“METAVERSE” and “web3” have become buzzwords in the global tech industry over the past two years, as they are believed to be integral parts of the next generation of the Internet. Tech firms and entrepreneurs across the world have been scrambling to start businesses to tap these opportunities, attracting huge investments from players ranging from private equity and venture capital funds to institutional investors and tech giants.

The metaverse is a virtual space that allows users to interact, combining aspects of social media, online gaming, augmented reality (AR), virtual reality (VR), and cryptocurrency. It has attracted increasing market attention since Facebook rebranded itself as Meta and vowed to focus on the metaverse.

In the first half of the year, global investment in metaverse businesses topped US$120 billion, more than double the figure for all of 2021, according to a report from consulting firm McKinsey & Company.