The fusion of actuality and digital experiences shouldn’t be solely including a brand new dimension to our leisure actions however can be unlocking important financial worth. This evolution is primarily pushed by modern applied sciences, with digital leisure rising as a potent financial sector, shared by Hong Kong’s Monetary Secretary CHAN Mo-po, Paul.
Based on analysis, the worldwide on-line leisure market income is projected to soar from USD 184.2 billion in 2021 to a formidable USD 653.4 billion by 2027. This represents a compound annual progress charge of 21%, highlighting the huge potential and expansive progress house within the trade.
Final Friday, the “Digital Leisure Management Discussion board” was inaugurated, emphasizing the theme “Leisure Energy UP! Web3 New Imaginative and prescient.” The occasion witnessed participation from over 90 audio system from greater than 30 nations and areas. They delved into how digital leisure applied sciences within the Web3 period are revolutionizing varied sectors, together with artwork, training, sports activities, and every day life.
Over the past ten years, streaming music, films, social platforms, and cellular video games have grown at an unimaginable charge as a result of to the fast unfold of cellular web and smartphone expertise. The third-generation web (Web3) and blockchain expertise are projected to be the 2 foremost drivers of the following wave of breakthrough improvement. NFTs, GameFi, Play to Earn, and “immersive leisure” are areas the place international leisure giants are closely investing assets.
Cyberport, a digital group in Hong Kong, not too long ago hosted a three-day annual occasion, emphasizing the facility of Web3 within the leisure sector. The occasion showcased how native enterprises are leveraging Web3 expertise in varied life and enterprise segments, enhancing effectivity and creating new financial worth. As an example, a neighborhood startup collaborated with Marvel Leisure to launch the world’s first immersive interplay health journey software, permitting customers to train alongside comedian characters.
The speedy improvement of Web3 shouldn’t be confined to digital leisure or digital belongings. The core blockchain expertise of Web3, characterised by its decentralization, safety, transparency, immutability, and cost-effectiveness, finds functions in finance, enterprise, commerce, provide chain administration, and every day life.
The Hong Kong Particular Administrative Area authorities can be actively adopting Web3 applied sciences.
To speed up Web3 improvement, a funds of HKD 50 million was allotted to Cyberport this yr to foster a thriving Web3 ecosystem. This contains attracting companies and expertise and organizing associated academic and promotional occasions. At the moment, Cyberport has amassed over 180 Web3-related expertise firms, together with unicorns and licensed digital asset buying and selling platforms, with over 20% of those enterprises originating from mainland China and abroad.
Monetary Secretary Paul Chan not too long ago emphasised the town’s twin concentrate on inexperienced finance and Web3.0. Final yr, Hong Kong’s inexperienced finance initiatives reached a staggering USD 80 billion, accounting for one-third of Asia’s complete bond issuance. In a groundbreaking transfer, the town started tokenizing inexperienced bonds, underscoring its dedication to monetary innovation. Moreover, licenses for digital belongings have been issued beginning June 1st, with the Hong Kong Securities and Futures Fee overseeing regulation and sustainable progress on this sector.
Chief Govt Li Ka-chung additionally highlighted Hong Kong’s potential in Web3.0 throughout the “Convergence of Finance, Innovating the Future” seminar. Town’s dedication to Web3.0 was additional solidified with the launch of the “Job Pressure on Selling Web3 Growth” on June thirtieth, 2023. Led by Paul Chan, the duty pressure goals to advertise the sustainable and accountable improvement of Web3 in Hong Kong. This initiative, mixed with the institution of the Hong Kong Internet 3.0 Affiliation and the discharge of a report on Internet 3.0 applied sciences, showcases Hong Kong’s proactive method to embracing the Web3 period.
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