Letters | By embracing NFTs and the metaverse, Hong Kong can remodel its identity and global role

Readers discuss opportunities for the city to take the helm in the new tech landscape, and how the government can encourage use of its online identity authentication app

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A visitor looks at artwork at the Digital Art Fair in Hong Kong on October 20, 2022. The fair featured digital works by local and international artists and creators, using interactive Web3 technologies, which collectors could purchase as NFTs. Photographer: Lam Yik/Bloomberg

Published: 11:30am, 30 May 2023

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As we stand at the cusp of a technological renaissance, Hong Kong is positioning itself as a pioneer by embracing groundbreaking technologies like non-fungible tokens (NFTs) and the metaverse. As the founder of a communications agency specialising in emerging tech and finance, I believe this doesn’t merely signify the city’s tech-savvy aspirations but serves to fortify Hong Kong’s status as a powerhouse in technology and finance on the global map.

NFTs are transforming the concept of asset ownership in the digital sphere. These unique, tokenised digital assets offer a wide array of opportunities across sectors, whether in the art industry, intellectual property rights or real estate.

Hong Kong’s pursuit of a robust NFT ecosystem could catapult the city into new avenues of revenue generation, attracting pioneering businesses and talent, and boosting its creative sectors. This is also an opportunity for Hong Kong to establish a comprehensive legal and regulatory infrastructure for NFTs, thereby setting global precedents.

While NFTs redefine digital ownership, the metaverse is the imagined realm where the digital and physical worlds intersect, revolutionising sectors like remote work, education, entertainment and e-commerce. Hong Kong’s commitment to nurturing a thriving metaverse ecosystem could reshape its identity as a hotbed for innovation.

By championing metaverse enterprises and fostering job creation for digital natives, Hong Kong could take the helm in this virtual frontier.

While these advancements offer promising prospects, they also usher in new hurdles such as ensuring cybersecurity, fair regulation and digital rights. Navigating these challenges will be critical as Hong Kong explores this new tech landscape.