Against the backdrop of increasingly fierce competition in the global Web3 industry, Hong Kong's Web3 ecosystem has undergone a dramatic transformation since last year. Many startups are focusing on providing investor relations (IR) and growth services to projects within the Web3 ecosystem, aiming to connect capital with innovation and accelerate the real-world application of blockchain technology. For example, PolkaPort East is strategically based in Hong Kong and actively expanding into the Asian market.
Parity Technologies' Incubation and Strategic Shift
In an exclusive interview with CFTime, PolkaPort East Co-founder Vincent Chan revealed that the company's background is closely linked to Parity Technologies, a blockchain infrastructure developer. Parity Technologies is not only the company's technology developer but also receives funding from the Web3 Foundation. Vincent previously worked at Parity Technologies, responsible for growth and strategy, before transitioning to assist projects within the ecosystem, including Astar Network, ultimately leading to the establishment of PolkaPort East.
Vincent Chan further stated that PolkaPort East positions itself as a coordinator rather than an investor. The company's strengths lie in its extensive network of relationships, in-depth understanding of the Hong Kong and Asian markets, and mastery of blockchain technology.
PolkaPort East Based in Hong Kong: Geopolitical Advantages and Policy Dividends
When asked why PolkaPort East chose Hong Kong as its operating base, Vincent Chan said frankly, "Obviously, it's because we see the potential of the Asian market." He added that in recent years, the Hong Kong government's proactive support policies for the Web3 industry, coupled with Hong Kong's advantageous geographical location, abundant talent pool, and international investor network, as well as the support provided by Cyberport, have created an ideal development environment for Web3 companies.
Deep Cooperation with Cyberport and Community Building
Last year, the company established a partnership with Cyberport and became the first company to join the Blockchain Support Portal. Vincent Chan stated that to actively promote the Web3 concept, the company regularly organizes diverse activities every month, including:
- Web3 Community Meetups: Held at least once a month, inviting Web3 professionals to exchange ideas and promote collaboration.
- Technical Seminars: Inviting experts from the Polkadot ecosystem to share technical knowledge and analyze the latest industry developments.
- Investor Gatherings: Inviting investors interested in Web3 projects to build bridges for potential investment and cooperation.
Vincent Chan admitted that Hong Kong's Web3 ecosystem is still in its early stages of development, but with government policy support, more and more companies are starting to pay attention to the Web3 field. Although the number of Web3 companies in Hong Kong may be less than in other regions, Cyberport has successfully incubated well-known companies such as Animoca and Hex Trust in just a few years.
Regarding investors, he admitted that many are still taking a wait-and-see attitude towards Web3, mainly due to past fraud incidents. However, he emphasized that any investment product has risks, and the key is that investors must have the ability to distinguish and deeply understand the nature of blockchain technology.
Web3 Investment Trends: From Play-to-Earn to AI
In the past two years, the Play-to-Earn (P2E) model was once very popular, but now its popularity has clearly declined. Vincent Chan believes that current game development should return to its essence, emphasizing the fun of the game, rather than just focusing on profitability. In addition, the AI field also contains investment opportunities, but investors need to carefully evaluate and judge whether the project truly uses AI technology.
He added that Hong Kong's regulatory environment is a major advantage, and more and more exchanges and virtual asset platforms are obtaining licenses. In addition, Cyberport's support for the Web3 industry is strong, and the Hong Kong government is also actively promoting Web3 development. More importantly, the Hong Kong government provides financial subsidies to attract Web3 talent to develop in Hong Kong.
PolkaPort East's Expectations for the Hong Kong Government
Vincent Chan said that the Hong Kong government's development speed in the Web3 field is impressive and actively communicates with the industry. He hopes to see more Web3 application cases落地(land) in Hong Kong in the future, such as cooperation with government agencies or enterprises. For traditional IT companies that intend to transform, the interviewee suggested that they should first deeply understand the concept of Web3 and learn programming languages on the blockchain, such as Ethereum's Solidity.
