Is the metaverse an illusion or the future… “Now is a bubble, future possibilities are valid”

The time when the metaverse will be realized in everyday life is not ‘now’ but ‘next stage’
“There should be a fun, useful, and rewarding system for content that will attract people”

Facebook, a large overseas platform operator, recently changed its name to ‘Meta’ and announced the expansion of the Metaverse business. meta youtube capture

‘Is the metaverse (virtual world) an illusion or the future?’ Metaverse and ‘NFT (Non-Fungible Token)’ have recently emerged as ‘hot potatoes’ in the entertainment and game industries. Even when a company announces its entry into a related industry, the stock price soars, and some skeptics are also rising. Considering the popular multi-connection simulation game ‘Second Life’ in the early 2000s as ‘Metaverse 1.0’, there is also active discussion about how the current flow of ‘Metaverse 2.0’ differs from the past.

On the 23rd, at the National Assembly in Yeouido, Seoul, the ‘Debate to Explore the Strategic Direction of the Metaverse Industry’ was held by the Contents Future Convergence Forum and the Democratic Research Institute of the Democratic Party of Korea. The discussion was chaired by Dong-Sung Han, Dean of the College of Future Convergence, Jeonju University, and the discussion was held on this day, with Professor Wi Jeong-hyeon of Chung-Ang University Business School, Woo Un-taek of KAIST Graduate School of Culture and Technology, Kim Jeong-soo of Industrial Management Engineering at Myongji University, Myung Ryu of APAC, Jung Jun-hwa of Legislative Investigator at the National Assembly Legislative Investigation Office, Kim Young-su, Director of Content Policy Bureau, Ministry of Culture, Sports and Tourism. etc participated.

At the discussion meeting that day, there were comments that ‘the value of the current metaverse is exaggerated’ and the evaluation that ‘the value as a future industry is positive’ coexisted. Professor Wie Jeong-hyeon, who was the presenter, said, “Metaverse 2.0, which has emerged rapidly due to the COVID-19 pandemic, has been transformed into an object to be followed rather than an object to be analyzed coldly.” He said, “The current metaverse has not progressed further than the existing VR/AR technology and is being used as a substitute.

The multi-connection simulation game 'Second Life', released in 2003, raised expectations for the virtual world in the early 2000s.  Second Life website

The multi-connection simulation game ‘Second Life’, released in 2003, raised expectations for the virtual world in the early 2000s. Second Life website

Professor Wi said, “In the stock market, the stock price soars when only Metaverse ETFs and NFTs are entered. An example is that the stock price rose due to the announcement of the introduction of NFT even though NCsoft recorded an ‘earning shock’ in its 3Q earnings. As we entered the business using metaverse keywords, a bubble occurred.”

Professor Woo Un-taek of KAIST said, “One of the reasons why interest in Metaverse has recently increased is because it seems easy to create economic value.” Professor Woo said, “For the metaverse, various digital technologies must be fused to form an ecosystem, and the fun, usefulness, and reward system of content that will attract people must also be established. It also needs to be sorted out.” He continued, “Recently, there are skeptics about the metaverse, but personally, I think that this technology will be applied to everyday life in the ‘Metaverse 3.0’ stage rather than the current 2.0 stage. “I see 2024 as an important starting point, when more than 100 million glasses-type displays developed by Meta (formerly Facebook) to realize the virtual world are expected to be distributed.”

'Mir 4 Global', released by game company Wemade in August, combines NFT (non-fungible token) with a multiplayer online role-playing game (MMORPG).  Provided by Wemade

‘Mir 4 Global’, released by game company Wemade in August, combines NFT (non-fungible token) with a multiplayer online role-playing game (MMORPG). Provided by Wemade

Professor Kim Jung-soo said, “The metaverse is an illusion from a short-term policy perspective, but in the long-term, it is the future. He said, “At this point, in order for the government to lead the relevant industries in a desirable way, even if there is no immediate result, it must create a vision and provide support for infrastructure construction. It is important to do it,” he said.

Professor Kim also criticized game companies who are entering the metaverse and NFT business one after another. He said, “In a situation where the speculative issue under the Game Industry Promotion Act has not been resolved, it is not right to introduce P2E (making money through games) to raise the stock price because probability-type items become a problem without discussing institutional and policy convergence. “In particular, attracting consumers for the purpose of making money rather than as a fun factor is making us forget the essence of the game.”

Attendees broadly agreed that we should learn lessons from the failure of the Metaverse 1.0 era. Professor Wi said, “Already 10 years ago, an international conference was held in ‘Second Life’, and an astronomical amount of $350 million was invested at the time. Myung Ryu also said, “From a business point of view, the metaverse issue ultimately boils down to ‘what people will do in it’.

Reference-www.khan.co.kr

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