Hong Kong Web3 Conference: Main Venue Popularity Declines, RWA Becomes the Focus, Gathering of Chinese Pros Attracts Most Attention

The 2025 Hong Kong Web3 Carnival will be held from April 6 to 9 at the Hong Kong Convention and Exhibition Centre. This is the third edition of the event since the declaration was made in 2022. Although the organizers claim to have gathered nearly 400 top global experts and industry leaders, and the exhibition area has increased by 50% compared to last year, on-site feedback indicates that the overall foot traffic has significantly decreased compared to previous years.

Several attendees stated that this year's foot traffic has almost decreased by half compared to last year and the year before, with the number of booths reduced from over 150 last year to less than 100. In contrast, the 300 booths at last year's Token2049 in Singapore were quite impressive. Some even jokingly referred to it as "the quietest conference ever."

There may be several reasons for this situation: first, the conference coincided with a period of market downturn, with obvious characteristics of a bear market, leading to a decline in enthusiasm for attendance; secondly, the consensus conference held in February somewhat seized the opportunity; moreover, the industry generally lacks hotspots and innovation, and ordinary users attend more out of social needs.

In terms of booths, a certain trading platform's booth is undoubtedly the most popular and the largest, becoming the main gathering place for the crowd. In addition, the MEME project GMGN has also attracted considerable attention. From the perspective of popular themes, Payfi remains a focal point, with traditional financial institutions making significant contributions in this area. Digital asset payments have become a hot topic for roundtable discussions, with several financial institutions actively participating.

It is worth noting that some previously highly regarded concepts seem to have lost their appeal at this conference. The DePin sector is quiet, and there is low visibility for Solana and Sui, while TON has been downgraded from an independent forum last year to an exhibition area. The Bitcoin ecosystem is even less popular, and BTCFi seems to have failed to make a breakthrough.

From the composition of the participants, opinion leaders have become the main force, with some jokingly calling this conference the "opinion leader talent market." In contrast, the presence of venture capital institutions has significantly decreased, which stands in stark contrast to the high-profile posture of venture capital institutions during the last bull market.

Despite the lack of popularity at the main venue, the surrounding activities are still lively. Among the more than 100 fringe events, there are serious technical forums and hackathons, as well as relaxed cruise parties and nighttime events. Major trading platforms are doing their best to attract foot traffic. As in previous years, the Chinese community remains the core group at the Hong Kong conference, while the number of overseas participants has decreased.

The most eye-catching aspect of this conference is the gathering of Chinese pros. In one event, multiple well-known figures came together, creating a stunning scene. Those who once had conflicts are now embracing and drinking together, sparking a lot of speculation in the market.

In contrast, the situation for Ethereum founder Vitalik is not very optimistic. Against the backdrop of Ethereum's declining price, his speeches seem to have failed to resonate much and have instead faced considerable criticism. Interestingly, in some instances, the founder of a certain trading platform appears to be more popular than Vitalik, which may reflect some changes in the current market.

Overall, from the ambitious outlook of 2023 to the crowd of 2024, and now to the current quietness, the Hong Kong conference reflects the ups and downs of the industry. Despite the numerous challenges currently faced, the bear market is not without opportunities, which are conducive to high-quality projects standing out. Meanwhile, the integration of traditional finance and emerging technologies is accelerating, and regulation is continuously improving, bringing both opportunities and challenges.

Although the development of Web3 in Hong Kong has not progressed as expected, its ecosystem has already begun to take shape. From a policy perspective, whether it is the pilot for tokenization of physical assets or the regulation of stablecoins, Hong Kong remains at the forefront of openness in the Web3 field globally. The government is also actively promoting relevant policies to support the construction of the Web3 ecosystem.

As of September last year, Hong Kong had more than 1,100 fintech companies, covering various fields such as digital banking, virtual insurance, and virtual asset education platforms. The latest policy allows virtual asset spot ETFs to participate in on-chain staking activities and has relaxed certain restrictions on virtual asset trading platforms.

Although Hong Kong's current influence may be limited, in the long run, as a region that balances regulation and openness, it remains an ideal choice for traditional institutions to enter the Web3 space. Perhaps we should be more patient and optimistic about Hong Kong's development.