Cryptocurrency transactions are banned in mainland China, but that doesn’t mean interest in the web3 era’s prospects has abated. If nothing else, young people with technical expertise are demonstrating intense interest in web3. They see it as an arena where they can leave a mark, just like the Pony Mas and Zhang Yimings of the past.
Web3 is characterized by services that are built with decentralization in mind. It’s a broad portrayal that includes NFTs, DAOs, DeFi, GameFi, metaverses, and more. A common theme is that digital assets are at the heart of these projects, and that publicly accessible ledgers ensure a high degree of transparency.
What’s interesting is that young Chinese programmers see the web3 space as open for the taking. With the Tencents and ByteDances of the world already deeply entrenched in many business sectors, the only option that’s left, some believe, is to carve out new paths on their own. Web3 allows this.
Additionally, web3 projects often are not confined by physical borders. Many do not have physical headquarters, and their teams may be located across different time zones. In a way, web3 projects bypass the divisions created by the Great Firewall. On the first day after launch, any project built using blockchain technology is already global.
As part of our KrASIA Connection series, we published an article that highlights the motivations of fresh grads in China who are developing new services in the web3 space. Check it out here.
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