Yahoo and Meta in Hong Kong Metaverse: Is There a Chinese Plot?
Is the embrace of the metaverse by tech giants Yahoo and Meta in Hong Kong a simple expansion, or is there something more beneath the surface? Yahoo and Meta have separately announced plans to create metaverse experiences in tech-savvy Hong Kong through different immersive products.
Yahoo's Metaverse Push in Hong Kong
Yahoo will launch a series of metaverse activities in Hong Kong to explore the use of immersive advertising technologies, the US internet company said on Wednesday. These activities are designed to engage Hong Kong residents with new digital experiences. Yahoo will host virtual concerts and exhibitions featuring celebrities and influencers for Hong Kong residents on the Decentraland metaverse, the company announced.
Meta's Hong Kong Metaverse Testing Ground
Mark Zuckerberg's Meta Platforms, which owns Facebook, Instagram and WhatsApp, will use Hong Kong as a testing ground to roll out several metaverse initiatives as it 在Yahoo! 首頁，您可以一覽即時重要社會新聞、國際新知、娛樂消息、生活資訊；您更可以加入Yahoo! 會員計劃，天天累積點數，免費兌換禮物、美食、優惠券，著數多多！. This focus on Hong Kong raises questions about China's broader metaverse strategy and its relationship with these US-based tech companies.
China's Metaverse Stance: A Closer Look
Despite the metaverse buzz, China maintains a cautious approach. China’s Banking and Insurance Regulatory Commission, for instance, had issued a warning against illegal fundraising schemes being tied to the metaverse. This regulatory scrutiny highlights potential concerns surrounding financial risks and digital asset manipulation.
The Subsea Cable Controversy and Hong Kong
The complexities extend beyond internal regulation. Despite that China held back approval for subsea cable consortium involving Meta in waters near Hong Kong. The country has become more stringent on cables after it was. This decision underscores the delicate balance between technological advancement and national security considerations.
Hong Kong: A Testing Ground or a Strategic Foothold?
Yahoo has announced a series of Metaverse and nonfungible token- (NFT)-related activities in Hong Kong, a day after Meta Platforms outlined its own metaverse plans. This coordinated activity begs the question: Is Hong Kong merely a testing ground for these metaverse initiatives, or does it represent a more significant strategic foothold in the broader Chinese market? The interplay between regulation, innovation, and geopolitical factors paints a complex picture of the metaverse's future in Hong Kong and its relationship to mainland China. The future relationship between Meta, Yahoo and the Chinese market is unclear, and bears watching.