Adam Au

Opinion | To get the best out of the metaverse, Hong Kong needs long-term vision

Through the metaverse, Hong Kong can overcome the economic challenges of Covid-19 and land restraints, create new business models and offer the young social freedom

But first, it needs to focus on development and building substance with a long-term outlook

Reading Time:3 minutes

Why you can trust SCMP

Visitors are seen at an immersive art installation titled “Machine Hallucinations — Space: Metaverse” by media artist Refik Anadol, which was converted into an NFT and auctioned online at Sotheby’s, at the Digital Art Fair in Hong Kong on September 30. Photo: Reuters

Adam Au

Published: 6:45am, 2 Feb 2022

Switzerland last year began to accept non-fungible tokens (NFTs) on its new digital exchange platform. Initially spurned as a bubble, NFTs are now expanding their frontiers across the cryptocurrency community and the mainstream alike.

NFTs are the harbinger of a new digital era in the form of the metaverse. In principle, the metaverse is a virtual-reality space in which users can interact in a programmed environment. Incorporating virtual and augmented reality to simulate real-life experience, the concept has been dubbed the newest iteration of the internet, or “Web 3.0”.

NFTs and the metaverse are interconnected. In a metaverse, participants can showcase and trade digital forms of art and property using blockchain-backed NFTs.

The metaverse is entering the peak of its hype cycle. Its value is estimated at US$1 trillion, according to digital currency investor Grayscale. One business opportunity involves the buying and selling of digital real estate built on decentralised platforms. Such virtual land will allow digital identities or avatars to live, work and interact with each other.

People have been receptive to the idea of the metaverse. Hong Kong’s biggest names, such as New World Development’s Adrian Cheng and PwC, both early investors, have lent credence to the metaverse’s social and financial potential.

04:42

Hong Kong’s latest tech unicorn Animoca Brands is betting big on video game NFTs

But what about accessibility for the public? What will the upside be for other Hong Kong entrepreneurs?

Opinion | To get the best out of the metaverse, Hong Kong needs long-term vision

Through the metaverse, Hong Kong can overcome the economic challenges of Covid-19 and land restraints, create new business models and offer the young social freedom But first, it needs to focus on development and building substance with a long-term outlook

Through the metaverse, Hong Kong can overcome the economic challenges of Covid-19 and land restraints, create new business models and offer the young social freedom

But first, it needs to focus on development and building substance with a long-term outlook