Hong Kong Web3 Conference: Low Popularity, RWA Becomes the Highlight, Gathering of Chinese Pros Attracts 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 event co-hosted by Wanxiang Blockchain Lab and HashKey Group. Although the organizers claim that nearly 400 global experts, scholars, and industry leaders will participate, and the exhibition area has increased by 50% compared to last year, the actual attendance seems to be below expectations.

Many participants reported that overall foot traffic has decreased by nearly half compared to previous years, and the number of booths has shrunk from over 150 last year to less than 100 this year. In contrast, the 300 booths at Token2049 in Singapore are more impressive in scale. Some jokingly referred to this as "the coldest conference ever." The drop in popularity could be attributed to several reasons: the sluggish market affecting attendance enthusiasm; the Consensus conference in February overshadowing some of the spotlight; and the lack of new hotspots and innovations in the industry.

In terms of booths, a certain trading platform's booth is the most lively and is the main gathering place for foot traffic. Next is the MEME project GMGN. In terms of themes, Payfi is still highly regarded, and traditional financial institutions have made significant achievements in this field. Institutions such as the Shanghai Data Exchange and Bosera Funds also have booths, focusing on RWA and digital currency funds, respectively.

In contrast, previously popular concepts such as DePin, Solana, and Sui did not stand out in the main venue. Bitcoin ecosystem projects were hardly noticed. The attendees were mainly opinion leaders, with some joking that "the Hong Kong conference is a talent market for opinion leaders." In contrast, the venture capital institutions were much more low-key.

Although the main venue lacks popularity, the surrounding activities are quite popular. More than 100 side events include various forms such as technical forums, hackathons, and cruise parties. Several trading platforms also held a variety of activities to attract crowds. The Chinese community remains the core group of the Hong Kong conference, while overseas participants seem to have decreased.

The most notable aspect of this conference is the gathering of Chinese pros. At the BUIDL 2025 event site, multiple well-known Chinese entrepreneurs came together, showcasing a rare scene of harmony. The close interactions among these former competitors have sparked many speculations in the market.

In contrast, the situation of Ethereum founder Vitalik seems somewhat awkward. Against the backdrop of a sluggish coin price, his speech appears to have failed to resonate much. Interestingly, some have observed that the founder of a certain trading platform is more popular than Vitalik, which may reflect the current market's focus.

Overall, from the enthusiasm of 2023 to the crowds of 2024, and then to the current quietness this year, the Hong Kong conference has witnessed the ups and downs of the crypto market. The industry currently seems to be in the early stages of a bear market, with exchanges eager to attract new users, project teams struggling, and investors waiting on the sidelines. However, the bear market also has its positive significance, as it allows projects to solidify and showcase their true value.

For Hong Kong, despite the development of Web3 not meeting expectations, the foundational ecosystem has begun to take shape. From a policy perspective, whether it is the RWA pilot or stablecoin regulation, Hong Kong's openness in the Web3 field remains among the top globally. The government has invested 50 million HKD to support Cyberport in promoting Web3 ecosystem construction, attracting numerous enterprises to settle.

The Hong Kong Securities and Futures Commission also issued a circular on April 7, allowing virtual asset spot ETFs to participate in on-chain staking activities under a regulatory framework, while also relaxing relevant restrictions on virtual asset trading platforms. Although Hong Kong's role may be limited at present, in the long run, as a financial center that emphasizes both regulation and openness, Hong Kong remains an ideal place for traditional institutions to enter the Web3 space.