Finance & Economy

Hong Kong's Digital Renaissance: The Power Of GameFi, NFTs, And The Metaverse

Hong Kong boosts its economy with Web3 tech like GameFi, NFTs, and the Metaverse, leading to increased government funding.

Andres Luke Aug 31, 2023

Hong Kong's commitment to the digital realm grows ever clearer, as they continue to emphasize their support for the burgeoning Web3 industry, specifically in the GameFi, NFTs, and Metaverse sectors. Paul Chan Mo-po, the region’s Financial Secretary, underlined the pivotal role of these technologies in the contemporary digital entertainment domain, stressing their influence on the regional economy.

Chan Mo-po and Prof Dong SUN, the Secretary for Innovation, Technology and Industry (Photo: www.fso.gov.hk)

Chan Mo-po's insights were drawn from the recent Digital Entertainment Leaders Forum, an annual event shedding light on the latest in Web3-related entertainment innovations. Hosted at the Cyberport business park, the forum witnessed a turnout of over 3,500 enthusiasts, underscoring the mainstream status of digital entertainment in Hong Kong. The forum served as a stage for more than 170 companies, each presenting their progress in leveraging Web3 technologies, from blockchain gaming to the creation of expansive Metaverses and advanced e-sports platforms.

Government Backing: Investing In The Digital Future

But it's not just about entertainment. The broader digital entertainment sector offers dual benefits: Enhancing user engagement while simultaneously bolstering Hong Kong's economy. Recognizing this potential, the local government has expressed its intent to maintain its financial backing for this booming industry.

Last year, an investment of 50 million Hong Kong dollars (equivalent to $6.5 million) was funneled into regional Web3 projects. Momentum increased into this year, with an impressive allocation of 500 million Hong Kong dollars ($65 million) earmarked for similar initiatives.

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