Yahoo has revealed its plan to start a number of Metaverse projects in Hong Kong, sending Decentraland’s native token, MANA, on a brief upswing. 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 for the region.

The Decentraland metaverse will be the site for a series of virtual events and concerts organized by Yahoo, a United States-based internet media firm.

Lorraine Cheung, the head of Yahoo Hong Kong’s audience, believes that the Metaverse is a desirable alternative for Hong Kongers wanting to socialize while epidemic restrictions are in effect. On June 9, the COVID-19 requirement was expanded to all public places, such as bars and restaurants, requiring that a negative COVID-19 test be given to entrants.

In addition, Yahoo will open an NFT exhibition called The Abyss of Kwun Tong in Hong Kong’s Kowloon district, which will be similarly devastated by development.

“It’s about keeping humanity in the future and using technology to do it,” explained Leung Ching-hsuan, a creative producer at Creative Producer.

On Tuesday, the social networking site Meta presented a plan to collaborate with local merchants, clubs, schools, and art galleries to build “first-hand” metaverse experiences for residents.

With the metaverse becoming increasingly popular among businesses, McKinsey & Company released a report this week predicting that worldwide metaverse-related expenditure may reach almost $5 trillion by 2030.

JPMorgan, the biggest bank in the United States, made news this year by publishing a study that labeled metaverse technology a “one trillion-dollar opportunity,” as well as establishing their own virtual headquarters in the Decentraland metaverse.

According to data from CoinMarketCap, the MANA token of Decentraland (MANA) has climbed today, gaining more than 14% in the last 24 hours.