Right time for Hong Kong’s Web3 push despite market flux

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News of the Day

Right time for Hong Kong’s Web3 push despite market flux

Why it matters:

• Hong Kong's Financial Secretary believes that it is the right time for the city to push for Web3 despite the current market flux. The Financial Secretary has recognized that blockchain technology and decentralized finance (DeFi) have gained significant traction in recent years and could offer benefits to the financial market.
• The main advantage of Web3 is its decentralization, which ensures transparency, security, and immutability to data and transactions. These are essential features that can help solve trust issues and reduce transaction costs, making it easier for businesses to transact globally.
• Hong Kong has a unique opportunity to leverage these technologies and position itself as a hub for innovation in the financial sector. By embracing Web3, Hong Kong can attract investment from companies looking to build new decentralized applications, improve financial inclusion, and increase access to capital markets.

Crypto Daily Spotlight

NFT marketplace LooksRare launches v2, reducing fees from 2% to 0.5%

Brief introduction: LooksRare is a digital marketplace that allows users to buy, sell, and trade Non-Fungible Tokens (NFTs). NFTs are unique digital assets that are verified on a blockchain network, making them one-of-a-kind collectibles. LooksRare was founded in 2021 and aims to provide a user-friendly platform for creators, collectors, and investors in the NFT space.

Why it matters:

• NFT marketplace LooksRare has launched its Version 2 platform, which comes with a significant reduction in fees charged for transactions. The platform has lowered its fees from 2% to 0.5%, making it one of the lowest fee NFT marketplaces on the market.
• High fees have been a major issue for many NFT platforms, as they can discourage buyers and sellers from using the platform. By reducing fees, LooksRare is positioning itself as a more attractive option for those looking to buy and sell NFTs.
• The move to lower fees could lead to increased competition among NFT marketplaces, which could ultimately benefit buyers and sellers. With more platforms vying for attention, users may be able to access better features, higher quality NFTs, and more competitive pricing.

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