This year, the number of people attending the Hong Kong Carnival has increased fivefold compared to previous years.

Where are these extra people coming from?
The first type is those who never attended before.
Because the market conditions were too poor this year, they couldn't land any advertising jobs and just wanted to try their luck at conferences to find opportunities.
Why didn't they attend conferences before? Because previously, there was no need to attend; they could get many ads just by staying at home.
But now, they might only get a few ads in a month, so they come out to conferences to see if they can find opportunities.
The second type is people transitioning from Web2 to Web3.
These people might have seen many stories of crypto riches on Xiaohongshu and want to enter the scene to look for opportunities.
They mainly heard about the wealth myths from many during the last bull market, so they want to try their luck in this circle.
In previous years, one person looked for one opportunity; now, five people are competing for one opportunity.
Plus, since it's currently a bear market, it’s easy to see how low the quality of this year's carnival is.
Even more concerning is that the number of project teams participating has sharply decreased, only one-third of previous years.
There might have been 300 projects last year, but this year, there are probably only about 100.
Calculating this way, more people are fighting for opportunities, but the number of participating projects has decreased even more than in previous years.
So, the quality of this year's carnival is very low.