Yahoo Announces Metaverse Events For Confined Hong Kong Residents

  • Metaverse-related spending is predicted to reach about $5 trillion by 2030.
  • The Decentraland (MANA) is up 7% in the previous 24 hours.

A day after Meta Platforms unveiled its own metaverse intentions for the region; Yahoo launched several Metaverse and non-fungible token (NFT) related initiatives in Hong Kong. Residents can attend a series of virtual events and concerts hosted by Yahoo, an American online media firm.

While pandemic limitations remain in place in Hong Kong, Lorraine Cheung, Yahoo Hong Kong’s head of audience, views the Metaverse as an enticing option for citizens wanting to participate in social activities. On June 9, a countrywide order was put in place that required all public places, such as pubs and restaurants, to access a negative COVID-19 test.

Retain Humanity Through Technology

As part of Yahoo’s NFT initiative, the exhibition The Abyss of Kwun Tong will include local artists’ virtual recreations of Kwun Tong’s ancient neighborhood.

The NFT exhibition’s creative producer, Leung Ching-hsuan, said that it aimed to “retain humanity using technology.” It was announced on Tuesday that Meta would collaborate with local companies and organizations, such as cafés, schools, and galleries, to provide ‘”first-hand” metaverse experiences for the general public.  Metaverse-related spending is predicted to reach about $5 trillion by 2030 by global consulting company McKinsey, which released research this week.

When JPMorgan released a study earlier this year calling metaverse technology a “one trillion-dollar opportunity,” coupled with the construction of their own virtual headquarters in the Decentraland metaverse, it made headlines. Today, the Decentraland (MANA) is up almost 7% in the previous 24 hours, according to CoinMarketCap statistics, and is trading at $0.8361.

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