The Hot Keyword That Hit 2021, METAVERSE

The Hot Keyword That Hit 2021, METAVERSE

Hello, this is Chris & Partners. 😊 The metaverse, which we briefly introduced in a previous post Digital Transformation—do you remember it? 🤓

🙋🏻‍️ Those of you who've heard of the metaverse but are curious exactly what it is and where it's used

‍🙋🏻‍♂️ Those of you who thought, isn't the metaverse just avatars or games?

🙋🏻‍️ Those of you curious about on-site metaverse use cases—pay attention to today's post.

What exactly is the metaverse, which appeared like a comet and is drawing hot responses across industries, and how is it actually being used on-site? Let's look together!

What on earth is the metaverse?

The dictionary definition of metaverse is a compound of ‘meta,’ meaning processing or abstraction, and ‘universe,’ meaning the real world, meaning a 3D virtual world. In simple terms, all the actions occurring in a virtual world—commuting, holding meetings, meeting friends, playing games, and even shopping, just as in the real world—are part of the metaverse. You can dress up your avatar to resemble you or to be who you want to be, and through the grafting of AR (augmented reality) and VR (virtual reality), you can even travel or eat.

Early in the metaverse's emergence, game content like Roblox, Fortnite, and ZEPETO was the main thing, but recently, using such platforms, the metaverse is being actively researched and used in many areas—politics, economy, education, and more.

Shall we find out specifically how the metaverse is being used?

Metaverse use cases

• Fashion

One of the fields most actively using metaverse platforms can be cited as the fashion industry.

Various fashion brands—Gucci, Nike, Converse, MLB, and more—have set up shop on ZEPETO, Roblox, and the like, which are a hot topic among the MZ generation. The most active brand among them is Gucci; this past February it unveiled about 60 kinds of fashion items—clothing, shoes, bags, and more—within ZEPETO and created ‘Gucci Villa’ so avatars could freely try on the products. The fact that you can buy, at a cheap price, luxury brands that are hard to easily buy in reality because they're expensive hit the MZ generation's taste. Also, on Roblox it opened the virtual exhibition ‘Gucci Garden,’ an exhibition where you can tour themed rooms inspired by Gucci's muses, design history, and ad campaigns, it's said. Such fashion-industry marketing targets the MZ generation, the main user base of metaverse platforms, focusing on attracting potential customers and improving corporate image.

• Politics

Did you know the metaverse is being used in politics too?

Joe Biden, the US President, when running for last year's election and facing difficulties campaigning due to COVID-19, ran an online campaign using Animal Crossing. Domestically too, on Children's Day, May 5 last year, President Moon Jae-in and his wife Minecraft used it to hold the ‘Children's Day Cheong Wa Dae Online-Invitation Special Tour.’ It replaced the ‘Children's Day Cheong Wa Dae invitation event,’ held every Children's Day, with online content. Also, a civic group Gather.town used it to hold a general assembly. Like this, we hope the metaverse can take on the role of a tool that actively draws out people's participation—politics that is no longer difficult and heavy.

• Economy

Isn't the economy the area directly connected to the metaverse? More companies view the metaverse's revenue-generation potential positively and are sparing no investment in the metaverse.

The convenience store CU—BGF Retail, which operates it, plans to open ZEPETO at Hangang Park inside ‘CU ZEPETO Hangang Park Store’. Like a real convenience store, you can brew coffee from a coffee machine or even eat instant ramyeon, it's said. Starting with this Hangang Park store, it plans to sequentially open CU stores in spaces users frequently visit—classrooms and the subway. Roblox, which is explosively popular with teens in the US and Korea, is one of the metaverse platforms where users can generate income; in the US, articles about teens who've already earned billions of won selling items within Roblox keep coming. The stock market, too, is heating up over the metaverse. Many metaverse-related companies have prepared IPOs or gone public.

• Education

(Left) Konkuk University's ‘Konkuk Universe’ (Right) UC Berkeley's Minecraft graduation ceremony

As online classes are activated, the metaverse is taking on a big role in education too.

First, various universities held metaverse-based events such as entrance ceremonies and festivals; this past March, Soonchunhyang University joined hands with SKT to hold an online entrance ceremony. Soongsil University also Gather.town used it to hold a spring festival, realizing the campus's key facilities and promotion booths by college and club, it's said. Konkuk University also held a festival with built through a collaboration with the VR game company PlayPark‘Konkuk Universe,’. With detailed space settings and various experiences—a high reality-reflection ratio—it received much praise from Konkuk students. In the US, last May UC Berkeley Minecraft held a graduation ceremony with students' and professors' avatars taking part. At the engineering-education practice room of Korea Polytechnic University, opened last month, the Korea Polytechnic University engineering-education practice room ‘Future VR Lab,’ classes are held with VR glasses on the head using the metaverse, it's said. Korea Polytechnic University's game engineering professor Lee Taek-hee said, “If you take a history class about the Imjin War while riding atop Admiral Yi Sun-sin's turtle ship, you couldn't forget the content even if you tried,” adding, “The range of uses for metaverse education is boundless,” noting.

That the metaverse is being used in such varied fields—isn't it truly amazing? A day when you can travel abroad from your bed and take a class in a lecture hall while sitting at the desk in your room really seems not far off. Besides the areas mentioned, the metaverse is being researched and used in even more fields, so how about doing some research if you're interested? 👨🏻‍🔬👓 Are you planning a hybrid event running online and offline in parallel due to COVID-19? Prepare a satisfying event with Chris & Partners, a professional platform ready for in-person/contactless meetings, hybrid/virtual events, and digital marketing. 😉