South Korea’s vast and interactive metaverse scene continues to expand and offer users diverse options, including introducing new platform features, launching metaverse funds, using virtual spaces for various functions, and more.
Metaverse refers to a shared virtual ecosystem where people interact using digital avatars. Since the pandemic began and social restrictions increased, metaverse emerged as a promising trend across global companies.
Besides functioning as a next-generation communication channel, metaverse imparts a highly efficient platform for other day-to-day operations. At present, South Korea houses one of the world’s best gaming cultures and infrastructures, providing a suitable test site for developers and marketers.
Diversifying Metaverse Content Offers
Moreover, Roblox Corp., a global metaverse gaming and game creation platform operator, launched a subsidiary in South Korea this July. Roblox enables users to freely program games, share them with other users, and exchange game money into real-world currencies.
Over the recent months, Roblox has rapidly grown due to its cash-earning feature, demonstrating metaverse’s varied uses and potential. Following Roblox’s popularity among South Korean users, industry watchers stated that it would need to build its growth momentum further to expand beyond being a video game.
On the other hand, South Korean companies have been diversifying content offers, reinforcing their place in the metaverse market. According to market researchers, the South Korean metaverse market supports extensive growth potentials.
Domestic metaverse service providers also accepted Roblox’s entry to the open South Korean metaverse market. For instance, Microsoft, a long-term Roblox competition and Minecraft operator, welcomed Roblox since it expands the country’s metaverse ecosystem.
Applying Metaverse to Various Operations
Naver Z, Zepeto’s operator, also saw Roblox’s launch as a market expansion, comparing metaverse to social media platforms. The Zepeto app currently ranks as South Korea’s leading metaverse platform while supporting users from abroad simultaneously.
Furthermore, Zepeto stated that unlike messaging app users who usually flock to one platform, metaverse users often enjoy various services. Zepeto also added that it welcomes a broader consumer choice range, further solidifying metaverse as a communication and interaction sphere.
Zepeto has recently been collaborating with numerous bodies, expanding metaverse’s adoption across different sectors. For example, Zepeto partnered with Ilsan Seobu Police Station, becoming a stage for promoting school violence prevention.
In particular, Zepetos’ metaverse platform enabled students to virtually contact police, express complaints, and share ideas on public safety policies. Zepeto also teamed up with Shinhan Card, South Korea’s largest credit card company, to launch prepaid cards for virtual and real-world use.
Additionally, Hyundai collaborated with the Naver affiliate to provide digital test drives of the Sonata N Line to Zepeto users. Thanks to this move, Hyundai became the first automobile manufacturer to provide services in a metaverse setting.
Meanwhile, SK Telecom released Ifland, a new metaverse platform that supports many daily interaction features. For example, Soonchunhyang University utilized Ifland in a greeting ceremony for freshmen students. Job Korea, a recruitment portal, also held a job fair using Ifland, while various banking companies used it for meetings.
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