On July 29th, the first "ChinaJoy Web 3 Conference" jointly organized by Hanwei Trust, New Fire Technology, and D11 Labs, and guided by China Audio-Video and Digital Publishing Association, successfully concluded at the Kerry Hotel in Pudong, Shanghai.

The conference, themed "Creating a New Era of Digital Economy," focused on exploring the future development trends of Web 3 technology and the digital economy, revealing cutting-edge technological trends and industry insights. In addition, the conference discussed in-depth how Web 3 frontier technologies can promote the development of the digital economy, deeply link internal and external resources of the Web 3 ecosystem, accelerate the landing of the industrial ecosystem, and help Shanghai build international influence in the field of Web 3 and other digital new economy.

Renowned economist Zhu Jiaming, Shunwang Technology director and vice president, and Hanwei Trust chairman Han Zhihai, Animoca Ventures fund executive James Ho, Nano Labs founder and Hong Kong Cyberport director Kong Jianping, Ava Labs Vice President of Growth and Strategy Garrison Yang, Uweb founder and president Yu Jianing, and Zhao Binghao, the dean of the Institute of Financial Technology Law at China University of Political Science and Law, attended the conference. The conference also invited Nina, the iPollo community ambassador, as the host of the event.

Han Zhihai, Vice President of Shunwang Technology and Chairman of Shanghai Hanwei Trust Exhibition Co., Ltd., delivered the opening speech on behalf of the conference organizers.

Han Zhihai stated that with the rise in popularity of concepts and industries such as the Metaverse, digital art, and blockchain, more and more experts, scholars, and industry elites are paying attention to the innovative technologies of Web 3.0, and Web 3.0 is gradually transitioning from a concept to reality. ChinaJoy has always been an open discussion platform for major technological changes and cutting-edge trends in the digital entertainment industry. As a globally renowned game exhibition rooted in Shanghai, ChinaJoy will continue to keep up with policy orientation, target industry and technological development trends, and promote technological innovation. It is hoped that the successful holding of the Web 3 Conference can inject new impetus into the development of Shanghai's digital new economy, promote the gathering of outstanding Web 3 talents, technologies, capital, and industries in Shanghai, and promote the prosperous and healthy development of the local digital entertainment industry.

Han Zhihai, Vice President of Shunwang Technology and Chairman of HanweiXinheng

Professor Zhu Jiaming, a well-known economist and Chairman of the Academic and Technical Committee of the Hengqin Blockchain and Digital Finance Research Institute, gave a remote video speech. In his sharing, Professor Zhu mentioned that 20 years ago, when ChinaJoy was born, it was the golden age of the Internet. However, terms like blockchain, NFT, metaverse, and especially Web 3.0, had not yet appeared. Artificial intelligence was also at a time of anticipated breakthroughs. At that time, people's understanding of the digital entertainment industry, digital entertainment technology, and digital entertainment culture was still in a relatively early stage. Now, 20 years have passed, and the technological foundation, content, potential, and prospects of the entertainment industry have undergone fundamental changes.

Now, big data, AIGC, virtual reality technology, including the metaverse and Web 3, will provide important technological foundations and support for the entertainment industry and entertainment industry clusters. The value internet and smart internet formed with the support of Web 3.0 and AI will create a new ecosystem for the entertainment industry.

Professor Zhu Jiaming, a well-known economist

Then, the main agenda of the conference officially began, and there are four topics in this conference: "Web 3 infrastructure construction," "How Web 3 technology empowers the digital economy," "Web 3 leading the transformation of the gaming industry," and "The current status and future development trends of the metaverse."

In the discussion session of the first agenda "Web 3 Infrastructure Construction", Kong Jianping, founder of NanoLabs and director of Hong Kong Cyberport, delivered a speech on the theme of "Development Opportunities of Metaverse in the Web 3 Era" and proposed the three laws of Web 3. Assuming that the industrial era is two-dimensional space and the internet era is three-dimensional space, then the Web 3 era is four-dimensional or even higher-dimensional space. Based on this, he proposed the three laws of Web 3: 1. The network value of Web 3 is at least proportional to the cube of the network users; 2. The total network value of Web 3 is the sum of the network values of each layer; 3. All marginal users of Web 3 will receive corresponding network value.

