As for games based on the Play-to-Earn model, they could be the next generation of digital entertainment, Mawpo said.
The finance secretary noted that earlier this year, an additional $50 million was allocated from the budget for Cyberport to accelerate the development of the Web3 ecosystem. And 20% of these companies are foreign.
Earlier, the Hong Kong government set up a task force to develop Web3, including government officials and crypto industry participants. Hong Kong is also working on legislation favorable to cryptocurrency businesses as the administrative region positions itself as an international hub for digital assets.
Recall that in May, the Hong Kong Cyber Security and Technology Crime Bureau (CSTCB) introduced the CyberDefender Metaverse platform to prevent crimes in meta-universes and cyberspace.