Backed by the talent resources of mainland China, Hong Kong has the strength to become a leading city in the Web3 frontier.

Article Author: 0x9999in1

Source: MetaEra

Recently, the MetaEra Hong Kong section has been launched with great fanfare, leading with a series of events celebrating the "Two-Year Anniversary of Hong Kong's New Crypto Policy," one of the key components being "High-End Dialogue: Influential Leaders in Hong Kong Web3.0." The featured interviewee this time is Wang Feng, founder of Blueport Interactive.

Profile

Wang Feng, founder of Blueport Interactive, initiator of Marsbit, and co-founder of Element. He holds an MBA from Peking University and has over 20 years of experience in the internet industry. He founded Blueport Interactive in March 2007, witnessing the evolution of China's gaming industry from PC games, browser games to mobile games.

In 2018, Wang Feng established Marsbit, which quickly rose to prominence thanks to its flagship column "Wang Feng's Ten Questions," attracting investments from OK, Huobi, Binance, and MitrixPort. In 2021, he co-founded the NFT trading platform Element, which secured $11.5 million in funding led by several capital firms including Sequoia, SIG, and Dragonfly Capital. Wang Feng's contributions to the Web3 field extend beyond founding companies and investing; they also include his promotion and education of Web3 concepts, such as discussing the ten critical relationships between the NFT market and the Web3 world.

Key Insights

● The emergence of opportunities always has signs and clues; significant opportunities are supported by cutting-edge concepts and highlighted by notable symbolic events.

● I believe the SAR government has reason to recognize the value of cryptocurrencies for innovation in the financial market.

● In Europe back in the day, various powers vied for dominance; whoever initiated the industrial revolution first would lead the world.

● I believe what is worth looking forward to in Hong Kong are two points: a stablecoin based on the Hong Kong dollar and exploring the tokenization of listed company assets.

● Backed by the talent resources of mainland China, Hong Kong has the strength to become a leading city in the Web3 frontier.

● The participation of numerous listed companies in cryptocurrencies seems like a natural progression.

● Hong Kong, Singapore, and Dubai are all Asian cities, indicating that Asia is not an orphan in Web3.

Full Interview

MetaEra: You started with Kingsoft in the early Web 1.0 era, then worked your way through the internet age, seizing opportunities in browser and mobile games, founding the Hong Kong-listed company Blueport Interactive. In the Web3 era, you have continuously launched entrepreneurial projects such as the blockchain media Marsbit and the NFT trading platform Element. "Serial entrepreneur" must be one of the labels others give you; how do you view this identity of being a serial entrepreneur?

Wang Feng: Throughout the process of continuous entrepreneurship, I have maintained a competitive spirit and curiosity to seize opportunities, and I also experiment in areas of interest, constantly enhancing my product and team-building capabilities.

MetaEra: In the past two years, amidst the wave of Web3, you have devoted part of your energy to Twitter, often appearing as a KOL with sharp insights and a likable demeanor. Your Twitter nickname is "Little Hidden New Decade"; what deep meanings do "Little Hidden" and "New Decade" imply?

Wang Feng: I don't think it has reached the level of a suitable name. It's more of a small episode; when I first started using Twitter, I wasn't familiar with it and just came up with something on a whim, so it doesn't have much deep meaning.

MetaEra: In a recent tweet, you mentioned, "In investment, it's not about chasing the heat, but about the ability to deep squat." Is this a logic you have adhered to for many years? Having deeply participated in both early internet investments and Web3 investments, what are the differences in investment attributes between the two?

Wang Feng: The logic of investing is always about predicting the changes that are happening. In Kenichi Ohmae's book "The Mind of the Strategist," he clearly outlines four essential capabilities required for international professional talent: foresight, conceptualization, negotiation, and the ability to adapt to contradictions, with foresight being something that can be learned and developed. In my view, the emergence of opportunities always has signs and clues; significant opportunities are supported by cutting-edge concepts and highlighted by notable symbolic events.

