From 0 to 1 (three): The past and present of the Metaverse

Universal NFT knowledge map makes you proficient in NFT

Chapter 3 Metaverse

Rising to the top with the CryptoKitties craze in 2017, the NFT space pioneered a whole new approach, gaining a massive following. In recent years, with the continuous improvement of NFT infrastructure and the increasing number of project use cases, in the next 10-15 years, NFT may become a world-shaping trend and spread to all aspects of society. But in the future, the most important use case for NFTs may be the Metaverse.

The Metaverse, also known as the “virtual world” or “Metaverse”, is seen as a new form of digital, and at the same time, may become the technological basis for the operation of the future world.

The Metaverse may be the ultimate application of the new era, and moving from the real world to the Metaverse cannot be achieved overnight. The realization of the concept of the Metaverse needs to start from the existing Internet world, transform the current Internet with a series of components, and gradually become the Metaverse. And NFT is one of the most important components in the Metaverse.

Getting to Know the Metaverse

What is Metaverse ?

what? What is the core of the Metaverse?

Who? who is building the Metaverse

How? What are the applications of the Metaverse?

Virtual environment, avatar, virtual reality.

According to Wikipedia, the Metaverse is defined as “a collective virtual shared space created by the fusion of virtual augmented physical reality and physically persistent virtual space, including all virtual worlds, augmented reality, and the Internet combined.”

Metaverse consists of two parts, “meta (transcendence)” and “universe (universe)”. Therefore, it is not difficult to understand that Metaverse can actually be regarded as an extension of our current existence, and is usually used to describe the concept of future iterations of the Internet.

This is another virtual world parallel to our physical world—one that we can freely access and interact with via the internet and compatible hardware devices. In this digital world, anything we can imagine can exist. In this shared virtual space, people can be seen as a digital avatar, and the virtual world will continue to grow and evolve according to decisions and actions within society.

The Metaverse is the bridge between the real and the virtual, extending our sight, sound and touch, integrating digital objects into the physical world and allowing us to enter fully immersive 3D environments at any time. This series of technologies is collectively referred to as eXtended Reality, Extended Reality (XR). Industry insider Eric Elliott has predicted that the Metaverse will one day bring huge economic benefits, and even develop to 10 times the total value of the current global economy.

Importance of the Metaverse

The Metaverse, while not as fantastical as it is portrayed in science fiction and film and television, has the potential to become a new computing platform and content medium, generating trillions of dollars in value. The Metaverse promises to be the gateway to most digital experiences, a key component of physical experiences, and even offer job opportunities in the virtual realm.

There is no “owner” of the Internet today, but nearly all of the leading Internet companies are among the 10 most valuable public companies in the world. If the Metaverse can become a key participant in the Internet system, its value and benefits are self-evident.

In fact, the Metaverse could indeed serve as a “successor” to the functionality of the network — with greater reach, longer time spent, more commercial activity — and potentially greater economic advantages. In any case, the opportunities generated by the Metaverse should be similar to those generated by other networks – new companies, products and services will emerge, including payment processing, authentication, recruiting, ad delivery, content creation, security, and more. It also means that many existing or traditional businesses have the potential to be replaced by the Metaverse.

More broadly, the Metaverse will transform how modern resources are allocated and monetized. Advanced economies have changed over the centuries as labor and real estate markets declined.

Under the Metaverse model, potential laborers living outside the “first-tier developed urban areas” will participate in the “high-value” economy through virtual labor. As a new thing with great vitality, the Metaverse is constantly creating new employment opportunities. E.g:

Fashion designer, for designing personalized clothing in the Metaverse;

Asset advisors, NFTs are gaining momentum in the future, and Metaverse advisor managers will also be favored;

Lawyers, in the future, in the Metaverse, not only technology and communication have undergone revolutionary changes, but also transaction methods and creative forms are changing with each passing day. This calls for people to establish laws and regulations applicable to the Metaverse.

Tour guide, the Metaverse is a boundless world with endless possibilities. Cross-dimensional travel is likely to become a new form of travel. Metaverse tour guides need to be familiar with the fields of art history, games, immersive navigation and culture to provide professional services to visitors.

As more consumer spending shifts to virtual goods, services, and experiences, there will be further changes in where we live, the infrastructure we build, and the people who perform the tasks.

Key Features of the Metaverse

The Metaverse has three key aspects: presence, interoperability, and standardization.

(1) Presence: Presence refers to the feeling of being in a virtual space, with other people’s virtual avatars. Through virtual reality technologies such as head-mounted displays, people can improve the quality of online interactions.

(2) Interoperability: Interoperability means that people can move seamlessly through virtual spaces and own various virtual assets, such as virtual avatars and digital items. People create an avatar that they can use in hundreds of different virtual worlds. Additionally, you can use your own avatar during conference calls. At the same time, the emergence of NFT has promoted the transfer of digital goods in the virtual world.

(3) Standardization: Standardization is what makes platforms and services interoperable across the Metaverse. As with all mass media technologies – from the printing press to text messaging, technical standards are essential if something is to be widely adopted.

In addition, according to Baszucki, the Metaverse will also have eight different characteristics: Identity, Friends, Immersion, Low Latency, Landing Anywhere, Economic System, and Civilization.

The Metaverse also has the following four main characteristics, which is also the reason why the Metaverse can gain recognition and go to the public.

(1) Highly social: The Metaverse can transcend spatial constraints and share a “physical” environment with people all over the world. This will profoundly change the way we communicate and interact with each other. The world provided by the Metaverse is a breathing, living parallel reality that continuously and in real time serves all the inhabitants of the world. It has huge scalability and can make hundreds of millions of virtual characters coexist at the same time around the world.

(2) Persistence: The Metaverse never pauses or stops, but perpetuates indefinitely. A world in which people are able to evolve over years or decades without fear of losing roles and accomplishments. The Metaverse is not limited by hardware, and everyone can interact in the Metaverse with different types of devices, from computers to consoles to mobile phones.

(3) Interoperability: Metaverse uses open source code and encryption protocols to provide unprecedented interoperability of data, digital items/assets, and content in every experience. Motivational, Fortnite skins can be used to decorate guns and gift them to friends via social media. The Metaverse could make the digital world a shopping mall, where each store could use its own currency, complete with a proprietary universal ID.

(4) Economic benefits: As a digital species, we will witness our further transformation in the Metaverse. In the future, the Metaverse has the potential to be seen as a legitimate workplace and investment vehicle, and will provide rich content and become a vibrant emerging community. The Metaverse will offer users to create, invest, own, lease, sell or buy, just like in the real world.

The driving force and foundation of prosperity of the Metaverse

The driving force behind the Metaverse – Web 3.0

The Internet connects people, and over the past 30 years, Internet technology has continued to evolve, and so has the way we all interact with the web. During the development of the Internet, many things have changed, and we can divide it into 3 eras:

Web 1.0

Web 1.0 was a product of the early days of the Internet. Web 1.0 fostered interest in e-commerce—and ultimately brought about the Internet boom. That was when the first wave of Internet browsers and online messaging platforms appeared. In short, Web 1.0 is a process from the network to the user, and the information flow is one-way.

