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Yahoo Joins Facebook Owner Meta in Testing Metaverse Tech in Hong Kong

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Yahoo Joins Facebook Owner Meta in Testing Metaverse Tech in Hong Kong

The US Internet Company Yahoo announced on Wednesday that it would launch a series of Metaverse activities in Hong Kong to explore the use of immersive advertising technologies.

This advertisement came a day after Facebook Meta Platform announced using similar advertising technologies.

Yahoo joins Facebook owner Meta in testing metaverse tech in Hong Kong

According to Yahoo’s announcement, the company wants to hold virtual concerts and exhibitions featuring local idol groups, celebrities, and artists for Hong Kong residents on the popular metaverse platform Decentraland. It also plans to release a limited amount of non-fungible tokens (NFTs) called The Abyss of Kwun Tong.

Lorraine Cheung, Head of the Audience at Yahoo Hong Kong, said, “Yahoo Hong Kong has always been providing a wide range of online services that are relevant to people’s daily lives, including using the latest technology to improve and enhance the user experience, we hope to use the metaverse to connect people regardless of time and physical location.”

According to Roger Li, senior director of ad creative at Yahoo Creative Studios in the Asia-Pacific region, most members of the Gen- Z generation-86% of people aged 20 to early 30s, with their digital experiences and interactions to be seamless with the real world. He noted that over 80% of Hongkongers are interested or already engaging in an immersive experience, making Hong Kong the best location to build the project. “The next wave of digital shoppability is here,” Li said.

Yahoo Launches NFT exhibition- “The Abyss of Kwun Tong”

Yahoo also announced this week that it is also launching an NFT exhibition called “The Abyss of Kwun Tong” in collaboration with local creators about the iconic Hong Kong neighborhood, old Kwun Tung, to recreate a historic neighborhood with been altered by years of redevelopments.

The move comes after Facebook owner Meta announced plans on Tuesday for a series of metaverse initiatives, including exhibitions and workshops, to provide related experiences to the city’s 7.4 million residents. Recently, most tech companies have chosen Hong Kong as a testing ground to pursue various metaverse-related activities.

Another metaverse-related activity based in Hong Kong that happened earlier this week is the launch of Hong Kong’s first exchange-traded fund focusing on blockchain technology by the asset management arm of South Korea’s Samsung Electronics, which underpins the development of the metaverse.

According to an article from the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century, by 2030, annual global spending related to the metaverse could reach US$5 trillion, according to a recent report from consulting firm McKinsey. E-commerce, virtual learning, advertising, and gaming will be among the top sectors contributing to the market.