Govt promoting sustainable development of Web3: FS
Financial Secretary Paul Chan said on Sunday that the government is promoting the strong and sustainable development of Web3 in Hong Kong with the help of leaders of relevant industries. He said they had taken part in a recent meeting of a task force on Web3 which he chairs, and discussions were held in areas such as regulatory framework, talent grooming and education promotion. Chan also cited a forum on digital entertainment held in Hong Kong last week. "The next wave of breakthrough is very likely to be driven by Web3 and blockchain technology," he wrote on his weekly blog. "The likes of NFT, GameFi, Play to Earn and immersive entertainment are directions many global entertainment enterprises are putting in resources to explore."  The financial secretary stressed third generation internet technology shouldn't be limited to digital entertainment and virtual assets, saying it can be applied to business, trading and supply chain management as well as many aspects of daily lives. Chan noted that he earmarked HK$50 million in the budget this year to help build the vigorous Web 3 ecosystem at Cyberport, and so far, some 180 firms have set up shop there, with more than 20 percent of them from the mainland or overseas.