Rise of the Metaverse

Bringing the convergence of virtual and physical realities to the new internet

  • The term ‘Metaverse’ was first coined in Neal Stephenson’s 1992 sci-fi novel, Snow Crash, as a concept that blends digital and physical existence
  • With this concept developing and gaining traction, the metaverse can now be classified as the convergence of virtual and physical realities to the new internet
  • Unlike current virtual reality (“VR”), which is mostly used for gaming, this virtual world could be used for practically anything - work, play, concerts, cinema trips - or just hanging out

Rising interest among big tech firms and investors

Facebook announced that it has changed its company name to Meta, reflecting company’s push to build an avatar-filled virtual world known as metaverse

  • Company would be spending ~US$10 billion over the next year developing the technologies required for building the metaverse
  • Recently invested US$50m in funding non-profit groups to help build the metaverse responsibly

Epic Games’ closed US$1 billion funding round to support long-term vision for the metaverse in Apr 2021

  • Investors supporting the vision for Epic Games and the metaverse include Sony Group Corporation, Ontario Teachers’ Pension Plan Board, funds and accounts managed by BlackRock, KKR, AllianceBernstein, Altimeter, Franklin Templeton and more

Samsung Asset Management recently launched a metaverse fund in Jun 2021

  • The fund focuses on eight themes including cloud computing, virtual reality, online gaming, 3D design tools and more
Source: BBC News, TechWire Asia, Epic Games
Last modified 2mo ago