Web3 and Blockchain to Drive Growth in Entertainment: Hong Kong

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  • Hong Kong’s Financial Secretary believes that Web3 will bring the next wave of breakthrough growth in entertainment.
  • The Hong Kong official is betting on NFT, GameFi, Play to Earn, and immersive entertainment.
  • The secretary recently inaugurated the Web3 Life Experience Hall in Cyberport, Hong Kong.

Paul Chan, the Financial Secretary of Hong Kong, believes that web3 and blockchain technology will drive the next wave of growth in the entertainment space. The government official is confident that non-fungible tokens (NFT), GameFi, Play to Earn, and immersive entertainment will help the industry, given the interest they attract from entertainment giants around the globe.

According to a blog post by the Financial Secretary of the Government of the Hong Kong Special Administrative Region, Web3 and Blockchain technology are expected to play a significant role in the global online entertainment market. The market itself is expected to have a compound annual growth rate of 21%, reaching a whopping $653 billion by 2027.

Financial Secretary Paul Chan’s comments came just days after the Digital Entertainment Leaders Forum, a web3 entertainment-themed three-day event that attracted 90 speakers from more than 30 countries. The speakers emphasized the role of digital entertainment tech in art, education, and sports in the Web3 era.

The Hong Kong government official stated:

The core blockchain technology of Web3, with its characteristics of disintermediation, security, transparency, immutability, and low cost, can be applied in many fields such as finance, commerce, trade, supply chain management, and even daily life.

Cyberport, the business park that hosted the recent web3 forum, is currently home to 170 companies from the digital entertainment space that involves metaverse, game development, game big data analysis, research and development of e-sports equipment, etc. A lot of these companies are reportedly exploring Web3 applications and are actively applying them to enhance their performance.

Secretary Chan stated that the rapid development of the Web3 space over the past few years allowed it to offer tech applications that go beyond digital entertainment or virtual assets. Chan recently inaugurated the Web3 Life Experience Hall in Cyberport after allocating $50 million to promote the business park’s Web3 ecosystem.