Hong Kong Web3 Summit: Industry Status and Future Outlook

The Web3 event held in Hong Kong has triggered reflection among industry professionals on the current state of the industry. Although the on-site attendance is not as booming as in previous years, it is still possible to sense that the industry is undergoing profound changes.

The cultural differences between the East and West are becoming increasingly evident

This conference saw a significant decrease in Western faces, reflecting the deepening divisions between the East and West in the Web3 field. Even the presence of the Ethereum founder on site could not conceal the differences in ideology and pursuits between the two sides. Some view Web3 technology as a speculative tool rather than a partnership, and this tendency has influenced the development direction of the entire industry.

Can the RWA narrative continue?

Real world assets ( RWA ) have become the mainstream narrative this year, but their essence is not much different from previous hot topics like NFTs and inscriptions. Although the macro narrative seems correct, it often overlooks individual rights. While capturing hot trends can bring short-term growth, user retention is the key to industry development. Currently, on-chain applications are still limited and cannot meet daily needs.

Where is Ethereum headed in the future?

The founder of Ethereum faces a difficult choice, and any decision could lead to personal or collective tragedy. Although young and talented, he is also easily misled by the words of others. Whether the strategy of fully betting on L2 is wise remains to be seen over time. How to balance between L1 and L2 in the future will be a major challenge.

Web3 Games Face a Chill

Web3 games were once highly anticipated, but now they face bottlenecks. Both players and investors have lost much of their enthusiasm for this field. Web3 elements are difficult to provide substantial improvements to games and may even affect the gaming experience. Purely financial incentives cannot replace quality game content, and the development path of Web3 games still needs to be explored.

Opportunities in a Bear Market

In times of market downturn, it is a great opportunity for entrepreneurs to showcase their talents. Teams that have undergone multiple cycles of challenges understand better how to survive in adversity. Although fields like DeFi and NFTs have not achieved their initial visions, they have also accumulated valuable experience for the industry. As the market becomes more rational, projects with clear business models are more likely to gain recognition.

Looking to the Future

The industry is shifting from "market dream rate" to "market share rate", placing greater emphasis on the actual value of products. While cryptography and decentralized technologies have their limitations, each bottleneck contains opportunities. In the future, it may be necessary to seek a balance between centralization and decentralization. Maintaining rational thinking and focusing on providing high-quality tools and services for those pursuing freedom may be the right way to approach Web3.