.fun宣布推出直播功能。对于一个专注于表情币赚钱的网站来说，用户确实没有观看直播的需求。但直播作为信息容量最高、最具场景感和情感冲击力的传播形式，结合资产发行功能，从注意力经济的角度来看，是一个很有前景的应用场景。

In Web3, the path to commercialization is entirely different from that of traditional internet, but in terms of attention economy, typical cases from Web2 can provide some insights for the crypto industry.

Web3的商业化路径与传统互联网完全不同，但在注意力经济方面，Web2的典型案例可以为加密行业提供一些启示。

Taking Kuaishou as an example, in 2013, Kuaishou, which had been around for less than two years, decided to transform from a GIF-making tool into an internet community. Users produced content on Kuaishou, recording and sharing their lives and creativity through short videos, and interacting with fans. Unlike emerging platforms like Douyin, Kuaishou's user positioning is "the average person in society," primarily targeting young people in second- and third-tier cities.

以快手为例，2013年，成立还不到两年的快手决定从GIF制作工具转型为互联网社区。用户在快手上制作内容，通过短视频记录和分享自己的生活和创意，并与粉丝互动。与抖音等新兴平台不同，快手的用户定位是“社会普通人”，主要针对二三线城市的年轻人。

In 2014, YY streamers with a loyal fan base in the sinking market joined Kuaishou, which had a monthly active user count of 1 million at that time. By the end of 2016, Kuaishou's monthly active users exceeded 64 million. During the rapid growth of Kuaishou in those two years, YY streamers occupied four of the top streamer spots on Kuaishou.

2014年，在下沉市场拥有忠实粉丝的YY主播加入了当时月活跃用户数100万的快手。截至2016年底，快手月活跃用户突破6400万。在快手快速发展的两年里，YY主播占据了快手前四名主播的位置。

Kuaishou maintained the characteristics of the sinking market community, not signing internet celebrities or stars, not providing traffic support, and encouraging the vigorous development of UGC content through a fair algorithm mechanism. Compared to other products at the time, Kuaishou stood out with its unique "decentralized community" model.

快手保持了下沉市场社区的特点，不签约网红、明星，不提供流量支持，通过公平的算法机制鼓励UGC内容的蓬勃发展。与当时的其他产品相比，快手以其独特的“去中心化社区”模式脱颖而出。

In 2017, Kuaishou seized the live streaming dividend first, becoming the largest single live streaming platform globally. According to Kuaishou's prospectus, from 2017 to 2019, the company's revenues were 8.3 billion, 20.3 billion, and 39.1 billion yuan, respectively, with live streaming revenues of 7.9 billion, 18.6 billion, 31.4 billion, and 17.3 billion yuan, accounting for 95.18%, 91.63%, 80.31%, and 68.38%, respectively. It is evident that live streaming was Kuaishou's core business and its foundation at that time.

2017年，快手率先抓住直播红利，成为全球最大的单一直播平台。据快手招股书显示，2017年至2019年，公司营收分别为83亿元、203亿元、391亿元，其中直播收入分别为79亿元、186亿元、314亿元、173亿元，占比95.18% 、 91.63%、 80.31% 和分别为 68.38%。可见，直播是当时快手的核心业务和基础。

After its rapid development, Kuaishou had to adjust its content ecosystem. After all, traditional Web2 companies need to undergo commercialization transformation. In this process, only those content producers who meet high consumer levels, satisfy traditional social values, and survive in fierce competition can remain in the end.

快速发展后，快手不得不调整其内容生态。毕竟，传统Web2公司需要进行商业化转型。在这个过程中，只有那些满足高消费水平、满足传统社会价值观、在激烈竞争中生存下来的内容生产者才能最终生存下来。

Looking back, rather than saying Kuaishou successfully navigated the sinking market, it is more accurate to say Kuaishou targeted the new user market in the attention economy sector. Similarly, the token issuance platform aimed at crypto newcomers does not need to consider "commercialization transformation."

回过头来看，与其说快手成功驾驭了下沉市场，不如说快手瞄准了注意力经济领域的新用户市场。同样，针对加密新人的代币发行平台也不需要考虑“商业化转型”。

In traditional internet giants, whether content platforms or shopping platforms, they all hope to show users

在传统互联网巨头中，无论是内容平台还是购物平台，都希望向用户展示