April 12–15, 2023, the “2023 Hong Kong Web3 Carnival” was grandly held at the Hong Kong Convention and Exhibition Centre. Organized jointly by Wanxiang Blockchain Lab and HashKey Group, and hosted by W3ME, the event aimed to explore Web3 technologies and accelerate industry development. It featured one main venue and four sub-venues, covering diverse tracks involved in building the Web3 world.
Notably, Mr. Paul Chan Mo-po, Financial Secretary of the Hong Kong Special Administrative Region Government, attended the opening ceremony of the main venue on April 12. As one of the key policymakers driving Hong Kong’s Web3.0 initiatives, Mr. Chan stated in February this year: “Hong Kong established a Web3 base at the beginning of this year. I will allocate HK$50 million to accelerate the development of the Web3 ecosystem—including hosting large-scale international conferences to help industry players and enterprises better grasp cutting-edge developments, promoting cross-sector business collaboration, and organizing more youth workshops.”
With strong policy support, the industry widely believes Hong Kong is competing with Singapore for the title of “Global Web3 Hub.” In contrast, U.S. regulation of Web3 continues to intensify: at the end of March, the U.S. Commodity Futures Trading Commission (CFTC) filed lawsuits against Binance and its CEO Changpeng Zhao. Under such stringent regulatory pressure, Silicon Valley and New York’s dominant positions in the Web3 space are increasingly challenged.
Web3.0 Reshapes Production Relations in the Digital World
This regional shift in Web3 influence was clearly reflected at the “Hong Kong Web3 Carnival.” The breadth and quality of participating companies were particularly impressive. For example, Unique Network—the leading Chinese digital art e-commerce platform—participated in the event. Its Founder & CEO, Tong Shitian, shared his deep reflections on the future development of the Web3 industry.
Tong Shitian, Founder & CEO of Unique Network (third from right)
According to Tong Shitian, Web1 and Web2 facilitated information dissemination, with internet giants’ core businesses largely centered on commercial information matching—covering search, social media, e-commerce, and other domains. However, as internet market growth slows, the drawbacks of information monopolies have gradually emerged. Brands heavily rely on paid traffic acquisition, yet after a single use of traffic, they still struggle to build long-term user engagement—causing SMEs to increasingly find current traffic costs unaffordable.
He noted that Web3 transforms commercial relationships and data into assets, thereby mitigating the negative impacts of traffic monopolies. Through the redistribution of data, the means of production in the digital economy return to individuals—reinstating the principle of “those who till shall own the land.” This redistribution of data as a means of production will generate a new wave of growth dividends, enabling numerous SMEs to rapidly evolve into influential brand enterprises, breaking monopolies and fostering common prosperity among businesses.
From current industry explorations, issuing NFT digital collectibles serves as the key for brands to transition from Web2.0 to Web3.0—and acts as the entry ticket for brands entering the Web3.0 era. After issuing NFT digital collectibles, brands can regularly distribute benefits to holders of specific digital collectibles, establishing user stickiness through sustained interaction.
Unique International Launches: Viewing the World Through Hong Kong
As an industry-leading platform, Unique Network recently established “Unique International” in Hong Kong. On one hand, Hong Kong is an international financial hub and a magnet for global capital, with strong policy and funding support for Web3. On the other hand, Chinese enterprises also face growing imperatives to expand globally and compete internationally.
Theone Global (Theone International)
Hong Kong has become a gateway for Web3.0 enterprises expanding overseas. It is reported that several senior executives from Theone Art Platform recently gathered in Hong Kong to actively participate in the Hong Kong Web3 Week. As pioneers at the forefront of Web3.0, their presence demonstrates strong recognition of Hong Kong’s status as a hub for Web3 industry exchange.
Raise Lam, CEO of Theone Global (Theone International), participated in the “2023, Where Are the Metaverse Opportunities? — Prospects for Infrastructure and Applications” sub-forum during the 2023 Hong Kong Web3 Carnival. Later, at the “Night of Awakening 2023,” he shared six imaginative commercial use cases for NFTs: 1. Providing users with exclusive gifts, vouchers, and membership benefits; 2.Transforming NFT digital collectibles into users’ “social assets” for self-expression, thereby fostering brand engagement and user identification; 3. Integrating NFT digital collectibles with physical products to create synergistic value and premium pricing; 4. Cross-promoting with top-tier NFT projects to leverage IP synergies; 5. Using NFT issuance to gather user feedback and inform product R&D; 6. Rewarding user contributions via NFTs to establish a community-driven creator economy under an NFT-based points system.
Regarding the future direction of the industry and the platform, Raise Lam stated that, from the perspective of enterprise brand digital transformation, NFT digital collectibles and the “metaverse” are not mere gimmicks but are supported by sound long-term logic. Moving forward, Theone International will build its own community matrix through NFTs to maximize the application value of NFTs and enhance user incentives.
Raise Lam, CEO of Theone Global (Theone International)
Wang Huaiyu, Chief Architect of Theone Art and CTO of Theone International, delivered a speech at the “Night of Awakening 2023.” He observed certain issues arising from insufficient NFT liquidity internationally—such as NFT holders being unable to promptly realize the value of their assets. While centralized e-commerce platforms and hybrid trading platforms can partially address liquidity challenges, they introduce trust-related concerns. In response, Wang Huaiyu remarked: “We are currently researching asset proofs based on ZK-SNARKs. This approach protects user privacy by eliminating the need to disclose users’ balances or transaction details, while significantly reducing proof size and verification time.”
Li Yingxuan, Co-Founder and Chief Scientist of Theone Art Group, attended the closed-door session titled “AIGC and Web3: Integrated Development and Global Opportunities,” joining guests including Xiao Feng, Chairman of HashKey Group; Ba Shusong, Chief Economist of HKEX; Yu Chen, President of YeePay; and Dr. Yu Jialing, Founder of Uweb Education, to jointly explore the latest technologies, applications, and development trends of AIGC’s integration with Web3, identify new opportunities for innovation and entrepreneurship, and co-create a new future for the digital economy.
Yiwei Art, headquartered in Hangzhou, is a Chinese digital art e-commerce platform with recognized brand influence. It was jointly launched by an experienced art and design operations company and a blockchain technology team. The platform consistently adheres to the business philosophy of integrity and strict compliance with laws and regulations. It is also one of the few digital art e-commerce platforms in China that has secured investment from state-owned capital in two rounds, and holds relatively comprehensive operational licenses within the industry. Moving forward, the platform will continue driving the development of China-specific Web3.0 industries, enabling them to thrive in global markets.