True and False Game of the Metaverse

Recently, Zuckerberg said Meta will launch virtual clothing store Avatars Store, Facebook, Instagram and Messenger.

Users can purchase digital clothing for their avatars in the store, which will accompany their avatars to work, socialize, and play in the Metaverse.

Luxury brands Prada, Balenciaga and Thom Browne are among the first to enter the virtual clothing store, offering motocross apparel, signature hoodies and suits priced from $2.99 ​​to $8.99.

Obviously, when status, wealth, and class consciousness extend from the real world to the virtual world, luxury brands can’t help but confirm their value symbols in the virtual world.

In fact, this isn’t the first time a luxury brand has partnered with a tech company to create digital clothing.

Last year, Fortnite launched the Balenciaga skin, which allows players to purchase clothing such as branded hoodies for in-game characters. In Roblox, there is even a Gucci town where players can go to gardens and shop.

Luxury brands are facing high consumption groups, and they choose to launch virtual clothing on various Metaverse-related game platforms, which in a sense also proves the spending power of platform users.

Although the current cooperation between luxury brands and game platforms is more of a marketing campaign, judging from the effect of market feedback, people’s consumption enthusiasm in the Metaverse is still far beyond our imagination.

What are people buying houses in the Metaverse?

Nothing is more proof of people’s consumption enthusiasm in the Metaverse than NFTs and virtual concerts. The former shows us strong consumption power, and the latter shows us a huge consumer population.

The most popular NFTs are digital collections.

In March 2021, “Every Day – The First 5,000 Days” created by Beeple sold for a sky-high price of US$69.34 million on the Christie’s NFT trading platform, starting the wave of digital collections.

According to a report by Nonfungible.com, as of May 2, 2022, the total transaction value of the NFT market has exceeded $55 billion.

However, due to the financial risks brought by decentralization, NFTs are under strict supervision in the Chinese market, and secondary transactions are restricted.

In addition to digital collections, the virtual real estate market based on NFT is also very hot.

According to MetaMetricSolutions statistics, virtual real estate sales on the world’s four major Metaverse platforms will reach $501 million in 2021.

Theoretically, the land area in the Metaverse is unlimited. However, due to technical and market constraints, there are currently nearly 270,000 lands for sale on the four major platforms.

The virtual world does not need to consider the commuting distance, so the value of the land is determined by whether it is close to the commercial and cultural activity center, and the location near the commercial and cultural center is more likely to obtain high passenger flow.

In addition to the digital asset investment group Tokens.com, PricewaterhouseCoopers has also quietly purchased a piece of virtual land to try to build its own social center. And said that the investment just does not want to miss any possible business opportunities, and does not consider risks for the time being.

“Real estate speculation” is only a game for a few people, and virtual concerts are the carnival of the masses.

The epidemic has prospered online performances, and it has also given an opportunity to virtual concerts. In April 2020, Epic Games and singer Travis Scott held a virtual online concert “Astronomical” in the game world on its game platform “Fortress Night”. Ten thousand.After that, singers such as Young Thug, DJ David Guetta, Justinbieber, and A Sister all joined the wave of virtual concerts.

True and False Game of the Metaverse

In addition to bringing an atmosphere comparable to offline performances, virtual concerts can also bring novel experiences that offline performances do not have.

With volumetric photography, the audience can switch between scenes and camera positions, and choose the viewing angle at will; using image rendering, the audience can go to the moon, the Himalayas , and even the medieval square to chat and meet with friends thousands of miles away.

People socialize while watching performances, and watch performances while socializing. The superposition of the two is what attracts users.

At present, many large companies have begun to combine social networking with other scenarios such as work and fitness. First, work and fitness have a wider scope of application. Second, these scenarios are less technically difficult and more maneuverable than performances.

A full-fledged Metaverse is all-encompassing. Work, fitness, and performance can all happen in the Metaverse at the same time as in real life, and you just have to choose which one to go to.

Limited by the current technology, supervision and other reasons, it cannot be reproduced into the virtual world at the same time, so it is most feasible to choose a few scenes with low difficulty or strong market response to create a Metaverse aspect to attract users.

How big is the Metaverse cake?

From infancy to maturity, the traditional Internet market structure has basically stabilized. Foreign Google, Apple, Meta, Microsoft; domestic Tencent, Baidu, Ali, Byte.

Tech giants with the right to speak, relying on their own technological and financial advantages, continue to raise the entry threshold. Under the monopoly of giants, promising newcomers are either acquired or eliminated.

Although the Metaverse does not yet have a mature business model, it is a hotbed of “hype”.

The original experience of the giants does not necessarily apply, and even limits their exploration of new things to some extent.

