Yahoo has launched a number of Metaverse and nonfungible token (NFT)-related initiatives in Hong Kong, only one day after Meta Platforms revealed its own metaverse intentions for the area.
The Decentraland metaverse will stage a series of virtual events and concerts for Hong Kong citizens, according to Yahoo, a US-based internet media business.
The Metaverse, according to Lorraine Cheung, Yahoo Hong Kong's head of audience, is an appealing option for Hong Kong residents wishing to participate in social activities while pandemic restrictions remain in place. On June 9, a statewide requirement was launched mandating all public places, such as pubs and restaurants, to deliver a negative COVID-19 test.
Local artists will digitally recreate the ancient area of Kwun Tong, which has been significantly devastated by redevelopment, in an NFT show titled The Abyss of Kwun Tong, which will be launched by Yahoo.
The purpose of the NFT exhibition, according to creative producer Leung Ching-Hsuan, was to keep humanity alive through technology.
Meta, the social media juggernaut, stated on Tuesday that it will work with local businesses and organizations such as schools, and art galleries to deliver "first-hand" metaverse experiences.
Major corporations are rapidly adopting the Metaverse, according to a research released this week by worldwide consulting company McKinsey, which estimates that metaverse-related expenditure would be worth about $5 trillion by 2030.
JPMorgan Chase, the world's largest bank, made news earlier this year when it released a study calling metaverse technology a "one trillion-dollar potential" and announced the launch of its own virtual headquarters in the Decentraland metaverse.
According to Coingabbar statistics, the Decentraland (MANA) coin is trading at $0.83 at the time of writing, gaining a little more than 15% in the last 24 hours.