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A visitor looks at artwork at the Digital Art Fair in Hong Kong on October 20, 2022. The fair featured digital works by local and international artists and creators, using interactive Web3 technologies, which collectors could purchase as NFTs. Photographer: Lam Yik/Bloomberg
OpinionLetters

Letters | By embracing NFTs and the metaverse, Hong Kong can remodel its identity and global role

  • Readers discuss opportunities for the city to take the helm in the new tech landscape, and how the government can encourage use of its online identity authentication app
Hong Kong economy
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As we stand at the cusp of a technological renaissance, Hong Kong is positioning itself as a pioneer by embracing groundbreaking technologies like non-fungible tokens (NFTs) and the metaverse. As the founder of a communications agency specialising in emerging tech and finance, I believe this doesn’t merely signify the city’s tech-savvy aspirations but serves to fortify Hong Kong’s status as a powerhouse in technology and finance on the global map.

NFTs are transforming the concept of asset ownership in the digital sphere. These unique, tokenised digital assets offer a wide array of opportunities across sectors, whether in the art industry, intellectual property rights or real estate.

Hong Kong’s pursuit of a robust NFT ecosystem could catapult the city into new avenues of revenue generation, attracting pioneering businesses and talent, and boosting its creative sectors. This is also an opportunity for Hong Kong to establish a comprehensive legal and regulatory infrastructure for NFTs, thereby setting global precedents.

While NFTs redefine digital ownership, the metaverse is the imagined realm where the digital and physical worlds intersect, revolutionising sectors like remote work, education, entertainment and e-commerce. Hong Kong’s commitment to nurturing a thriving metaverse ecosystem could reshape its identity as a hotbed for innovation.

By championing metaverse enterprises and fostering job creation for digital natives, Hong Kong could take the helm in this virtual frontier.

While these advancements offer promising prospects, they also usher in new hurdles such as ensuring cybersecurity, fair regulation and digital rights. Navigating these challenges will be critical as Hong Kong explores this new tech landscape.

The transition into NFTs and the metaverse signifies more than a technological leap for Hong Kong; it is a chance to remodel the city’s identity and global role in an evolving world. By positioning the city as the epicentre of the next economic surge, a crucible for creativity and a champion of digital rights, Hong Kong’s future narrative could take an exciting turn.

Embracing these emerging technologies signifies Hong Kong’s proactive approach to shaping the future and leading change. As Hong Kong ventures forth, the world watches with anticipation, confident in the city’s proven capacity for innovation and success. This foray into NFTs and the metaverse holds great promise for another era of innovation-led prosperity.

Loredana Matei, CEO and founder, Jensen Matthews PR

Promote iAM Smart app with better marketing

In 2020, the Office of the Government Chief Information Officer (OGCIO) introduced iAM Smart, a digital services platform for online identity authentication. As of March this year, about 1.8 million Hong Kong residents registered for the basic version of this app. Only about one-third of them upgraded to the advanced version, iAM Smart+, that requires verification of Hong Kong identity cards.
In March, the OGCIO indicated in a Legislative Council discussion paper that the department plans to request HK$193.4 million (US$24.7 million) to upgrade system design and functions of the platform and improve the user experience. They expect an additional annual recurrent cost of HK$20 million.

To fully justify this cost, the government should promote the app targeting specific age groups and simplify the registration procedures through intragovernmental data sharing.

Based on data from the OGCIO and the city’s population statistics, while about 34 per cent of people aged between 19 and 60 have used iAM Smart and iAM Smart+, only 11 per cent of residents under 18 years old and 14 per cent of people over 60 are enrolled in the scheme. The government should send more outreach teams to schools and nursing homes to promote the app. To cater to those without mobile phones, the government should allow the app to serve users’ children and elderly parents, similar to eHealth and LeaveHomeSafe.

The OGCIO should also remove the requirement of in-person identity verification for iAM Smart+ registration. Instead of scanning users’ physical Hong Kong identity cards, it should connect its system to the Immigration Department’s database to authenticate user information. The OGCIO should also expand such data-sharing efforts to more departments to further integrate iAM Smart with other service platforms and databases within the government.

Lam Sheung Yuen and Li You, Kowloon Tong

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