Web 2.0

Web 2.0 was created between 1999 and 2004—the early days after Web 1.0. Web 2.0 leaped the world from simple static desktop web pages to interactive experiences, user-generated content, and marketplace economies, bringing Nasdaq giants like Uber, Facebook, Twitter, and more. Web 2.0 is a user-to-user process, using the Internet as a communication channel for people-to-people communication, with social functions, just like blogs.

Web 2.0 has brought trillions of dollars in value, but we – as consumers – have given up many of our rights and freedoms to the giant corporations that provide our services.

Web 3.0

As the contradictions continue to emerge, Web 3.0, also known as Web 3, a network era that embraces openness, trustless, and permissionless has followed. Web 3 understands and can meet user needs, understand user habits, automatically filter resources, intelligently match, and give user answers. Web 3 is a process from user to network to user, and artificial intelligence is the best example.

Web 3 has the following features:

Open – Based on open standards, the developer community remains open, accessible, and fully transparent.

No trust required – Participants can interact without trusting a third party for verification.

No authorization required – any user has the right to participate, even authorities such as governments.

Bitcoin, Ethereum and other blockchain protocols are the driving force behind Web3 – its vision is an open financial system that anyone can participate in building without the constraints of traditional financial institutions.

The foundations that drive the Metaverse’s prosperity

Basic elements in the web, standards already exist: protocols like TCP/IP for sharing packets, file formats like MP3/GIF, etc.For the first time, NFTs enable a decentralized, general-purpose digital representation and ownership layer that transparently manages scarcity, uniqueness, and authenticity.

For the economy of the Metaverse to flourish, shared, widely recognized standards and protocols must first emerge that enable the issuance and flow of virtual goods.

The image above shows the five elements that will drive the Metaverse to flourish: Culture, Media, Infrastructure, Standards & Protocols, and Content. While crypto has so far not been embraced by “mainstream” players, it is very likely that crypto will be the basis for the prosperity of the above five Metaverse fields.

From the perspective of early investment, comprehensively, such as large-scale infrastructure construction, development of next-generation media, etc., are often dominated by leading institutions with strong economic and research strength, which are relatively saturated. In contrast, the application of NFTs in the virtual world is very attractive to investors.

In the field of NFTs and encryption, it is paramount to address the following issues: digital scarcity and uniqueness, digital property rights, large-scale coordination across virtual environments, and systems that protect user privacy. Solutions to these problems cannot benefit the few at the expense of the many. Without a strong economic backing, the entire concept of the Metaverse would quickly fall apart.

In the cryptoeconomic incentive system, many tools have emerged to attract user interest, such as rewarding early adopters for ownership and giving users governance rights through rewards. For the first time in the crypto community, we are seeing the rise of community-owned protocols, networks, and games that spawn a legion of loyal fans while avoiding opaque third-party platform operators.

In addition to this, it is self-evident that encryption and NFTs bring digital ownership and verifiability, completely subverting the fields of art, games, etc., and also adding an important link to the development of the Metaverse.

The Prospects of the Metaverse and the Four Tracks

Metaverse Prospects at a Glance

Will the Metaverse change the way we move, socialize, work and live? What are the commercial applications of the Metaverse and who will benefit?

What we are talking about now is mainly some potential business applications, and there are business opportunities associated with the Metaverse for players in every field, from consumer-driven industries such as retail, to manufacturing, construction, and even other industries. Just think, buying items can be instant. You don’t need to open an app or even touch your smartphone when you see a product. Products can then be purchased anywhere in the virtual world and prices can be compared. This increased connectivity means that merchandise will be more readily available, and businesses will be able to sell their wares globally, regardless of the store’s geographic location.

The reach, exposure, immediacy and interactivity of brands and celebrities will be greatly increased, as will the opportunities for collaboration. Consumers will be able to interact directly with brands. User engagement will be higher and, if applied properly, could have a positive business impact.

The Metaverse will further emphasize digital goods and properties, such as non-fungible tokens (NFTs), and there will be a larger market for various tradable items. For games, players can expect more interactive experiences and game worlds.Items or skins purchased in one game can be used or traded in another game. The social experience will also change, with virtual cinemas bringing a private viewing experience with friends. As the way we meet, work and socialize changes, there will be new ways to make money in many different industries, especially media, social media, technology and retail.Intellectual property rights will also be an important consideration.

Ultimately, consumers will gain the most from the Metaverse as information, products, entertainment, and social experiences are enhanced. Hardware technology companies and software development companies will dominate the technology market. The need to provide hardware and software for the Metaverse will increase dramatically. Businesses will have the opportunity to create their own place in the Metaverse. Brands and celebrities will have more opportunities to reach a larger audience. Provide consumers with a richer and more targeted marketing experience.

Of course, there will also be a need for legal advice due to the uncertainty of the laws and regulations of the Metaverse.There is a huge demand for consulting in areas such as data protection, privacy and advertising regulations, and the intellectual property assets of commercial enterprises need to be protected in the convergence of the virtual and real worlds. This surge in demand will continue to present additional challenges for lawyers and lawmakers for years to come, while ensuring that real-world law can be effectively translated into the virtual world. Under the fire of the concept of “Metaverse”, all companies related to VR/AR hardware equipment, 5G, cloud computing, blockchain, and even those who make virtual portraits and social games have labeled themselves “Metaverse”. Tag of. But in fact these are not Metaverses, they are just a part of the Metaverse or a race track; only when these technologies are developed to a certain extent and well integrated can the Metaverse be formed.

The Four Tracks of the Metaverse

From 0 to 1 (three): The past and present of the Metaverse

There are too many applications and tracks in the Metaverse. At present, the four tracks of VR, games, engine/development platforms, and virtual characters are at the forefront.

1. Hardware devices such as VR/AR

Metaverse, a narrow definition is “a traversable, visually immersive, synchronous multi-user heterogeneous virtual world”.

The highly immersive interactive mode represented by VR will most likely become the entrance to the virtual world of the Metaverse. From feature phones to smartphones, and then from smartphones to VR, the display and interaction revolution in hardware will greatly promote the reconstruction of content forms.

Hardware devices such as VR will provide important infrastructure for the most important experience layer of the Metaverse, and we cannot imagine a Metaverse without AR.

2. Games

Although the Metaverse has a wide range in a broad sense, the current exploration of the Metaverse combined with NFT is mainly in the field of games, and it is also a relatively more suitable development path verified by the market.

The reason why games are currently the hottest field in the Metaverse is that, on the one hand, most of the product experiences of the early Metaverse revolved around the game industry, and a certain user base had already accumulated; People refer to the overarching concept of the Metaverse as a game.

On the other hand, Metaverse games have a lot of value extensions. Unlike traditional online games, users are basically just consumers and players (unless professional studios). However, all users of the Metaverse and related games can be both consumers and creators. They can purchase ownership of items in the virtual world, or guide users to pay attention to their own works by issuing their own NFTs. This game also breaks the centralization and opacity of traditional game companies, allowing players to participate in multiple identities; under various drives, it will bring about an exponentially increasing huge market.

