{"id":12570,"date":"2023-06-26T06:30:36","date_gmt":"2023-06-26T06:30:36","guid":{"rendered":"https:\/\/focus.cbbc.org\/?p=12570"},"modified":"2025-04-23T09:30:23","modified_gmt":"2025-04-23T09:30:23","slug":"should-companies-in-china-be-betting-on-the-metaverse","status":"publish","type":"post","link":"https:\/\/focus.cbbc.org\/should-companies-in-china-be-betting-on-the-metaverse\/","title":{"rendered":"Should companies in China be betting on the Metaverse?"},"content":{"rendered":"

British companies like Harrods and Jaguar Land Rover have dipped their toes into \u201cthe Metaverse\u201d. But what actually is the Metaverse, and could it help companies that want to succeed in China? Tom Pattinson<\/strong> investigates<\/h2>\n

The emergence of the Metaverse has captivated the imaginations of millions and revolutionised the way we perceive and interact with digital realms. Originating from science fiction, this virtual universe concept has quickly evolved into a tangible one, blurring the lines between physical and digital realities and promising an exciting future.<\/p>\n

The term \u201cMetaverse\u201d was first coined by author Neal Stephenson in his 1992 science fiction novel Snow Crash<\/em>. Stephenson envisioned a vast virtual universe where users could immerse themselves in various interconnected worlds, engaging in real-time activities and interactions. Over the years, the concept has been further developed, with its definition evolving to describe a collective virtual shared space that encompasses augmented reality (AR), virtual reality (VR), and the internet.<\/p>\n

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While the Metaverse has been an intriguing concept for decades, the Covid-19 pandemic undeniably accelerated its adoption and widespread recognition. As physical distancing measures forced people to stay home, virtual environments became an escape and a means of social interaction. From virtual meetings to virtual events, the pandemic highlighted the potential of the Metaverse to bridge the gap between physical and digital spaces.<\/p>\n

Additionally, the impact of the pandemic on industries such as retail and entertainment compelled businesses to explore new avenues for engagement and revenue generation. Many turned to the Metaverse as a platform to host virtual stores, concerts and exhibitions, creating immersive experiences that transcended physical limitations. With advancements in technology, the lines between physical and digital realities will continue to blur, offering new opportunities and challenges. Enhanced connectivity and AR and VR innovations will further enrich the immersive experience within the Metaverse.<\/p>\n

The integration of blockchain technology and cryptocurrencies will also bring decentralisation, digital asset ownership, and a new economy to the Metaverse. Non-fungible tokens (NFTs) have already gained traction, allowing users to buy, sell, and trade virtual assets such as digital art, virtual real estate, and in-game items. This paves the way for new revenue streams and business models, empowering creators and entrepreneurs within the Metaverse ecosystem.<\/p>\n