Kong Jianping, founder of NanoLabs and director of Hong Kong Cyberport

Garrison Yang, Vice President of Growth and Strategy at AvaLabs, discussed the construction of Web 3 infrastructure from the perspective of games. In his keynote speech titled "Web 2.01, The Next Step of Game Innovation", he shared that the growth of Web 3 gaming users is not as fast as expected, and there are still significant hurdles to acquiring users, such as the high barrier to use decentralized tools, high costs, and poor game playability, which have discouraged many Web 2 game users.

Based on this, Garrison proposed the concept of "Web 2.01": developers maximize the use of Web 3 and blockchain technologies while minimizing the impact on users' gaming experience, achieving a Web 2 gaming experience through Web 3 technologies. "We should focus more on improving the Web 2 experience and not do things that players are not ready for. The market has already told us that Web 2 gaming experience is far ahead of Web 3 gaming experience. Web 3 technology should enhance these good experiences instead of replacing them," said Garrison.

Garrison Yang, Growth and Strategic Vice President of AvaLabs

In June of this year, AvaLabs launched the Avalanche Arcad 3 program, which is dedicated to helping Web 2 gaming companies explore Web 3. Arcad 3 will provide assistance to Web 2 gaming companies in areas such as blockchain technology, marketing, and development models.

In the session "How Web 3 Technology Empowers the Digital Economy," Yuan Yuming, CEO of Huo Chain Technology, stated in the panel discussion on the topic of "Opportunities and Challenges: Web 3 Empowers the Future of Digital Economy Development" that the booming AIGC and AI industries have brought new development opportunities to the blockchain and Web 3. AIGC and virtual AI models can use blockchain and Web 3 technologies to build platforms for the data they require. The entire process of data circulation can be traced and confirmed through the blockchain. On one hand, this ensures the recognition of rights during the process and fully stimulates everyone's enthusiasm. On the other hand, it also helps prevent various kinds of violations. Therefore, from this perspective, blockchain plays a crucial underlying role in the AI industry and even the digital economy industry.

Yuan Yuming, CEO of FireChain Technology

Guo Junxiu, Founder and CEO of Elven, said during the discussion that blockchain can push financial digitization to new heights, achieving a fully real-time and integrated financial digitization. Because all blockchain data is on the chain, it serves as both business contract and financial performance. All transactions and contract actions recorded on the chain provide an excellent foundation for data governance. Business and finance can truly achieve integrated contract performance from Day 1 of the transaction, laying a solid foundation for the integration of business and finance.

Guo Junxiu, Founder and CEO of Elven

In the third topic of the conference, "Web 3 Leading the New Paradigm of the Game Industry Revolution," James Ho, the head of Animoca Ventures fund, gave a keynote speech on the theme of "The Past and Future of Web 3 Games." James Ho mainly introduced Animoca Ventures' current investment strategy to accelerate the mass adoption of Web 3. The current focus is on investing in innovative open infrastructure projects and content applications, shifting the investment strategy from the trading market to content creation. James Ho stated, "True digital ownership exists in a more equal internet. By making this internet more open, we bring in more creative activities and unlock more economic opportunities. We hope to remain at the forefront while achieving 1 billion players in Web 3."

James Ho, the manager of AnimocaVentures fund.

Chen Haiteng,the Chief Strategy Officer of Doublejump.tokyo Co., Ltd. Asia, gave a speech on"Opportunities and Challenges of Japan's Web 3 Game Industry." He shared that Japan's Web 3 game market is heating up with the entry of major game companies and enterprises with well-known IPs into the market. Both Japanese companies and the government are focusing on creating a healthy market for Web 3. Now is the best time to enter this market.

Chen Haiteng,the Chief Strategy Officer of Doublejump.tokyo Asia Inc.

Doublejump.tokyo is a development company specializing in NFTs and blockchain games. It is known as the "Nintendo of Japan's Web 3 Industry" and has strategic investors and partners such as Bandai Namco and Sega, Japanese gaming giants. In addition, doublejump.tokyo has developed the first blockchain game in Japan. In June of this year, doublejump.tokyo released a teaser website for "Sangoku Battle - The Great Battle of the Three Kingdoms," an innovative Web 3 game authorized by Sega, which will debut in 2023. doublejump.tokyo is also involved in the development of Oasys, a Japanese public chain specially designed for game developers.

