9th Big Demo Day: Summary "Web3 FutureFi 2023" - Central Research

Time:

December 18th, 2023, 9:30 - 18:00 and December 19th, 2023, 9:30 - 18:00 GMT+8

Venue:

Cyber Arena, Cyberport, Hong Kong

On December 18th and 19th, the two-day "Web3 FutureFi 2023 Summit" concluded successfully at Cyberport in Hong Kong, marking the grand finale of the Big Demo Day event. The summit featured prominent figures, including government officials such as Mr. Chen Kah Ho, Co-chairman of the Hong Kong Digital Finance Association, and Mr. Johnny Ng, Legislative Council Member. Representatives from HashKey Group, Animoca Brands, Waterdrip Capital, Coldlar, FireChat, Pudgy Penguins, Cregis, Conflux, InitVerse, Ccarbon, DA AGE, ODC, and other distinguished guests engaged in discussions on topics ranging from Hong Kong's Web3 regulatory policies to the impact of Bitcoin spot ETFs on the market and the development prospects of emerging sectors like gamefi.

Opening Speech by Legislative Council Member Mr. Johnny Ng

Johnny Ng, Member of the Legislative Council, expressed that since the issuance of Hong Kong's virtual asset development declaration, over 200 Web3 enterprises have settled in Cyberport. He hoped for more applications serving real-life scenarios to integrate with Web3 locally. Wu emphasized the importance of trading on compliant platforms to safeguard assets, given the presence of two licensed virtual asset exchanges in Hong Kong.

Ms. Dylan, Co-founder of Central Research, delivered the opening speech and announced the initiation of the 2024 Incubation Camp in collaboration with over 10 partner organizations. The camp aims to support the development of high-quality projects.

Techub News Partners with HK 01 for Web3 Content Channel

Alma, Founder of Techub News, announced a collaboration with HK 01 to create the "NetScience 3.0" Web3 content section. This partnership, a first between traditional and Web3 media in Hong Kong, seeks to provide users with timely, comprehensive, and in-depth insights into the Web3 industry.

The " NetScience 3.0" section will encompass exclusive interviews with industry elites, interpretation and analysis of industry trends, an inventory of Web3 applications, and special reports on market hot topics. This collaboration marks the first in-depth integration of content between traditional media in Hong Kong and Web3 media. It aims to provide Hong Kong users with more timely, comprehensive, and in-depth insights into the Web3 industry, against the backdrop of the Hong Kong government's strong promotion of local Web3 development.

Founded in 2016 in Hong Kong, HK 01 is a leading internet and news company dedicated to building a "media+" lifestyle platform. With over 60 content channels, it delivers real-time and diverse news information to readers. In 2022, HK 01's total page views approached 10 billion, with a monthly active user base exceeding 17 million people, covering Chinese communities in the United States, the United Kingdom, Singapore, and other locations.

Terry Chan from InvestHK discussed Hong Kong's developments and policy support in the fields of financial technology and Web3. He emphasized Hong Kong's unique position and potential, highlighting the crucial roles played by both the government and the industry in advancing the Web3 ecosystem. Additionally, he mentioned initiatives such as the new licensing system for virtual asset trading platforms and support for cross-border applications of digital yuan. These measures aim to encourage domestic and international innovative enterprises and investors to establish operations in Hong Kong, promoting the image of Hong Kong as a global hub for financial technology and Web3 innovation.

Tony Luk from SINOHOPE reflected on the cryptocurrency industry's performance in 2022, noting the success of cryptocurrencies like Bitcoin and the challenges faced by traditional investment channels such as A-shares and H-shares. He shared his experience as a fund manager in the context of the Hong Kong Federation and expressed that the company is currently performing well.

Roundtable Discussion on Hong Kong's Crypto Regulation

In a roundtable discussion titled " One-Year Review of Hong Kong Crypto Regulation", participants discussed the strengths and weaknesses of Hong Kong's crypto regulatory policies. While acknowledging Hong Kong's leading position in global financial systems, participants emphasized the need for more diverse trading options and predicted the addition of new trading instruments in the future. Additionally, they pointed out that under Hong Kong's comprehensive regulatory framework supported by government-backed regulatory bodies, practitioners can conduct their activities more familiarly within the financial system. However, the current limitation lies in the relatively sparse variety of tradable assets, restricted mainly to spot trading, in contrast to the diverse market offerings in the United States. Looking ahead, there is optimism that Hong Kong may introduce new types of tradable assets to cater to investors.

Furthermore, participants highlighted the advantage of Hong Kong in proactively exploring a stable regulatory framework for virtual asset trading, especially in situations where such trading is restricted on the mainland. They stressed the importance of leveraging Hong Kong's unique characteristics to lead in establishing robust regulations. Additionally, it was emphasized that Hong Kong has the potential to mainstream digital asset trading services that cater to the entire nation of China, filling a gap where virtual asset trading is restricted on the mainland. The aim is to position Hong Kong as a global hub for digital asset trading services.

