Meta Hops On The Hongkong NFT Magic Bus

The parent company of social media platforms Facebook, and Instagram, is planning to promote its metaverse products in cafes and schools in Hongkong, according to the South Morning China Post.  
Meanwhile, teams at Meta Platforms owned Facebook and Instagram are also working on developing features that would allow users to display their NFTs on their handles within the platform, Users will also be able users create — or mint — collection nonfungible tokens (NFTs) on social media. Currently buyers of popular NFT tokens like Bored Ape yatch Club. 

This marks Meta Platform's first efforts to encash the hype-fuelled NFT creators and collectibles market which managed to reach a global market value of USD 40 billion last year making the global NFT market almost as valuable as the global art market itself.

Hongkong's tech-savy public has helped the city emerge as one of the major breeding grounds for NFT testing, development, and experiential displays.

NFTs are essentially non-replicable digital assets that represent art, audio, video, or static imagery.

This comes at a time when Microsoft owner and tech billionaire Bill Gates has dismissed NFTs to be based on 'The Greater Fool'  theory. The Greater Fool theory is a financial concept that argues hype-fulled and overprices products  Mark Zuckerberg is hoping to come out on top when the metaverse reaches closer to its estimated worth of over $600 billion by 2030.