Summary of Big Demo Day Annual Review Web3 FutureFi 2023 Summit Highlights

On December 18 and 19, 2023, the two-day "Web3 FutureFi 2023 Summit" successfully concluded at Hong Kong Cyberport, marking a large-scale venture capital recruitment carnival. This summit also served as the year-end celebration of the Big Demo Day event, inviting several Hong Kong government officials and legislators, including Mr. Chan Ka-ho, Co-Chairman of the Hong Kong Digital Finance Association, and Mr. Wu Jiezhuang, a member of the Legislative Council of Hong Kong. Notable guests and representatives from HashKey Group, Animoca Brands, Waterdrop Capital, KuCoin, FireChat, Pudgy Penguins, Cregis, Conflux, InitVerse, Ccarbon, DA AGE, and ODC participated in discussions on topics including Hong Kong's Web3 regulatory policies, the impact of Bitcoin spot ETFs on the market, and the development prospects of emerging sectors such as blockchain gaming, collectively exploring the future direction of Web3 development.

Opening Speech by Hong Kong Legislative Council Member Wu Jiezhuang

Hong Kong Legislative Council Member Wu Jiezhuang stated that since the release of the virtual asset development declaration in Hong Kong, over 200 Web3 companies have settled in Cyberport. He hopes that in the future, more applications serving real life can be integrated with Web3 in Hong Kong. Currently, Hong Kong has two licensed virtual asset exchanges, and Wu Jiezhuang urged investors to trade on compliant platforms to avoid asset losses.

Central Research Dylan delivered an opening speech and announced the launch of the 2024 incubation camp registration in collaboration with over 10 institutional partners, dedicated to supporting the development of quality projects.

| Techub News Collaborates with Hong Kong 01 to Build Web3 Content Channel

Techub News founder Alma announced at the "Big Demo Day Annual Summary," hosted by Central Research, Techub News, and Hong Kong 01, with co-hosts IOST, Cointime, Web3 Labs, and L7, that Techub News will collaborate with Hong Kong 01 to build the "Web Science 3.0" content section.

The "Web Science 3.0" section will cover industry elite interviews, industry trend interpretations and analyses, Web3 application reviews, and market hotspot special reports. This collaboration marks the first deep integration of traditional media with Web3 media in content, aiming to provide Hong Kong users with more timely, comprehensive, and in-depth insights into the Web3 industry against the backdrop of the Hong Kong government's strong push for local Web3 development.

Hong Kong 01, established in 2016, is a leading internet and news enterprise dedicated to building a "media +" lifestyle platform, providing readers with instant and diverse news information through over 60 content channels. In 2022, Hong Kong 01's total page views approached 10 billion, with monthly active users exceeding 17 million, covering Chinese communities in places including the United States, the United Kingdom, and Singapore.

InvestHK Terry Chan discussed Hong Kong's development and policy support in the fintech and Web3 sectors, emphasizing Hong Kong's unique position and potential, as well as the important role of the government and industry in promoting the Web3 ecosystem. He also mentioned the implementation of a new licensing system for virtual asset trading platforms in Hong Kong, support for the cross-border application of digital RMB, and measures to encourage domestic and foreign innovative enterprises and investors to establish businesses in Hong Kong, promoting Hong Kong's image as a global fintech and Web3 innovation center.

SINOHOPE Tony Luk reviewed the performance of the cryptocurrency industry in 2022, pointing out that cryptocurrencies like Bitcoin performed very well, while some traditional investment channels such as A-shares and Hong Kong stocks performed poorly. He shared his experience as a fund manager in the context of Hong Kong and stated that the company's performance is currently good.

| Roundtable Project Roadshow

Four guests discussed the advantages and shortcomings of Hong Kong's crypto regulatory policies in the "Review of One Year of Hong Kong Crypto Regulation." The guests believed that Hong Kong's regulation is very advanced in the global financial system because the regulatory agencies supported by the Hong Kong government oversee the market. Under Hong Kong's financial system, this regulation is relatively comprehensive, allowing practitioners to operate more familiar. However, the types of trades are currently lacking, as only spot trading is available, which is significantly fewer compared to the variety of trades in the U.S. market. In the future, Hong Kong may increase new trading varieties for investors. Additionally, Hong Kong can explore a stable regulatory framework based on its characteristics, especially in the context where virtual asset trading cannot be conducted in mainland China. At the same time, Hong Kong also needs to create a mainstream digital asset trading platform that serves the whole country in China and do a good job globally.

L7 Global Ambassador Anna, in her presentation titled "The Connection of Digital Assets and Real-world Consumption," stated that the development of the cryptocurrency industry has surpassed payment and has a significant impact on our real-world consumption, linking the real and virtual worlds. An increasing number of companies, including Starbucks, McDonald's, and Tesla, are accepting cryptocurrency payments. Cryptocurrency is increasingly becoming mainstream, changing not only how we shop but also bringing transformation to the financial and technology sectors.

