Web 3.0 and blockchain integration to fuel Hong Kong’s economic growth


The economic growth spurt for the Hong Kong will be trigged by Web 3.0, according to Financial Secretary Paul Chan, who urged firms to integrate blockchain in their systems.

In a blog post, Chan noted that non-fungible tokens (NFTs), play-to-earn, GameFi, and the metaverse will be the key drivers for growth. Hong Kong’s financial secretary also pointed out that while Web3 spearheads the push for the next iteration of digital entertainment, it also has several use cases across diverse industries.

“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,” Chan wrote.

Chan’s predictions follow his attendance at a recent event in Cyberport, Hong Kong’s flagship tech ecosystem, drawing attendees from over 30 countries. The three-day event showcased recent Web3 innovations in digital entertainment, showing significant promise in metaverse use cases.

During the event, Chan launched the…

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