BEIJING: Metaverse has become the most recent buzzword in China’s capital market, as related stocks continue to hit daily limits.
The actual term metaverse was first put forward in Neal Stephenson’s 1992 science fiction novel Snow Crash, in which he described a virtual world called the Metaverse, a computer-generated 3D world that is interactive, immersive, and collaborative. The 2018 movie Ready Player One, directed by Steven Spielberg, further clarifies the concept of the metaverse by portraying it as a virtual replica of the real world.
The metaverse has been part of daily life among China’s younger generations as a gaming concept. However, a statement by ZQGame, a digital entertainment company listed on the Shenzhen Stock Exchange on September 6, completely blew up the metaverse concept. The company announced its new metaverse-based online game that merges virtual with actual reality. Online, every gamer can become a unique brewing master in the China of 100 years ago. When going offline, gamers can pick up the spirits they conjured up whilst gaming online.
The bulletin has stirred up quite a sensation in the capital market, pushing up metaverse-related stocks. Moreover, several capital companies have already announced their participation in the further expansion of this virtual environment.
However, the hype comes with a disclaimer. A number of industry observers have warned equity investors against the rising metaverse hype, stating the concept is vague and definitely still in its earliest stages of development. What’s more, the related technologies, application scenarios and business models are far from mature.
Nevertheless, given the technology behind the metaverse, the concept is arguably more than just another hype and more of a new type of energy or a new angle for the digital economy.
Although the metaverse is about the virtual world, it is most definitely based on the physical technology offered up by the real world, with a combination of telecommunications, augmented reality (AR) and virtual reality (VR) serving as a major backstop. This virtual world requires the online speed from the telecoms sector as well as depends on AR and VR to present the imagery. Thanks to the ultra-rapid online speed courtesy of the 5G network, novelties like automated driving and concepts like that of the metaverse, which used to exist only in science fiction, now begin to take form in real life. Meanwhile, the popularity of the metaverse in China implies China’s leading status in terms of the development and application of 5G around the world.
– The Daily Mail-Beijing Review News exchange item
