Review of ZMQ team trip in Hongkong Web3 Festival
The 2023 Hong Kong Web3 Festival was launched with fervor and enthusiasm in the past week, along with 150+ side events spreading across the Oriental Pearl. A number of institutes and authorities, including the HongKong government, SFC, InvestHK, Hashkey Group, J.P. Morgan, Bloomberg, Hamilton Lane, Accenture, Meitu, Alibaba group, Matrix Partners, Dragonfly, Coinbase, Binance, Circle, ZA Bank, etc., have committed to working on tokenizing real world assets. Meanwhile, Web3 developers, investors, and other projects met here to discuss the future trends and opportunities in Web3.
According to the event host, Wanxiang Blockchain Labs, there were over 10 thousand registered guests, and the total number of participants could reach 20 thousand. Since 10th April, there have been more than 100 events of various types organized in Hong Kong, and around 10% of the participants from North America and Europe, while most of the rest from Asia. Among all these events, there were hundreds of booths and stalls of Web3-related projects presented by cryptocurrency exchanges, market makers, public blockchains, tech support, ventures, audits, etc. As can be seen, these Web3-related projects were coming from the most profitable sectors or innovative start-ups.
Regulation and compliance were some of the hottest topics discussed at different events. Hong Kong government officials have reiterated their commitment to ensuring the stability of the on-chain financial system and investor protection, and then growing the Web3 industry with proper regulations. The Securities and Futures Commission (SFC) believes that on-chain financial services provided by DeFi platforms for virtual assets need a license under existing rules. Besides, starting in June, cryptocurrency exchanges serving customers in Hong Kong must be regulated by the SFC.
One last thing was the closing keynote speech delivered by the chairman of Wanxiang Blockchain Labs and HashKey Group, Dr. Feng Xiao, which was The Three-Token Models for Web3 Applications. According to the dominant speech, the three-token model of the Web3 application layer includes NFT, Utility Token, and Security Token. NFT should not be artwork or avatars only but can also be a self-created, self-managed, and self-certified asset. The value of the NFT comes from playing it to earn or to own, which will firmly connect Web2 and Web3, the real world and the virtual one. The basic principles of Utility Token design are similar to those of credits and gifts, which are used to incentivize users. The nature of Security tokens is the same as that of stocks, which can bring together users and investors, and STO can be carried out on cryptocurrency exchanges. The speech introduced a new economic ecosystem and brought this provocative idea to all of the Web3 builders to reconsider our existing and future tokenomics designs.
By participating in these Web3 festivals, ZMQ has also made some achievements. During the past week, we have met over 1,000+ people from 300+ institutes and projects and thoroughly discussed our collaborations regarding market making, investment, and new project incubation. We sincerely invited all interested companies to our Hong Kong office for future cooperation.
Consensus 2023
Next on our agenda, we will show up at Consensus 2023. Hello Austin! See you there!
