NEOPIN Partners with Lena Network for NFT-Fi Service Development

While the Web3 sector seemed to be hamstrung by litigation and regulatory scrutiny in 2023 following multiple platform failures, it's going out with a bang in China with news of a $10 billion fund in Shenzhen to support Web3 startups.Photo by 李大毛 没有猫 on UnsplashFueling Web3 startup growthGBA Capital, a Chinese venture capital (VC) firm, made a significant announcement during the Guangdong-Hong Kong-Macao Greater Bay Area Digital Economy Development Conference on Tuesday. The firm, backed by China's state-owned National Engineering Laboratory, unveiled plans to launch a substantial $10 billion Web3 fund. The conference also served as an educational platform, enlightening investors and attendees unfamiliar with the intricacies of the Web3 industry. Luo Jinhai, founder of Huoxun Finance and creator of the "Yuan Asset" concept, elucidated on the unique attributes of specific forms of digital assets, including independence, privacy, security, scarcity and liquidity. Metaverse focusThis initiative aims to fuel the growth of startups specializing in virtual reality, the metaverse and non-fungible tokens (NFTs), ultimately transforming the Guangdong-Hong Kong-Macao economic region into the global "meta-asset capital."  Meta-assets are virtual objects that serve as key components within the make-up of the metaverse. Haolong Li, the chairman of GBA Capital, outlined the ambitious vision, stating that the conference would facilitate "meta-asset global tours" in key international hubs such as Japan, Singapore, Dubai, Silicon Valley and Europe. The objective is to enhance the visibility of meta-assets and position the economic area as a leading force in the emerging Web3 landscape. Previous developments that have played out over the course of 2023 suggest that China is placing a particular focus on embracing metaverse technology, with a view towards integrating the metaverse with existing systems in the country.   The Ministry of Industry and Information Technology of China, in response to a proposal about promoting the development of the Web3 industry, emphasized ongoing research in areas such as the Metaverse, NFTs and decentralized identity management. In September the Ministry set out an action plan for the cultivation of a domestic metaverse. As part of that plan, it aspires to nurture three to five metaverse companies of global significance. GBA Capital, established by China Europe International Financial Group in Hong Kong, boasts strategic partnerships with key financial institutions, including the Asia Pacific Investment Bank and China's state-owned National Engineering Laboratory. The firm's focus on investment and incubation in the digital economy aligns with its goal of integrating industrial clusters, capital resources, corporate resources and policy advantages to offer comprehensive support and services to enterprises. In a related development, GBA Capital's subsidiary Zhongrong Global successfully raised an angel funding round at a valuation of 100 million Chinese yuan ($14 million) back in May. The funds will be allocated to Web3 project incubation and industrial services in the artificial intelligence sector. The Guangdong-Hong Kong-Macao Bay Area has experienced a surge in Web3 startups and overseas corporate relocations since the beginning of the year, setting the stage for GBA Capital's substantial Web3 accelerator fund.

Yat Siu: Hong Kong’s Crypto Adoption Sanctioned by the MainlandIn a keynote speech at the Ethereum Community Conference (EthCC) in Paris on Wednesday, Yat Siu, Co-Founder of blockchain gaming and NFT firm Animoca Brands, shed light on Hong Kong’s rapid adoption of cryptocurrencies and Web3 technology, emphasizing its connection to developments unfolding in mainland China.Photo by Serey Kim on UnsplashDriven by the Chinese authoritiesSiu argued that the current crypto trend in Hong Kong signifies more than just the actions of the Chinese autonomous area itself, pointing to a larger agenda driven by China’s aspirations.According to Siu, the Chinese government’s release of its Web3 white paper in May, which positioned Web3 as the future of the internet, carries significant weight. Notably, this announcement came only days after Hong Kong revealed plans to allow retail crypto investments. Siu highlighted that even though China’s white paper did not explicitly mention cryptocurrencies, it is key to acknowledging the country’s commitment to advancing Web3 technologies.The news of Hong Kong’s crypto developments resonated throughout China, capturing attention even on China Central Television, the national TV channel. Siu underscored the broader implications of this coverage, suggesting that the developments in Hong Kong bear the imprint of higher authorities. He made it clear that any actions taken by Hong Kong would require the approval of China.Challenging US global hegemonyBeyond Hong Kong, Siu delved into the broader significance of Web3 as a tool to challenge the United States’ technological hegemony. He expressed concerns about the security risks associated with excessive reliance on tech giants such as Google, Apple, and Facebook. Siu argued that countries like Japan, Korea, and China view Web3 as an opportunity to break free from the dominance of US-centric technologies. This motivation is especially pronounced in China, which is actively pursuing de-dollarization.Reducing dependence on the US dollar represents a key factor driving the adoption of Web3 in these countries. Siu pointed out that the global currency’s position affords the United States significant power and influence, making it crucial for China and other nations to seek alternatives. Embracing Web3 technologies serves as a potential avenue for diminishing reliance on the US dollar and challenging the current financial status quo.While mainland China banned nearly all crypto activities in 2021, the country has remained one of the largest crypto-mining hubs worldwide, despite the prohibition. The proactive stance of Hong Kong in implementing crypto-friendly regulations has sparked hope that it could pave the way for China to eventually lift its long-standing ban.However, prominent figures within the Chinese establishment, such as CPIC Investment Management CEO Chenggang Zhou, have recently reiterated the country’s anti-crypto stance.The rapid adoption of cryptocurrencies and Web3 technology in Hong Kong provides a glimpse into broader developments unfolding in mainland China. Web3 is seen as a potent instrument for challenging US technological dominance, although whether that leads to China lifting its crypto ban is something that remains to be seen.

Glohow to promote UtopiaGames’ blockchain-based casino games on global stageUtopiaGames, a game developer based in Seoul, has entered into a partnership with Glohow, a global co-publishing service provider and subsidiary of Kakao Games. As per a report by local news website Etoday, this collaboration is aimed at launching comprehensive marketing efforts for UtopiaGames’ blockchain-based social casino gaming platform, “Vegastopia.”Photo by Michał Parzuchowski on UnsplashGlobal metaverse casino cityThe game company anticipates that Vegastopia will introduce innovative elements to the game development industry, as it is conceptualized as a global metaverse casino city. This 3D online gaming platform is developed to mimic a real-life casino setting, offering players an immersive experience. In Vegastopia, virtual gamers can participate in psychological battles, utilizing tactics like bluffing, just as they would in a physical casino environment.150 countries by H1 2024Vegastopia offers a feature where players can create and manage their own casinos or cardrooms. In these personalized spaces, operators have the autonomy to manage their own point systems. The platform has recently concluded its closed beta testing phase and is now gearing up for a soft launch in select countries, including France, Mexico and Southeast Asian nations. Looking ahead, UtopiaGames plans to launch the service in some 150 countries by the first half of next year.Resolving trust issues with blockchainAn official from UtopiaGames highlighted Glohow’s track record in successfully promoting global game projects from notable gaming firms such as Kakao Games, Sky People, Hidea, Gravity, Wemade, Webzen and Neowiz. With Glohow at the helm of Vegastopia’s marketing, management, customer service and localization efforts, the game’s global presence has notably increased, the person added. The official further pointed out that Vegastopia has garnered significant attention for addressing the issue of trust in online casino games by using blockchain, a key factor in its growing popularity and appeal.UtopiaGames’ latest advancement comes on the heels of equity investments from SU Holdings and BU Technology. These investments totaled KRW 21 billion, equivalent to approximately $16.2 million.