The next wave of growth in the entertainment industry, in Paul Chan’s opinion, will be driven by web3 and blockchain technology. Paul Chan is the Monetary Secretary of Hong Kong. Given the interest they arouse from entertainment behemoths around the world, the federal government official is confident that non-fungible tokens (NFT), GameFi, Play to Earn, and immersive leisure would benefit the industry.
According to a blog post by the Financial Secretary of the Government of the Hong Kong Special Administrative Region, Web3 and Blockchain technology are predicted to play a significant role in the global online entertainment sector. By 2027, the industry is projected to grow at a staggering 21% compound yearly growth rate to a staggering $653 billion.
Following the three-day Digital Leisure Leaders Discussion Board, which had a web3 entertainment theme and attracted 90 speakers from more than 30 countries, Monetary Secretary Paul Chan provided his comments. The audio system stressed the role that digital entertainment technology plays in art, education, and sports in the Web3 era.
An official from Hong Kong’s government said:
With its characteristics of disintermediation, safety, transparency, immutability, and low cost, Web3’s fundamental blockchain technology can be used in many different industries, including finance, business, commerce, supply chain management, and even daily life.
There are currently 170 companies from the digital entertainment sector based in Cyberport, the business park that hosted the most recent Web3 discussion board. These companies work in the fields of metaverse, sport improvement, sport big data analysis, and research and development of e-sports equipment, among others. According to reports, several of these businesses are actively utilizing and researching Web3 functions to increase their productivity.
According to Secretary Chan, the Web3 space has rapidly improved in recent years, enabling it to offer technological services that go beyond digital entertainment and digital property. Chan recently opened the Web3 Life Expertise Corridor in Cyberport after allocating $50 million to promote the Web3 ecosystem of the business park.