Zhang Sen, director of metaverse Industry Committee: metaverse has enabled digital twins in many industries or can launch products that can boost the market

Although the word metaverse appeared as early as the 1992 science fiction avalanche, it is widely known in 2021, also known as the “first year of metaverse”. In October 2021, Facebook was renamed meta, and the concept of metaverse was completely ignited. Major Internet giants around the world have announced their entry into metaverse. The capital market has set off a rise in metaverse concept stocks, and some government departments have also written metaverse into urban development planning. However, recently, several search indexes have shown that the search volume of metaverse dropped sharply in the first quarter of this year after reaching an all-time high last year. A similar trend is metaverse concept stocks. Since October 2021, metaverse concept stocks have started, reached a high point in nearly three months, and then declined all the way until they entered a flat period and suspended the decline in the near future.

Has the development of metaverse entered a period of stagnation as much as its attention? What are the new developments in related fields? Which industries have applications? Which industries have substantive projects? The reporter interviewed Zhang Sen, CO chairman of metaverse Industry Committee of China Mobile Union and professor of Zhejiang University, on these issues.

From the perspective of digital server industry and digital storage industry, Zhang Senli has the right to land in the digital server industry and digital storage industry. At present, Zhang Senli has the right to land in the digital server industry, digital storage industry and other related industries. On the other hand, from the perspective of metaverse enabling different industries, there are many industries that are truly implemented, such as exhibition industry, culture and tourism, education, entertainment and social networking, and even industry and agriculture.

The reporter found that at the end of 2021, many banks announced the entry news of their number one digital employee, such as “Xiaopu” of Shanghai Pudong Development Bank and “aiya aiya” of Baixin bank. In addition, the digital collections released by many banks were robbed once they were online, such as “anti epidemic Xiaodou” of Agricultural Bank of China and “Jingxi Xiaojing” of Bank of Beijing. Hardware performance seems to be more encouraging. During the 2021 investor day event, Cristiano Amon, chief executive of Qualcomm, said that meta had sold 10 million oculus Quest 2 virtual reality head displays. As early as 2019, Facebook (now meta) CEO Mark Zuckerberg commented that 10 million users will promote the outbreak of VR ecology. He believes that on one platform, about 10 million people need to use and buy VR content in order to make developers profit and continue research and development. In this regard, the book metaverse investment explains that once the stock of users exceeds 10 million, the platform will have the foundation to build social networks, so as to attract more ecological enterprises and promote the leapfrog development of content and ecosystem. In the future, XR terminals will enter the consumption scene like PCs and smartphones, and the popularity of “to C” is the general trend.

Among the many industries that have made progress, which industry is likely to be the first to launch products that boost the market?

On this issue, Zhang Sen told reporters that metaverse is actually a process of integrated development of multiple technologies and industries. The products that can boost the market should be the industries that solve the biggest problems facing the domestic and international social environment, such as the exhibition industry and the metaverse space presentation of large-scale events, that is, the digital twin industry. When the epidemic affects global activities, the digital twin industry can enable large-scale activities to be held normally in metaverse space, so that people can have a sense of experience like on-site, so that international and domestic economic and cultural exchanges can be carried out normally, and drive global economic growth. Such products should be able to boost the market.

In short, “digital twin” refers to the reconstruction and reproduction of the information of the physical world in the digital world through multi-dimensional, multi domain and multi view digital simulation of the physical world (including the system). Taking the “Wande digital twin index” as an example, there are 16 listed companies engaged in this business in China, such as digital China, Yanhua intelligence, etc. Tonghuashun “digital twin” plate contains 41 constituent stocks, and only 101 listed companies are included in tonghuashun metaverse plate. CSCEC ranks first in the circulation market value of this plate, followed by iFLYTEK, and fengyuzhu, who has joined the metaverse industry committee, is also included in this plate. According to wind data, there are 2046 software copyrights, 1301 patents and 556 trademarks including “digital twins”.

Compared with the above many concepts, many investors pay more attention to NFT and digital collections. What is the possible trend of NFT in China under the environment of China’s regulatory system?

Zhang Sen said that at present, the domestic NFT market is mainly in the primary distribution of digital works, and there are many distribution platforms and distributors. These digital works are generally called digital collections. From the name “collection”, there is no corresponding scene and channel for circulation and application in this field, and the market is in the state of early growth. In addition to sending some digital works, the technical application of NFT should also have more functions of asset ownership and value circulation in metaverse space, so that ordinary people can realize their contribution value through this technology, and make truly valuable digital works widely disseminated and applied.

Zhang Sen believes that China will certainly have relevant regulations and policies in this regard to promote the healthy and sustainable development of digital works or digital assets industry. It is reported that the metaverse industry committee is also actively promoting the establishment of a governance research group on metaverse related industries to jointly discuss scientific and reasonable industry standards and policies for the healthy and sustainable development of the industry.

Generally speaking, the application trend of NFT technology in China should be to enable digital transformation and enable digital assets to be truly used and circulated, rather than short-lived value speculation.