The COVID-19 pandemic has changed many parts of our lives. Wherever I went, a mask and body temperature measurement became essential. But most of all, the biggest change will be ‘can’t get together’.

In an age where communication is minimal, we cannot see concerts, it is difficult to go to sports games, and it is difficult to have a drink with friends.

With the advent of the non-face-to-face era, people are starting to go to the digital world. This is because the digital world has neither masks nor collective prohibitions.

In addition, the word that has attracted much attention recently is ‘Metaverse.’

( The world seen in the movies is becoming a reality. – Movie Ready Player One )

What is the metaverse?

Metaverse is a compound word of'Meta', which means virtual and'Universe,' which means the universe or worldview.

It means a digital world where you can create avatars that represent yourself to communicate, consume, and play in the virtual world, that is, do almost anything that happens in reality.

Of course, the concept of'metabus' has existed since before. Massive Multiplayer Online Role Playing Game MMORPG genre is typical.

Nintendo Switch, which was popular not only in Korea, but also in the world,'Let's get together.

Animal Forest' and Minecraft are also a kind of'metaverse'.

( Minecraft is a representative “metaverse” game. )

However, the'metaverse', which has recently attracted attention, is an advanced concept at a higher level.

It is not simply communication between users in the game, but a digital world that is closer to the real world.

In Silicon Valley,'Metaverse' is evaluated as'the new internet'. It means that it will make a huge difference in our lives as much as the advent of the Internet.

Metaverse's representatives Roblox and ZEPETO

Recently, the US game platform “Roblox” was listed on the New York Stock Exchange (NYSE).

Immediately after listing, the market capitalization exceeded 38 billion dollars (about 43 trillion won), which is more than the global game company Electronic Arts (EA)'s market capitalization of 37.5 billion dollars.

The fact that a single game has exceeded the market cap of a global dinosaur company was a huge topic.

Roblox is a full-package metaverse featuring Lego-like blocky characters.

It can be classified as a game because the game is the main, but it is different from the traditional game.

Existing MMORPGs and online games only play content created by the developer.

However, Roblox can make and trade beyond playing games, and even economic activities with a currency called ‘Robux’.

( 20 million games are produced in Roblox per year. )

Users can purchase various items that can decorate their avatars with Robux.

You can decorate yourself by purchasing various items such as emote and fashion. In addition, users can create and sell their own games.

Of course, you can also make and sell items. Some users earned $100,000 worth of Robux per year from actual item sales.

In Korea's metaverse,'ZEPETO' developed by Naver is leading.

ZEPETO is more like social media such as Instagram and Facebook than game content. Of course, you can create simple entertainment, but it is difficult to say that it is full-fledged game content like Roblox.

( ZEPETO is growing explosively with the number of subscribers exceeding 200 million as of February. )

The interesting thing is that you can take a selfie and create an avatar based on it. When I take a picture of the expression I make, that expression is reflected.

Of course, quite beautiful avatars appear, but anyway, through this behavior, you can empathize with your avatar.

( Luxury brand Gucci is also paying attention to Metaverse. )

Famous brands such as Gucci, Christian Louboutin, and MLB sell their products in ZEPETO. Of course, it is for decorating avatars.

It is noteworthy that famous brands participate in the metaverse. That's because it means that metaverse is a business that makes money. A new economy is being created digitally.

“Our competitor is Fortnite, not Disney Plus”

• Reed Hastings, founder of Netflix

Battle Royale Game Fortnite has a mode called Party Royal that allows users to communicate with each other in addition to a game that overpowers opponents.

In Party Royal, users gather, chat, and experience various content, which is a kind of game lobby.

There is also a theater and a performance hall. “Inception” was screened at the theater, and “Travis Scott” and “Diplo” were held at the concert hall.

World-renowned artist BTS also released a music video for the choreography version of ‘dynamite’ at Party Royal It is said that 400 million people around the world participated.

( BTS unveiled the dynamite music video at the Fortnite Mode Party Royal, with 400 million users. )

As such, the metaverse is bringing about a big change in the overall cultural content. In particular, the presence of an avatar creates a concert hall-like atmosphere.

