In recent years, the rise of blockchain technology has sparked fervent interest in Web3, a concept that has captured the imagination of technologists, entrepreneurs, and investors alike. However, it is important to recognize that Web3 is not merely an extension of fintech; it represents a paradigm shift that has the potential to revolutionize various industries.
While fintech has certainly been at the forefront of Web3 discussions, it is marketing technology (MarTech) that holds tremendous promise for this new digital frontier, making it imperative for the Hong Kong Special Administrative Region government to actively promote and support its development.
To illustrate the vast possibilities of Web3, let’s consider the thriving market of virtual concerts held within the metaverse. These digital spectacles have enabled global artists to reach audiences far beyond the confines of physical venues, while simultaneously generating substantial revenue. One notable example is the groundbreaking virtual concert by American electronic music producer Marshmello, hosted within the popular video game Fortnite. Over 11 million people witnessed the event live online, with an additional 60 million tuning in via YouTube. Since then, virtual concerts have become increasingly popular, and rapper Travis Scott’s concert within Fortnite stands as testament to the immense profitability of this concept.
In the metaverse, virtual concerts are not limited to the performance itself. They present a thriving marketplace for a wide range of products such as T-shirts, posters, phone cases, and postcards, many of which are sold as limited-edition non-fungible tokens. Fans can also purchase skins and special dance moves, akin to acquiring weapons in popular online games like Counter-Strike. These revenue streams add up, as evidenced by Scott’s reported earnings of $20 million from his collaboration with Fortnite, surpassing the total earnings of his entire Astroworld tour from the previous year, which amounted to $53 million.
Web3 holds the key to unlocking a future that transcends the confines of fintech. ... By prioritizing the development and promotion of MarTech within the Web3 ecosystem, the Hong Kong SAR government can propel the city into a more colourful and prosperous future
The impact of Web3 extends beyond virtual concerts and merchandise sales. Even weddings can now be hosted within the metaverse, offering couples a unique and imaginative way to celebrate their union. A pioneering example took place in Singapore, where a couple held the world’s first digital wedding in The Sandbox. By leveraging the possibilities of the metaverse, this couple were able to appear as aliens, robots, polar bears, or any other form they desired, breaking free from the constraints of traditional human appearances and attire.
These examples make it abundantly clear that the applications of Web3 extend far beyond the realm of fintech. MarTech, in particular, stands to benefit greatly from the capabilities of this emerging technology. The Hong Kong SAR government, recognizing the vast potential and economic benefits, should actively foster the growth of MarTech within the Web3 landscape. By providing robust support and promotion, the government can ensure the development of diverse applications that push the boundaries of creativity and generate substantial returns.
As we venture further into the metaverse, we are presented with a future that is vibrant, diverse, and brimming with possibilities. Web3 will not only redefine the way we exchange value but also empower individuals and businesses to tap into new revenue streams and unleash their creativity. By embracing the potential of Web3 and supporting the growth of MarTech, Hong Kong can position itself as a global leader in this exciting new frontier.
Web3 holds the key to unlocking a future that transcends the confines of fintech. Its impact is not limited to financial transactions; rather, it has the potential to transform industries such as marketing technology. As we witness the rise of virtual concerts, digital merchandise sales, and even weddings within the metaverse, it is evident that Web3 offers boundless opportunities for innovation and economic growth. By prioritizing the development and promotion of MarTech within the Web3 ecosystem, the Hong Kong SAR government can propel the city into a more colourful and prosperous future.
Web3 presents a transformative opportunity for marketing technology. By embracing this technology, Hong Kong can position itself as a hub for innovative MarTech startups and attract global talent and investment. The government can play a crucial role in supporting the development of Web3 ecosystems by providing funding, creating regulatory frameworks that foster innovation, and facilitating collaborations between startups, established companies, and educational institutions. By doing so, Hong Kong can establish itself as a leading player in the Web3 revolution and reap the economic benefits that come with it.
The author is chairman of the Asia MarTech Society and sits on the advisory boards of several professional organizations, including two universities.
The views do not necessarily reflect those of China Daily.
