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July 5, 2022
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NFT craze heats up in Hong Kong

With the rapid development of technology, NFT and metaverse have become viral in recent years. Different international enterprises have gone ahead to invest in the metaverse. To align itself with the metaverse, Facebook was renamed Meta in 2021. Are NFT and metaverse just a flash in the pan or a new world with great business opportunities?

According to the report of "Finder", 10.7% of the Hong Kong people hold NFT, ranking eighth in the world in terms of the holding population. In addition, 10.4% of the Hong Kong people plan to buy NFT in the future, which shows a high potential for the future development of NFT in Hong Kong.

The first metaverse concept store at The Peninsula Hong Kong

At the beginning of 2022, Hong Kong's first metaverse entity concept store arrived at The Peninsula Hong Kong, connecting the real and virtual worlds for the first time. Subsequently, many shopping malls and organisations in Hong Kong have successfully held exhibitions about NFT and the metaverse, including the NFT art exhibition in K11 and the NFT project launched by Grand Hyatt Hong Kong. Meanwhile, Times Square plans to enter the metaverse by building the first Hong Kong virtual shopping mall in 2022. Evidently, NFT and metaverse have set off an upsurge in Hong Kong.

Source: BlueArk

"ARTAVERSE", one of Hong Kong's largest outdoor NFT and local arts exhibitions, combining digital arts and music, was held in June 2022. "ARTAVERSE" has set up multiple digital art exhibitions, technology sharing, and music performances to let the participants experience the "Web 3.0 Art Universe".

3 Hong Kong metaverse joint exhibition series

Since last year, the local telecommunications service operator 3 Hong Kong has actively entered the metaverse market and supported cryptocurrency payment. Recently, 3 Hong Kong announced that they have cooperated with BlueArk to launch the exclusive Bored Ape Gummy NFT.

Source: 3 Hong Kong

Hong Kong's future development in the metaverse

Besides, many local enterprises and organisations have participated in the metaverse. A local creative company will establish the first Asian nightclub in the metaverse of Sandbox. It provides a place with music, games, and art for people who enjoy parties gathering together. Its NFT membership tickets will provide various unique scene experiences, including warehouses, wrestling fields, concert halls, and stores.

Meanwhile, the NFT and metaverse projects are growing daily, and their forms are constantly innovating. From the exhibition to the nightclub, it shows that the metaverse and NFT are gradually moving from the virtual world to reality. This upsurge is expected to sweep the fintech market, and place Hong Kong at the cutting edge of the times. What are your views on the development of metaverse in Hong Kong?
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