The Times Square mall in Causeway Bay is tapping the virtual world to lure more shoppers by partnering with the popular Bunny Warriors and AiR Metaverse, which has produced a replica of Hong Kong in the online world.
The collaboration heralds the first entry of a local shopping centre into the AiR metaverse. Times Square aims to launch more such campaigns in the future to connect the real and the virtual worlds.
AiR has created a Hong Kong-themed virtual world that allows users to connect every aspect of their life to the metaverse.
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The partnership highlights how real estate companies have been increasingly looking to the metaverse and non-fungible tokens (NFTs) to either promote their projects or tap another revenue stream by selling the virtual tokens.
The crossover to the metaverse may help the mall attract foot traffic during a challenging period for the local retail industry. Shops have been reeling from strict social distancing measures as the city battles a ferocious fifth wave of the coronavirus pandemic.
Touted as the next frontier of the internet, the metaverse is conceived as an endless three-dimensional world of interconnected virtual communities where people can meet, work and play online.
A Times Square exhibition, which runs until late May, features a Bunny Warriors pop-up store where visitors can try out the metaverse game. Sixty rare Bunny Warriors NFTs (non-fungible tokens) are available in the virtual mall.
Originating from Hong Kong, Bunny Warriors are NFT collectibles of cartoon art depicted in a story. In the story, the character Bunny Boss is a revolutionist that created Bunny Warriors, with each character facing a unique challenge in its own story. The value of each NFT bunny is based on its fighting skills and ability to win.
"Starting with the collaboration with Times Square, we want to provide shoppers with the first - and a unique - metaverse experience and to show them we are the most accessible and practical metaverse to the general public," said Terence Chow, chief executive officer of AiR.
"We have engaged in conversation with real estate developers and property agencies as well. More exciting campaigns connecting metaverse and real world are coming."
Developers are turning to NFTs to generate interest in and to serve as promotional tools for their projects, underscoring what is deemed a natural fit between real estate, the metaverse and cryptocurrencies.