In May this year, Dankook University’s Jukjeon Campus Club Association held an online promotional event to draw new members. The event was conducted through a metaverse modeled after the Jukjeon Campus using a platform called ‘Gather’. Students could create their own characters, visit club booths and interact with others visitors in a manner similar to playing video games. Along with ‘Gather’, many companies already use metaverse technology in their social networks, online games, or education. However, these days, the metaverse is expanding its reach with no end to its capabilities insight.

    The word ‘metaverse’ comes from the combination of the word ‘universe’ with the prefix ‘meta’ meaning ‘beyond’. This word is used to describe a world where real and three-dimensional virtual communities combine into a transcendental world. Nowadays, metaverses, using 5G and virtual reality technology, such as Virtual Reality (VR) and Augmented Reality (AR), have led to the creation of artificial sites looking more realistic than ever before. VR has enabled computers to create a realistic world, while AR can layer virtual images on background that really exist. Through VR and AR, we can use avatars in three-dimensional virtual worlds to enjoy both cultural and economic activities. South Korean K-pop idol girl group Aespa is example of metaverse that is being used to enhance culture. The group consists of four human members and four virtual members. They interact through metaverse technology, setting the story that members meet and interact with their alter ego, VR characters. The virtual real estate platform ‘Earth2’ is another example of a metaverse, but this one is used in economic way. The platform provides users with a virtual real estate map to help them buy property. The popularity of this metaverse has led to a boom in the real estate market with increased profit for those taking part.

▲ People from various countries bought virtual property of Korea in Earth2 (Picture from MBN Economics news)

▲ Picture of K-pop idol girl group Aespa. The group consists of four human members and four virtual members. (Picture from Allkpop news)

   Since the pandemic forced more people to operate their daily lives online, coupled with the development of 5G networks, the metaverse has gained more attention. The entertainments industry held virtual concerts in the metaverse, so artists could continue to connect with their fans. Game industries also use the metaverse. The online video game ‘Fortnite’ collaborated with American pop singer Ariana Grande for an event called ‘Rift Tour’. In the game, players could watch the artist’s performance while interacting within the game environment. Purchasing limited-edition merchandise like the artist’s outfits or their game ‘skins’ was also popular with fans. Offices are also moving to the metaverse. A Korean real estate app company called ‘Zigbang’ recently removed their offline office in favor of a virtual one that operates in a metaverse. Using their self-made platform called ‘Metapolis’, workers can log in to their office from anywhere around the world. Many global companies are also increasing their investments in the metaverse. ‘Facebook’ is one of them. In an interview with Facebook CEO Mark Zuckerberg, he revealed Facebook will effectively transition from being a social media company to a metaverse company within the next five years. With big companies getting on board, the metaverse market is expected to rapidly grow.

    According to Strategy Analytics and Pricewaterhouse Coopers (PwC), the metaverse market will reach $280 billion in 2025, and grow up to $1.5429 trillion by 2030. It is easy to see that the metaverse market is growing fast, in real time. Metaverse has a very bright prospect in many different fields. It is expected to be used widely in game fields like ‘Zepeto’, ‘Animal Crossing’, and ‘Roblox’. Many experts also say metaverse’s range of use will be expanded gradually into education, cultures, and life beyond gaming. In the case of education, it is possible for schools to provide high-quality education for their students with the no space restrictions afforded by a metaverse. Students can conduct experiments, listen to lectures online, and take part in discussion activities using a virtual lecture room. It is also predicted that the metaverse will be commercialized in other fields where companies are looking to provide opportunities for their clients to experience their products.

    The metaverse has been developing quickly and the market is growing far beyond previous expectations with the advent of COVID 19. It has attracted the attention of consumers as the next generation of mobile internet usage. Why don’t you give it a shot? You will quickly appreciate the benefits of this new and interactive experience.