Anna, L7 Global Ambassador, discussed "The Connection of Digital Assets and Real-world Consumption," emphasizing the transformative impact of the cryptocurrency industry beyond payments. She highlighted the acceptance of cryptocurrencies by major corporations like Starbucks, McDonald's, and Tesla, indicating a shift in mainstream adoption and its influence on shopping habits.

Canary from CHAINUP delved into the application of blockchain technology in finance and other industries, emphasizing its revolutionary features such as traceability, speed, transparency, real-time transactions, and efficiency. Companies and financial service giants are increasingly exploring and implementing blockchain to enhance efficiency and gain a competitive edge.

IF, Market Director of Coldlar Wallet, discussed the security measures adopted by high-net-worth investors, such as the use of cold wallets. He highlighted KuShen Wallet's commitment to providing secure and convenient cryptocurrency storage services for global individual and corporate users, contributing to enhanced asset security.

Anthony, CPO of Cregis, outlined Cregis' mission to facilitate businesses' entry into Web3 by providing infrastructure services, platform asset management, solutions, and ecosystem applications. Cregis has already served over 1,000 Web2 and Web3 enterprises and teams, including exchanges, Web3 games, OTC, and Web3 funds.

Leo, CEO of FireChat, shared insights into FireChat's approach to investing in Web3 projects. He stressed the importance of assessing a project's team structure, technological potential, community development, and innovative applications. Leo emphasized the need for ongoing communication with project teams to stay informed about progress during the incubation process.

Newman Capital's Chief Business Development Officer, Keisy, addressed the regulatory considerations for issuing tokens related to Web3 games in Hong Kong. He pointed out the incomplete regulatory framework and urged careful consideration of operational aspects, such as the ability to operate games in Hong Kong.

Web3Vision founder Cyber Young conducted an in-depth analysis of the essence of inscriptions. He views inscriptions as a type of meme token with limited actual value. However, the thriving development of inscriptions in the community is primarily due to their price rather than intrinsic value. Cyber Young also emphasized the importance of emotional value.

Five industry guests engaged in a lively discussion on the theme of "Will the NFT market bring new dynamics to the next bull market." As the NFT market matures, it extends beyond the art sector, demonstrating multiple applications such as digital identity and collateral proof. Despite current challenges, experts firmly believe that, through value regression, NFTs will exhibit broader practicality and universality.

Carter, Head of IOST Hong Kong, highlighted the pain points faced by Web3 games. He believes that addressing challenges such as high technical requirements, significant operational costs, and promotional difficulties requires concerted efforts through enhanced technical research, collaboration, optimized game design, and expanded market channels.

Dashan, Co-founder of Waterdrip Capital, shared his views on the Bitcoin ecosystem in the speech titled "The Beginning and End of Blockchain." He stated that the Bitcoin ecosystem has recently gained attention from the market and capital. Various Layer2 technologies of Bitcoin, including Lightning Network, RGB, and their integration with protocols like Nostr, are fully applicable to constructing Web3 infrastructure with performance superior to public chains.

RISHI, Business Representative of CCarbon, announced CCarbon's latest plans. CCarbon plans to open carbon asset trading in the first quarter of 2024, with the current project in the private fundraising stage. RISHI stated that on-chain carbon asset trading is an important practice in the field of RWA tokenization, and CCarbon aims to not only facilitate the circulation of carbon assets but also promote attention to the low-carbon environmental sector globally. CCarbon is a global Web3 carbon asset trading platform designed to facilitate secure, transparent, and efficient carbon asset trading through blockchain distributed ledger technology.

Anna, Market Director of InitVerse, expressed that Bitcoin spot ETFs can enable investors to directly invest in cryptocurrencies without needing to understand the technical details, lowering the entry barrier and attracting more traditional investors to the cryptocurrency market. She believes that financial products in the form of ETFs will be crucial tools for helping new investors enter the Web3 market.

Ronnie from L7 Builder, in the roundtable meeting "BRC20 Inscription Ecosystem Trend," believed that the core of inscriptions lies in recording valuable symbolic content through their tamper-evident characteristics. In the early development of inscriptions, market speculation was intense, and tech enthusiasts feared that inscriptions would cause congestion and junk data. Different opinions arose due to varying user perspectives, with the hope that inscriptions could record more valuable content beyond speculation.

Dr. JiaNing Yu, President of Uweb, discussed the impact of industry innovation, industrial policies, and monetary policies on the trend of the digital asset market. She stated that significant innovation in the industry, coupled with loose industrial and monetary policies, often leads to bull markets. Conversely, if innovation is lacking, and policies and currency become more stringent, the digital asset market may struggle to break free from a bear market.

Four guests discussed the potential impact of Bitcoin spot ETFs on the crypto market. With the approval and acceptance of ETFs by users, the market could witness significant growth. The crypto market demonstrates immense potential and substantial room for growth. During the ETF discussion, growth was seen as gradual, potentially taking time to reach a considerable scale. Additionally, the guests compared the size of the crypto market with the gold market, emphasizing the significant growth opportunities in the crypto market.

