Hong Kong Web3 Conference: Main venue's popularity declines, RWA becomes a hot topic, Chinese pros gather to follow

From April 6 to 9, 2025, the Hong Kong Web3 Carnival will be held at the Hong Kong Convention and Exhibition Centre. This is the third event since the declaration was made in 2022. Although the official announcement indicates that nearly 400 global experts, scholars, and industry leaders will participate, and the exhibition area has increased by 50% compared to last year, the actual on-site popularity seems to be below expectations.

Many attendees reported that the overall foot traffic has decreased by nearly half compared to previous years, and the number of booths has shrunk from over 150 last year to less than 100 this year, far below the 300 booth scale of Singapore's Token2049. Some have humorously dubbed it the "coldest conference ever." The reasons for this situation may include: the current market slump, the Consensus conference in February diverting some of the crowd, and a lack of new hotspots and innovations in the industry.

Despite the low popularity of the main venue, the surrounding activities were still lively. Among the more than 100 side events, various cruise parties and night events attracted numerous participants. The exchanges also actively drew in crowds through these activities.

From the booth situation, a certain trading platform has the largest booth size and the most popularity, becoming the main source of foot traffic. In addition, the MEME project GMGN is also quite popular. In terms of hot topics, Payfi remains highly favored, with several traditional financial institutions actively participating in discussions related to Web3 payments. RWA( real-world assets) have also become a major focus, with a certain data exchange and a certain fund company both having relevant booths.

It is worth noting that the previously hot concepts such as DePin and AI have seen a significant decline in attention in the main venue. Although a certain public chain ecosystem still has independent activities, its exposure in the main venue is not high. The Bitcoin ecosystem is even less discussed, and the BTCFi concept seems to have failed to meet expectations.

From the composition of the participants, opinion leaders have become the main force, while venture capital institutions are relatively low-key. This contrasts sharply with the high-profile performance of VCs in the last bull market, reflecting the rapid changes in the industrial ecosystem.

The most notable aspect of the conference was the gathering of several Chinese industry pros. At one event, the founders of a certain exchange, a certain public chain, another exchange founder, and others came together, attracting widespread attention in the market. These pros have had various grievances in the past, yet they are now able to sit and drink together, which is truly remarkable. In contrast, the speech of the founder of a certain public chain faced considerable skepticism, reflecting the increasingly prominent contradictions between the tech faction and the price faction.

Overall, this Hong Kong Web3 conference reflects the current state of the industry: a lack of innovation, lagging applications, and the initial signs of a bear market. Exchanges are eager to expand their user base, while project teams are struggling, and retail investors are holding onto their tokens. Venture capital funding is also becoming more cautious. However, the bear market has its positive significance, as it favors the emergence of quality projects. At the same time, the integration of traditional and emerging assets and the ongoing improvement of regulations bring both opportunities and challenges to the industry.

Although the development of Web3 in Hong Kong has not yet met expectations, an ecosystem has initially formed. Hong Kong ranks among the top globally in terms of openness regarding RWA pilot programs and stablecoin regulation. The government has allocated HKD 50 million to support Cyberport in promoting the construction of the Web3 ecosystem. As of September last year, Hong Kong had over 1,100 fintech companies, with an annual growth rate exceeding 15%.

On April 7, the Hong Kong Securities and Futures Commission issued a circular allowing virtual asset spot ETFs to participate in on-chain staking activities under a regulatory framework, while also relaxing relevant restrictions on virtual asset trading platforms. These policy measures demonstrate that Hong Kong is still striving to create a Web3 development environment that balances regulation and openness.