CHAINUP Canary discussed the application of blockchain technology in finance and other industries and future development trends. The transformative nature of blockchain technology lies in its traceability, speed, and transparency, as well as the real-time and efficient execution of transactions. More and more companies and financial service giants are exploring and applying blockchain technology to improve efficiency and competitive advantage.

KuCoin Wallet's Marketing Director IF stated that based on the data he understands, high-net-worth investors typically use secure storage solutions such as cold wallets to safeguard their cryptocurrencies, while hackers often target retail investors with low security awareness. IF stated that KuCoin Wallet is committed to providing secure and convenient cryptocurrency storage services for global individuals and enterprises, aiming to help users, including retail investors, enhance asset security.

Cregis Chief Product Officer Anthony stated that Cregis aims to help enterprises more easily enter Web3 by providing four layers of services: infrastructure services, platform asset management services, solutions, and ecological applications. To date, Cregis has served over 1,000 Web2 and Web3 enterprises and teams, including exchanges, Web3 games, OTC, and Web3 funds.

FireChat CEO Leo stated that when investing in Web3 projects, FireChat evaluates comprehensively based on several aspects, including the project's team structure, technical potential, community building, and innovative applications. At the same time, it is also necessary to maintain communication with the project party during the project incubation process to stay updated on project progress.

Newman Capital Chief Business Development Officer Keisy discussed the relevant regulations for issuing tokens in Web3 games in Hong Kong. He stated that currently, Hong Kong's regulatory framework for Web3 games is not yet complete, and if tokens are to be issued, considerations must be made regarding whether the game can still operate in Hong Kong.

Web3 Vision founder Cyber Young conducted an in-depth analysis of the essence of inscriptions. He believes that inscriptions can be seen as a type of meme token with limited actual value. However, the reason inscriptions can thrive in the community mainly lies in their price rather than their actual value. Cyber Young also emphasized the importance of emotional value.

Five industry guests engaged in a heated discussion on the topic "Will the NFT market in the next bull market bring new scenes?" As the NFT market matures, it is not limited to the art field but also shows multiple application values such as digital identity and proof of collateral. Despite the current market facing some challenges, experts firmly believe that after a return to value, NFTs will demonstrate broader practicality and universality.

IOST Hong Kong Head Carter pointed out the pain points faced by Web3 games. He believes that due to high technical requirements, large operational costs, and difficulties in promotion, multiple measures such as strengthening technological research and development and cooperation, optimizing game design and gameplay, and expanding market channels need to be taken to address these issues collectively.

Waterdrop Capital Co-founder Dashan shared his views on the Bitcoin ecosystem in his speech "The Beginning and End of Blockchain." He stated that the Bitcoin ecosystem has recently gained market and capital attention, and many Layer2 technologies of Bitcoin, including the Lightning Network, RGB, and their combination with protocols like Nostr, are entirely suitable for building Web3 infrastructure with performance superior to public chains.

CCarbon Business Representative RISHI announced CCarbon's latest plans. He stated that CCarbon plans to open carbon asset trading in the first quarter of 2024, and the project is currently in the private placement financing stage. RISHI mentioned that on-chain carbon asset trading is also an important practice in the field of RWA tokenization. The establishment of CCarbon not only promotes the circulation of carbon assets but also aims to drive market attention to the low-carbon and environmental protection field. CCarbon is a global carbon asset trading platform in Web3, aiming to facilitate smoother and more efficient circulation of global carbon assets through blockchain distributed ledger technology, ensuring secure, transparent, and efficient carbon asset trading while ensuring the safety and compliance of carbon assets.

InitVerse Marketing Director Anna stated that Bitcoin spot ETFs can allow investors to avoid understanding the technical details required for direct investment in cryptocurrencies (such as public and private keys), lowering the investment threshold and thus attracting more traditional investors, bringing more funds into the cryptocurrency market. Anna believes that financial products in the form of ETFs will be an important tool to help new investors enter the Web3 market.

L7 Buidler Ronnie, in the roundtable discussion "The Market Trend of BRC20 Inscriptions," believes that the core of inscriptions is to record valuable symbolic content through their immutable characteristics. In the early development of inscriptions, market speculation was severe, and technical geeks believed that inscriptions would cause congestion and garbage data. Different voices arise from different user perspectives, hoping that inscriptions can record more valuable content rather than just speculation.

Dr. Yu Jianing, President of Uweb, discussed the impact of industry innovation, industrial policy, and monetary policy on the trends in the digital asset market. He stated that if significant innovations occur in the industry, and both industrial policy and monetary policy are relaxed, the market is often prone to bull markets; conversely, if innovation is lacking and policies and monetary conditions are strict, the digital asset market may struggle to escape a bear market.

Four guests discussed the potential impact of Bitcoin spot ETFs on the crypto market. With the approval of ETFs and the acceptance of user funds, the market may experience significant growth. The crypto market shows enormous potential and has vast room for growth. During the ETF discussion phase, growth is considered to be gradual and may take some time to reach a considerable scale. Additionally, the guests compared the scale of the crypto market with that of the gold market, emphasizing that the crypto market still has significant growth opportunities.