3. 3D rendering and other technologies

The prosperity of the Metaverse must be inseparable from the sense of reality, which means that traditional design and development cannot break through the boundaries of traditional screens and keyboards; instead, a deeper level of “3D development” is required.

Metaverse covers many technologies, such as: geospatial mapping, mapping and interpreting the internal and external space world; 3D rendering technology, capable of efficiently simulating complex 3D environments with accurate physical properties with physics engine + AI technology; of course, also includes voice and gesture recognition , biometric identification and other high-tech.

For the Metaverse, as Nvidia has a clear roadmap: Phase 1, do it realistically. Use CG technology and real-time ray tracing rendering technology to make digital people look like real people. In the second stage, the digital virtual human is driven by elements. In the third stage, the interaction between the real and virtual worlds is realized, including the communication and interaction between digital and real humans, as well as between digital and digital humans.

Of course, companies aiming at modeling technology to enter the Metaverse are definitely not only NVIDIA. With the continuous iteration of modeling technology, it seems that the progress of engineering construction technology in our reality will support us to build the Metaverse faster and at a higher level.

If the above technologies cannot reach a certain level, the user experience will not be very good even if the hardware equipment meets the standard. After all, realism is so important to the Metaverse.

4. Virtual human

Virtual human is the most basic dimension of the Metaverse, with diversified application scenarios/commercialization paths.

Japan has fabricated a number of virtual character IPs, such as “Hatsune Miku”, which has gained a large number of fans with spending power, and achieved good revenue through peripherals, virtual character concerts, etc., allowing people to see a distinctive business. model. But even so, this kind of virtual person is not what the Metaverse calls a virtual person, or she can’t meet the requirements of the Metaverse.

If you want to create a real Metaverse, you need to make all the elements in it look real, including NPCs. If the virtual human has the ability to give real-time feedback to the player’s behavior, so as to achieve infinite possibilities and the most realistic user experience. In this way, the virtual characters in the Metaverse can jump out of the established mode set by the game NPC, but become a more intelligent virtual person than Siri. There is no fixed mode, and can also be made according to the player’s feedback. Different reactions form a truly completely free, fully immersed Metaverse.

There are three major development trends for virtual humans: 1. High-fidelity, at the visual performance level, to create a high-fidelity virtual human that restores real people 1:1 from appearance, expressions to actions; 2. Intelligent, using speech recognition and natural language processing , speech synthesis and other technologies endow virtual humans with intelligence and emotional expression; 3. Tooling, developing lighter and more convenient tools, allowing artists and ordinary users to quickly produce high-quality art assets.

Metaverse Development Challenges

intellectual property

The Internet world is known to disrupt existing intellectual property exploitation models, presenting challenges to owners and users of protected content in terms of licensing, monetization and enforcement, especially when it comes to UGC content.

To some extent, the Metaverse will subvert the original question of property rights, and with it new questions, such as whether information landscapes and virtual creations are eligible for legal protection and ownership; content built on the bottom of third-party information Whether it is a user work, etc.

copyright

Taking copyright as an example, the Metaverse brings some potential benefits for copyright holders. For example, developers can take advantage of a first-mover advantage in a particular aspect of the Metaverse to receive royalties for copyrighted software from other replicators.

However, the Metaverse also poses certain risks for copyright holders. For example, regulating the piracy of copyrighted works of the Metaverse can be a challenge, and copyright owners may have difficulty proving infringement. Additionally, content creators face unique risks. For example, if they rely on existing licenses of underlying works to create digital content for the Metaverse, they must ensure that those existing licenses cover the use of copyrighted works within the Metaverse.

Best practices for owners and users of copyrighted works are:

  1. Review agreements for distributing third-party content to obtain appropriate licenses for copyrighted works
  2. Ensure that agreements with clients prevent accidental dissemination of copyrighted works
  3. Timely registration of copyrights of metadata assets (Metadata) and software
  4. Appropriately label copyrighted works
  5. Implement technical measures to prevent the dissemination of unauthorized works

trademark

Another example is a trademark, which is a word, phrase, slogan, design or logo that is an indicator of the source of goods or services. Trademark law protects the use of trademarks by unauthorized third parties to convince consumers that the trademark owner is the source of, or endorses or sponsors, goods or services. Trademarks are also an important feature of virtual worlds, which are common in the Metaverse. As people and companies continue to create in virtual and augmented reality worlds, this presents both opportunity and risk. Leveraging the Metaverse for branding with branding can allow brands to reach a larger audience, but they must be aware of the potential liability associated with it.

legal concept

The Metaverse will bring changes to traditional legal concepts. By removing the physicality of the real world, the Metaverse shifts our human society away from several long-held legal concepts, including the concept of ownership. Since the meaning of “possession” in the virtual world is quite different from that in the real world, then what a person has or may have in the Metaverse is likely to be a matter of concern only to a few.

This relationship stems from a very simple stance. The Internet is made up of code and content, however, no one owns the code and content except those who write the code and create the content. Do you think you own a piece of software, a piece of music, an audiobook, a game character, a game asset, a virtual car? At best, you have permission to use the items; at worst, you may be violating someone else’s rights.

Paradoxically, however, people have never been buying and selling on the internet like they are now; study after study shows that the value of owning is still far greater than that of licensing. This “endowment effect” explains why marketers and advertisers are so reluctant to use expressions like “limited license” or “license.”

What is the endowment effect?

In psychology and behavioral economics, the endowment effect is the finding that people are more likely to retain and value an item they own than to acquire the same item when they do not own it. This is usually explained in two ways. In one valuation paradigm, the maximum willingness that people pay to acquire an item is often lower than the minimum amount they are willing to accept if they own the item, even if there is no reason to hold on, or even if the item was acquired only a few minutes ago.

In experiments in psychology, marketing, and organizational behavior, when people randomly assigned to receive an item (“owners”) are more The endowment effect will also materialize when the item is evaluated more positively by the “controller”), which is a huge paradox that the Metaverse needs to face.

“Owning” is the mainstream of the world, and it will be difficult for the Metaverse to change this status quo. But here comes NFTs.

NFTs: The Heart of Digital Ownership

What is the point of NFT? Ethereum has been used since very early stages to identify rare or valuable items, including diamonds or works of art. What NFTs bring is the “tokenization” of the asset involved in the information, in order to make that asset “tradable”. The transaction layer is added to the information layer with the aim of creating a market for the underlying asset. Essentially, NFTs are tools that turn previously illiquid assets into “quasi-liquid” assets.

While the range of applications for NFTs is vast, and it can be argued that NFTs will somehow play a much larger role in our lives than they do now, the hype around NFTs has largely focused on using NFTs to trade art, other assets as well Start being tokenized and traded as NFTs (like music, video game skins, etc.).

Ownership is a legal concept as old as human civilization. It’s simple and complex, and at the same time it needs to adapt to the arrival of the digital age. In law, property is “the right to enjoy and dispose of things in the most absolute manner”.This is clear when it comes to your house, for example. You bought it – it is your absolute property.

In contrast, intellectual property is a newer concept. Intellectual property is a branch of law that includes rules that apply to “intellectual” or “immaterial” creations that are elevated to the status of “intangible property.”

