Original author: Jerry, founder of ThePrimediaDAO
After the hustle and bustle, it is necessary for us to stop and calm down. The premise of how we grasp Hong Kongs policy opportunities is that Hong Kong can grasp the encryption market situation in order to achieve Hong Kongs status as a global encryption center.
But we judge that it is almost impossible for Hong Kong to become a global encryption center.
This is not our effort to hack Hong Kong in areas related to the encryption economy. We also hope that Hong Kong can seize this historical opportunity to achieve its position as a global encryption center, so we have not made an impossible judgment.
Where is the slightest possibility? It will be unfolded in the narrative of Why do we judge that Hong Kong has little chance of becoming a global encryption center.
Against the background that the Americans have played badly in the past period of time, Hong Kong will become the main narrative of this round of bull market. This is a common perception in the entire encryption market, and it is also the basic reason for the surge in Hong Kong.
However, this is not a good phenomenon, and it will also lead to a bad result-if the virtual asset policy conditions in Hong Kong, China, gather the old currency circle players living in various places to continue speculating in currencies, even if it is good for this round of bull market , but there will be a gap in the central governments expectations for Hong Kong.
Then, the Hong Kong government must also be aware of it, so the Web3 policy led by the Hong Kong government is largely inclined to traditional technology and traditional finance. Just look at the members of the Hong Kong governments web3 association.
Obviously, for the native web3 industry, the current bad phenomenon is obvious-Hong Kongs good news does not depend on either side. Therefore, Web3 builders gather in Hong Kong, and Web3 activities are overwhelming. Resources, capital, and talents are all gathered and deployed in Hong Kong, largely due to the spontaneous forces of the market. But thats clearly not enough to make Hong Kong a global crypto hub.
The overview of the incident is described here, we are based on Hong Kong’s virtual asset policy, Web3 policy, official public speeches by representatives of important department heads, and the industry’s response. We are disappointed to find that Hong Kong has not integrated the role of financial center into the web3/crypto economy narrative.
All of this is the basis for our judgment that Hong Kong has little chance of becoming a global encryption center. The key to solving the problem lies in how to play the role of financial capital allocation - a more specific description is how to convert the capital of speculation in the currency circle into funds that support the development of the web3 application market.
In the traditional economic world, the main narrative of finance is not a zero-sum game of speculation, but a hub for efficient capital allocation. Taking the capital allocation role of finance and the shaping of the leading position of the business technology industry in the past two or three decades as an example, New York/Wall Street has played the most vividly. Therefore, compared with the financial enabling technology in the United States, Hong Kongs financial center does not have an advantage in the function of capital allocation and the evolution of the commercial technology industry in the last round of finance. Taking Ali as an example, Hong Kong stocks used to be the first choice, and Ma Yun switched to the U.S. stock market after being rejected by Hong Kong.
This matter is not easy. In the current encrypted economic world, DeFi has not played a role in capital allocation.
But this seems to be the only slight chance for Hong Kong to become a global encryption center - if Hong Kong wants to become a global encryption center, it must resolve the opposition and unity between financial speculation and capital allocation in the field of encryption economy.
Regarding the opposition and unity of financial speculation and capital allocation, ThePrimediaDAO once selected DeFi samples for co-research and co-creation investment research analysis articles.
Simply talking about the topic of financial speculation and capital allocation is a bit abrupt in the narrative of Hong Kongs web3. We can look at the current central policy attitude expectations and the global encryption economy pattern, and how Hong Kong solves the problem of financial speculation and capital allocation in the encryption economy field. To further extend the opposition and unification among them——with financial speculation and capital allocation as the core, play the role of DeFi and currency circle capital in empowering the web3 industry, realize the development of the native web3 technology application market, and promote the encryption economy. Virtual assets and Convergence of real world financial systems.
But the current hustle and bustle is far from that. As mentioned at the beginning, it is time to calm down and think about it, otherwise, after this uproar, the overall loss of Chinese web3 and Hong Kongs encryption center will endanger every one of our practitioners.
This article is an introduction, hoping that there will be some power, some knowledgeable industry people, while developing their own careers, to promote the narrative of the Hong Kong encryption center in a good direction.
Thanks to the friends from the Hong Kong Web3 Carnival for some sharing, and also thanks to some discussions with different opinions, which played a necessary role in promoting the theme of this article from the hazy stage to the clear writing process.
