Paul Chan, Finance Chief, Urges Hong Kong to Embrace Web3 for Economic Growth Beyond Online Entertainment
<p>Web3 accelerates online entertainment industry growth, offering immersive experiences. Predicted global online entertainment market to reach $653B by 2027 from $184B in 2021. NFTs, GameFi, Play to Earn, and immersive entertainment are key directions. Web3 extends beyond entertainment, applies to finance, business, trade, and daily life problem-solving. Hong Kong exploring Web3 application, issued tokenized green bond. Chan’s task force of 15 experts promotes Web3 ecosystem development. Over 180 Web3 firms at Cyberport, some from China and overseas. Need for comprehensive Web3 regulatory framework and public education.</p>
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