Yahoo Launches a Metaverse Experience for Hong Kong Residents

The search engine and media corporation Yahoo has just launched a metaverse experience in Decentraland for residents of Hong Kong. The California-based firm expects that these new metaverse possibilities would enable Hong Kong residents to maintain their sense of community while abiding by the nation's COVID-19 regulations.

A day after Meta Platforms revealed its own metaverse ambitions for the area, Yahoo has announced a number of Metaverse and non-fungible token (NFT)-related initiatives in Hong Kong.

A number of virtual events and concerts for Hong Kong residents will be held in the Decentraland metaverse, according to Yahoo.

Since June 9th, only those with a negative COVID-19 test are permitted to enter public areas like nightclubs. According to Yahoo, the metaverse may make it easier for those under quarantine to keep in touch with their loved ones.

In addition to holding metaverse music concerts in Decentraland, Yahoo is building an NFT gallery with contributions from Hong Kong artists. This virtual museum, dubbed "The Abyss of Kwun Tong," will showcase NFTs drawn from the Kwun Tong district of Hong Kong.

The firm views the Metaverse as an attractive alternative for Hong Kong residents wanting to engage in social activities while pandemic restrictions are still in effect, according to Lorraine Cheung, head of audience at Yahoo Hong Kong. On June 9, a law was passed requiring a negative COVID-19 test to be presented before entering any public place, including pubs and restaurants:

“We hope to use the Metaverse to connect people regardless of time and physical location,” said Cheung. 

On Tuesday, the social media giant Meta unveiled a plan to collaborate with local cafés, schools, and art galleries to provide locals "first-hand" metaverse experiences.

Major corporations are adopting the Metaverse more and more; a research released this week by the worldwide consulting company McKinsey predicted that investment in the Metaverse might reach $5 trillion by 2030.

The biggest bank in the US, JPMorgan, made news earlier this year when it opened its own virtual headquarters in the Decentraland metaverse and published a study calling metaverse technology a "one trillion-dollar opportunity."