On December 26th at the Guangdong-Hong Kong-Macao Greater Bay Area Digital Economy Development Conference, Chinese venture capitalist firm GBA Capital announced that it will create a $10 billion fund to accelerate Web3 growth in the Guangdong-Hong Kong-Macao economic area.
According to the announcement, the money will go to startups in the areas of virtual reality, the metaverse, and non-fungible tokens. The goal is to stimulate growth in the area so that it becomes the “world’s meta-asset capital.” Meta-assets are assets that are transformed mathematically, such as through an algorithm, and gain digital properties.
On its website, GBA Capital describes itself as an “industry incubation and capital platform focusing on high-tech fields such as digital economy, digital assets, Web3, and AI.” Overall, it provides support to enterprises by integrating industry clusters, capital and corporate resources, and policy advantages.
Li Haolong, founder of GBA Capital, believes the Guangdong-Hong Kong-Macao Greater Bay Area Digital Economy Development Conference will serve as a bridge for international cooperation, bringing together global leaders, industry experts, and innovators. It plans to have “meta-asset global tours” in Singapore, Japan, Dubai, Silicon Valley, and other places.
The Guangdong-Hong Kong-Macao economic area has recently seen a boom in Web3 startups, with many companies relocating there from overseas. GBA Capital holds strategic partnerships with companies throughout Asia, including the Asia Pacific Investment Bank and China’s National Engineering Laboratory.
China Bullish on Web3?
China has had a topsy-turvy history with cryptocurrency, banning transactions within the country numerous times. However, it hasn’t had the same problems with the rest of Web3, including non-fungible tokens, the metaverse, and blockchain technology. In fact, we’ve covered stories involving China and Web3 12 times. Here are the headlines:
- China Unveils Plan to Boost NFTs, Web3 Ecosystem
- Dairy Queen in China Opens NFT Pop-up Store
- China’s Declares Digital Assets Are Protected Under Theft Laws
- China Approves NFT, Metaverse Trademarks in Bullish Sign
- China Social Credit System May Extend to the Metaverse
- China’s “Instagram” Integrates NFTs via Conflux Blockchain
- China to Launch Nationalized NFT Market on New Year’s Day
- China Launches Its First Metaverse Lab
- Anti-Lockdown Protests in China Sidestep Censorship with NFTs
- China’s ZTE Secures Trademarks in the Metaverse
- China Releases NFTs to Commemorate 2022 Winter Olympics
- Chinese Government Newspaper to Debut NFT Platform, Metaverse
As you can see, China appears enthusiastic about the next iteration of the internet, as long as it doesn’t involve cryptocurrencies like Bitcoin. When it comes to the blockchain, NFTs, the metaverse, and more, it remains bullish, which is good news for the Web3 space overall.