Casper Wong, Founder of Web3Labs, expressed optimism about the development of the Web3 industry in Hong Kong. From the perspective of Hong Kong legislation, he believes that the vision for development is both long-term and far-reaching. Furthermore, the status of Hong Kong as an international financial center provides a solid foundation for Web3 development. Casper also highlighted Hong Kong's advantages in talent policies and location, demonstrating a friendly attitude toward the cryptocurrency industry.

Mr. Paul Alan Caldwell, Chairman of Original Digital Corporation (ODC), discussed the importance of the development of the digital economy, forward-thinking, private equity investment, the intersection of Web3 and artificial intelligence, and his role and experience as a private equity investor.

SC, Founder of Stratified Capital, reminded everyone to pay attention to the lifecycle of GameFi. He expressed that every game has its lifecycle, and the lifecycle of GameFi may be shorter than that of Web2 games. When investing in the market, it is essential to distinguish between focusing on the game or the financial aspect. If profitability is the focus, attention should be given to the game's activity in smart contract interactions. If focusing on the game, emphasis should be on the gaming experience and entertainment attributes.

Lan Lam, Founder of Satori Research, shared viewpoints on large-scale Web3 games. He believed that although reaching several thousand participants is considered ideal for large-scale Web3 games, there is room for improvement compared to traditional Web2 games. To attract more participants to Web3 games and provide a quality experience, the entry barriers for Web3 games need to be lowered.

Five guests discussed Web3 Games, stating that as an emerging field, Web3 games will face skepticism and challenges but also possess significant opportunities and development potential. The guests discussed the bubble and playability issues in the previous round of Web3 games, as well as the coexistence issue between GameFi and Fiat. They emphasized that exploring the future potential and development direction of Web3 games requires not only focusing on the current situation and challenges but also conducting in-depth research into their essence. They shared industry experiences and provided advice on discovering high-quality projects and understanding industry trends. Regarding the next round of the Web3 game bull market, the guests believed that more traditional game manufacturers would enter the market, and new models like full-chain games would also gain attention. They cautioned everyone to be cautious when choosing projects, considering factors such as team capabilities and community operations.

BIG DEMO DAY Award Session

After the roundtable meetings and roadshow projects of BIG DEMO DAY concluded, the exciting award session took place. This year, the Most Popular Community Award in BIG DEMO DAY Hong Kong went to Mocaverse CN, Cool Cats HK, Mimi, and Alpha.

Simultaneously, the Best Investment Institutions Award in BIG DEMO DAY also went to JDI, Ausvic Capital, Web3Vision, and Waterdrip Capital.

In the roadshow projects, many outstanding projects were observed. L7, an asset management project, won the Global Asset Innovation Award as the Best Project of the Year in the annual roadshow.

In the public chain category, IOST, Conflux, ELASTOS, InitVerse, and NEO received the Best Project of the Year in the public chain category at BIG DEMO DAY, acknowledging their outstanding technology and innovation capabilities.

Original Digital Corporation, RedotPay, and VISION MASTERCARD received the Best Project of the Year in the tool category at BIG DEMO DAY, recognizing their unique features and practicality.

In the wallet category, COLDLAR, Cregis, and Custonomy won the Best Project of the Year at BIG DEMO DAY, lauding their excellent security and user experience.

In the DEFI category, Coral Finance, Logearn, GasZero, and CreDA were awarded the Best DEFI Project of the Year at the annual roadshow for their innovative applications in decentralized finance.

In the SOCIALFI category, Chatpuppy, World in Shadow, DeBox, and Bi.SOCIALFI received the Best SOCIALFI Project of the Year at the annual roadshow for their innovative social patterns and interactive experiences.

In the RWA category, DA AGE, INK FINANCE, XCart, Ccarbon, and Staynex received the Best RWA Project of the Year at the annual roadshow for acting as a bridge between the real world and the virtual world.

In the Al&Web3 category, FireChat, Public.Al, and YEET were awarded the Best Al&Web3 Project of the Year at the annual roadshow for their advanced artificial intelligence technology and blockchain applications.

In the NFT category, MORA NFT, NFT China, and NFT.PRO were honored with the Best NFT Project of the Year at the annual roadshow for their unique artistic and collectible values.

In the Metaverse category, MixVerse, GEMS, and XOOCITY received the Best Metaverse Project of the Year at the annual roadshow for their innovative technology and rich application scenarios.

With the collaborative efforts of Hong Kong and the attendees, the conference was successfully launched and concluded. The "Web3 FutureFi 2023 Summit" Big Demo Day Annual Summary undoubtedly provided a valuable platform for participants in the Web3 industry, enhancing internal communication and cooperation while driving innovation and development in the Web3 sector. As technology continues to advance and the market evolves, we eagerly anticipate more exciting breakthroughs and innovations, believing that Web3 will bring us additional possibilities and opportunities.