Yahoo enters the NFT and Metaverse world
According to a recent report per South China Morning Post, Yahoo plans to host a series of virtual events and concerts in the Decentraland metaverse for Hong Kong residents. Yahoo Hong Kong’s chief public officer, Lorraine Cheung, said the company recognizes the potential of the metaverse world. He added that although pandemic limitations remain in place, Hong Kong residents may find Metaverse an attractive alternative for social activities.
This week, Yahoo will feature an NFT show called “The Abyss of Kwun Tong,” where local artists will virtually recreate the old Kwun Tong neighborhood, which has been significantly impacted by redevelopment. Cheung said, “We hope to use the metaverse to connect people regardless of time and physical location.”
Leung Ching-Hsuan, the company’s creative producer, said the NFT exhibition aims to “hold back humanity using technology.” Notably, Yahoo’s move comes just a day after social media giant Meta revealed plans to work with local businesses and organizations such as cafes, restaurants, art galleries and schools to bring “first-hand” experience to Hong Kong residents.
Metaverse has become an important source of attraction for businesses around the world. While banking giant JPMorgan has called Metaverse technology a “trillion-dollar” industry, global consulting firm McKinsey predicts that spending on the Metaverse will reach nearly $5 trillion over the next eight years. Additionally, a study by API provider Agora also predicts that the Metaverse could become the “most popular” method for buying and selling digital assets in the coming years.