Hong Kong has moved another step towards adoption of Metaverse. CSOP Asset Management declared the nation’s first metaverse-themed exchange-traded fund. It will be listed on the Hong Kong Stock Exchange on February 21.
Hong Kong’s 1st Metaverse ETF
NEW: Hong Kong set to have its first metaverse ETF next week
— Blockworks (@Blockworks_) February 18, 2022
CSOP has announced said that to achieve its investment objective, the company will adopt an active management strategy which will mainly invest in U.S. listed companies, relating to the Metaverse business.
As per the document released by CSOP, upon inception, Metaverse Concept ETF has received around USD 9 million initial investment, The Metaverse is best understood as the next iteration of the Internet. Technology giants are investing massive resources into the Metaverse industry. Facebook even changed its company name to META to reflect its ambition of developing the Metaverse.
CSOP has explained that Metaverse will be combining physical spaces, two-dimensional Internet experiences like computer games with virtual-reality (VR) and augmented reality (AR) technologies. Indicating the huge growth potential of Metaverse, the global market size of AR/VR is expected to reach around USD 300 billion by 2024.
Metaverse global market to increase at blasting rate
The Global Metaverse market is estimated to grow from approximately USD 5 million in 2020 to USD 1.5 trillion in 2030, indicating a high CAGR of 253%, reads the CSOP’s release
The Metaverse represents the beginning of a brand new era, in which a parallel new world will be created. We are optimistic about future thematic investments and firmly believe that adding CSOP Metaverse Concept ETF to our product line will further fulfill all of our investors’ investment needs, said Melody He, Deputy CEO
Metaverse ETFs have made to the headline since the last year when South Korea announced launching Asia’s first four metaverse ETFs. As per reports, It raised around $100 million in just two weeks. Meanwhile, Morgan Stanley has predicted that metaverse can reach a market value of US$8 trillion in China alone.
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Source: https://coingape.com/breaking-hong-kong-to-have-its-first-metaverse-etf-next-week/