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Expansion of Web3 Fueled by Hong Kong’s Financial Secretary

The “Digital Entertainment Leadership Forum” highlights the transformative impact of Web3 on global entertainment, with Hong Kong actively embracing these technologies for economic growth and sustainability.

Key Points

  • “Digital Entertainment Leadership Forum” explores Web3’s impact on entertainment.
  • Global online entertainment market poised for explosive growth, reaching $653.4 billion by 2027.
  • Web3 technologies like NFTs and GameFi driving transformative changes in entertainment.
  • Hong Kong government actively adopts and invests in Web3 for economic advancement and sustainability.

Last Friday, the “Digital Entertainment Leadership Forum” kicked off with the theme “Entertainment Power UP! Web3 New Vision.”

The event brought together over 90 speakers from more than 30 countries and regions to discuss how digital entertainment technologies in the Web3 era are transforming various sectors including art, education, sports, and daily life.

This evolution is not only revolutionizing leisure activities but is also unlocking significant economic value.

The Global Online Entertainment Market 

The global online entertainment market is projected to experience substantial growth in the coming years.

According to research, the market’s revenue is expected to skyrocket from USD 184.2 billion in 2021 to a staggering USD 653.4 billion by 2027.

This represents a compound annual growth rate of 21%, reflecting the vast potential and expansive growth space in the industry.

Web3 Technologies Driving Breakthrough Development

Over the past decade, streaming music, movies, social platforms, and mobile games have seen remarkable growth due to the widespread adoption of mobile internet and smartphone technology.

Now, the next wave of breakthrough development is expected to be driven by the third-generation internet (Web3) and blockchain technology.

Global entertainment giants are heavily investing in areas such as NFTs, GameFi, Play to Earn, and “immersive entertainment.”

In Hong Kong, the power of Web3 in the entertainment sector was showcased during a three-day annual event hosted by Cyberport, a digital community.

The event highlighted how local enterprises are leveraging Web3 technology in various aspects of life and business, enhancing efficiency and creating new economic value.

For instance, a local startup collaborated with Marvel Entertainment to launch the world’s first immersive interaction fitness adventure application, enabling users to exercise alongside their favorite comic characters.

The Versatility of Web3 Technology Extends Beyond Entertainment

The rapid development of Web3 is not limited to the entertainment industry or virtual assets.

The core blockchain technology of Web3, characterized by decentralization, security, transparency, immutability, and cost-effectiveness, finds applications in finance, business, trade, supply chain management, and daily life.

The Hong Kong Special Administrative Region government is actively embracing Web3 technologies.

To accelerate Web3 development, a budget of HKD 50 million was allocated to Cyberport this year to foster a thriving Web3 ecosystem.

Cyberport has already attracted over 180 Web3-related technology companies, including unicorns and licensed virtual asset trading platforms.

Financial Secretary Paul Chan emphasized the city’s dual focus on green finance and Web3.0, underlining Hong Kong’s commitment to sustainability and innovation.

Concluding Thoughts

Chief Executive Li Ka-chung also recognized Hong Kong’s potential in Web3.0 and advocated for its advancement in the “Convergence of Finance, Innovating the Future” seminar.

In June 2023, Hong Kong further solidified its commitment to Web3 with the launch of the “Task Force on Promoting Web3 Development.” Led by Paul Chan, the task force aims to ensure the sustainable and responsible development of Web3 in Hong Kong.

The establishment of the Hong Kong Web 3.0 Association and the release of a report on Web 3.0 technologies demonstrate Hong Kong’s proactive approach to embracing the Web3 era.