Adrian Cheng, CEO of Hong Kong real estate giant New World Development, is venturing into the metaverse with the development of virtual land on blockchain gaming platform the Sandbox.
The Sandbox is a subsidiary of blockchain gaming unicorn Animoca Brands.
The Sandbox is a subsidiary of Animoca Brands, a Hong Kong-based blockchain gaming startup. The game allows users to create a virtual environment and commercialize in-game things. Such as digital land plots purchased or wearables created for their avatars.
NFTs, digital assets that employ blockchain technology to authenticate ownership, can be traded on the Sandbox’s marketplace.
On Thursday, Cheng stated that he will invest in the Sandbox and purchase one of the company’s largest digital land parcels. Moreover he claims that his virtual world will include a “innovation hub” that will showcase the Greater Bay Area’s startup success. Which connects Hong Kong and Macau with nine Guangdong cities.
The 10 companies that the virtual world will feature include diagnostic and genetic test developer Prenetics
Among the ten companies included in the virtual world are Prenetics. A diagnostic and genetic test company, Lalamove, a logistics unicorn, and Casetify, an accessories company. Additionally all of which have affiliations or agreements with New World Development, Cheng’s venture capital firm. In addition, according to a news statement from Cheng’s office, the firms will offer NFTs, immersive experiences, and entertainment.
“It is crucial for progress to provide platforms for the next generation to develop, invent. And feel a part of something that’s paving the way for the future,” Cheng said. In addition “The digital world is always changing, and we need to keep on top of it by researching. Additionally expanding the metaverse on a regular basis.”
Cheng has been moving deeper into the metaverse
Cheng, the son of Hong Kong tycoon Henry Cheng Kar-shun, has been delving deeper into the metaverse. Moreover a digital universe that blends gaming, social networking, cryptocurrencies, augmented and virtual reality, and other technologies to allow users to engage digitally.
C Ventures, his startup capital firm, invested $8 million in RTFKT Studios, a Los Angeles-based NFT platform for virtual footwear and collectibles, in May. Moreover in August, C Ventures led a $100 million fundraising round in Matrixport, a Singapore-based crypto financial services startup.
and then