We have selected a few Hong Kong web3 travel experience, and also extracted some interesting tidbits during the discussion:
DIDhub.com Angel Investor Minibus
From a macro perspective, the situation of Web3 in Hong Kong is very good. Whether it is at the policy level, capital level, media level, or project level, it has almost attracted the participation and attention of Chinese people all over the world. The main theme is positive, open, and international. However, from various signs, we feel that the entire industry is still in a bear market. There are very few institutions that are really willing to support the development of the project, and most of them are still on the sidelines. For the project side, survival is still the first priority. If you have the opportunity, you can consider settling in the Hong Kong Science and Technology Park or Cyberport to get some basic support, but once you settle in, you may be bound by policies in the future. This is worth thinking about for the project team, because there is no free lunch in the world .
The quality of the web3 projects participating in this year’s exhibition has generally improved. Many industry OGs ended up starting their own projects to start their own projects. Relatively speaking, this type of project deserves more attention from Web3 investors. I have seen many entrepreneurial teams from prestigious universities such as Tsinghua University, Peking University, and Tencent Ali go bankrupt with a huge amount of money. They don’t lack technology, talents, or endorsements. Why do they still fail? Because they lack a deep understanding of the Web3 industry, lack insight into the web3 market, and even lack the Crypto Native thinking mode. In the field of Web3, except for those projects endorsed by large institutions, which are top-down successes, the failure of other small projects is almost all bottom-up, and it is a win-win situation with the community. What Web3 has never wanted is not high-minded entrepreneurs, but down-to-earth entrepreneurs. For Web3 entrepreneurs who want to come to Hong Kong to develop, the competition this year will be extremely fierce. Why do you say that? Because Hong Kong is such a small place, it will attract almost all Web3 practitioners in the East. If you walk around the venue, you may meet your competitors. Of course, this is also beneficial. If we can actively embrace competition and actively integrate various Web3 ecological resources, it is possible to expand the entire industry together with our opponents, and everyone will benefit from it.
Foresight News Researcher Peng SUN
Looking left and right, accelerating on a curve: the speed and passion of Web3 in Hong Kong
I stayed in Hong Kong for a week, and I was very impressed with the taxi 🚕 driver. They drive very fiercely. On urban roads, they often kick 60-80 yards with a sharp kick, and they can even pull up to 100 yards. They turn without brakes, and the acceleration on the curve is as exciting as playing karting. Every time I sit in a taxi, I have to hold the upper handle, for fear that I will be thrown out.
Hong Kong taxi drivers are racing against time, they are not resting, and they are not wandering Jews, but they are always on the road, and they are always speeding up. They pay great attention to safety, just like the sidewalks are marked with look left and look right. Taxi drivers always look at the left and right mirrors to observe the road conditions, trying to control the acceleration within a safe range that can be controlled by humans. The brakes of taxis are only reserved for necessary and emergency situations. Except for traffic jams during off-peak hours, they dont stop. Perhaps it is the rhythm and pressure of Hong Kong, an international city. We actively and passively enter into this speed and passion.
Hong Kongs Web3 is also looking left and right and accelerating. The Hong Kong government is trying to achieve a cornering overtaking between stability and regulation through Web3, and recover the years that Hong Kong lost in the field of technology as an international financial center. More than 100 surrounding events, dinners, receptions, yachts, treasure hunting, graffiti mountaineering hackathon, hotel prices all the way to more than two or three thousand, public opinion building + Web3 activities + Web3 practitioners + Hong Kong government + service industry acumen co-directed a Hong Kong Web3 speed and passion big drama.
The 2023 Hong Kong Web3 Carnival has come to an end, and the short-lived upsurge will also dissipate. The daily drag racing of Hong Kong taxi drivers will continue, but Web3 has just started. How long this speed and passion will last in Hong Kong is still unknown, but in any case, please hold on tight and dont be thrown off the bus.
Li Dagou, founder of NonceGeekDAO
Views on Hong Kong (Developer Type DAO Perspective)
Buidlers, especially young buidlers, need to get out of their social comfort zone, not just to play with the same age group and the same type of people - social breaking circle is a scarce ability for young people;
Moderate sociality is very important for Developer Type DAO, many Buidlers will be over-socialized or under-socialized, or both:
* Excessively social - participate in all kinds of activities
* Lack of social interaction - obsessed with realizing the Idea in your mind, not verifying the match between your Idea and the market through communication with the outside world
* Excessive socialization + lack of socialization - participate in all activities, but the communication is superficial, and there is no in-depth communication, especially 1-to-1 in-depth communication, which leads to socializing by exchanging contact information
All in all, how to socialize correctly is an important proposition for developers in mainland China, because the education system is lacking in this aspect, and true social skills are often not established during the long student career, so it is necessary to actively Deliberately teach yourself real social skills.
