The development prospects of Web3.0 are broad, and Shanghai has formulated an industry report to lead innovation.

Recently, the "2024 Shanghai Web3.0 Innovation Ecosystem Construction Research Report" release conference was held in Shanghai. This report, guided by the Shanghai Municipal Science and Technology Commission and jointly published by the Liberation Daily Press and the Economics School of Fudan University, is the first comprehensive research outcome targeting the Web3.0 industry in Shanghai. Attendees unanimously agreed that the development of Web3.0 is of significant importance to the information technology industry.

The industrial ecosystem is taking shape, and RWA has become a new focus.

The report points out that the global Web3.0 has initially formed an ecosystem based on a multi-dimensional computing power network, a distributed data storage network, and a high-speed communication network, with blockchain infrastructure at its core, through extensive research on upstream and downstream enterprises in Web3.0. Currently, innovation in core blockchain technologies is active, the industry scale is steadily growing, and the strength of enterprises is continuously increasing. The global public chain ecosystem presents a pattern dominated by a leading public chain, with multiple chains coexisting.

Reports and experts have mentioned "RWA"(Real World Asset, the tokenization of real-world assets) in this emerging field. In the next 5-10 years, as various parties explore, traditional finance and RWA will accelerate integration, promoting the interconnectivity of global financial payment transactions. Currently, forms of fund tokenization such as fiat stablecoins, tokenized deposits, and central bank digital currencies, as well as asset tokenization represented by RWA, are developing rapidly.

Many countries and regions have actively explored the RWA field. For example, the Bank for International Settlements has developed a CBDC platform, a large asset management company has launched a tokenized fund, and the Hong Kong Monetary Authority is also promoting the wCBDC project. Industry insiders believe that RWA will become a future development trend, and its advancement speed and efficiency are expected to be high.

Mainstream capital enters the market, top-level design is crucial

With the development of RWA, ETFs are attracting mainstream funds into the Web3.0 market. In January of this year, the U.S. Securities and Exchange Commission approved the listing of Bitcoin spot ETFs for the first time. Hong Kong and Australia have also successively approved related ETF products. The report believes that this will significantly enhance market liquidity and further promote ecological innovation and development.

However, the Hong Kong market has been cautious about mainstream capital entering the Web3.0 market from the very beginning, emphasizing stability and sustainable development. This reflects the importance of strengthening top-level design for the development of Web3.0.

Industry experts point out that Web3.0 is currently in the early stages of significant development, with a technical foundation, but still needs to wait for support from the macro environment and regulatory policies. Establishing a unified regulatory system is crucial for the healthy development of Web3.0.

Experts suggest in-depth research on "Token economics"

Multiple experts suggest that government departments should accelerate the research and formulation of Token regulatory policies to provide security for the "Token economy" and digital assets. With the approach of the Web3.0 era, "Token economics" is on the rise, and governments, universities, and research institutions can conduct in-depth studies on this emerging economics to provide academic support for the development of the next generation of the internet and the construction of innovative regulatory systems.

Shanghai Web3.0 Development Prospects Are Promising

The report states that Shanghai has undertaken beneficial explorations in a systematic, institutional, market-oriented, and rule-of-law manner in the development of Web3.0. Under the guidance of relevant policies and plans, the Web3.0-related industries represented by blockchain technology are continuously advancing, driving the rapid development of the digital economy and aiding in the construction of Shanghai as an international science and technology innovation center.

In the future, Shanghai can make contributions in six areas: leveraging the advantages of the digital economy, implementing special support policies, increasing financial support, promoting the construction of standard systems, creating an innovative industrial ecosystem, and innovating regulatory system construction. Shanghai can utilize its advantages in financial technology, artificial intelligence, cloud computing, etc., combined with the characteristics of its industrial structure, to lead with industrial digitalization, upgrade traditional productivity to new quality productivity, and promote the practical application of the Web3.0 industry.