CATALIST-LISTED Alset International 40V : 40V 0%said that it will subscribe to 190 shares in Alset Metaverse for US$0.19 each, representing 19 per cent of the total number of issued shares of Alset Metaverse. The balance will be subscribed by Alset EHome International (AEI).

In a bourse filing on Thursday, the property investment and development company said that it will incubate and invest in metaverse related projects through Alset Metaverse.

The company also said that Alset Metaverse will work with AEI's wholly owned subsidiary, Hapi Cafe, to set aside space for patrons of its cafes to enter existing virtual reality rooms or games.

Furthermore, Alset Metaverse is exploring the possibility of launching a suite of limited edition non-fungible tokens (NFTs) to be used within Alset and AEI's ecosystem, with some possible uses including virtual property or individual items.

Executive director and co-chief executive officer of the group Chan Tung Moe said that the opportunities and potential of the virtual reality industry are "limitless".

"Virtual reality will be part of our lives in the years to come and it is imperative to embrace such change for our business to stay relevant," he said, adding that Alset Metaverse will take "measured steps" as the industry evolves.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

Alset's shares closed at S$0.05, down S$0.001 or 2 per cent on Thursday before the announcement was made.