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A day after Meta Platforms unveiled its metaverse intentions for the region, Yahoo launched several Metaverse and NFT-related initiatives in Hong Kong. In the Decentraland metaverse, Yahoo, a US-based online media business, announced that it would hold a series of virtual events and concerts for Hong Kong residents. The Metaverse, according to Lorraine Cheung, head of the audience at Yahoo Hong Kong, is an appealing alternative for Hong Kong people wishing to engage in social activities while pandemic restrictions remain in place.
Yahoo will Debut in NFT
Yahoo will also debut The Abyss of Kwun Tong, a non-fungible token (NFT) show in which local artists will visually recreate the ancient area of Kwun Tong, which has been significantly damaged by redevelopment. On Tuesday, the social media behemoth Meta announced a plan to collaborate with local companies and institutions such as cafes, schools, and art galleries to provide people with "first-hand" Metaverse experiences. With multinational consulting company McKinsey issuing a report this week suggesting that Metaverse-related spending may be worth roughly $5 trillion by 2030, major corporations are rapidly embracing the Metaverse. JPMorgan Chase, the world's largest bank, made news earlier this year when it released a report calling Metaverse technology a "one trillion-dollar opportunity" and announced the launch of its virtual headquarters in the Decentraland metaverse.