For example, the law designates patentable inventions, trademarks and creative content as intangible assets that can be possessed and “owned”. By contrast, the law does not specify that mere data or information can be protected by intellectual property rules and thus be able to be “owned” by someone. In a democratic society, information and data, like ideas, flow freely, and data itself is not something that can be appropriated or “owned.”

So, if you apply this logic to the art world, the following happens. There are two types of property in tangible artwork: tangible property and intellectual property. There is only one property in digital artwork: intellectual property. This means that, unlike physical works, digital artworks cannot be owned by two people or entities at the same time. Only one property exists, and that is the intellectual property of the creator.

Many people try to draw an analogy between buying a digital art NFT and buying a physical original of a painting; for example, they make an analogy that buying an NFT for digital art is similar to buying the Mona Lisa. However, this analogy does not hold. When a person buys a painting from a gallery, they are buying “tangible property” i.e. canvas and paint, not intellectual property. NFTs cannot replace canvases and paints, because NFTs are nothing but information, and information cannot be owned.

While some legal commentators have suggested that some common law systems may well be flexible enough to extend the application of property law to certain types of purely information-based cryptoassets, aligning this concept with those set out in international conventions23 Reconciling freedom of speech and information seems difficult. Without legislative intervention, the absence of information property rights will continue to pose thorny issues for digital asset stakeholders.

Most NFTs today are more akin to providing a service (authentication of artwork) or granting a license (a limited license to use and enjoy digital art), but it is rare that true ownership is passed on to the acquirer. The key takeaway from this is that buyers of NFTs should understand what they are “purchasing”. It is also important that those tokenizing artworks be careful when marketing and promoting their NFTs. If all the NFT creator provides is a digital certificate, then promoting the “sale” of artwork can be potentially misleading. As we know from behavioral economics and the endowment effect, the temptation to advertise NFTs can be great, like a “sale,” but the consequences of doing so can be fraught with serious legal issues.

A key feature of NFTs is that they are (or should be) liquid, and thus will be easily traded. This is where their obvious value lies and why we see digital assets being sold and bought for millions. But if an NFT is nothing more than a license, how liquid is a license? A typical license agreement always provides some form of warranty or indemnity, from licensor to licensee, against any interference with the quiet enjoyment of the rights granted, but if the NFT changes hands 20 times, who’s going to support the content?

Another challenge posed by using NFTs to “sell” limited licenses or rights to use certain digital artworks is – how to effectively “attach” contracts/terms and conditions to NFTs so that NFT buyers (and future purchasers) are bound by it. A related question is how easily sellers or marketplaces can enforce the terms of these contracts against applicable buyers.Sellers and marketplaces must ensure that they impose appropriate terms on NFT buyers and that these NFTs can be easily traded. The more complex the tenure, the more critical it is to ensure that the seller imposes strong contractual restrictions and remedies on the buyer. Sellers need to keep this in mind when choosing which marketplace to sell their NFTs through.

There are no specific regulations on NFTs yet, but the carefree attitude of early adopters should not be used to escape reality. NFTs are regulated exactly like any other type of asset you can buy online. As trading volumes grow, it is believed that there will be greater scrutiny from regulators, authorities and watchdogs. While there will be as many issues as NFTs, there are several compliance issues that deserve special mention.

a. Securities Regulation.

As mentioned above, NFTs are designed to have some characteristics similar to financial assets. Although they are not interchangeable, they have the potential to be used as speculative instruments as non-financial instruments. Therefore, it is possible for NFTs to be included in the scope of financial regulation, but this issue remains unresolved. One of the main factors in determining whether a non-financial instrument is a security is the purpose for which it was created and sold. If NFTs are created and sold as a way for the public to earn a return on investment, then this type of NFT is more likely to be considered a security. Even the way non-traditional financial instruments are described and marketed may affect the degree to which NFTs are deemed to fall within the scope of securities law, and some marketplaces and sellers could be in trouble if they don’t take the issue seriously.

b. Consumer Law.

NFTs are available to the public, not just professional buyers. Therefore, marketplaces and sellers are subject to local consumer laws, which require them to maintain a high degree of transparency in their operations and to include themselves within the scope of consumer protection laws regarding unfair business practices, including the right of consumers to withdraw and Obtain appropriate information about non-financial transactions in local languages, make sales of non-financial transactions subject to local laws, etc.

c. Tax Law.

The nature of the transaction will determine its tax status (is it a sale or a license, is it a domestic or an international transaction, is it B2C or B2B?) The tax treatment of markets, sellers and buyers will also be different. With prices highly volatile, getting proper tax advice and understanding the VAT and other taxes you face will be critical.

NFTs can be fun experiences that give people access to something they personally value (like an unreleased track from your favorite band, or a digitally signed artwork), but those looking to invest should understand the risks and limitations of NFTs sex.

The future development of the Metaverse depends on the development of various commercial activities. As a new market that is developing, major developments or innovations that disrupt existing business models may occur at any time. The overall challenge for regulators is to keep the market open and free, allowing companies to interact with consumers in the Metaverse.

All in all, solving hardware problems, ensuring the security and fairness of Metaverse’s operation, stimulating market vitality, and providing diverse services by leveraging the advantages of NFTs will be the necessary conditions for Metaverse to grow along the way.

Three popular projects in the Metaverse

Today, users are more and more inclined to control their own digital assets, and over time, players will tend to choose items that are more controllable by themselves. Decentraland, Cryptovoxels, The Sandbox and Somnium Space are typical examples.

Decentraland

Decentraland is a 3D virtual world, a decentralized VR platform based on Ethereum, users can fully control the content environment and applications they create, which can range from any static 3D scene to applications or games with more interactive functions. This is where users can build virtual worlds, play games, explore NFT art museums, attend live concerts, and engage in other social activities. Data from Opensea shows that at the time of publication, Decentraland had the number one NFT sales volume, with 1,273.8 ETH in sales over the past seven days, or about $340,000 at the time.

Decentraland is a truly user-owned virtual world, where all virtual land and buildings on virtual land are held forever by the owner. After installing the MetaMask extension, users can use cryptocurrency and NFT functionality in a standard web browser to buy and sell real estate, create and sell virtual art for art galleries, or build game worlds. Decentraland even has meeting spaces, proving to create unique and creative booth experiences for vendors.

It’s not hard to see from the gameplay that the centerpiece of Decentraland is the artwork. Decentraland also has a place dedicated to displaying digital art.

One of the features of Decentraland is the setting of the Museum District, which aims to become Decentraland’s crypto art hotspot and the most visited art venue in the world. The Museum District is perhaps the most compelling use case on Decentraland, embodying the core features of user-centered ownership. For collections, ownership is undoubtedly very attractive, which is also the general trend of the future development of the encryption field.

In addition, in Decentraland, NFT stores are scattered all over, some NFTs are only for display, while others can be purchased with MANA. Users can buy wearables on the Decentraland Marketplace, which also sells hats, shoes, shirts, and plots. Decentraland also offers various mini-games, some of which reward users who can then sell them on the OpenSea exchange.