Magpie (PicaPica) eco-designer Rebecca Lee
The week-long Hong Kong Web3 Carnival began with the three elements of Successful Web3 projects need NFT+Token+STO proposed by Wanxiang Xiaofeng, and ended with the widely spread Three Tokens model at the closing ceremony, during which we I have seen all kinds of Builders linked with all kinds of capital and using all kinds of models to work on all kinds of tracks. Most of the directions are thinking about how to do the entrance of Web3, how to let Web2 users enter Web3 without feeling, and how to make better use of it. Web3, NFT, Token, AIGC and other tools serve the real economy.
The situation presented in just seven days is that these early Web3 co-builders are not only acting, but thinking, or in other words, they are acting with awareness and thinking. They are the most vital group of this era Explorers, constructing a blueprint based on imagination and theoretical models from 0 to 1 in a brand new world is a kind of divine art.
The emergence of AIGC has improved productivity, and Web3 and blockchain will reshape production relations. From the establishment of foundations to the provision of incubators, the Hong Kong government is doing its best to create good conditions for Web3 pioneers. Under the environment, the sandbox experiment in Hong Kong provides us with a very imaginative space.
Magpie PicaPica, which has just established its operating entity in Hong Kong, focuses on exploring the application model of NFT in business life, in addition to issuing business cards, advertisements, membership cards, physical objects, In addition to different types of NFT such as rights and interests, it also links NFT issuers and holders in the form of Web3 Blog social homepage, and deepens the co-construction relationship between brands and fans with application tools such as blockchain games, pledges, and physical exchanges. Such a project that directly focuses on Web3 empowering the real economy is the easiest Web3 application for outsiders to understand in this weeks carnival.
Judging from the declaration of the Hong Kong government and the composition of the member units of the Web3 Association, the development direction of the projects supported by Hong Kong this time is also inclined to the upgrading and transformation of traditional financial technology, and this also means that Web3 will become a key factor in the development of traditional financial technology in the next few years. It also means that the popularization of Web3 still has a long way to go. In this process, very powerful industry evangelists and industry promoters are needed. Magpie Ecology will try to promote the co-prosperity of the entire ecology from the perspective of vocational certification training by creating an NFT broker system that is comparable to insurance brokers.
NFTChina.hk Founder Tony
I think the current start is particularly good, but a good start is only half the battle. We need to maximize this success. After the excitement, there must be a landing. Now long China long Hong Kong long capital has become a consensus, but how long is the specific entry posture, I hope everyone can think about it after this event and find out the best posture for their entry.
InVar Finance Founder Kenji
If FTX is a watershed for the industry to accelerate compliance, then this HK Web3 event is a watershed for the industry to begin to integrate.
The most special thing this time should be that many Web2 funds and companies have begun to understand Crypto and Web3. In the future, we will see more levels of integration of virtual and real, and a blend of old and new.
With the rise of Eastern power, the previously conservative Asia began to actively embrace the new world, and the implementation and expansion of Web3 applications in Asia has just begun!
CrossSpace and Type V DAO Founder 0x Leon
During the Hong Kong Conference, many builders gathered in Hong Kong, and the activities were overwhelming. Resources, capital, and talents are all gathering in Hong Kong, which is a good thing. But Builders also need to calm down and think about what is the most important, where are their customers, how to polish their products to meet market needs, and the more lively they are, the more impetuous they must avoid.
Oasis Capital Iris
Compliance and transactions are eternal themes, and I havent seen too many dynamic developers; sorry, sui is very dynamic.
CryptoAllocators
The meditation activity in Mid-Levels is one of the highlights at the end of web3 week; in the high-density and high-intensity web3 industry, meditation can relieve stress and anxiety.
Afflux-Founder-Jor & Lucas-NewLand
Several activities held by the organization are good, the quality of AC capital and Youbi is very good; Zhichuns is also good.
Topia Keran
After coming out of greenfield, someone finally paid attention to the storage track. This time I came to participate in the WEB3 festival to see more products on the decentralized storage track. This is a very good thing. When capital and builders focus on the track, I believe this track can develop rapidly.
RE:DREAMER Lab /CEO Jason
I feel like time has been frozen and then thawed out. Although it is joy just after freezing and may still be adjusting the new era, I believe it will definitely speed up the adjustment and create a more brilliant future!
Remarks: Hong Kong web3 trip experience and Interesting tidbits of exchanges are ranked in order of exchange time.
