Last week, the 2023 Hong Kong Web3 Carnival drew a crowd of over 10,000 industry professionals from across Asia to the Hong Kong Convention and Exhibition Centre. The event showcased more than 100 projects spanning infrastructure, DeFi, NFT, social, GameFi, and beyond.
Singapore-based crypto investment and research firm Bing Ventures was a key participant, co-hosting a conference and cocktail reception titled “Web3 Reimagined” with Followin, an AI-driven blockchain media platform.
The gathering featured speakers from NFTScan, BuilderDAO, DesynProtocol, Animoca Brands, GBV Capital, Hex Trust, Blockchain Alchemy Group, The Spartan Group, Alchemy Pay, Bitrise Capital, and BlockTempo. Representing a mix of founders, VCs, and media, they shared sharp insights across two panel discussions, capturing the industry’s current pulse and offering valuable takeaways.
Here are the highlights.
Six Must-Watch Investment Themes for 2023
Wayne, a Partner at Bing Ventures, opened with a keynote on “Top Investment Themes for 2023.” He argued that technological innovation will be the key driver for market recovery in the latter half of the year and outlined six themes his firm finds most promising.
On Web3 infrastructure and applications, Wayne highlighted censorship resistance and multi-chain architecture as core competitive edges. “We expect sectors like social protocols, data storage, and wallets to deliver stronger censorship-resistant solutions and better user privacy—think IPFS-based storage and multi-chain wallets. This aligns with Web3’s core ethos and is a major focus for us.”
His second theme centered on the convergence of DeFi and TradFi, spotlighting innovations like off-chain collateral, real-world asset (RWA) tokenization, synthetic assets, non-pegged decentralized stablecoins, Smart Beta products, and the Cosmos ecosystem.
Discussing Ethereum scaling, Wayne noted: “Modular hybrid blockchains can combine the strengths of different L1s and L2s to boost performance while serving diverse use cases. We believe the ecosystem will evolve toward modular hybrids and customized Layer 3s to meet specific user needs. This could become the standard for Web3 app development.”
Bing Ventures is a research-driven investment firm focused on early-stage Web3 innovators. It employs a fundamentals-based, sector-agnostic approach and invests across DeFi, NFT, GameFi, DAO, and infrastructure.
Wayne also briefly covered three other themes: DAO collaboration tools, “DID+Social,” and GameFi, sharing Bing Ventures’ outlook on sector opportunities and development paths. His comprehensive keynote set the stage for the discussions that followed.
Web3’s Bright Future: Are We Entering an App Explosion?
In the panel “Buidl the Future of Web3,” moderated by Followin’s CBO Andrew Han, builders Shier Han (Co-Founder of NFTScan), Niels Ma (Founder of BuilderDAO), Lin Yuan (CEO of DeSyn Protocol), Kevin Shao (Co-Founder of Bitrise Capital), and Wego C. (Co-Founder of BlockTempo) shared their views on the state of the industry.
Several guests expressed optimism. BlockTempo’s Wego C. noted that despite last year’s downturn, talent and revenue continue to flow into the space, signaling sustained momentum. Shier Han of NFTScan—a leading aggregator covering 12 chains including Ethereum, BSC, and Arbitrum—observed that while NFT market value and trading volume have dipped, underlying growth remains strong: “We see about 4,000–5,000 new NFT contracts daily, each representing a collection that can hold thousands of assets. That translates to over 2 million new NFT assets minted every day.”
On AI’s impact, Shier Han envisioned AI generating low-cost, professional NFT reports from raw data. DeSyn Protocol’s Lin Yuan noted teams are already experimenting with ChatGPT for trading algorithms, and while he hasn’t seen similar DeFi applications yet, he’s excited about the potential at the AI-DeFi intersection.
Discussing innovation, BuilderDAO’s Niels Ma highlighted decentralized data protocol db3 and social data solution Lens Protocol. He added that BuilderDAO will focus next on modular DAO governance tools and deeper vertical incubation.
On future trends, Shier Han is bullish on Layer 3, decentralized stablecoins, and the ZKP ecosystem. He also predicted the rise of “dynamic NFTs” in the Metaverse & AI space, enabled by novel algorithms and game theory. Lin Yuan forecast Bitcoin trading between $30,000 and $50,000 in H2 2023, with quick rebounds in small-cap tokens offering timely opportunities. Bitrise Capital’s Kevin Shao pointed out that long-term holders consistently outperform, and as a firm, Bitrise aims to provide sustained support to promising projects to deliver lasting value.
Traditional Giants to Enter Web3; Regulation to Bring Stability
In the panel “What's Next for Digital Assets and Web3?”, moderated by Yanyan Liang of Blockchain Alchemy Group, participants Josh Du (Animoca Brands), Christian Ng (GBV Capital), Calvin Poon (The Spartan Group), Albert Chang (Chiron Partners), Aaron Baideme (Hex Trust), and Robert McCracken (Alchemy Pay) delved into topics including risk management and regulation.
On risk management, panelists agreed the events of 2022 were a wake-up call, stressing the need for deeper due diligence. Hex Trust’s Aaron Baideme emphasized building robust risk controls at the technical level, regardless of regulation. He added that blockchain’s appeal lies in its ability to protect user interests algorithmically, without government oversight.
Comparing DeFi and CeFi, panelists noted DeFi offers more choice, inclusivity, and innovation, free from traditional barriers like bank accounts. Both will coexist, each excelling in specific areas. DeFi, they argued, will drive financial globalization much like transportation did.
On promising sectors, several highlighted consumer-facing applications like custody, GameFi, social media, and content creation. Animoca Brands’ Josh Du said the firm is keen on consumer and app-layer opportunities beyond gaming—including fashion, music, and education. He cited TiniTap, an edtech app that lets teachers monetize courses via NFTs from day one. He also noted that while AAA GameFi titles take time, more high-quality projects are nearing launch. Alchemy Pay’s Robert McCracken added that user gateways like exchanges are critical for mass adoption. Another panelist remarked that DeFi protocols remain a go-to for yield, regardless of market cycles.
Looking 3–5 years ahead, panelists expect one major bull and one bear market, with retail investors still driving much of the action. Regulation will mature but not be all-encompassing. Blockchain adoption will widen, more institutions will support crypto payments, and traditional giants will find synergies and enter Web3.
The “Web3 Reimagined” event wrapped up after a vibrant cocktail party, standing out as a premier side event during the Hong Kong Web3 Carnival. Bing Ventures plans to host more such gatherings to foster dialogue, share knowledge, and empower startups. Here’s to a brighter future for the industry.