The Sandbox

The Sandbox is a virtual world where players can build, own and monetize gaming experiences on the Ethereum blockchain using the platform’s utility token, SAND.

The game is dedicated to building a deeply immersive virtual world in which players can collaborate to create virtual worlds and games without the need for a central authority, subverting existing game makers such as Minecraft, Roblox, and more. The Sandbox aims to provide creators with true ownership of their work in the form of non-fungible tokens (NFTs), rewarded with SAND tokens, for their participation.

In the current gaming market, the centralized ownership and control of user-generated content limits the rights and ownership of creators. The centralized control of player-created item transactions limits their creative value. In addition, originality and ownership of creative works are difficult to guarantee if the work can be easily copied, modified and established.

The Sandbox tries to provide solutions to these problems, accelerate the application of blockchain, and develop the blockchain game market. Through the establishment of the voxel gaming platform, creators can make, play, share, collect and trade without central control, enjoy secure copyright ownership, and earn SAND. NFTs can guarantee copyright ownership, giving them a unique, immutable blockchain identifier.

The Sandbox also provides the VOXEDIT tool. VOXEDIT is an easy-to-use, powerful, free 3D voxel modeling package that allows users to create and animate 3D objects such as characters, animals, foliage, and tools, and export them to The Sandbox marketplace as in-game assets.

In addition, The Sandbox’s virtual world map is based on a collection of 166,464 land parcels (408*408), each of which is a blockchain-backed virtual token (NFT using the ERC-721 standard). A tile is a physical space in a virtual world that is owned by the player and is used to create and monetize the game. Plots can also be used to publish player-created games, or they can be rented out to other players. Each plot has a set of pre-built terrains, but the plot holder (or other players they invite) can make terrain modifications.

Dream Space

Somnium Space is a cross-platform virtual reality world that was launched back in 2018, trying to use virtual reality, blockchain and cryptocurrencies to create a shared, cross-platform virtual world. It allows users to buy land, design various buildings and import them into the platform to create a common virtual universe. In Somnium Space, players can choose from three different sizes of land: small (200 square meters), medium (600 square meters) and large (1500 square meters).The project aims to help players create a functioning economic system in the virtual reality world, to promote the player’s immersive experience in the virtual world.

In short, whether it is the virtual world of Decentraland or the virtual world of The Sandbox or Somnium Space, user ownership and control have always been a major trend in the development of cryptocurrencies and the Internet, and a new breakthrough in the development of the Metaverse.

How to Earn in the Metaverse Above

The two major sectors of NFT and Metaverse are on the rise, and many small partners are thinking, how to get benefits in this newly integrated asset field? The following three methods are available for reference.

1. Virtual Land

For most people, one of the biggest attractions of the Metaverse is the opportunity to own digital land in a virtual world, where the holder can freely decide how the land develops.

There are many ways for individual players to profit from this new type of property. Just like traditional real estate, the income stream of Metaverse Land includes three ways of trading, developing and leasing.

Small strategies to earn income from Metaverse Land:

Trading: One of the easiest ways to make money from virtual land is trading, selling below the purchase price and earning a profit. It should be noted that transactions usually require a large initial investment, sometimes a long wait, and most importantly, have a good eye for discovering potential blocks.

Development: Development of the land requires the necessary skills, or the ability to pay the expenses, to have an agent do the work. Lands can be developed to allow other Metaverse citizens to gain experience, or to be the location of events.The developed land can be used both for sale and as an income stream, with regular withdrawals of proceeds. Casinos, galleries, games, advertising spaces, etc. are all examples of virtual world land development.

For development services, MetaZone offers a wide range of easy-to-deploy pre-built models in Decentraland. Voxel Architects has provided outstanding architectural services in Cryptovoxels.

Leasing: There is not much demand for leasing right now. But if virtual worlds become more popular and land prices soar, land leases will become an increasingly important part of the ecosystem. Leases can have long-term and short-term services, as well as one-time rental services for specific activities.

2. Tokens

Some projects in the Metaverse will issue non-fungible tokens. Similar to other cryptocurrencies and digital assets, these are fungible assets created on the blockchain and publicly traded on centralized or decentralized exchanges. These tokens have a variety of uses, but are mostly used for in-world transactions and rewarding users.

For those who are not interested and have no time to build and develop Metaverse land, these crypto tokens are not to be missed. Users can find potential Metaverses, buy promising tokens, and wait for appreciation.

3. Infrastructure

Another way to invest in the Metaverse is to create something that other people want to use. In a fledgling industry, there are many avenues for delivering infrastructure. It can be either a public chain for mining blockchain infrastructure or customized programs and applications that are compatible with other Metaverse projects.

This method has the greatest potential for gains, but is also the hardest to achieve, requiring more time, experience, skill, and luck. For example, Metaverse Billboards is an example of providing infrastructure, which provides more than 130 ad slots for the entire Metaverse.

What new industry opportunities will the Metaverse spawn?

Today’s Internet is a two-dimensional space, while the Metaverse is a three-dimensional space. Reality and virtuality are integrated in the Metaverse. For now, our digital presence in the physical world is still relatively crude. Even with a LinkedIn or TikTok account, we don’t physically exist on those platforms.

The Metaverse has permeated our lives in various ways, but now the Metaverse is not limited to the realm of games for players to socialize, it can also create real life experiences for people – such as listening to concerts, interacting with people. Get together with friends, hold meetings, recharge to buy game props, etc.

In the Metaverse, young people can play games online with friends and work with colleagues. The new crown epidemic has made the concept of “Metaverse” attract a lot of heat. City closures, curfews, and telecommuting have led more and more people to explore the virtual world online, not only for entertainment, but also for mining Business.

The way the Metaverse empowers enterprises

The Metaverse empowers enterprises to develop in three ways:

  • New Space: Allowing customers to interact with businesses and their products
  • New currencies: entering the market at scale
  • New Media: Enabling a New Type of Workplace Collaboration

New Space: Clients & Business Relationships

Creating new spaces for businesses to sell their services is the main commercial front of the Metaverse. Sotheby’s is probably the most high-profile case. Sotheby’s is an online marketplace where users can browse and buy NFT artwork.Two popular online games, Roblox and Fortnite, are transforming from pure gaming products to extended real worlds.Roblox co-founder Dave Baszucki said Roblox could be the new frontier of business. The online marketplace is the most practical benefit that Metaverse brings to the business development of enterprises. However, it is also difficult to promote the online market immediately. The expansion of corporate business is inseparable from a solid customer base. Technology companies should track user psychology, master their understanding of Metaverse concepts, and build their own business chains in the Metaverse, which is a proven roadmap to the future.

new currency

Most of the Metaverse is powered by blockchain technology, which enables businesses to sell their services on a completely new platform. The digital realm is increasingly the backbone of the global marketplace, and the Metaverse is more accommodating of the crypto realm.

Take Sotheby’s again. In addition to the aforementioned Metaverse platform, Sotheby’s has also opened an NFT gallery on Decentraland, a decentralized Metaverse. That is to say, Sotheby’s decisions are not top-down, but are made by Decentraland users themselves. The creation of this decentralized experience is inseparable from Decentraland’s MANA.The Metaverse Decentraland is a powerful proof that new currencies enable new business development. The total value of transactions mediated by MANA has exceeded $900,000. In Decentraland, users can decide for themselves how to use MANA: either to buy NFTs and virtual property, or use MANA to play in virtual worlds.

