Following in the footsteps of Meta, Yahoo will test Metaverse technology in Hong Kong, China

Beijing time on June 16 morning news, according to reports, the US Internet company Yahoo said on Wednesday that it will launch a series of metaverse activities in Hong Kong, China,Explore the use of this immersive advertising technologyjust a day before Facebook parent company Meta Platforms announced similar plans.

Yahoo said it hopes to host virtual concerts and exhibitions on the popular metaverse platform Decentraland,Showcasing local idol groups and artists. The company also plans to release a limited number of non-fungible tokens (NFTs).

Lorraine Cheung, head of audiences at Yahoo Hong Kong, said: “The hope is to use the metaverse to connect people, regardless of time and physical location.”

About 86% of Gen Z members (those in their 20s and early 30s) want their digital experiences and interactions to be seamlessly connected to the real world, according to Roger Li, Senior Director of Advertising Creative, Yahoo Creative Studios Asia Pacific , over 80% of Hong Kong people are interested in or have already participated in immersive experiences. “The next wave of digital is here,” he said.

This week, Yahoo is also launching an NFT exhibition called Kwun Tong Abyss, which will work with local creators to tell the story of this iconic Hong Kong neighborhood transformed by the redevelopment project.

Before Yahoo, other tech companies also chose Hong Kong as a testing ground for various Metaverse-related activities.

On Tuesday, Facebook’s parent company Meta announced a series of plans for the metaverse, including exhibitions and workshops, to provide relevant experiences to Hong Kong’s 7.4 million residents.

Earlier this week, the asset management arm of South Korea’s Samsung Electronics launched Hong Kong’s first exchange-traded fund focused on blockchain technology that will underpin the development of the Metaverse.

According to a recent report by consulting firm McKinsey, global annual spending related to the Metaverse could reach $5 trillion by 2030. The report also said that e-commerce, virtual learning, advertising and gaming will be the industries that will contribute the most to the market.