In a significant development for the cryptocurrency market in Hong Kong, Harvest Fund has officially applied to the first-ever Bitcoin (CRYPTO: BTC) spot Exchange Traded Fund (ETF) with the Hong Kong Securities and Futures Commission (SFC).
Why It Matters:
The submission of this application by Harvest Fund is a clear indicator of the growing interest and acceptance of cryptocurrencies in mainstream financial markets.
This initiative follows closely on the heels of the U.S. Securities and Exchange Commission’s approval of the first batch of Bitcoin spot ETFs just two weeks prior, a decision that has seemingly influenced the SFC’s accelerated pace in this domain.
The potential approval of this ETF in Hong Kong could significantly broaden investment opportunities and attract a wider range of investors, including family offices that have previously been hesitant to directly engage in the Bitcoin market due to its complexity and perceived risks.
According to Anndy Lian, an intergovernmental blockchain advisor, the Chinese stock market was one of the worst performers globally in 2023, funds looking for crypto alternatives are a big plus for the crypto industry.
“Harvest Fund ranked China’s sixth-largest public fund manager. Having them filing for Bitcoin ETF would mean more Chinese money flowing into the ecosystem. This could be a start of seeing a rise in Bitcoin or Crypto Exchange-Traded Products (ETPs) too,” he says.
Read Also: Unlocking Crypto Riches: Crypto Expert Shares Guide How To Value Tokens
What’s Next:
The SFC is reportedly eager to expedite the approval process for Hong Kong’s first spot Bitcoin ETF, with plans to list it on the Hong Kong Stock Exchange shortly after the Chinese New Year.
This development could pave the way for multiple institutions to enter the market, mirroring the approach taken in the U.S., where firms like Grayscale, BlackRock Inc. (NYSE:BLK), and Fidelity rapidly grew their ETFs’ sizes.
However, as of now, Harvest Fund remains the only institution to have applied, despite interest from others. Additionally, Hong Kong’s ETF might distinguish itself from its U.S. counterparts by potentially allowing direct Bitcoin subscriptions, alongside traditional fiat currency subscriptions, offering a unique investment avenue in the region.
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.
NFT 2023 Seoul Conference is scheduled to take place on Friday at Coex in southern Seoul to explore the interplay between non-fungible tokens, digital assets such as art and the Web3 framework that enables new decentralized digital asset marketplaces.
The event will be organized by The Korea Herald, the nation’s largest English daily, together with ArtToken, an NFT-based art marketplace, and Seoul-based Soongsil University. Other key partners include Crypto.com, Blockchain Today and Blooming Beat.
NFTs offer industries, creators and artists a new approach to authenticate, sell and manage digital assets. Within the Web3 environment, where decentralized platforms play a pivotal role, NFTs provide a secure means to verify and trade digital assets.
Across 14 sessions divided into three parts, domestic and international specialists in blockchain, Web3, security token offerings, or STOs, and intellectual property will discuss the latest trends, how businesses are innovating in the decentralized space, the global standing of STOs – a token-based fundraising mechanism – and what the future might hold for domestic regulations on virtual assets.
The first session, titled “The Web3 Era, Directions and New Possibilities of NFTs,” will begin with a keynote from Patrick Yoon, CEO of Cyrpto.com Korea, addressing future directions of the Web3 era. Choo Seon-woo, CEO of iStaging Asia, will discuss how high-value properties can be monetized and secured digitally under “Luxury IP.” Concepts of the metaverse will be presented by Park Min-woo, CEO of Galaxy Corp., while Shin Young-sun, CEO of Hello Web3, will detail the relationship between NFTs and Web3. Kim Min-suk, CEO of T-Max Metaverse, will cover “Web3 Business Through Super Apps.”
The second session, titled “The Utilization and Role of NFT Art in the Future Art,” Cha In-hyuk, former CEO of CJ Olive Networks, will address the role of artificial intelligence in art. Mariko Nishimura, co-founder of Heart Catch, is to examine technology’s impact on art. Aleksandra Artamonovskaja, partnership lead of Joyn.xyz, will discuss decentralized art creation and curation. Investment perspectives in NFT-based art will be presented by Anndy Lian.
