Hong Kong leveraging Web 3.0 to spur the economy

The Hong Kong government is actively looking for opportunities to utilize Web 3.0 technology. In the 2023-24 Hong Kong budget announced by the financial secretary, a task force to provide recommendations on the sustainable and responsible development of Web 3.0 was established.

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Hong Kong’s finance chief, Paul Chan Mo-po, in his weekly blog post, has urged the city to capitalize on the potential of the latest web technology, Web 3.0 and blockchain, in order to stimulate economic growth.

According to Chan, the utilization and development of Web 3.0 technology have contributed to the growth of the online entertainment industry by providing users with high-quality and immersive experiences. He cited a study predicting that the global online entertainment market could reach $653 billion by 2027, compared to $184 billion in 2021.

Chan also mentioned that many global entertainment companies are exploring NFTs, GameFi, Play to Earn, and immersive entertainment, as discussed in the recent Digital Entertainment Leadership Forum held at Cyberport. Chan stated that Web 3.0 technology has potential beyond online entertainment and virtual assets in solving real-life challenges confronting different sectors of the economy.

Additionally, HK$50 million was allocated to accelerate the Web 3.0 ecosystem’s development through initiatives such as international seminars, cross-industry collaboration, and youth workshops.