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- 📢 Exclusive on Gate Square — #PROVE Creative Contest# is Now Live!
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Post original content on Gate Square related to WXTM or its
Hong Kong Web3 Carnival: Industry Transformation and Opportunities Behind the Quietness
Observation of Hong Kong Web3 Carnival: The Gap Between Expectation and Reality
The recent Hong Kong Web3 Carnival has sparked much reflection among industry insiders. Although the event felt rather quiet, this may reflect the transformation and adjustments the entire industry is undergoing.
The cultural differences between the East and the West remain apparent.
The obvious decrease of Western faces in the event highlights the cultural and pursuit differences between the East and West in the web3 field. Some view web3 technology as a new type of casino rather than a foundation for partnerships. This deep-rooted divergence may take time to bridge.
Limitations of the RWA Narrative
Tokenization of real assets ( RWA ) has become a mainstream narrative this year, which is essentially no different from the hot topics of the past few years. While the macro narrative may be correct, it often overlooks the rights of many individuals. Capitalizing on the mainstream narrative can certainly bring short-term growth, but user retention is the real challenge facing the industry.
The Future Direction of Ethereum
Ethereum founder Vitalik Buterin is facing a difficult choice. He is young and talented, full of potential, but also faces various challenges. Currently, he is fully committed to Layer 2 solutions, but whether this strategy is optimal remains to be seen.
The Dilemma of Web3 Games
The Web3 gaming sector remains popular, but it faces numerous challenges. Players and investors have become acutely aware of its limitations. Currently, the sector primarily focuses on ecological positioning and defensive strategies, but it lacks the core elements that truly attract users.
Market Cycles and Opportunities
Bear markets are often an opportunity for entrepreneurs. Those who have experienced multiple cycles understand better what kinds of projects can survive. The development of areas such as DeFi and NFTs may not have met expectations, but they have also accumulated valuable experience for the industry.
Future Direction
As the industry enters deeper waters, user education and talent development have made certain progress. Tool layer and application layer projects may welcome a more objective evaluation environment. The technical bottlenecks in cryptography and user operations also provide opportunities for innovation.
Conclusion
Disappointment in the industry stems from overly high expectations in the early stages. Viewing web3 as crypto finance 3.0 might be more beneficial for a rational perspective on its development. In the future, attention should be paid to those who excel in their respective roles. The industry is transitioning from "market dream rate" to "market share," and this change is worth looking forward to.