The above examples also show how to bridge the real business operating environment and the Metaverse. If the likes of Gucci and Sotheby’s can successfully transplant their business models into the Metaverse, others should be thinking about how to emulate them. As digitization becomes more and more mainstream, the trend toward the Metaverse of business is bound to continue to grow.

Collaborative office

In addition to bringing profits, the Metaverse can also breed new office models. Readers must have noticed that during the new crown epidemic, most of the work is done remotely through the Zoom software. Today’s online collaboration software does bring convenience, but there are still some limitations in usage scenarios. In the Metaverse, people can create digital conference rooms to simulate real meeting scenarios, and optimize the work experience while retaining the convenience of telecommuting.

Facebook and Zoom are at the forefront of bringing collaborative working to the Metaverse. Recently, the two companies jointly released new tools to create a more realistic hybrid work experience. Horizon Workrooms is a virtual office environment co-developed by Facebook and Zoom that runs on Facebook’s Oculus VR headset. Zoom brings its meeting and whiteboard capabilities to Horizon Workrooms, so users can share their screen, write, draw, and communicate using stereo on the shared whiteboard, making conversation scenes more realistic.

The Metaverse and the Future of Enterprise – 8 Business Models

As shown in the corporate examples above, the Metaverse has shifted parts of people’s life patterns to a virtual universal platform. In the future, by continuously empowering enterprises and creating business opportunities, the Metaverse will be more fully integrated with the material world in two dimensions. The eight business models mentioned below are multi-faceted predictions of this convergence.

digital assets

The increasingly diverse digital assets have broadened the sales channels. Today, thanks to the introduction of NFTs, traders can buy and sell collectibles and other virtual items, such as the well-known CryptoKitties, CryptoPunk, and BAYC.In addition, entertainment derivatives are about to join the ranks of NFTs. South Korean entertainment company HYBE Labels has partnered with blockchain trading platform Dunamu to form a joint venture focused on NFTs. SM Corporation will also enter the NFT business and is expected to issue NFTs based on major platforms such as Solana.

The abundance of digital assets has also led to the prosperity of NFT art-related industries, such as NFT art galleries and voxel stores. Galleries are the most common business model in the current Metaverse, perhaps because NFTs are already closely related to artworks. Like Liu Jiaying’s the Pure Gold Gallery, Song Ting’s Panda Gallery, BCA gallery, and dogesoundclub created by the Korean community, they are all famous encrypted voxel galleries. These artists or groups have brought the gallery into the Metaverse, making it It became the earliest and most popular business model in the Metaverse.

The material world of the Metaverse is very different from the material world. Structures like CryptoVoxels that encapsulate all buildings and wearables are composed entirely of voxels and values ​​on a 3D grid. For CryptoVoxels, voxels are essential, ranging from house decoration to the display of personal items, all need to be done with the help of voxels.This has spawned many voxel stores, such as Vox Walk, etc.

architecture

Some landlords own a lot of land, but have limited time and energy for building them. Other landlords prefer to hire a more professional team to build the brand HQ. Both of these needs have spawned third-party architectural services in the Metaverse, such as MetaEstate and Voxel Architects. Cryptovoxels platform Origin City island center has the most visited spaceage, stoneage, glassage, and Welcome. The four buildings are from Voxel Architects. MetaEstate has also built many exquisite buildings such as MetaChi HQ, Creation Fashion Hall, Haolinju Hotel and so on. venue.

real estate lease

Like the real estate industry in the real world, renting and buying and selling exist in the Metaverse. According to CV Analytics statistics, many landowners have multiple parcels. Some landowners do not buy land for sale, but for long-term investment. Landlords can rent idle land to those who want to build or operate, thus creating a native market.

Immersive experience

Immersive experiences are created when people focus so much on the designed space that they forget the actual environment they are in. In Universal Studios, you may feel that you are experiencing it physically, but you are actually immersed in the spirit. Just sit in a chair and soar through the air with Harry Potter, jump between skyscrapers with Transformers, and cheer with the Minions. Built on professional architectural design and 3D technology, Metaverse is the perfect place for an immersive experience.

sell clothing

The Metaverse can never replace some aspects of the real world, such as food, clothing, housing and transportation.Clothing e-commerce sales are developing in the direction of 3D, from the original 2D picture introduction to the anchor trying on clothes in the live broadcast. However, seeing someone else wear it is not the same as wearing it yourself. With a 3D scanner, people could wear 3D clothing on their virtual selves.

Online KTV

KTV itself is a way of socializing. In the real world, people who are far away cannot meet in KTV, but the Metaverse can break this limitation. You can sing along with friends from anywhere in the world in Metaverse’s KTV in your spare time.

data service

Everything is inseparable from data, and the Metaverse is no exception. The project party wants to grasp the landowner flow data of the land plot, the buyer wants to know the information of the land for sale, the seller wants to estimate the price according to the market dynamics, and the tourist wants to know where it is worth seeing, all of which are inseparable from the support of data. In the future Metaverse, professional data analysis may become an important business model.

game ad placement

Gaming is the most lucrative area of ​​the Metaverse. Marketers and distributors can make full use of this medium to place advertisements on popular game platforms to attract users. Games are also the largest games in the Metaverse (larger than the movie and TV businesses combined), so I predict that game advertising will become more common.

Build a business idea for the Metaverse

If you intend to let your business interact with the Metaverse, make sure your design fully meets the motivations and needs of your users. The days when you can attract customers just by defining values ​​for your product are long gone.

Users are inherently more difficult to concentrate in the digital space, and more easily distracted in the Metaverse. This requires you to provide high-quality products or services that users will not be able to pick out reasons not to use them.Most importantly, you want to ensure that users feel engaged and empowered when they use your product or service for the first time. Products or services also need to be continuously optimized to increase user stickiness and prolong their life cycle.

Even if you can keep repeating users, realize that you still have a long way to go. Next, you’ll need to devise new strategies to make old users happy to promote your brand in and out of the Metaverse. Your top users can not only share their experience with general users within the Metaverse, but also attract people from outside the Metaverse to join in (and expand the influence of the brand).

Empowering businesses with the Metaverse is no easy task. Understanding the operation mode of the Metaverse, tracking the dynamics of commercial giants, and clarifying the way the Metaverse empowers business are just the most basic and necessary requirements. In addition, you will understand the psychological motivations of users, master behavioral science, gain insight into human biases, and develop heuristic thinking. Empathy and the ability to “get in the user’s stomach” are essential. By doing so, you can resonate with users like a good precedent in the Metaverse.

