MACAU BUSINESS
announced in late April that a collection of Macau-themed NFTs by eight artists will be launched in June. The local think tank noted this first issue of Macau-themed NFTs would be important for the local metaverse development. Also about NFTs, Mr. Ao’s association, MIAM, is holding the
“Dream Space: New Wave in the Metaverse” NFT Art Exhibition throughout this month in Lisboeta Macau. The event, dubbed as the city’s first NFT art exhibition, showcases 37 NFT artworks from local and overseas artists, including Álvaro Barbosa, who is a scholar-cum-artist at the University of Saint Joseph, Macau. As an extension of the exhibition, MIAM has also launched a
grant fund of a total size of HK$1 million (US$127,425) to reward local creators in the fields of avatar architecture and games. “We are basically rewarding local creators who create fun avatar architecture or games on Sandbox,” the president says. “There will be more than one winner [grantee] for sure [and] there also isn’t a hard deadline… but if a lot of people apply and their works are good, the grant [fund] will then be gone.”
Opportunities for Macau people besides gaming?
The establishment of MIAM and its activities like the grant fund are to give support to local youngsters, who are keen to explore opportunities in the metaverse and related technologies. “We knew how hard it is for young kids or college graduates to pursue something that is not in the gambling business or hotel business [in Macau], like the creative industry,” Mr. Ao says. “If they have questions about how to raise capital, what
projects to join or whatsoever, we will basically share information [and] share job opportunities [with them], promoting the industry as a whole,” he continues. “So what we’re trying to do here is to make it a little bit easier for them [in their metaverse journey].” Diversification is also what Mr. Wen and his partners had in mind when setting up the Macau Metaverse Association. The development of the metaverse, which involves an array of technologies and applications, could be beneficial to the development of the local economy, as the Macau government has underscored technological research and development and hi-end technology as new segments to diversify the local economy from gaming, the president of MMA says. “Our association hopes to be a platform between the mainland and Macau in the area of the metaverse,” Mr. Wen says. “We have at hand some cutting-edge resources and expertise from the mainland and hope to share these with the local community.” The association, which has only been founded earlier this
year, plans to organise a series of metaverse-themed events in the near future to promote this concept among the local community. “Only when people understand more about the metaverse, will they be willing to get involved and work in the related areas,” he remarks. The association also plans to incorporate a firm in the second half of this year to facilitate the local metaverse development and attract local young people to engage in the field. “While Macau can rely on high-tech equipment and technologies developed elsewhere [for the metaverse development], the content needs localisation, which requires the participation of locals,” he adds.
What should Macau do to embrace the wave of the metaverse?
In the city’s second five-year development plan, which outlines the directions of social and economic development of Macau in
20 JULY 2022
the 2021-2025 period, the authorities pledge to advance the digital economy and the “smart +” development, which means incorporating advanced technology in multiple aspects, like tourism, governance, transportation, education, medical, elderly care and others. For Prof Zhou of MPU, Macau can even take one more step
forward, aiming for the “metaverse +” development, incorporating elements of this nascent concept in all industries, such as the local tourism. “The metaverse marks the 2.0 development stage of the local tourism and gaming sectors,” he claims. Similar to the concept of APE’s Mini Macau, the scholar thinks the authorities could come up with a metaverse version of Macau for tourists around the world to have a taste remotely of what the territory can offer. “This immersive virtual tourism experience won’t replace the genuine experience onsite, but pique the interests of travellers in Macau,” he explains. Famous tourist sites in the city and local integrated resorts could also develop their own metaverse products. “For heritage sites like the Ruins of St. Paul’s [the authorities] could recreate what they look like in the past in the metaverse… to promote the heritage, stories and history [of Macau],” he illustrates. This cyberspace could also be utilised in education and training, for instance, integrated resort operators could reproduce the part of their casinos and other facilities in the metaverse for their staff to practise the day-to-day operation and interaction with guests, he adds. Unlike the counterparts in Shanghai, Hefei, Guangzhou and
others, the Macau authorities have so far not addressed or made any statements about the development of the metaverse, besides the recent statement by a tourism official. In the event organised by MSCCTT about the NFT arts in April, the deputy director of Macau Government Tourism Office, Ricky Hoi Io Meng, only expressed he believes the metaverse could bring new development opportunities and creativity to the local tourism. Prof Zhou believes the Macau government should set up an industry development committee about the metaverse, which can guide the development of the related technologies and its applications, as well as devise measures to nurture local talents in multiple high-tech aspects and leverage the resources in nearby Hengqin and the Greater Bay Area.
A bubble, a scam or the future?
While this new virtual reality might be appealing and intriguing, it is no exception to risks, such as security and data privacy concerns and scams. The China Banking and Insurance Regulatory Commission released a statement in February, warning the public about the rise of allegedly criminal activities of illicit fundraising, frauds and others in the name of metaverse. Chinese state-run newspaper People’s Daily also cautioned in
a recent editorial that people should stay vigilant in regards to this nascent virtual concept. ‘Although there seems to be many possibilities and room for development in the metaverse, it is still a new concept in the making,’ the editorial said. ‘The debate about the metaverse will continue, whether it be supportive and doubtful… It remains to be seen whether it is just speculation by the capital market or a new playground, whether it is just an old wine in a new bottle or translates to new technological breakthroughs.’ In the perspective of Prof Zhou, the metaverse is the future with a bright prospect but the authorities should set up regulations in prevention of disputes and illegal activities in regards to the metaverse. “It’s a new thing — what we can do is take it step by step,” he adds.
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