Yahoo has announced a series of metaverse and non-fungible token-related activities in Hong Kong, a day after Meta Platforms outlined its plans for the region.

Yahoo, the US-based internet media company, has revealed that it will host a series of virtual events and concerts for Hong Kong residents in the Decentraland Metaverse District.

According to Lauren Cheung, head of Yahoo Hong Kong audience, the company sees Metaverse as an attractive alternative for Hong Kong residents looking to engage in social activities while pandemic restrictions remain in place. On June 9, a nationwide mandate was introduced requiring that a negative COVID-19 test be submitted to enter all public places such as bars and restaurants:

“We hope to use the Metaverse to connect people regardless of time and physical location.”
Yahoo will also launch an NFT exhibit titled The Abyss of Kwun Tong, which will see local artists recreate the historic district of Kwun Tong, which has been heavily affected by the redevelopment.

Creative Producer Leung Ching-hsuan said the goal of the NFT fair is to “keep humanity with technology.”

On Tuesday, social media giant Meta rolled out a strategy for working alongside local businesses and organizations such as coffee shops, schools and art galleries to create “live” metafiric experiences for residents.

Big companies are increasingly embracing the Metaverse, with international consulting firm McKinsey releasing a report this week that predicts metaverse-related spending will be worth nearly $5 trillion by 2030.

Earlier this year, JPMorgan, the largest US bank, made headlines by releasing a report that described the metaverse technology as a “trillion dollar opportunity,” along with the opening of its own virtual headquarters in the Decentraland metaverse.

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The Decentraland token (MANA) is up today, gaining just over 14% in the past 24 hours, according to data from CoinMarketCap.

Source: CoinTelegraph