Chan pledges slow and steady push on Web3

Hong Kong will be steady and prudent in pushing ahead with the prosperous and sustainable new era of Web3, Financial Secretary Paul Chan Mo-po said.

The SAR, he said, should always have the sense of urgency that the latest technology is leaving us in the dust.

Writing in his weekly blog yesterday, Chan said the Task Force on Promoting Web3 Development that he chairs had a first meeting to bring together industry professionals and bring about regular manpower training and promotion.

The next wave of growth in innovative technology could be spurred by Web3 and blockchain technology, including non-fungible tokens, GameFi - the merging of game mechanics, Play to Earn and immersive entertainment.

These areas are where huge entertainment corporations are investing a lot, according to Chan.

"As an international financial center, and a metropolitan that attaches great importance to new innovative technology, we have to have the urgency that the latest technology is slipping away," Chan said.

"We have to make use of the global trend of developing innovative technology, to actively lead and push forward new explorations and development under prudent and appropriate supervision," he added.

With that, Hong Kong will be able to develop its economy and benefit its people after getting a foothold in the fiercely competitive arena of innovative technology, according to Chan.

He also said encouraging results could be seen in Hong Kong's development in Web3 technology.

"Cyberport is now home to about 170 companies engaged in digital entertainment, including metaverse, game development, game data analysis, research and development of e-sports equipment and more," he said.

Of the 170, over 20 percent were from the mainland and overseas, and a lot of them had been actively using Web3 and other new technology, Chan said.

One of them has launched the world's first immersive interactive fitness adventure app in collaboration with Hollywood movie giant Marvel Entertainment.

Players would embark on a storyline-led running adventure featuring iconic Marvel Comics characters.

"There are also companies entering the Japanese market by launching a community-driven reality game. The game has attracted over 70,000 players in the first six months," Chan said.