Macau-based electronic gaming equipment distributor Asia Pioneer Entertainment Holdings Limited (APE) has unveiled plans to “engage and participate in the development of the metaverse” with a specific focus on the travel and hospitality sectors.
Citing the severe restrictions imposed on global travel by the COVID-19 pandemic and the subsequent search by resort and hospitality operators for new ways to engage with potential customers in Macau and Asia, APE said the metaverse and its emerging technologies can provide a “platform of engagement for the travel and hospitality sectors”.
“The metaverse is a convergence of physical, augmented and virtual reality in a shared digital space,” the company said.
“Utilizing digital technologies, software and infrastructures, the metaverse can reconstruct a digital world replica of a physical world with digital identities as an interface for users to enter the digital world.
“Resorts and other travel destinations can become digital spaces in the metaverse where travellers/users can immerse and engage.”
APE added that it has engaged a team whose members are “equipped with vast experience and technical know-how” in metaverse development.
The company’s latest move, which follows on from the addition of a Smart Vending Machine business in 2021, includes plans to utilize blockchain technologies and non-fungible tokens (NFT) which would allow digital items or properties to be owned, sold and transferred within the digital world. This, it says, may further engage the travellers and advance the commercial application of the metaverse.
“Our new subsidiary aims to pursue such metaverse developments and opportunities in the travel and hospitality sectors,” APE said. “The Board considered that the proposed plan to tap into the metaverse and related business has good business prospects, and will broaden the Group’s source of revenue and maximize the return of the shareholders of the Company.”
APE recently reported a loss of HK$23.1 million (US$3 million) in 2021, having previously recorded a HK$32.0 million (US$4.1 million) loss in 2020.
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