Asia’s Largest Hotels Purchase Metaverse Virtual Properties
2022.04.29 18:01
Asia’s Largest Hotels Purchase Metaverse Virtual Properties
- Two of the largest hotel organizations are entering the world of the metaverse.
- Both organizations will be building their billion-dollar properties on Sandbox and Decentraland.
- M Social and MetaGreen will redefine eco-friendly, sustainable societies.
Millennium Hotel & Resorts and Regal Hotels Group, two of Asia’s largest hotel organizations, have entered the world of metaverse by constructing virtual territories in Decentraland and The Sandbox.
Singaporean billionaire Kwek Leng Beng’s Millennium Hotels and Resorts and the billionaire Lo family’s Regal Hotels Group in Hong Kong are building properties in two ethereum-based metaverses: https://t.co/nGmR9z97Xh by ZInnia Lee via @ForbesAsia
— Forbes Crypto (@ForbesCrypto) April 29, 2022
Millennium Hotels & Resorts is a City Development hospitality brand owned by Singaporean billionaire Kwek Leng Beng, whereas Regal Hotels Group is a venture of Hong Kong’s billionaire Lo family.
Both hotel chains have purchased virtual properties in the metaverses of Decentraland and Sandbox.
Millennium Hotels & Resorts said that it will create a hotel in the metaverse of blockchain gaming platform Decentraland, where users will be able to build, buy, and trade in-game assets while also interacting with other players.
The virtual hotel will be called “M Social Decentraland.” Its mission is to become a place for anyone to congregate and experience the virtual reality environment in Decentraland.
According to sources, the hotel is expected to open in May, and visitors will be able to converse with avatars that will guide them through the building and even give them opportunities to win real-world hotel surprises.
Executive Chairman of City Developments, Kwek Leng Beng, further expressed his hopes about this collaboration:
We hope to redefine hospitality through M Social Decentraland by creating online adventures that integrate with real-life events,
Kwek stated that the hotel will explore ways to partner on the metaverse platform. They will also make an effort to relate the virtual hotel to real-world holidays such as Valentine’s Day and New Year’s.
Simultaneously, the Regal Hotel Group confirmed this week that it is constructing “a green city” on the blockchain gaming platform Sandbox. MetaGreens, the 1st Green Metropolis in the Metaverse, shared the announcement in a tweet:
Regal Hotels Group enters the metaverse with MetaGreen, the 1st Green Metropolis in the Metaverse #metagreen#regalhotels#greenmetropolis pic.twitter.com/Md4s7QmrDF
— MetaGreen (@metagreen_city) April 25, 2022
According to Regal Hotels, the Lo family-owned hotel firm has titled the virtual city “MetaGreen,” and it intends to “promote eco-friendly choices and establish a sustainable society to support a circular economy.” A convention center will also be constructed, where conferences on environmental, social, and governance (ESG) concerns will be held, on the blockchain gaming platform Sandbox.
MetaGreen, which will open in October, will also include a shopping mall in collaboration with Hang Seng Bank and other retail brands, an art gallery, an eco-farm, and an academy that will promote sustainability in collaboration with a Hong Kong university.
Additionally, it was reported that Sandbox began the Mega City 2 land sale on April 28th. Many significant players from the hospitality, culture, media, tourism, education, banking, investing, music, and entertainment industries were present, and Regal Hotels Group was among them.
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