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The Metaverse: The Future Digital Economy

In recent years, the development of the Metaverse industry has attracted a lot of attention from the capital, technology, academia, and society at large. As an emerging concept, the Metaverse will evolve in a variety of forms in response to technological innovation and business practice. The “metaverse” as a potential business platform proposes a framework for the digital transformation of enterprises and clarifies the relationship between the key concepts of the metaverse and the 4PS (i.e., people, place, product, process) of the marketing mix, such as blockchain nation, gamification, tokenization, and virtualization.

 Several industry authorities said that the metaverse may lead to the development of the global digital economy, and there is an urgent need to introduce policies as soon as possible to crack the barriers in aspects such as legal, technical, and talent that restrict the development of the metaverse. New policies should strengthen governance and supervision, and guide enterprises to speed up joining into the track of healthy development of the metaverse to catch up and pursue leading the development of the global next-generation Internet and digital economy.

In the post-epidemic era, the social distance between people may even become larger. Thanks to technological innovation and industrial upgrading, the number of information transmission channels between people will continue to increase, the transmission will continue to accelerate, and the content will be richer and more diversified. In other words, the spatial-temporal dimension will be more vivid and diversified, and the information density will increase exponentially. This huge change makes the construction of a digital business environment an important part of the modernization of the national governance system and governance capacity. 

Four major directions of business metaverse operation

  1. Blockchainization: Applying blockchain-based technologies to business collaboration, production, and services.
  2. Gamification: Providing appealing gamification solutions for enterprises that drive innovation, motivate employees, and manage business processes.
  3. Tokenization: Helping users understand and evaluate the potential value of assets in the virtual world.
  4. Virtualization: Combining the real world with the digital world. It is the key to the digitization of enterprises and the metaverse.

A brand new business environment for the metaverse

In recent years, the metaverse has opened the gate to the future of digital collaboration, where users can work in a virtual world that is increasingly vivid and authentic to the real world. The implementation of applications and technologies in the metaverse will accelerate the digitalization of enterprises in an unprecedented way. The metaverse will help companies extend their business activities in real life into the virtual world. For example, when multinational business collaborators are unable to meet offline, the metaverse can help them create an immersive experience and collaborate online.

With the acceleration of global digitalization, the concept of “metaverse” has become the most cutting-edge and attention-grabbing topic in the capital market with the layout of well-known companies such as Facebook, Microsoft, and WIMI.

At Facebook Connect 2021, Mark Zuckerberg, former CEO of Facebook, introduced “Meta,” marking Facebook’s official entry into the metaverse. “Meta” plans to build a new model that will help users communicate, collaborate, connect and act in a variety of business contexts. The newly formed Meta is working to bring innovative metaverse features to life through social, entertainment, gaming, education, and business services. Meta is currently developing a high-end virtual reality headset named Project Cambria, which will have the ability to realize objects in real events under depth and perspective, with the help of new sensors and algorithms.

Meanwhile, Microsoft Mesh, a mixed reality platform, will offer services in the areas of animated imagery, interactive meetings, application integration, and project integration that can improve collaboration efficiency and enhance team creativity. Systematic digital solutions like Cambria and Mesh open up new possibilities for business collaboration. The need for a metaverse with real-life connections has become increasingly prominent in business environments as the businesses and teams got separated due to the COVID-19 epidemic in 2020. Without an offline “face-to-face” work environment, it is difficult for people to achieve the same level of productivity as before. Therefore, the shift to the metaverse can lead to multiple combinations of the virtual and real world.

In addition, WIMI Hologram Cloud(NASDAQ: WIMI), the first holographic AR company on board, has also accumulated many metaverse technology core capabilities. The company embeds holographic AR content into virtual applications based on imaging detection and recognition technology, template matching and detection technology, video processing and recognition technology, holographic 3D layer replacement technology in imaging recognition, and dynamic fusion processing technology in imaging track. The company’s holographic AR content and holographic imaging services based on image detection, recognition, template matching, and dynamic image fusion and replacement will generate value in metaverse commercial applications. For metaverse holographic applications, WIMI has a comprehensive library of holographic IP entitlement content, with virtual holographic content ranging from 3D models to holographic virtual products. The company has a total of 4,654 holographic virtual IP entitlement content available for its holographic AR products and solutions covering a wide range of categories including holographic animation, virtual live streaming, virtual idols, and virtual social networking.

Unity has announced a new partnership with Insomniac Events, which has nearly 30 years of experience in community-based creation and is likely to bring a new and lasting virtual world to its fans. Unity also recently released its Gaming 2022 Report revealing player behavior throughout the pandemic and detailing the overall trends. It shows how the gaming industry appears to be set for longevity and sustainability. The number of players is much higher than it was before the pandemic and the industry is meeting the demand.

As an emerging thing, the metaverse has many controversies in its early development in terms of value ethics, benefit distribution, rulemaking, and virtual space control. But this is also an important investment opportunity. The metaverse industry needs more space for trial and error and innovation, of which product exploration and innovation is a very good testing ground for the development of the metaverse industry with good technology and rules reserve.

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