Design firms find new business in the metaverse as Covid-19 drives interest in virtual world
- As Covid-19 deals a blow to businesses, design firms shift to building experiences inside the metaverse
- Animoca Brands has pledged US$50 million to venture capitalist firm Brinc to fund start-ups to create inside The Sandbox
For over 10 years, Kenny Ng’s Hong Kong design production company Kenal Group hummed along, designing billboards and planning events for a variety of clients. But the Covid-19 outbreak in 2020 threw his business into disarray, forcing Ng, in his 40s, to search for new revenue streams.
Much to his surprise, he found his answer in one of technology’s hottest buzzwords: the metaverse. Over a few weeks starting last November, Ng put together a new studio named PanGu, with about 10 designers dedicated to building experiences in The Sandbox, a virtual world backed by Japanese conglomerate SoftBank Group Corp. The venture quickly drew new clients, such as Taiwanese singer Nine Chen, who is planning a virtual concert.
“We are now working on two projects and about to get a few more. So we’ve been busy for sure,” Ng said. “We are looking to hire a few more people to the team after Chinese New Year.”
PanGu followed the footsteps of Index Game, the first Hong Kong company devoted to creating projects inside The Sandbox. The business, a spin-off of interior design firm Index Design, was set up by three co-founders during the pandemic and expanded to a team of 18 in about half a year.
On Thursday, blockchain gaming firm Animoca Brands, the parent company of The Sandbox, pledged US$50 million for an accelerator programme under Hong Kong-based venture capital firm Brinc, aimed at funding 100 start-ups to build inside The Sandbox.
“It could be a studio that creates games for fun. It could be someone who enhances how assets are created, or how experiences are created,” Ginesta said, “We’re also looking for game creators who can really push the boundaries of what’s available today.”
