Will NFT, metaverse developments in Hong Kong help deliver the city’s next ‘Octopus moment’ in a post-pandemic world?

Launched in September 1997, the Octopus card quickly became a symbol of Hong Kong’s ability to foster innovative technology. Nearly 25 years later, digital-first enterprises focused on NFT and metaverse projects may be in a position to deliver the city’s next ‘Octopus moment’. — SCMP

When the Octopus card was launched in September 1997, this home-grown electronic payment system arguably became the most notable hi-tech application to come out of Hong Kong. It became a symbol of what could be accomplished in a city with world-class infrastructure, the rule of law, business-friendly policies and an expanding pool of skilled talent.

Broad public acceptance enabled the contactless smart card to extend its use from the city’s public transport network to the retail sector, tolled tunnels, parking facilities, schools, and even for access control in residential and commercial buildings, according to operator Octopus Cards. Its technology has since been adopted in various projects on the mainland, the Netherlands, the United Arab Emirates and New Zealand.