Plan your career in the Metaverse

As a new thing with great vitality, the Metaverse is constantly creating new employment opportunities. You can explore career opportunities in the following directions.

fashion designer

Dressing up a game image is certainly not an unfamiliar concept. Today, major fashion brands such as Gucci, Oscar de la Renta, Casablanca, etc. have set their sights on the Metaverse, trying to lead fashion trends in the virtual world. As the Metaverse audience grows, so will the demand for Metaverse fashion designers. People need specialized designers to create and decorate the avatar to match their personality. IMVU, an online Metaverse and social networking site, has opened its first fashion show this year. There are 50 million items of clothing in IMVU’s virtual store. During the new crown epidemic, the growth of IMVU was as high as 44%, and the monthly active users were about 7 million. In a Metaverse like IMVU, a fashion designer’s job is to guide customers through NFT-style clothing and offer advice on what to wear.

Actor/Producer/Writer

Bollywood is setting out to build a movie industry Metaverse called the Bollyverse. As a parallel world of Bollywood, Bollyverse brings together the resources of production companies, major brands, film and television celebrities, music labels, game studios and animation companies. In the Bollyverse, ordinary people can also create stories and legendary characters using Legend NFT and Hero NFT as carriers. NFT holders will receive a 2.5% revenue share and have exclusive access to new products.

Asset Advisor

You can think of asset advisors in the Metaverse as real-world financial advisors. NFTs are gaining momentum, and Metaverse advisor managers will also be favored. People need asset advisors to help them buy assets and provide investment advice. In addition, asset advisors are also responsible for grasping market trends and helping clients adjust investment strategies in a timely manner.

lawyer

In the Metaverse, not only technology and communication have undergone revolutionary changes, but also the trading methods and creation forms are changing with each passing day, which calls for people to establish laws and regulations applicable to the Metaverse. Earlier this year, the famous law firm Reed Smith released a white paper called “Guide to the Metaverse”, expressing curiosity and concern about the order of the Metaverse. The primary role of a Metaverse Lawyer is to set the rules for transactions that take place in the Metaverse.

Tourist guide

The Metaverse is a boundless world with endless possibilities. Cross-dimensional travel is likely to become a new form of travel, just as characters in The Avengers jump from planet to planet. In this way, people need Metaverse guides to lead themselves to explore different virtual spaces. Metaverse tour guides need to be familiar with the fields of art history, games, immersive navigation and culture to provide professional services to visitors.

How the Metaverse Works

Highly virtualized

In a highly interactive virtual world like the Metaverse, land, buildings, and even personal avatars can be traded. The medium of exchange is usually a digital asset. People can explore a variety of places in the Metaverse, make friends, build virtual properties, buy goods and services, and attend virtual events.

palpable

Ever since records began, humans have been researching technologies that trick the senses into communicating and interacting for pleasure. Whether it’s a TV, speakers, or a newly developed interactive game, VR or AR, it does this well. As an advanced technology, the Metaverse has the ability to “cheat” human senses such as smell and touch.

Wide range of scenarios

Metaverse is not just a game concept, but a platform that includes application scenarios such as entertainment, social interaction, learning, work, shopping, theater, exhibition, investment and financial management. That said, almost every business type can unleash potential in the Metaverse.

Examples of Metaverse Empowerment Enterprises

Tim Sweeney, CEO of Epic Games, commented, “The Metaverse is going to be broader and more powerful than anything. If a core company completely controls the Metaverse, the power of that company is limited. He will be bigger than any government and become a deity.”

Tim Sweeney isn’t the only entrepreneur aware of the immense power of the Metaverse. Tech giants like Apple, Facebook, Google and Microsoft are all determined to embrace the Metaverse sooner than their rivals. The Metaverse has the potential to shape society, politics, and culture, opening new markets, innovating social networks, facilitating device replacement, fostering new patterns of consumer behavior, and driving new patents.

Metaverse empowers the game industry

Leading the charge in creating the Metaverse is big business. Microsoft bought Minecraft developer Mojang for $2.5 billion back in 2014. Roblox, the creator of the gaming universe, is currently worth more than $30 billion.

Metaverse empowers the Internet

Zuckerberg mentioned the term “Metaverse” 16 times during Facebook’s earnings call in July. Zuckerberg said Facebook should be known as the “Metaverse company.” Facebook has invested heavily in developing VR and AR technology, developing smart products including Oculus VR headsets, AR glasses and haptic wristbands. Facebook said it will use new XR projects and research funds to invest in Metaverse projects around the world over the next two years to ensure that the development of Metaverse technology is “inclusive and empowering.” Facebook plans to work with experts in four areas, including data privacy and security, to improve the experience and comfort of Metaverse users. In addition, Facebook is also exploring access technology for all users, and hopes to develop “healthy competition” in the nascent industry of the Metaverse.

Metaverse empowers manufacturing

German luxury car maker BMW has partnered with Nvidia to use Nvidia’s Metaverse platform, Omniverse, to build a virtual factory that digitally replicates its physical assets, systems and processes. In October 2021, Hyundai Motor will launch “Hyundai Mobility Adventure”, a Hyundai advanced product and future mobility solution, in Roblox’s Metaverse, and invite users to participate in public beta. “Hyundai Mobile Adventure” is a shared virtual space where users use their digital avatar to interact with other users and experience Hyundai products.

China, to the Metaverse

The domestic Internet leader obviously sees the benefits of the Metaverse. Companies such as ByteDance and Tencent are gearing up to create a Chinese version of the Metaverse. In 2019, Tencent and Roblox reached a strategic partnership to cultivate China’s new generation of creators. At present, China’s Metaverse construction has formed a competitive situation. ByteDance added about 100 million yuan ($15.3 million) to Roblox’s rival, Reworld, to optimize its Metaverse platform to take on increasingly powerful rival Tencent.

It is not difficult to see that the tide of the Metaverse at home and abroad is gaining momentum and is in the ascendant.What will the future be like? We look forward together.

Domestic and foreign giants who have entered the game

foreign

Facebook

Facebook is the largest social platform today, with the largest number of social media users and content production, so it has a huge advantage when it comes to entering the Metaverse. Zuckerberg, Facebook’s founder and CEO, said on an earnings call in July that the company’s long-term vision is to build a “Metaverse.” At the same time, Facebook is also actively developing wearables for virtual reality, such as smart wristbands and VR goggles.

In fact, Zuckerberg himself is very obsessed with the Metaverse, the term originated from the 1992 science fiction novel “Avalanche”, and this book is also a must-read for Facebook management. Back in 2017, Zuckerberg pledged to invest $1 billion in Oculus headsets, and Facebook has already taken action, launching Horizon Workrooms, a virtual reality remote work app, on Aug. 19, using the Oculus Quest 2 headset. of users can hold meetings as their avatar version.

Snapchat

As another important brand in the European and American social markets, Snapchat’s users are mainly young people. Research shows that Snapchat users are three times more likely to try augmented reality (such as filters, lenses, etc.) than users who do not use Snapchat. So Snapchat has a user advantage as it moves in the Metaverse direction.

Snapchat has been moving towards the Metaverse over the years, gradually introducing custom avatars and filters in an effort to cover the world with digital content. Snapchat has now launched the Bitmoji service, which allows users to create their own 3D Bitmoji avatars by posing in physical snapshots. Users can choose from different facial expressions, basic gestures, body poses and backgrounds, with a total of 1200 combinations to choose from. This feature will open up a new world of opportunities for virtual and augmented reality pilots.

