The Hong Kong authorities plan to further support various Web3 industry sectors related to the digital entertainment market as they positively impact the region’s economy.
Paul Chan Mo-po, Hong Kong’s Financial Secretary, voiced his support for blockchain technology, particularly highlighting emerging sectors of the Web3 industry such as GameFi, NFT, and Metaverse. In his opinion, they’re leaders in the digital entertainment market and their further adoption is positively affecting the region’s economy.
The official came to such conclusions after attending the annual Digital Entertainment Leaders Forum dedicated to Web3 developments in the entertainment industry. The event was held at the Cyberport business park and attracted over 3,500 attendees, showcasing the development of the digital entertainment industry in Hong Kong. At the event, more than 170 companies shared their achievements and developments in using Web3 technologies to create blockchain games, Metaverses, data analytics, e-sports infrastructure, and more.
According to Chan Mo-po, the development of the digital entertainment industry not only contributes to an engaging experience for users but also boosts the region’s economy. Therefore, the government intends to continue funding the industry.The authorities of Hong Kong in 2022 allocated 50 million Hong Kong dollars ($6.5 million) for developing Web3 initiatives in the region. This year, another 500 million ($65 million) was provided for these purposes.