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According to Lorraine Cheung, head of audience at Yahoo Hong Kong, the company sees Metaverse as an attractive alternative for Hong Kongers who want to engage in social activities while pandemic restrictions remain in effect. On June 9 last week, a nationwide order was issued, requiring residents to provide negative Covid test results to be able to enter all public places such as bars and restaurants.
"We hope to use Metaverse to connect people regardless of actual time and location."
Yahoo will also launch an NFT exhibition called Kwun Tong's Abyss, which will see local artists virtually recreate the historic neighborhood of Kwun Tong that has been hit hard by the redevelopment process.
Creative producer Leung Ching-hsuan said that the goal of the NFT exhibition is to "retain people using technology".
On Tuesday, social media giant Meta launched a strategy to work with local businesses and organizations such as cafes, schools and art galleries to create "first-hand" Metaverse experiences for residents.
Large companies are increasingly adopting metaverse. In fact, a report by international consulting firm McKinsey this week predicted that metaverse-related spending could be worth nearly $5 trillion by 2030.
Earlier this year, JPMorgan, the largest bank in the United States, also made headlines when it released a report calling Metaverse technology a "trillion-dollar opportunity," along with the opening of its own virtual headquarters in decentraland metaverse.
