ChainCatcher news, Hash Global Labs has completed the acquisition of the NFT project Maodao, restructuring and upgrading Maodao into a comprehensive entertainment community, with all existing treasury funds being used for community development. HG Labs stated that they will dedicate the next decade to transforming Maodao into a top-tier Eastern Web3 native IP, with its brand positioning fully upgraded to a comprehensive entertainment community. According to the announcement, all existing treasury funds of Maodao will be used for community development. HG Labs aims to contribute millions of users to the Web3 ecosystem through Maodao within three years, committed to making Maodao a top-tier Eastern Web3 native IP, with its brand positioning fully upgraded to a comprehensive entertainment community.Maodao will establish a brand new community council, with the original founder Xiao Mao Ge remaining in the first council to continue assisting Maodao and HG Labs in their development. The first council members include: Geoffrey Tong, founder of Unique Art, Felix Wu, founder of Elephant Point, Erik Zhang, founder of Shanghai Insight, FG, partner and producer at Starrise Media, and KK, founder of Hash Global.KK, founder of Hash Global Labs, stated, "In the future, we will establish a presence in Hong Kong and Singapore, implementing various business models of Web3: community co-built IP, fan clubs, private traffic management and distribution, as well as creator ecosystems, striving to find a sustainable business path for Web3 IP and PFP (Profile Picture) communities with actual products and external economic value inflow. More announcements will be made on August 9 this year, marking the 2nd anniversary of Maodao."