Web3 Labs founder Huang Junlang expressed an optimistic attitude towards the development of the Web3 industry in Hong Kong. From the perspective of Hong Kong legislation, he believes that the vision for development is long-term and far-reaching. Moreover, Hong Kong's status as an international financial center also lays a solid foundation for the development of Web3. Huang Junlang also emphasized that Hong Kong has clear advantages in talent policy and geographical location, showing a friendly attitude towards the cryptocurrency industry.

Chairman of Original Digital Corporation "ODC" Mr. Paul Alan Caldwell stated the importance of the development of the digital economy, forward-thinking, private equity investment, and the intersection of Web3 and artificial intelligence, as well as the significance of proximity, mentioning his role and experience as a private equity investor.

Stratified Capital founder SC reminded everyone to pay attention to the lifecycle of GameFi. He stated that every game has its lifecycle, and the lifecycle of GameFi may be shorter than that of Web2 games. When investing in the market, it is essential to clearly distinguish investment goals, focusing on whether it is Game or Fi. If focusing on profitability, attention should be paid to the game's activity level in smart contract interactions; if focusing on Game, then the emphasis should be on gaming experience and entertainment attributes.

Satori Research founder Ian Lam shared his views on large Web3 games. He believes that while having thousands of participants in large Web3 games is considered an ideal performance, this scale still needs to improve compared to traditional Web2 games. To attract more people to participate in Web3 games and provide users with quality experiences, the barriers to entry for Web3 games need to be lowered.

Five guests discussed Web3 Games, believing that as an emerging field, Web3 games will face doubts and challenges but also have significant opportunities and development potential. The guests explored the previous bubble in Web3 games and issues of playability, as well as the coexistence of GameFi and Fiat. They believe that to explore the future potential and development direction of Web3 games, it is necessary to focus not only on the current situation and challenges but also to delve into their essence. They shared industry experiences and provided suggestions on how to discover quality projects and grasp industry trends. Regarding the next bull market for Web3 games, the guests believe that more traditional game manufacturers will enter the market, and new models such as full-chain games will also receive attention. They reminded everyone to be cautious when selecting projects, considering factors such as team capabilities and community operation abilities. At the same time, the guests also shared their observations and thoughts on market trends and leading projects.

| BIG DEMO DAY Awards Ceremony

After the roundtable discussions and project roadshows of BIG DEMO DAY, we welcomed an exciting awards ceremony. This year, the most popular community award at BIG DEMO DAY Hong Kong was won by Mocaverse CN, Cool Cats HK, Mimi, and Alpha.

At the same time, the best investment institution award at BIG DEMO DAY went to JDI, Ausvic Capital, Web3 Vision, and Waterdrip Capital.

In the project roadshow, we saw many outstanding projects. The best project of the annual roadshow at BIG DEMO DAY, the asset management category, was awarded to L7 for the Global Asset Innovation Award.

In the public chain project category, IOST, Conflux, ELASTOS, InitVerse, and NEO won the best project award for their outstanding technology and innovation capabilities at the BIG DEMO DAY annual roadshow.

Original Digital Corporation, RedotPay, and VISION MASTERCARD won the best project award in the tools category at the BIG DEMO DAY annual roadshow for their unique functionalities and practicality.

KuCoin Wallet COLDLAR, Cregis, and Custonomy won the best project award in the wallet category at the BIG DEMO DAY annual roadshow for their outstanding security and user experience.

In the DeFi project category, Coral Finance, Logearn, GasZero, and CreDA won the best project award for their innovative applications in decentralized finance at the annual roadshow.

In the SocialFi project category, Chatpuppy, World in Shadow, DeBox, and Bi.SOCIALFI won the best project award for their innovative social models and interactive experiences at the annual roadshow.

In the RWA project category, DA AGE, INK FINANCE, XCart, Ccarbon, and Staynex won the best project award for their bridging role between the real world and the virtual world at the annual roadshow.

In the AI & Web3 project category, FireChat, Public.AI, and YEET won the best project award for their advanced artificial intelligence technology and blockchain applications at the annual roadshow.

In the NFT project category, MORA NFT, NFT China, and NFT.PRO won the best project award for their unique artistic and collectible value at the annual roadshow.

In the metaverse project category, MixVerse, GEMS, and XOOCITY won the best project award for their innovative technology and rich application scenarios at the annual roadshow.

Here, we extend our warm congratulations to all the winners and look forward to their continued innovation and leadership in future developments. We also thank all participants for their enthusiastic participation and support, and let us all look forward to the next exciting annual BIG DEMO DAY!

With the joint efforts of the Hong Kong side and the participants, the conference was successfully launched and completed. The "Web3 FutureFi 2023 Summit" Big Demo Day annual summary event undoubtedly provided a valuable platform for communication and connection for participants in the Web3 industry, strengthening communication and cooperation within the industry and promoting innovation and development in the Web3 sector. In the future, with continuous technological advancements and market development, we look forward to seeing more exciting breakthroughs and innovations, and we believe that Web3 will bring us more possibilities and opportunities.