Yahoo Prepares for Grand Entry into the Metaverse

The company will hold virtual concerts and launch NFTs to catch up with Meta and Animoca Brands.

Jun 18, 2022
by Michael
Yahoo Prepares for Grand Entry into the Metaverse
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Yahoo has developed a test project as a grand entry into the metaverse experience. In this announcement, the company plans to hold virtual concerts - the first concert will be in Decentraland – and release a limited number of NFTs. This plan comes a few days after Meta, Facebook's owner, launched a similar project.

The Head of Audience, Yahoo Hong Kong, Lorraine Cheung, said, 

"Yahoo Hong Kong has always been providing a wide range of online services that are relevant to people's daily lives, including using the latest technology to improve and enhance the user experience. The company wants to use the Metaverse to connect people regardless of time and location."

Dominant Metaverse forces in Hong Kong

Meta and Animoca Brands have been the two dominant brands for the metaverse community in Hong Kong. The co-founder and executive chairman of Animoca Brands, Yat Siu, initially jokingly said that the Brand would take on Meta in competing for the Hong Kong community. However, using stats from the Brand's Horizon Worlds metaverse, the chairman was sure its approach is more engaging and appealing to the community than Meta's.

Now that Yahoo has entered the race, the competition for the top spot will be hotter than before, noting that Animoca Brands hails from Asia, whereas Meta and Yahoo are from America.

Why is Yahoo interested in Metaverse?

Yahoo sees a lot of potential in the Metaverse. According to the senior director at Yahoo Creative Studio Asia Pacific, about 86% of members of Gen Z (people in their 20s to early 30s) want their digital interactions to be in sync with the real world. Also, more than 80% of Hong Kong citizens have already shown interest in an immersive experience.

Yahoo will also be launching an NFT exhibition – The Abyss of Kwun Tong – together with local developers in the iconic Hong Kong neighborhood where reconstruction projects have changed.

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