The third session, “Current Status of the Domestic STO Market and Industry-Specific STO Strategies,” will have Lee Young-jae, senior executive of Mirae Asset Securities, discussing the regulatory advantages of STOs that offer greater investor protections compared to certain other digital assets. Then Professor Jang Hui-su of Soongsil University will share STO case studies from Japan and the US. Lee Dong-guk, a partner attorney at Dongin Law Firm, will talk on the legalities of virtual assets.
For further details on the event, including the schedule and ticketing, interested individuals can visit nft2023seoul.com.
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.
The rise of Non-Fungible Tokens (NFTs) has sparked a remarkable transformation in the cultural and creative economy, ushering in an era filled with new possibilities within the web3 ecosystem. NFTs offer creators unprecedented opportunities to monetize their work, establish ownership, and engage with their audience in exciting and innovative ways. This panel, organized by WikiEXPO explores the ways in which NFTs empower the creator economy and contribute to the development and prosperity of the cultural industry.
The panelists are Ganesh R, Co-founder, Firebond; Hanis Harmiles, Founder, Reinvent DAO; Tony Fu, Founder, NFT China; James Lee, CCO, Srarry Nift; Caesar Chen, Ethereum Developer & Anndy Lian, Intergovernmental Blockchain Advisor.
Direct Monetization and Increased Revenue:
NFTs provide creators with a distinct advantage: the ability to monetize their work directly, without the need for intermediaries. By minting and selling their digital creations as NFTs, artists can bypass traditional platforms and retain a larger portion of the revenue generated. This direct relationship between creators and collectors promotes a more equitable distribution of profits, ensuring that artists receive fair compensation for their contributions and fostering a sustainable economy.
Royalties and Secondary Sales:
A revolutionary aspect of NFTs is the inclusion of smart contracts. Creators can program these contracts to include royalties, guaranteeing them a percentage of future sales. This means that artists can benefit from the increasing value of their work over time or from subsequent sales on secondary markets. Such a system provides artists with a consistent revenue stream, incentivizing them to continue producing exceptional works and fueling the growth of the cultural industry.
Authenticity and Provenance:
Authenticity has long been a concern in the art world. However, NFTs tackle this issue by leveraging blockchain technology to establish transparent and immutable records of ownership and provenance. Each NFT is uniquely identified and linked to its creator, making it incredibly difficult to counterfeit or plagiarize digital assets. Collectors can now have confidence in the legitimacy and originality of the NFTs they acquire, building trust within the ecosystem and driving the demand for digital creations.
Tokenizing Intellectual Property:
NFTs extend beyond traditional visual artworks, encompassing a wide range of digital content such as music, videos, virtual real estate, and virtual goods. This ability to tokenize intellectual property opens up new avenues for creators in various fields to monetize their unique creations. Musicians, for instance, can release albums as NFTs, granting exclusive access to bonus tracks or backstage experiences. Filmmakers can tokenize movie memorabilia, offering collectors the opportunity to own iconic props or moments from their favorite films. This expansion of tokenization possibilities stimulates creativity and innovation, propelling the cultural industry forward.
Community Engagement and Collaboration:
NFTs foster direct interaction between creators and their audience, nurturing a sense of community and engagement. Artists can utilize platforms built around NFTs to communicate with collectors, offer exclusive perks, organize virtual events, and cultivate a dedicated fan base. This heightened connectivity enables creators to receive insights, feedback, and support from their community, resulting in more refined and impactful artistic creations. NFTs also facilitate collaboration between artists, encouraging the exchange of ideas, cross-disciplinary projects, and collective creativity.
Decentralized Marketplaces and Creative Freedom:
In the web3 era, NFTs are accompanied by decentralized marketplaces that empower creators with greater autonomy and creative freedom. These platforms eliminate the need for traditional gatekeepers, allowing artists to reach a global audience without geographical limitations. Moreover, creators have the flexibility to experiment with various pricing models, access real-time sales data, and maintain control over their artistic direction. By removing barriers and creating a more inclusive environment, NFTs unlock the full potential of the creator economy, fostering a thriving cultural industry.
Conclusion:
NFTs have emerged as a powerful force propelling the cultural and creative economy into uncharted territories. By empowering creators through direct monetization, royalties, authenticity, and community engagement, NFTs have revolutionized how artists interact with their audience and monetize their work. Through the tokenization of intellectual property and the freedom offered by decentralized marketplaces. As this technology continues to evolve, it promises to reshape the future of creativity, creating a more vibrant and inclusive ecosystem for artists and enthusiasts alike.
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.
