Businesses are turning to metaverse applications to stay ahead of the competition as the globe rapidly adopts Web3. There will be a total of USD 824.53 Billion spent on the Metaverse market by 2030, up from USD 27.21 Billion in 2020, according to research from Verified Market Research, as of August 2022. The need for more realistic and interactive training simulations and the rising popularity of AR/VR content and games are two significant factors driving this trend.
One globally-renowned company trusted by many that are setting foot in this market is LG Electronics.
LG Electronics, a South Korean electronics giant, has announced a partnership with cloud-based technology platforms Oorbit and Pixelynx, a firm developing an integrated gaming, music, and Web3 ecosystem to bring the metaverse into people’s living rooms.
The partnership will make it simpler for people to participate in the metaverse by allowing them to experience the following:
- Virtual worlds
- AI-powered multiplayer games
All of these features will soon be available on their LG televisions.
Plan and Action:
Users will have access to “ultra high fidelity interconnected virtual worlds” and activities such as virtual concerts and AI-generative multiplayer games, according to a press statement that was supplied to Cointelegraph on January 4.
As stated by Pooya Koosha, who is both a co-founder of Oorbit and its chief technology officer:
“Our proprietary technology is the connective tissue that links virtual worlds together and makes it easy for developers and brands to bring their experiences into the metaverse. Scaling our technology for millions of LG TV customers is the next step in making the metaverse accessible for all.”
Priorly, in December 2022, Cointelegraph reported that Animoca Brands, a firm specializing in digital entertainment, blockchain technology, and gamification, has acquired a controlling interest in Pixelynx, a Los Angeles-based video game developer.
The strategy LG Electronics will use to enter the metaverse with this update has been in the works since March 2022, when the firm officially revised its business development goals to incorporate bitcoin and blockchain-based software. According to a South Korean news outlet, LG’s annual general meeting resolved to add “the development and sales of blockchain-based software” and “the sale and brokerage of cryptocurrencies” as additional business goals.
LG’s Past Steps Towards the Metaverse:
In 2021, LG began collaborating with Wave to produce various entertainment content and services.
At that point, the company had already established itself as a leading company in technology by hosting more than 50 live virtual reality concerts with performances by illustrious singers such as John Legend and Lindsey Sterling. Warner Music, based in the United States, and Tencent Music, based in China, are global record labels that have also invested in Wave in 2021 and 2020, respectively.
In line with the company’s growth strategy geared toward the metaverse, LG Technology Ventures, which was in charge of leading LG Group’s investment in the metaverse, has been at the forefront of the search for potential future growth drivers. In addition, it is responsible for managing a $425 million fund in which the six main LG Group subsidiaries have invested: LG Electronics, LG Display, LG Chem, LG Energy Solution, LG Uplus, and LG CNS. Up to this point, the organization has put a total of $150 million US dollars into around 30 new businesses and four venture capital firms.
The term “metaverse” refers to a three-dimensional virtual world that was designed by people and may be found on the internet. People can interact with one another and digital items with their avatars in this shared, persistent area they can access online. A more immersive, engaging, and realistic method to engage with other people and digital content is what the metaverse promises to be.
In many ways, the metaverse is the next generation of the internet. Several applications for the metaverse are already being developed, and both consumers and corporations are using them. These include augmented reality and virtual reality (AR/VR) material and gaming and training simulations that can be utilized for various purposes, from new hire orientation to product development.
With LG’s recent partnership decisions to bring more of the metaverse to all of its viewers, what do you expect from the user/audience? Will this be a widely accepted and appreciated approach toward the metaverse or a hyped set of additional features on most viewers’ television screens?