According to South China Morning PostYahoo and Meta are about to roll out a series of virtual events in Hong Kong. The Asian island seems to be the ideal playground to test new experiments in the metaverse.
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For Yahoo, the goal is to explore new immersive advertising technologies. To achieve this, the company will organize virtual concerts in the metaverse (on Decentraland), with local artists. The company also plans to issue a limited amount of NFTs. According to Roger Li, advertising creative director at Yahoo Creative Studios in the Asia-Pacific region, 86% of Gen Zers (those aged 20-30) want more immersive experiences and 80% of Hong Kongers are already interested in virtual reality.
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The market seems ready and that’s why Yahoo wants to test these new experiences in this region of the world. According to Lorraine Cheung, community manager at Yahoo Hong Kong, “Yahoo has always offered a wide range of online services relevant to people’s daily lives, including using the latest technologies to improve and enhance user experience. We believe that the metaverse can allow us to go even further, to connect people regardless of time and place”.
The company is convinced that “the next wave of digital shopping is here”. This week, Yahoo also decided to launch an exhibition titled “The Abyss of Kwun Tong”, based on NFT. These are works developed in collaboration with local creatorson an iconic Hong Kong neighborhood that has been transformed by redevelopment projects.
Hong Kong: the eldorado of the metaverse?
Yahoo is not the only company with an interest in Hong Kong. Several companies are preparing to deploy various experiences related to the metaverse. This is particularly the case of Meta, which recently launched a series of initiatives related to the metaverse, in order to offer experiences to 7.4 million city residents. Like Yahoo, Meta is convinced that Hong Kong is the perfect testing ground. The American giant will be able to test its own platform: Horizon Worlds.
Earlier this week, Samsung Electronics also launched the first blockchain-focused fund in Hong Kong. A technology directly related to the development of the metaverse. According to a recent report by consulting firm McKinsey, “by 2030, annual global metaverse spending could reach $5 trillion”. E-commerce, virtual learning, advertising and games are expected to be among the major sectors contributing to the market. This is why Samsung is very interested in this technology.