The last item on the agenda of the conference was "The Current Situation and Future Development Trends of the Metaverse", presented by Yu Jia Ning, the founder and president of Uweb. Yu Jia Ning delivered a speech on the topic of "The Metaverse Real Era: Web 3.0 and AIGC Empowering the Game Industry". Yu Jia Ning believes that Web 3.0 has not only built a human-level financial internet but also constructed a human-level value internet, which is an important pillar of the future Metaverse. In the iterative upgrade process of the entire Internet, content and creative methods are crucial driving factors. Web 1 focuses on marginal content, Web 2 focuses on UGC and short videos, and Web 3, driven by AI, has a different content production approach. This change in content production methods leads to a transformation in content ecology, the relationship between content and people, and the value logic of content, thereby changing the entire Internet.

Yu Jia Ning, founder and president of Uweb

Moger Mo, an architect of the Amazon Web Services(AWS) solution, delivered a keynote speech on the topic of "Building an Immersive Metaverse based on Web 3". Moger Mo introduced that the emergence of the Metaverse has provided many startup companies with opportunities to break the monopoly of game giants. However, they still face significant challenges when dealing with these companies because they lack a complete set of development tools like big companies do. For example, in the data analysis case, how to build a complete data analysis system. Amazon Web Services (AWS) has designed a complete set of game development tools for indie game developers. This includes GameLift, a managed game server backend service, and the Open 3D Engine (O3DE), an open-source 3D game engine specifically designed for Metaverse game developers. O3DE is a modular, open-source, cross-platform 3D engine that can be used in the production of AAA-level games and 3D movie production.

Amazon Cloud Technology Solution Architect Mo Ziyuan

In addition, internationally renowned experts in commercial law, fintech, and digital legal studies, Zhao Binghao, presents a keynote speech entitled "Cross-border Web 3 Project Compliance Guidelines". In his speech, he mainly discusses the "compliance guidelines for Web 3 projects" and "legal risks and compliance methods for GameFi projects". Zhao Binghao believes that the legal structured design of Web 3 projects is mainly based on three factors: 1. Financing structure, because most Web 3 projects require investment from investors, legal considerations are necessary in financing; 2. Governance structure, Web 3 projects will further transform into DAO organizations, and compliance at the legal level is a crucial issue that Web 3 entrepreneurs must consider for DAO organizations; 3. Responsibility structure, which is related to the governance structure.

When it comes to "legal risks and compliance methods for GameFi projects", Zhao Binghao introduces the current situation of regulation of GameFi projects in East Asian countries. He mentions that countries such as China, Japan, and South Korea have very detailed and strict regulations regarding GameFi. Global compliance development should fully value local regulatory systems, respect and adopt targeted compliance measures to achieve long-term development.

Internationally renowned experts in commercial law, fintech, and digital legal studies, Zhao Binghao

WorldXR Forum Chairman, Sensoryx Business Director Salar Shahna gave a speech on the theme of "Connecting the Real World, Empowering the Metaverse". Salar mentioned, "Many people think that VR is dead, but the emergence of blockchain, metaverse, and Web 3 has made VR more enduring. Virtual assets and blockchain technology can be combined with VR, used in the virtual world, and even consumed in the VR world. Blockchain can better connect the real world and the virtual world."

Finally, Salar mentioned that digital identity is the ID that users use in the metaverse world, which can bring a sense of identity in the virtual world and improve user experience.

WorldXR Forum Chairman, Sensoryx Business Director Salar Shahna

This conference received strong support from strategic partners such as Ava Labs, Amazon Web Services, Animoca Ventures, double jump.tokyo, and Oasys. With the joint efforts of Web 3 entrepreneurs and scholars and experts from various fields, the conference concluded successfully.

This edition of ChinaJoy Web 3 2023 is the first collaboration between ChinaJoy and the Web 3 industry. The successful hosting of the conference represents that the pace of collaborative development between cutting-edge technology and the digital entertainment industry is accelerating, and it also means that Web 3 technology is empowering the digital economy and ushering in a better era of the digital economy.