Web3 in China: Beyond the hype, what are new opportunities for business growth?

Andrea Fenn, Yaling Jiang

Web3 is the dark horse of China's digital economy, according to an Adiacent report, providing new ways for newcomers to bypass the competitive web2 market.
  • However, much of China's Web3 ecosystem is still shrouded in darkness and is different from the rest of the world as many fronts that involve cryptocurrency and NFTs are off limits due to the mainland's regulatory restrictions.
  • That does not mean there is no room for brands to be creative with connections to art that are fitting for the government's requirement for digital collectibles, for instance; Kering-owned Italian jewellery brand Pomellato commissioning crypto artist Sun Bohan is one case.
  • Conflux is China's only permissionless and regulatory-compliant blockchain with ties with the Shanghai government and a community of decentralized apps (dApps)...

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