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Babafemi Adebajo
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Yahoo and Meta have separately announced plans to create metaverse experiences in Hong Kong. The move comes even as more firms continue deploying their resources into the still-developing market.
The choice of Hong Kong for the trials isn’t strange. According to Roger Li, senior director of ad creative at Yahoo Creative Studios, over 80 percent of Hong Kong citizens already engage or are interested in an immersive experience.
How Meta and Yahoo Will Provide Metaverse Experiences
The SCMP reports that Meta plans to promote its metaverse products in cafes, art institutions, and schools. By giving first-hand experiences of its metaverse products, Meta aims to show people the possibilities of the metaverse in real life. Specifically, it will conduct VR exhibitions at local cafes and school AR training workshops. Also, Meta is planning to launch non-fungible tokens that will integrate seamlessly with Instagram so local creators can showcase their creations.
On its part, Yahoo plans to explore the effectiveness of immersive technologies in connecting with people regardless of time or location. The US firm will hold virtual tours and exhibitions with local artists on the metaverse platform, Decentraland. It also plans to release a limited number of NFTs. Later this week, the firm will also host an NFT exhibition tagged The Abyss of Kwun Tong to detail the transformation caused in a Hong Kong neighborhood by redevelopment.
A Growing Market
Meta and Yahoo aren’t the only firms making moves in the metaverse. Disney got approval to curate interactive attractions for theme park visitors in December 2021. Walmart, Nike, and Instagram have also been exploring the virtual world. Microsoft also has its foot firmly in place with its Mesh metaverse.
Interestingly, there are clear-cut differences in the approach of the different companies to the metaverse. For example, with Meta, the focus seems to be social. Microsoft, on the other hand, is enterprise-focused. Regardless, both are focusing on two sectors that will contribute to the growth of the metaverse.
McKinsey reports that annual global spending related to the metaverse could reach US$5 trillion by 2030. It is sure then that companies focusing on the metaverse now are playing the long game. However, it’s unclear which companies will be the biggest gainers at the end of the decade when the metaverse becomes viable.
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