From science fiction to industrial tuyere, KPMG’s first report on metaverse said that the overall technological development is still in its infancy

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Metaverse is rising in China. After Shanghai officially incorporated metaverse into the “14th five year plan” for the development of electronic information industry at the end of 2021, at the beginning of the new year, “metaverse” has also become a hot word in the local two sessions. Chen Jiande, managing partner of KPMG China Communications, media and Technology (TMT) industry, said that 2021 can be called the first year of metaverse. Metaverse has attracted wide attention. On the one hand, it benefits from the continuous development of various core technologies and hardware, and some consumer oriented products continue to land; On the other hand, COVID-19 has changed the way people live and work, accelerated the transformation of enterprises, and provided an opportunity for the rapid development of Metaverse concept.

As a new thing, metaverse is full of unknown and space to be explored. What is metaverse and what are its characteristics? How will metaverse’s world work? What reforms may be brought to various industries? With the exploration of these problems, KPMG released the report “preliminary exploration of metaverse” on March 2, 2022. Based on the panoramic presentation of metaverse ecological map, KPMG analyzed and discussed metaverse from four dimensions: the origin and definition of metaverse, basic hardware and core technology, the prospect of ten application scenarios, opportunities and challenges.

Metaverse is a real-time online network enabled by integrated technologies including blockchain, AI and interactive sensing technology. It is an organic ecosystem formed under the interaction of digital and physical world, which has a far-reaching impact on life, work, business and economy. On the whole, metaverse has six core characteristics, namely, immersive experience, openness, virtual identity, continuous evolution, virtual real interaction and new power confirmation.

Lu Feipeng, the managing partner of KPMG’s China TMT industry audit, believes that metaverse has rich application scenarios on the consumer side (to c), enterprise side (to b) and government side (to g), and the economic and business model changes driven by it may also give birth to new business forms. However, the overall technological development of metaverse industry is still in its infancy. There is still a long way to go before taking over the mobile Internet and becoming the next stop of digital economy, which requires joint efforts from many aspects.

The report believes that the application scenarios of metaverse in the following ten fields are particularly worth looking forward to: entertainment, social networking, retail, manufacturing, finance, medical treatment, telecommuting, education and training, R & D and urban governance. Entertainment may be one of the fastest landing scenes of metaverse at present. The immersion brought by technology upgrading will significantly improve the user experience. At the same time, compared with virtual social networking, metaverse social networking will further break the boundary between online and offline.

In the field of scientific research, the concepts of metaverse and digital Twin are not only outstanding in the field of simulating the real environment, but also more accurate in conclusion deduction and probability calculation through machine learning on massive data sets and continuous iteration of artificial intelligence; It can help researchers reduce simulation costs and experimental consumption, and become an indispensable force in the field of intelligent scientific research in the future.

The most prominent feature of metaverse is immersive experience. High resolution and low delay picture transmission is a must for metaverse experience at this stage. Therefore, the popularity of 5g network, especially 5g terminal and the coverage of base station play a decisive role in meeting the wireless and lightweight of XR equipment at this stage. In the future, metaverse emphasizes “anytime, anywhere”, and will have higher requirements for network access. Countries are also exploring the “LEO satellite + 5g / 6G” fusion network.

Blockchain is the basic technology of metaverse price and trading system. Non homogeneous token (NFT) is an important branch of blockchain technology. By electronizing the voucher recording transaction information, it can be stored on the blockchain and broadcast to the whole link through the blockchain consensus mechanism to ensure its timeliness and tamperability. NFT also has the characteristics of indivisibility, non duplication and uniqueness, and has broad development space in the confirmation and transaction of digital assets.

As a cutting-edge technology in the field of simulation and simulation, digital twinning is highly consistent with the concept of expansion and extension of metaverse in constructing real society. It has become the basic application of metaverse in constructing real-world digital twinning in the virtual world, which will greatly improve the construction efficiency and realistic sense of metaverse.

While seeing the broad development space of metaverse, we should also note that metaverse, as a huge systematic project, is still in the early stage of development, and it may still take a long time to be widely used. We should prevent the hype of the concept of metaverse. On February 18, the China Banking and Insurance Regulatory Commission issued the “risk tips on preventing illegal fund-raising in the name of” metaverse “, which warned against illegal activities such as fabricating false metaverse investment projects, cheating under the banner of metaverse blockchain games, maliciously hyping metaverse real estate for money, and engaging in illegal profit-making of metaverse virtual currency in disguised form.

Kang Yong, chief economist of KPMG China, said that there are still many core problems to be solved in the future development of metaverse. We need to focus on the challenges from five aspects: technological breakthrough, lifestyle, social ethics, privacy and data security, and legislative supervision.