Blending Virtual with Reality
Navigating diverse virtual landscapes, engaging with renowned comic characters, diving into digital sports, or even showcasing a digital persona in globally acclaimed designer attire – such experiences not only redefine leisure and entertainment for individuals but also unveil immense business potential and innovative economic prospects.
The Technological Catalyst in Entertainment
The seamless melding and ongoing progress of pioneering technologies have significantly uplifted the entertainment sector. Observing this digital transition, it’s evident that the potential of the digital entertainment landscape is limitless. Current data suggests the global online entertainment market value could skyrocket from $184.2 billion in 2021 to an astounding $653.4 billion by 2027, marking a notable annual growth rate of 21%.
The Transition: From Mobile to Web3
Over the past decade, the widespread acceptance and enhancements in mobile internet and smartphones led to a surge in streaming platforms, social media, and mobile games. Now, the next monumental wave appears to be powered by Web3 and blockchain advancements. Concepts such as NFT, GameFi, Play to Earn, and immersive entertainment have attracted attention with massive investments from global entertainment leaders.
During the recent “Digital Entertainment Leaders Forum” by Cyberport, the spotlight was on “Entertainment Power UP! Web3 New Vision”. Here, over 90 experts from more than 30 countries discussed the transformative capacity of digital entertainment across art, education, sports, and daily life in the Web3 era.
The Digital Entertainment Zeal in Hong Kong
This forum, with a strong turnout both virtually and physically, emphasized the buoyant nature of digital entertainment in Hong Kong. Attendees were treated to augmented reality experiences, intuitive sports setups, racing simulations, and various workshops.
However, the true allure lies in how top-tier entertainment experiences can drive spending and rejuvenate the economy. Currently, Cyberport acts as a hub for around 170 companies centered around digital entertainment, ranging from metaverse breakthroughs to game creation and analysis.
Several of these organizations are delving into Web3 and advanced technologies. For example, a local digital health venture recently collaborated with Marvel Entertainment, introducing an interactive fitness platform, allowing users to work out alongside their favorite comic characters.
Web3’s Reach Beyond Entertainment
Web3’s expansion isn’t confined to just entertainment or digital assets. The underlying blockchain technology, known for its decentralized character, security, and transparency, is venturing into areas like finance, commerce, supply chain, and everyday utilities.
A recent debut that sparked interest was the “Web3 Life Experience Hall”, showcasing how Hong Kong’s commercial landscape is leveraging Web3 for varied life and business aspects. Significant uses encompass blockchain’s role in real-time livestock tracking and enhancing financial trustworthiness.
Government Endeavors and the Path Forward
The SAR government is also proactively adopting Web3. This year saw the launch of the world’s first tokenized green bonds by the Hong Kong Monetary Authority. In an effort to enhance Web3’s prominence, they’ve allocated $50 million to Cyberport in the annual budget.
Under their direction, the Task Force on Third Generation Internet Development has convened, bringing together industry giants and professionals to support the government’s vision for a prosperous Web3 environment in Hong Kong.
Given Hong Kong’s position as a global financial hub and its focus on innovation, it’s crucial to harness the momentum of technological advancements, guiding wisely, promoting economic growth, and elevating the quality of life for its citizens.