As Luo Yonghao mentioned in the interview: “For newcomers, it is the life of others, and the revolution is very exciting; for the old hegemon, it is their own life to revolutionize, and internal coordination alone is already very important. It’s dying.”

This is probably one of the reasons why Lao Luo entered the VR market with enthusiasm.

According to the Metaverse report released by McKinsey, by 2030, the Metaverse is expected to create a new market of $50,000, and according to Morgan’s forecast, it will reach 8 trillion in 2024.

What supports the imagination of the Metaverse market is not the hot head of capital, but a series of realistic technical foundations.

The immersive experience brought by VR/AR/XR and wearable somatosensory devices allows us to open the door to the Metaverse; the low latency and fast data transmission brought by 5G technology, and the upgrade of computing power to the rendering mode allow us to push After opening the door, we can move without obstacles; decentralized blockchain, AI, and huge cloud computing make our activities in the Metaverse more diverse.

True and False Game of the Metaverse

Technology gives the Metaverse feasibility, and users give the Metaverse the possibility of commercialization.

Carrying out business activities in the Metaverse requires that there are enough users in the platform, and these users are enough to recognize the value of digital assets.

In a sense, the commercial potential of the Metaverse depends on how much people rely on virtual worlds.

The fusion of virtual and reality is an inevitable result of technological development. People use games to entertain and socialize, use office software to connect online meetings and work, and use computer models to train skills. The integration of the two will continue to deepen with the generational change. More and more people will be involved in the Metaverse.

Everything in the virtual world is fake, but the emotions people put into it are real. The popular virtual idol is an example. People love virtual idols because they love the time and energy they put into them. In other words, this virtual idol who “let anyone dress up” perfectly inherits people’s beautiful fantasy about emotions.

In the same way, the virtuality of the Metaverse allows it to carry people’s dissatisfaction in real life and hope for a better life, and the succession will be even greater with the blessing of VR and somatosensory devices.

The accessibility of the virtual world is destined to make the digital assets in it have the same or even higher value than the real-life items.

who can get a piece of the pie

In terms of market entry opportunities, everyone is equal, but in terms of mobilizing resources, the current technology giants obviously have an advantage.

With its VR product Oculus, Meta has a firm grasp of the Metaverse hardware entry, and is currently the leading player on the Metaverse track.

Its digital currency diem, virtual office Workpl ace and content creation community Creator have formed a complete ecosystem online.

Not long ago, Tencent invested in Epic Games, Immutable, Ultraleap and other companies related to the Metaverse business abroad in recent years, and officially established its own XR department. The XR department cooperates with its efforts in entertainment and social networking. Tencent may be planning to cut into the Metaverse from the entertainment track.

Last week, Meta, Epic, and dozens of technology companies including Microsoft, Huawei, and Alibaba formed an organization called the “Metaverse Standards Forum”, which intends to establish industry standards for Metaverse, AR/VR, etc.

However, the two giants Apple and Google did not join, which also put a question mark on the authority of this Metaverse Standard Forum.

Apple, which has always had an ambiguous attitude towards the Metaverse, recently announced that it will release its own VR glasses, and Apple’s technical research and development strength may change the existing VR gameplay.

True and False Game of the Metaverse

The outside world is optimistic about the game Metaverse, but this track faces policy supervision risks in China. First, the game industry itself falls within the scope of policy supervision, and the Metaverse platform with game nature is naturally also within the scope of supervision.

Second, the Metaverse is highly addictive. In a virtual world where technology and equipment can provide the same immersive experience as in reality and are not restricted by natural laws, it is very easy for people to lose themselves.

The serious ones, as expressed in the movie “Inception”, “they come here to wake up”, treat the virtual world as reality and the real world as virtual. It is difficult for adults to control themselves, and it is easier for minors to indulge.

More importantly, the Metaverse is still in a legal void right now. There is no clear way to deal with moral crime incidents, and the Metaverse sexual assault incident that caused a lot of uproar not long ago is the best case.

If cyber violence can be prosecuted, should sexual assault in the Metaverse also be included in the scope of legal supervision?

It remains to be seen what form the Metaverse will ultimately take under the regulatory constraints of various countries. However, the technology and hardware equipment that the Metaverse relies on already has a clear market.

AR/VR, an important hardware device that links the real world and the virtual world, has also ushered in the second spring in this wave of Metaverse. IDC data shows that in 2021, the global shipments of AR/VR headsets will reach 11.23 million units, a year-on-year increase of 92.1%. %. When Meta changed its name, it was not Nvidia that rose the fastest in U.S. stocks, but Nvidia, which did CPU and data.

Obviously, the market is more willing to believe in technology and hardware that can be seen than the grand and wonderful Metaverse.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/true-and-false-game-of-the-metaverse/
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