MetaEra: Reading your resume, you can see that you have significant advantages in game development, design, and operation. However, in the Web3 era, you chose to focus on media, NFT trading, and investment. While you have launched the NAGA Web3 gaming platform, you haven't aggressively pursued Web3 gaming itself. How do you assess this?

Wang Feng: To be honest, it's currently unclear whether blockchain will become a significant opportunity in gaming.

As for NAGA, it's a tool incubated by our internal team. Externally, we promote it as a one-stop Web3 gaming platform that provides comprehensive solutions for game developers and players, integrating modules such as game task systems, multi-chain game libraries, on-chain data, and Web3 gaming identity systems.

MetaEra: On October 31, 2022, the Hong Kong SAR issued the "Policy Declaration on the Development of Virtual Assets in Hong Kong," which has attracted significant attention both domestically and internationally regarding Hong Kong's Web3. You also relocated from the U.S. to Hong Kong. On the occasion of the two-year anniversary of the new policy, how do you view this event? Has it had an impact on you personally or your company?

Wang Feng: Hong Kong is part of the global financial market, and the Hong Kong dollar is pegged to the U.S. dollar, serving as a gateway for the Chinese market to participate in global financial market liquidity. The Hong Kong SAR's issuance of the "Policy Declaration on the Development of Virtual Assets in Hong Kong" leads me to believe that the SAR government has reason to recognize the value of cryptocurrencies for innovation in the financial market.

MetaEra: "It's not that Web3 needs Hong Kong; it's that Hong Kong needs Web3." This viewpoint comes from your observations. In your opinion, what fleeting opportunities and potential challenges will Hong Kong's Web3 development face?

Wang Feng: To illustrate, in Europe back in the day, various powers vied for dominance; whoever initiated the industrial revolution first would lead the world.

I believe there are two points worth looking forward to in Hong Kong: first, the launch of a stablecoin based on the Hong Kong dollar, which is highly likely to be implemented and executed successfully, and can smoothly develop to the next stage; second, exploring the tokenization of listed company assets, which, if successful, would be a significant event in the RWA concept of the cryptocurrency market.

MetaEra: The global competition for Crypto Cities has begun, with Hong Kong, Singapore, and Dubai showing a competitive spirit in the Web3 direction. You have vividly compared this to the "Three Cities Chronicle." What do you think are the focuses of these three regions in the Web3 direction, and who can become the new generation of Web3 metropolis?

Wang Feng: Hong Kong, Singapore, and Dubai are all Asian cities, indicating that Asia is not an orphan in Web3. Overall, all three cities have a relatively developed financial services foundation. Particularly, Hong Kong's unique advantage lies in its backing from mainland China's talent resources, giving it the strength to become a leading city in the Web3 frontier.

MetaEra: Previously, Cai Wensheng's Meitu company purchased Bitcoin as a reserve asset, followed by Blueport Interactive's acquisition of Bitcoin to enter Web3. Recently, JD.com's Hong Kong subsidiary also entered the sandbox list for Hong Kong dollar stablecoins. It seems that more and more traditional companies are entering Web3 in various ways. Do you think companies need the support of Web3, or does the Web3 world need fresh blood to flow in?

Wang Feng: This year, with the approval of Bitcoin ETFs in the U.S. market and the launch of Ethereum ETFs in the Hong Kong market, it marks a new stage of integration between digital assets and the traditional financial system. The participation of numerous listed companies in cryptocurrencies does not involve a mutual need; it seems more like a natural progression. Moreover, this process not only provides investors with new asset allocation options but also further consolidates Hong Kong's position as an international financial center and virtual asset hub.

MetaEra: From your personal perspective, what suggestions do you have for Web3 entrepreneurship in terms of partners, strategic deployment, and business models?

Wang Feng: The essence of Web3 is built on decentralized networks, aimed at application-oriented solutions, so its form is modular and composable.

Additionally, there should be more exploration of the integration of Web3 and AI technologies, which is crucial for building the next generation of internet infrastructure and unlocking the value of data and computing power. This integration can not only drive technological innovation but may also reshape the landscape of the digital economy, providing users with more autonomy and value. As technology continues to advance and application scenarios expand, the integration of Web3 and AI will undoubtedly become an important trend for future development.