Yahoo has announced a series of activities related to the Metaverse and non-fungible tokens (NFTs) in Hong Kong, a day after Meta Platforms outlined its own metaverse plans for the region.
yahooa US-based internet media company, revealed that it will host a series of virtual events and concerts for Hong Kong residents in the Decentraland metaverse.
According to Lorraine Cheung, Head of Audience at Yahoo Hong Kong, the company sees the metaverse as an attractive alternative for Hong Kong residents looking to engage in social activities while pandemic restrictions remain in place. A nationwide mandate requiring a negative COVID-19 test to enter all public places, such as bars and restaurants, was introduced on June 9:
“We hope to use the Metaverse to connect people regardless of time and physical location.”
Yahoo will also launch an NFT exhibition called The Abyss of Kwun Tong, in which local artists will virtually recreate the historic Kwun Tong neighborhoodheavily affected by redevelopment.
Creative producer Leung Ching-hsuan said that the goal of the NFT exhibition was “to preserve humanity using technology”.
On Tuesday, the social media giant Meta laid out a strategy for collaborating with local businesses and organizations, such as coffee shops, schools, and art galleries, to create “first-hand” metaverse experiences for residents.
Large companies are increasingly embracing the metaverse, and the international consultancy McKinsey this week released a report predicting that metaverse-related spending could reach nearly $5 trillion by 2030.
At the beginning of this year, JPMorgan, the largest bank in the United States, made headlines by publishing a report calling metaverse technology a “trillion dollar opportunity” as well as opening its own virtual headquarters in the Decentraland metaverse.
Decentraland token (MANA) is up today, gaining just over 14% in the last 24 hours, according to data from CoinMarketCap.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.