Through the avatar, you can imitate BTS' splendid performance or share your feelings with the people around you. Netflix, where you can only watch, is fun that you can never give.

Netflix, which is one-sided in terms of communication, can never give Fortnite the fun. That's why Reed Hastings chose Fortnite as a competitor.

It is shifting to an era of content that goes beyond just looking at each other, where people can communicate with each other. If the Metaverse ecosystem grows as much as Netflix, its impact will be enormous.

As new markets form, the entertainment industry is moving fast. This is because entertainment is the cultural content that best matches the metaverse.

Entertainment's entry into the metaverse is taking a successful step. Girl group Black Pink showed off their superpowers gathering 30 million people at the autograph event held by ZEPETO, and JYP showed TWICE Avatar.

( Both Black Pink and Twice entered the Metaverse. Left-Black Pink Avatar, Right-Twice Avatar )

The digital market is led by Gen Z. Generation Z, a teenager, is a generation that has been used to the digital space since birth.

That's why consumption activities in the digital space are not awkward. They invest generously in decorating their avatars as well as decorating themselves.

We consider our friends in the digital world as important as our friends in the real world.

Therefore, if this generation comes to rise as the center of consumption, the metaverse will have a tremendous influence on our society, comparable to the real world.

Fusion of NFT and Metaverse

In the metaverse economy, blockchain technology is considered one of the technologies that will maximize its scope of activity. In particular, NFT (Non-Replaceable Token) is attracting attention.

NFT is not being used in earnest in metaverses such as Roblox and Zepeto. However, the convergence with NFT is already beginning.

If the final metaverse is the digitalization of the real world, it will be incomparable to the scale of the economy in the current metaverse.

Right now, it's nothing more than just avatar clothes and accessories, but so-called high-priced items such as real estate and cars will also be traded. When the value of a good grows, the most important issue is proof of ownership.

Proving ownership in the digital world is difficult. It is easy, fast, and infinitely replicable, making it more difficult to clearly judge ownership in the case of individual transactions.

NFT is a technology that attracts attention as the key to solving the problem of proof of ownership.

NFT is designed to exist only one on Earth. The information of the first producer is engraved on the block, and the transaction history is engraved on the block, leading to the form of a chain.

Since all participants participate in the verification, manipulation or alteration is impossible.

So you can prove ownership transparently and clearly.

In addition, a certain fee is paid to the original author whenever it is sold or the owner changes.

Of course, monetization will occur using this, and the content will be enriched. The richer content will revitalize the market. When the market is activated, more users will participate. The digital world will grow bigger.

( The virtual reality (VR) platform called “Decentraland” buys and sells land, and this land is NFT. )

Metaverse will create new economic value for the next generation.

Right now, it's all about looking at a computer monitor or a smartphone screen, but if it is combined with VR technology, a whole new world will be opened. It really means that a fantasy world can come.

The industry is also moving fast. The VR industry, which could not find the momentum, started to burn with a new momentum called metaverse.

Facebook, the creator of Oculus VR, began to develop glasses-type VR and further, contact lens-type VR.

If VR develops into a more advanced form and combines with the metaverse, the world may change into a world where "I don't know if I dreamed of a butterfly or if a butterfly dreamed of me."

The line between the digital and the real world is blurring.

Now Gen Z is starting to look for metaverse more than YouTube and Instagram.

Last year, American teens spent 156 minutes a day accessing Roblox, while statistics showed that YouTube only took 54 minutes and Instagram only took 35 minutes.

Gen Z is more interested in and actively experiencing the world than YouTube and SNS, which dominate the world.

( A world where avatars will have the same value as me is opening up. )

Of course, there are also problems that the metaverse must solve. The problem of over-immersion and digital crime must also be solved.

In particular, digital crime is a crime that leads from the digital world to the real world, and a solution to the crime that occurs only in the digital world must be explored in depth.

The metaverse is another earth. And this digital earth is now full of possibilities. Expectations and concerns are crossing over how the metaverse will change our lives and how we should cope with those changes.

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