Formerly known as Facebook, Meta is set to offer first-hand virtual reality (VR) and augmented reality (AR) experiences in Hong Kong. It will collaborate with schools, art institutions, and cafes to showcase the potential that the metaverse has in daily lives. The platform is working on specific examples, including VR exhibitions at local cafes and AR training workshops for educators and students.
There will also be experimentation around non-fungible tokens. Local creators will be pulled in to share their creations on Instagram. Moreover, Meta is devoting energy toward NFT integration with a renowned photo-sharing app. They are working on several strategies.
Mark Zuckerberg, the CEO of Meta, says they are emerging as a metaverse-first company. He revealed some technological developments Meta has been working on, such as the ability to shape the metaverse through voice. It’s still in the early stages, costing the company billions of dollars. Zuckerberg is betting everything on the metaverse. He hopes Meta can come out on top when the metaverse becomes more viable in the latter part of the decade. This space is estimated to be worth over $600 billion by 2030.
However, Meta is sure to face tough and swift competition as Microsoft is also working on similar initiatives. Both tech giants at the metaverse as a virtual reality space wherein users can interact, with a computer-generated environment, with fellow users. It’s actually a space where the physical and virtual worlds converge.