According to the former Hong Kong finance secretary, the virtual economy will be crucial to Hong Kong, encouraging the young generation to be engaged via web 3 participation and technology adoption.
On Wednesday, John Tsang Chun-wah spoke at an online session of Yahoo Finance All Markets Summit Extra Asia about his career in the virtual economy sector after standing down as the HKSAR administration’s finance leader.
With the developing trend of Web 3, the engagement of the Metaverse, and the acceptance of technology, “we are still at the early stage of J curve technology for many fields, such as AI or blockchain, and so on.” Expect a step function rather than a seamless transition at a slow rate. In time, it may be pretty stable, but it has been disturbed and jumped quite a few levels,” said Tseung, implying that a global perspective would be essential for the next generation to prepare for the future of Web 3.
Tsang, also known as “Choi Yeah” in Chinese culture, has shown interest in non-fungible tokens (NFTs) and their uses, thinking that this kind of digital asset would be important in the future.
The former finance executive also recently took part in an NFT initiative that explored the potential worth of his personal image. Tsang also advises young entrepreneurs in the private sector on virtual insurance and digital wealth firms.
Tsang expects that by distributing free “Choi Yeah” NFTs to consumers, he will enhance public awareness and interest “beyond the usage of a speculative instrument.”
“My purpose is straightforward. “We are going through a terrible era here in Hong Kong, and I would want to give people, or at least 3,000 people, something to shout about,” Tsang said.
Tsang went on to say that he also liked the new Web 3 business model, which is a platform for conducting enormous, decentralised operations and is built on Web 2. Through his NFT initiative, he hopes that people would benefit and be motivated to learn about the nature of the digital environment associated to Web 3 or perhaps the Metaverse.
Tsang, on the other hand, said that he is still sceptical about cryptocurrencies due to their volatility, advising the public to have a cautious attitude in finance and stating that crypto will be different in nature from NFT. He also warned of a crypto bubble, which may be similar to the dot.com boom that exploded in 1995.
Over the years, Hong Kong, as one of the world’s financial capitals, has faced not just regional rivalry from Singapore and the greater bay area (GBA) in China, but also some new difficulties in terms of a virtual economy.
When it comes to “paradigm shifts,” Tseung feels this is the generation of young people, implying the need to merge technology and abilities as well as engaging future trends.
“Paradigm shifts usually bring along many new and exciting business opportunities; and of course, it also brings a lot of risks,” he says, adding that “we have lots of different technologies that we can digest at this point, so the big need is really on talent aspects, we need to educate our younger generation, or even ourselves, with the latest technology, so th