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A diverse set of companies and standards organizations on Tuesday announced the formation of a new group to oversee development of the metaverse. The news was positive for a number of metaverse stocks.
Hosted by the Kronos Group, the Metaverse Standards Forum hopes to establish interoperability standards for the predicted metaverse. The metaverse is a future version of the internet with immersive three-dimensional virtual worlds replacing static two-dimensional websites.
The metaverse encompasses a range of technologies in the field of collaborative spatial computing. Those technologies include interactive 3D graphics, augmented and virtual reality, digital twins, online economies, multi-user gaming and more.
Industry leaders believe the potential of the metaverse won’t be realized unless it is built on a foundation of open standards. The Forum plans to start meeting in July.
“The metaverse will bring together diverse technologies, requiring a constellation of interoperability standards, created and maintained by many standards organizations,” Khronos President Neil Trevett said in a news release. Trevett is also vice president of developer ecosystems at Nvidia.
He added, “The Metaverse Standards Forum is a unique venue for coordination between standards organizations and industry, with a mission to foster the pragmatic and timely standardization that will be essential to an open and inclusive metaverse.”
One notable company usually listed with metaverse stocks, Roblox (RBLX), is not among the first members of the group.
In afternoon trading on the stock market today, metaverse stocks up on the news included Microsoft, Nvidia and Unity. However, Meta stock was down despite a tech stock rally on Tuesday.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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Korean IT majors are eager in grooming their metaverse venues as open-source platforms for growth and diversity to gain global competitiveness.
Zepeto, metaverse platform operator under Korean internet giant Naver, is providing more virtual spaces where players can play game within its Zepeto metaverse this year, according to industry sources. Naver Z has added a feature that allows players in Zepeto to create games using cross-platform game engine developed by Unity.
Nexon, a major video game publisher, is working on metaverse project dubbed MOD based on its blockbuster title MapleStory. In MOD, players will be given access to MapleStory characters, background images and other various items used in the role-playing game to create their own video game.
Nexon ran a game developing contest for MOD last year, where 180 out of 297 contestants contributing in adding game options.
The company plans to open full-fledged platform at home and abroad with features enabling creators to collaborate on game development for profit. It is confident the new project would be a success since MapleStory is played by more than 200 million in 130 countries across the world.
SK Telecom, a major wireless carrier, has been upgrading its metaverse platform Ifland by enabling avatar characters with greater functions and role.
Korean IT names are hoping for a metaverse jackpot like Roblox, an online game platform that has thousands of games created by players themselves with those played by other users. Its ecosystem is expanding rapidly with daily active user count jumping 28 percent in a year to 5.4 million and trade made with Robux, Roblox’s in-game currency, amounting to $224 million in the first quarter 2022.
Traditional video contents creators are joining the bandwagon.
Redwoods, a local TV show production house, has teamed up with Kakao Enterprise to open a contents creation studio for metaverse platforms. The two signed an agreement last Friday to open a metaverse contents studio within Redwoods Park to be built in Wonju city in Gangwon Province.
By Lim Young-shin, Lee Jae-cheol and Cho Jeehyun
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]
HTC is expected to launch a new mobile phone with metaverse features on Tuesday, as the virtual reality (VR) gear and smartphone maker continues its Web3 expansion.
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