26. In today's metaverse, there are three main domains that need to be distinguished in order to participate in the metaverse, which are the true essence of valuable information.

Author's Note

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Main Text

Actually, talking about the prospects of the metaverse and future applications now seems too much like marketing. Therefore, I will set the time dimension to the present and analyze the current metaverse from three different perspectives. This article will try to avoid discussing the future of the metaverse and only analyze the current metaverse landscape.

The origin of the metaverse and some universal narratives have been written about before, and if you are interested, you can click on the links below to read them.

"16. Looking back at the metaverse boom in 2021, how do we face the opportunities?"

"8. The metaverse in 2021, the culmination of financing stories at this stage"

The scope of the metaverse now is very broad and is no longer limited to the blockchain industry. Therefore, in this article, I will divide the current metaverse section into three categories under a broader concept of the metaverse: blockchain metaverse, capital metaverse, and policy metaverse. I will explain my personal opinions on each of them.

Blockchain Metaverse

The blockchain metaverse is a familiar section in the cryptocurrency community, and the main representative projects are The Sandbox and Decentraland. The biggest characteristic of this category is that it follows the principle of decentralization, is developed based on blockchain technology, and achieves market value growth through governance tokens. Users or investors participate by investing in governance tokens to earn profits. The entry barrier is low, the investment cycle is flexible, but the risks are high, and it is currently unregulated.

In the blockchain metaverse section, there are also many metaverse projects that cross boundaries in terms of brand positioning. For example, projects that are originally focused on Gamefi or NFT, or purely swap projects, have modified their project positioning to follow the metaverse trend. However, what they are currently doing has nothing to do with the metaverse trend.

The worst category in the blockchain metaverse is projects that don't even have a product, but simply issue tokens and write a few paragraphs describing the future of the metaverse to start community marketing. The popularity of DEX has lowered the threshold for token issuance to almost nothing. These projects have extremely high risks and do not belong to the concept of the metaverse. They are mostly just packaging.

Speaking of serious blockchain metaverse projects, they already have products that can be used and have carried out multiple cross-industry collaborations. Cryptocurrency practitioners are more exposed to the blockchain metaverse.

Capital Metaverse

As the name suggests, the capital metaverse serves capital more. This includes the layout of various giants in the metaverse industry, such as Microsoft, Meta, Roblox, ByteDance, Tencent, and so on. One major characteristic is that they focus more on investment returns rather than blockchain elements. These capital metaverse projects often have layouts in the industry chain, such as ByteDance's acquisition of the leading domestic VR glasses company Pico, Meta's VR benchmark Oculuc, and so on.

However, the metaverse projects in this section are more of a rebranding and second marketing based on traditional concepts. Because the business lines under the giants are long, complex, and diverse, and the concept of the metaverse can encompass elements such as social, gaming, virtual reality, e-commerce, etc., the giants have tacitly cooperated in marketing the metaverse concept. It is also because of their marketing efforts that the metaverse section has gained favor from capital.

Specifically, Microsoft acquired Activision Blizzard in the name of metaverse layout, Meta transformed itself in the name of metaverse socialization, and Roblox went public directly in the name of the metaverse. These capital operations are essentially using the metaverse concept to reshape their existing business lines or simply renaming their existing business lines to gain attention from the capital market.

Policy Metaverse

I will first share a series of recent domestic metaverse policy news for your reference.

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The policy metaverse is a unique metaverse in China. This type of metaverse does not require blockchain or cryptocurrency. For this type of policy metaverse, what is needed is a metaverse industry chain to stimulate domestic demand.

In the policy metaverse, common points can be extracted from various policies, which is to vigorously develop the metaverse-related industry chain. In concrete terms, this industry chain is centered around technology parks, industrial parks, and manufacturing. Under the call of the policy metaverse, industries such as VR/MR glasses can flourish, driving the supply chain demand of the manufacturing industry and stimulating job growth. The development of the virtual reality industry also contributes to content consumption, such as metaverse software, metaverse games, videos, etc., creating more job demands.

As for the specific implementation in various cities, the development of the metaverse essentially means developing high-tech parks, attracting talent, attracting investment, and leasing office space, similar to the development of blockchain industrial parks in the past. A few years ago, I had the opportunity to interact with a government official from a certain place. They said that they wanted to vigorously develop the blockchain industry, but after several detailed discussions, I found that their needs were not about solving any problems with blockchain solutions, but they wanted to build an industrial park in the name of blockchain and hoped to lead the blockchain-related investment attraction.

Therefore, to summarize, developing the metaverse in the policy metaverse is not the goal but a means to stimulate domestic demand. Of course, there are profit opportunities in such means, but these opportunities are far from what the cryptocurrency community understands as the metaverse.

By the end, I believe those who want to participate in the metaverse trend should have a clear understanding of which type of metaverse they can engage in. It would be extremely difficult to mix these three different types of metaverse. For example, trying to incorporate blockchain metaverse into the policy metaverse would involve enormous policy and investor risks, and could even lead to legal troubles.

It may be more appropriate to find the track you can participate in the metaverse.

Remember, at no time do I provide investment advice, and I do not even recommend investing in cryptocurrencies. Sometimes, the messages in the background may not be displayed, so you can add my personal WeChat for communication. But please indicate the purpose.

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Author: Liu Ye Jing Hong

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