Last Tuesday, Meta declared its intention to enter the metaverse by planning a variety of events in the arts and humanities. Meta seems to bank everything on building the metaverse. Facebook’s parent company, Meta, is making a big bet on the Metaverse with their bold announcement and actions.

The term “metaverse” describes an immersive virtual environment where people’s digital representations may converse with one another as they would in person.

Just one day after Meta – the company that owns Facebook, made its announcement, Yahoo did the same thing with its into-the-metaverse endeavor.

Yahoo's the Abyss of Kwun Tong exhibition in the Decentraland metaverse — Yahoo’s the Abyss of Kwun Tong exhibition in the Decentraland metaverse

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Yahoo! with the metaverse move

American digital services company, Yahoo!, is run by the corporation of the same name, Yahoo Inc., which is 90% owned by investment funds managed by Apollo Global Management and 10% by Verizon Communications. Yahoo Inc. is based in Sunnyvale, California.

Yahoo ! offers a web portal, the search engine Yahoo Search, as well as related services such My Yahoo!, Yahoo Mail, Yahoo News, Yahoo Finance, Yahoo Sports, and its ad platform, Yahoo! Native.

Yahoo also wanted to launch a small number of non-fungible tokens (NFTs) and host virtual performances and exhibitions on well-known metaverse platform Decentraland using a similar strategy.

The gathering venue for artists and fans, as well as the nostagialistic displays for culture and art enthusiasts, will be Yahoo’s events. Yahoo wants to use the metaverse to bring together like-minded individuals wherever they may be in the world.

Apparently, the plan has been put in action. Yahoo has recently tested the metaverse with practical activities in the metaverse world of Decentraland.

Yahoo! ‘s latest actions are strongly demonstrating their new trajectory.

In conjunction with regional artists, since last week, Yahoo has opened an NFT exhibition titled “The Abyss of Kwun Tong” about the historic Hong Kong area that has been altered by redevelopment initiatives.

Kwun Tong is a neighborhood that borders Lion Rock in the north, Lei Yue Mun in the south, Kowloon Peak’s winding paths in the east, and the north coast of the former Kai Tak Airport runway in the west. Kwun Tong is located at the eastern tip of the Kowloon Peninsula.

“The Abyss of Kwun Tong” recreates the image of Kwun Tong back in the time when it has not been reformed yet. This is a nostagial project which has a significant meaning to HongKong residients.

The “Abyss of Kwun Tong” has been launched at a time when other digital firms, most notably Meta, the owner of Facebook, and the well-known Asian investment firm Animoca Brands, have also selected Hong Kong as a testing ground for different metaverse-related operations.

The Metaverse world is open

The two most well-known brands in Hong Kong’s metaverse community are Meta and Animoca Brands.

Animoca Brands’ co-founder and executive chairman, Yat Siu, first quipped in jest that his company will confidently fight with Meta for the Hong Kong market.

Mr. Sui was certain that the Brands’ strategy would be more appealing to the community and more engaging than Meta’s.

There are now restrictions on Hong Kongers entering public spaces like pubs and clubs, which is an intriguing reason why Yahoo picked Hong Kong as its testing ground.

A negative Covid is the criteria that must be met in order to attend these places. One appealing selling point for Hong Kongers would be the capacity to replicate real-world events in the metaverse.

In addition, art shows and community events have long introduced NFT and blockchain technology to Hong Kong residents.

The MANA cryptocurrency from Decentraland has increased by 10% in the last day. On the Metaverse marketplace, Decentraland, the MANA cryptocurrency token is used to make purchases and sales. It was developed on the Ethereum blockchain system.