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

NFTs

Cheryl Arcibal

Published: 9:46pm, 9 Dec 2021

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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.

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In The Sandbox investors can buy property and develop their assets much like in the real world where users can buy their games and items from. The Sandbox has a partnership with the South China Morning Post.

A range of start-ups will be promoted in the Innovation Hub. These include Hong Kong accessories brand Casetify; genetics and diagnostic testing company Prenetics; V Cycle, which collects and recycles waste; and Rice Robotics, which has developed robots that can automatically disinfect shopping malls and deliver meals in quarantine hotels.

“Adrian is one of the most influential leaders in business, real estate, arts and culture in Hong Kong and the region, and we are thrilled that he is joining The Sandbox to bring his unique perspective and to help add and shape new transformative experiences to the open metaverse,” said Yat Siu, co-founder and executive chairman of Animoca Brands.

04:42

Hong Kong’s latest tech unicorn Animoca Brands is betting big on video game NFTs

Last month, Animoca said it was seeking another round of funding to compete in the metaverse.

Animoca raised US$65 million in a second round of funding in October, with its valuation doubling to more than US$2 billion. The start-up had raised US$138.88 million in a previous round earlier this year, where it was valued at US$1 billion, making it Hong Kong’s ninth unicorn.

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