New World’s scion invests in Hong Kong’s blockchain unicorn Animoca to sell land NFTs in the metaverse

Adrian Cheng has invested in a unit of Animoca Brands – The Sandbox – a decentralised gaming virtual world, offering virtual real estate, called Land NFTs

Cheng’s virtual real estate will form part of the ‘Mega City’ virtual world that will feature start-ups from the Greater Bay Area supported by him

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The Sandbox is a virtual world where people can socialise, play games and even attend concerts. Photo: Handout

Published: 9:46pm, 9 Dec 2021Updated: 9:37am, 10 Jan 2022

Adrian Cheng Chi-kong, the third-generation scion of Hong Kong conglomerate New World Development, has added virtual real estate to his growing portfolio of investments.

Cheng, in his personal capacity, has invested in The Sandbox, a unit of Animoca Brands, a Hong Kong-based mobile gaming and blockchain unicorn, according to a statement from his office. No other investment details were provided.

The Sandbox is a decentralised gaming virtual world, offering virtual real estate, called Land NFTs.

Cheng’s virtual real estate will be one of the biggest plots in The Sandbox, according to the statement. It will form part of the “Mega City” virtual world that will feature his “Innovation Hub”, where successful start-ups that he personally supported from the Greater Bay Area will have a space to sell their products via the GBA Pavilion.

Adrian Cheng Chi-kong, CEO and executive vice-chairman of New World Development, pictured in September 2019. Photo: Tory Ho

“I’m excited to enter the metaverse through The Sandbox. Providing platforms for the next generation to be empowered to create, innovate and feel part of something that’s paving the way for the future is critical to progress,” said Cheng, who is also the CEO and executive vice-chairman of New World Development. “The digital world is constantly evolving and we need to stay at the forefront of these changes by continuously exploring and developing the metaverse.”

Metaverse is a shared virtual world where users can socialise, play games, live as an avatar and try out the latest fashion from their couch. Users buy these virtual items using cryptocurrency that are backed by non-fungible tokens (NFTs) or other digital assets. Recently, social media giant Facebook, whose parent company was rebranded as Meta, said it would invest heavily in the metaverse in the hope of realising its widespread adoption.