A day after Facebook's parent firm Meta Platforms unveiled similar plans, the US tech company Yahoo stated on Wednesday that it would study the usage of immersive advertising technologies in Hong Kong.
A Yahoo release claims the business intends to host virtual concerts and exhibitions featuring local idol groups and artists on the popular metaverse platform Decentraland. In addition, a limited number of non-fungible tokens will be made available (NFTs).
According to Lorraine Cheung, Yahoo Hong Kong's head of audience, “Yahoo Hong Kong has always been delivering a wide range of online services that are relevant to people's daily lives, as well as leveraging the latest technology to improve and enhance the user experience.”
People will be able to connect in the metaverse regardless of their actual location or time zone.
Avatars from the local girl group After Class will perform on the rooftop of Yahoo Hong Kong on June 17th, with the streetscape covered in neon signs in front of them. According to the business, Yahoo Metaverse, a mashup of sports, entertainment, and fashion, will be a significant moment in the meta-universe.
Yahoo's metaverse also focuses on revitalizing the Kwun Tong District, which has seen constant rebuilding and alteration over the years… For the “Recreating Kwun Tong” NFT art exhibition, the business teamed up with four local artists to showcase the district's unique qualities and collective memories.
There is a gallery on the first floor of Yahoo's metaverse where a collection of NFT artworks by SiUKINS, Au Yeung Chun Hee, Bread Poon, and Stirring Light featuring countless Kwun Tong stories can be seen. By creating these works, they seek to bring together people's memories of Kwun Tong in a meaningful way.
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Additionally, Yahoo has collaborated with local artists to establish an NFT exhibition named “The Abyss of Kwun Tong” about the neighborhood's redevelopment in Hong Kong.
Other digital businesses have also selected Hong Kong as a testing ground when it comes to testing out various metaverse-related activities.
For the city's 7.4 million citizens to access relevant experiences, Facebook owner Meta unveiled a variety of metaverse activities on Tuesday. These include exhibitions and workshops.
For the first time, the first exchange-traded fund focusing on blockchain technology was created in Hong Kong earlier this week.
According to a recent report from consultancy company McKinsey, annual global spending on the metaverse might exceed $5 trillion by 2030. According to the report, virtual learning, advertising, and gaming are expected to be among the top contributors to the business. E-commerce.
With the release of a report earlier this year calling the metaverse technology a “trillion-dollar opportunity,” JPMorgan, the largest bank in the United States, also opened a virtual headquarters in the Decentraland metaverse.