MANA tokens surged 14% after Yahoo announced the launch of a series of Metaverse and NFT activities in Hong Kong that will be hosted in Decentraland.
Yahoo has also launched a non-fungible tokens exhibition dubbed The Abyss of Kwun Tong. The platform enables local artists to recreate the historic neighborhood of Kwun Tong, which has been impacted by development.
The head of the audience in Hong Kong, Lorraine Cheung, has cited Metaverse as an attractive alternative for the Hong Kong residents seeking to participate in social activities.
The country recently announced a restriction requiring that residents display negative Covid tests before entering public places.
The announcement follows a move by Meta to establish a strategy to see local businesses and organizations create a metaverse experience for residents.
A report by international consulting firm McKinsey shows that major companies are increasingly adopting Metaverse technology. The firm has forecast that Metaverse spending will be about $5 trillion by 2030.
JPMorgan has also reported Metaverse technology as a one-trillion-dollar opportunity. The bank has since unveiled its virtual headquarters in the Decentraland metaverse.