The growth of the metaverse is massive, and every media giant is trying to establish a metaverse approach to stay relevant and create new revenue streams. This growth is widely appreciated by the crypto community as it is generating mass awareness among non-crypto users.
The media giant Yahoo has announced its plans to launch a variety of metaverse projects in Hong Kong after outlining its metaverse plans for the region. The US-based internet media company stated that it would be hosting several virtual events and concerts for citizens of Hong Kong in the Decentraland metaverse. This announcement also caused a brief rally for $MANA, the native token of Decentraland.
Yahoo into the Metaverse
Lorraine Cheung, the head of the audience at Yahoo Hong Kong, believes that the metaverse is an attractive alternative for people of Hong Kong to engage in social activities while it struggles with pandemic restrictions. While several countries have resumed normal activities, Hong Kong residents still require a negative Covid test to enter public places.
Using the metaverse, the Hong Kong government wants to provide relief to its residents.
“We hope to use the Metaverse to connect people regardless of time and physical location.”
Yahoo is supporting Hong Kong in this avenue and will launch an NFT exhibition called The Abyss of Kwun Tong. This exhibition will feature the work of local artists who will recreate the historic neighborhood of Kwun Tong that has been impacted by redevelopment. The goal of the exhibition is to “retain humanity using technology”, according to the creative producer Leung Ching-Hsuan.
Other major brands and platforms have also been active in the metaverse. Recently Meta (previously Facebook) put forward a strategy to work alongside local organizations and businesses to create a first-hand metaverse experience for residents.
Apart from that, the international consulting firm McKinsey also released a report this week that Metaverse-related spending can amount to $5 trillion by 2030. This report suggests that the metaverse is only blooming and is far from saturation.