Hong Kong's Digital Leap: Embracing Web3 and the Future of Entertainment

Hong Kong's Digital Leap: Embracing Web3 and the Future of Entertainment

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Digital technology, particularly innovations like Web3 and blockchain, is the driving force behind a transformation in Hong Kong. 

Paul Chan Po-Mo, Financial Secretary for Hong Kong, recently laid out his vision for the future of digital technology in Asia in an official government blog with the title: “Entertainment Goes Beyond Boundaries with Web3”.

According to Chan, the global online entertainment market, which stood at USD 184.2 billion in 2021, is projected to skyrocket to USD 653.4 billion by 2027, marking an impressive 21% annual growth.

The Cyberport digital community

He remarked on the recent Digital Entertainment Leadership Forum, organised by Cyberport, saying that it was a testament to Hong Kong's commitment to this digital evolution. 

The event, which attracted over 3,500 attendees both online and in-person, served as a platform for experts from over 30 countries to discuss the future of digital entertainment in the Web3 era. The forum also doubled as a highlight of the "Happy Hong Kong" campaign, offering a blend of Augmented Reality games, tech workshops, and local delicacies.

Cyberport, a digital community in Hong Kong, currently houses over 170 companies specialising in the metaverse, game development, e-sports, and more. Many of these firms are making significant strides in leveraging Web3 and other cutting-edge technologies. Noteworthy achievements include a fitness app that allows users to work out alongside Marvel characters and a metaverse game that has amassed a significant following in Japan.

Web3 offers so much more

But Web3's potential isn't limited to entertainment. Its foundational technology, blockchain, promises transparency, security, and cost-efficiency. This tech is poised to revolutionise sectors from finance to supply chain management. 

The recently inaugurated Web3 Living Lab showcases local companies' innovative applications of Web3 in diverse life and business scenarios. From using blockchain to monitor livestock health for financing to introducing programmable tokens for efficient payments, Hong Kong's startups are at the forefront of innovation.

The Hong Kong Government isn't far behind. Earlier this year, the Hong Kong Monetary Authority pioneered the issuance of tokenised green bonds, a global first. This move streamlined the bond issuance process, slashing the lead time from five business days to just one.

A Web3 ecosystem

To further bolster Web3 development, Chan stated that he had allocated $50 million to Cyberport. The fund aims to nurture a thriving Web3 ecosystem, drawing in businesses, talent, and fostering educational initiatives. Presently, Cyberport is home to over 180 Web3-centric companies, with a significant portion hailing from Mainland China and abroad.

The Task Force on Promoting Web3 Development, which Chan chairs, recently held its inaugural meeting. This group, comprising industry leaders and professionals, is dedicated to guiding Hong Kong's Web3 journey, ensuring its sustainable and orderly growth.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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