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Asian Billionaires’ Hotel Groups Build Virtual Lands In Decentraland And The Sandbox’s Metaverse

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Singaporean billionaire Kwek Leng Beng’s Millennium Hotels and Resorts and billionaire Lo family’s Regal Hotels Group in Hong Kong take their first steps into the metaverse after buying virtual properties on blockchain gaming platforms Decentralized and the sandbox.

Millennium Hotels and Resorts, a hotel brand under Kwek’s City Developments, announced Wednesday that it is launching a hotel in Decentralizeda virtual world in which players can create, buy and sell in-game resources while interacting with others.

Known as M Social Decentraland, the hotel aims to become “a place to gather and experience the virtual reality universe” on the metaverse platform, Millennium Hotels said in a statement. The virtual hotel will open its doors to players in early May. Visitors will be able to interact with an avatar that will guide them through the building and have the chance to win “real-world hotel surprises”.

“As we look to the future, we must look beyond the traditional model of hospitality and engage our guests through new, immersive experiences,” said Kwek, Executive Chairman of City Developments. “We hope to redefine hospitality through M Social Decentraland by creating online adventures that integrate with real-life events.”

Millennium Hotels said it would seek collaborations in the metaverse platform. The hotel brand added that it will integrate its virtual hotel with real-world occasions, such as Valentine’s Day and New Year’s.

Meanwhile, Regal Hotels Group, chaired by Lo Yuk Sui of Hong Kong’s billionaire Lo family, said on Monday it was developing a “green metropolis” by the sandboxthe metaverse platform owned by Hong Kong-based blockchain gaming giant Animoca Brands.

Dubbed MetaGreen, the virtual city seeks to “promote eco-friendly choices and foster a sustainable community to support a circular economy,” Regal Hotels said in a statement. The metropolis will have a convention center for conferences related to environmental, social and governance (ESG) issues. It will also include a mall in collaboration with Hang Seng Bank and other retail brands, an art gallery and an eco-farm, as well as an academy that partners with a Hong Kong university to promote sustainability. .

“Web3 and metaverse technologies will not only disrupt every facet of our daily lives, but also enhance socially inclusive and environmentally sustainable impact around the world,” said Poman Lo, Vice President of Regal Hotels, daughter of Lo Yuk. Sui. “The MetaGreen Project strives to inspire, educate and catalyze a more sustainable future by mobilizing a green ecosystem of like-minded partners who will co-create this path to net zero carbon with us.”

Regal Hotels announced the launch of MetaGreen in October. The company estimated that the virtual metropolis will attract two-thirds of Hong Kong’s 7.5 million people. He will continue to seek partners to collaborate on his metaverse project.

Metaverse platforms like Decentralized and the sandbox have been gaining momentum among well-known brands and companies over the past year. It comes as the metaverse, a term loosely defined as a digital domain where people can interact virtually, became a buzzword after Facebook rebranded itself as Meta as part of its strategy to focus on the “next frontier” of the Internet last October.

These metaverse games have already attracted companies from traditional finance, including HSBC and JPMorgan, as well as mainstream brands such as Adidas and Samsung.

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