Microsoft

As the world’s largest office software provider, Microsoft has hundreds of millions of users. Since Microsoft established Windows Azure in 2008, it has become the world’s second largest cloud provider. Such a huge number of users provides Microsoft with the opportunity to build a large-scale content sharing platform, and also provides an advantage for Microsoft to seize the opportunity in the future of virtualization.

In May of this year, Microsoft CEO Satya Nadella said that Microsoft is committed to building an “enterprise Metaverse”, and in the Microsoft Inspire speech in July, he clearly put forward the concept of “enterprise Metaverse”, that is, by building digital models of assets and products, forming Across the complex environment of people, places, things and their interactions, the integration of the Internet of Things, mixed reality, and thus increase its dominance in the professional software market. At the recent Build conference, Microsoft demonstrated the Microsoft Metaverse. Microsoft describes Metaverse as a technology that allows users to digitize physical objects or environments, a form of digitization known as a “digital twin.” In the “digital twin model,” sensors continuously track metrics and stream data back to the cloud, enabling real-time interaction between the real and digital worlds.

Unity Software

Unity Software is the owner of one of the two major 3D video game engines in existence. Of the 100 largest existing game development studios in the world, 94 use the Unity engine. In the Metaverse context, Unity can help people and businesses build unique companies that exist in the Metaverse. At present, Unity has built a model of Hong Kong International Airport, which can realize real-time interaction and has maintained normal operation so far.

Roblox

Reblox is the leader of the Metaverse, the closest thing to a functional Metaverse right now. It is an online entertainment platform that allows creators to develop games. The platform has its own digital currency that allows users to socialize and enjoy unique virtual experiences, such as hosting digital concerts. Reblox CEO David Baszucki called the Roblox team “the shepherds of the Metaverse” in an investor presentation earlier this year. Faced with the fees charged by Apple for virtual product transactions through the App Store platform, Reblox is also trying to provide a way to avoid Apple’s fees through Metaverse and reduce other fees for virtual transactions in the Metaverse.

Epic Games

Epic Games, maker of today’s popular virtual reality game Fortnite, is at the forefront of Metaverse content production.

Epic Games announced a $1 billion funding round in April to bolster its ambitions to expand in the Metaverse, a funding plan that pushed the Fortnite maker’s valuation to nearly $30 billion.

At the same time, Epic Games has also acquired Skethfab, the largest 3D model platform, to absorb the user traffic brought by the Skethfab platform and expand its share in the Metaverse field.

Amazon

Amazon is the world’s largest e-commerce platform by market share, dedicated to creating an “ecosystem” of shopping, entertainment and cloud services for users. Since 2018, Amazon has been mysteriously developing a “new VR shopping experience”, trying to build a virtual shopping space with the help of the Metaverse, where shoppers can interact with digital products, by creating some form of virtual “Amazon” in the Metaverse shopping malls” to maintain its dominance.

disney

Tilak Mandadi, Disney’s chief technology officer, said that building a “theme park Metaverse” will be the next step in the development of Disney’s theme parks.

With the development of technology, the theme park of the future can no longer be limited by the physical world. Since 2016, Disney has been exploring offering VR rides through a 360-degree video service. At present, many projects in the Disney park are a combination of the physical world and digital virtual technology, such as Disney’s signature projects Leap over the Horizon and Pirates of the Caribbean, which are projected on the basis of real scenes or use naked-eye 3D to bring more immersion to tourists. sense of experience.

Nvidia

Nvidia is a high-end chip maker whose products are used in graphics and video processing for high-end computing servers, supercomputers, artificial intelligence and VR applications. The characteristics of the Metaverse determine its high requirements for computing power, and Nvidia can play a key role in it.

On August 11, 2021, Nvidia announced the Nvidia Omniverse initiative to build the world’s first virtual collaboration and simulation platform, with a new integration between Blender and Adobe, open to millions of people.

Jensen Huang, CEO of Nvidia, said that the Metaverse is coming, and Nvidia Omniverse connects the world by making the vision of the Metaverse a reality, building a platform for revolutionary virtual worlds where everyone, from individuals to large enterprises, can collaborate with others. .

domestic

Zhongqingbao

Zhongqingbao is a trend-setting Chinese game studio that is currently listed on the Shenzhen Stock Exchange. On September 6, 2021, Zhongqingbao released the Brew Master game trailer. This game allows players to make wine and operate in the virtual world. At the same time, players can also buy wine made in the game in reality. Players can create their own business in a simulated environment, but experience the effects in real life.

Tencent

The game business is the forerunner of Tencent’s exploration in the Metaverse world. Tencent registered two trademarks “Kings Metaverse” and “TiMi Metaverse”, marking its game sector’s foray into the Metaverse. In early 2019, Tencent announced a strategic partnership to help drive the next generation of VR creators in China, while Roblox and Tencent have obtained a license to launch the Roblox gaming platform in China.

Games are only one of Tencent’s businesses. In addition to games, Tencent is also investing in Metaverse in many fields.Over the next five years, Tencent plans to invest $70 billion in infrastructure such as cloud, artificial intelligence, cybersecurity, blockchain, 5G and quantum computing. It will also make significant investments in smart retail, further bridging the gap between digital and brick-and-mortar retail through payments and other shopping technologies.Together, its infrastructure and smart retail investments will help build more of the underlying technology and connective tissue that the Metaverse needs.

ByteDance

ByteDance and Tencent are both giants of Chinese Internet companies, and their participation in the Metaverse can also compete with Tencent.

So far, ByteDance has added nearly 100 million yuan ($15.3 million) to its investment in Reblox rival Reworld. In August of this year, ByteDance acquired Pico, the world’s third-largest VR headset maker, to dive deep into the Metaverse.ByteDance said that the acquisition of Pico will support its long-term investment in the VR field, and absorb the advantages of Pico’s software, hardware, talents and expertise, and gradually deepen its long-term investment in the Metaverse field. In terms of funding, ByteDance has raised $1 billion for Metaverse development, seeking its own Metaverse platform amid the escalating competition among internet giants.

Metaverse is the hottest tech buzzword right now, a concept that’s gaining popularity in Silicon Valley, and it’s seen as the next big thing in the history of the internet. Many tech companies have sensed the enormous transformative potential of the Metaverse, and Chinese internet giants have stepped into this new area. This technology-based virtual utopia will further eliminate the boundaries between real life and virtual online life, and subvert traditional business models.

What Metaverse means, no one can give a complete explanation at present, but the attempts and explorations of every participant, whether it is a technology giant or an ordinary user, are jointly building and shaping the shape of our future life. Maybe the future has come, but we are in it, not yet aware of the wave of change.

Recommended reading:

“From 0 to 1 (One): The Universal NFT Knowledge Graph Makes You Proficient in NFT”

“From 0 to 1 (two): NFT application scenarios”

“From 0 to 1 (four): NFT encryption art strategy”

“From 0 to 1 (Five): NFT Project Inventory”

“From 0 to 1 (Six): NFT Essentials”

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/from-0-to-1-three-the-past-and-present-of-the-metaverse/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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