Hong Kong has taken another important step towards the metaverse. CSOP Asset Management has announced the nation’s first metaverse exchange-traded fund (ETF). The fund was established on February 21, 2022. Hong Kong Stock Exchangewill be traded in.
NEW: Hong Kong set to have its first metaverse ETF next week
— Blockworks (@Blockworks_) February 18, 2022
CSOP has announced the management and investment strategy it will follow to achieve its investment target. The company’s metaverseIn connection with , it was announced that an active management strategy will be implemented, with investments mainly in companies listed in the USA.
According to a document released by the CSOP, the startup Metaverse Concept ETF has received an initial investment of approximately $9 million.
As it is known, technology giants allocate huge resources to the metaverse industry. Facebook changed the company name to META to reflect its passion for developing Metaverse.
CSOP announced that the metaverse will combine physical spaces, two-dimensional Internet experiences such as computer games, with virtual reality (VR) and augmented reality (AR) technologies. Pointing to the huge growth potential of Metaverse, the global market size of AR/VR is expected to reach approximately $300 billion by 2024.
Metaverse May Explode in the Global Marketplace
According to the CSOP’s statement, it was stated that the global metaverse market will increase from approximately $5 million in 2020 to $1.5 trillion in 2030, representing an increase of 253%.
The Metaverse is believed to represent the beginning of a whole new era in which a new parallel world will be created. Deputy CEO Melody He explained that they are optimistic about future thematic investments and firmly believe that adding the CSOP Metaverse Concept ETF to their product line will further meet all the investment needs of our investors.
Metaverse ETFs have been in the headlines frequently since last year when South Korea announced the launch of Asia’s first four metaverse ETFs. According to reports, ETFs have attracted quite a bit of attention, raising nearly $100 million in just two weeks. Meanwhile, Morgan Stanley estimates that the metaverse could reach a market cap of $8 trillion in China alone.
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