「Youth I.D.E.A.S. 」released a research report on " Tapping into the Economic Opportunities of the Metaverse " on July 31, 2022. The report showed that, only 37% of the respondents said they knew the "Metaverse", the respondents lacked confidence in cryptocurrency and NFT transactions. The interviewed experts believe that the Metaverse can bring more choices and ways for enterprises, and it is recommended to formulate a digital economy development policy as soon as possible, establish the status of cryptocurrencies and digital assets, and launch the "Metaverse Development Pilot Program" to cultivate the industry.

From April to May 2022, a total of 1,292 members of the Hong Kong Federation of Youth Groups aged 15-34 were interviewed through an online questionnaire. For the case study, 20 business founders or recipients who were participating in the work of the Metaverse were interviewed. And seven other experts and scholars were interviewed. As an invited expert, Dr. Mark Lee, Research Director of the Asia Pacific Institute for Strategy, gave professional suggestions and exploratory thinking on the economic development opportunities and potential of the Metaverse, the impact of the Metaverse on enterprise development and youth employment, and the current limitations of developing the Metaverse.

Metauniverse can reduce the operating costs of enterprises, bring new business opportunities, and bring new choices to consumers

Enterprises can use Digital Twin technology, combined with the Metaverse platform, to provide more fast and accurate services, forming more new business opportunities. Dr. Mark Lee explained in combination with specific applications: "For example, some people like to watch live Broadway operas, and some people think that watching the movie version is also very good, so the Metaverse has new business opportunities in performance entertainment, bringing new business opportunities. The value and cost of the Metaverse may also be lower than the real world. The experience of Metaverse can bring new value. Metaverse opens new fields, creates cheap and high-quality services, and more diversified services to serve different customers. It is one more choice for consumers. Digital twins are also worth studying. For example, in the digital world, there is an alternate "you", and there is a lot of data belonging to your cells and DNA. If you are unwell, the hospital can use your data in the metaverse to calculate your chances of getting sick, how to treat it, etc.”

Small and medium-sized enterprises regard the meta universe as a new choice and transformation outlet

Enterprises need to seek breakthroughs and develop new businesses or products in order to continue to develop. Therefore, the Metaverse provides SMEs with one more choice and a way out. However, whether an enterprise can truly utilize the Metaverse for development depends on the nature of the business. Dr. Mark Lee pointed out: "In the past 20 years, the corporate culture has changed a lot. In the past, banks can think clearly before they did it, but now, there has been disruptive innovation. If large companies think clearly before investing, they will lose the opportunities. At present, companies have learned their lessons. If there is any insight, they will invest first. It doesn’t matter if they lose, because if their opponents play well, they will surpass others. Therefore, companies also use experimental methods to participate in. The business opportunities of Metaverse are concentrated in those under the age of 30, which only young can play. Therefore, companies strategically believe that investing in Metaverse is a way to rejuvenate themselves . Rejuvenation, interacting with young people, building a new young image.”

How are enterprise funds, young talents and technology coordinated and brought into play remains to be explored

The development of the Metaverse is subject to many constraints, Dr. Mark Lee believes that, "Technology is ready, but consumers' acceptance level is not ready, so companies can't be too late, and now everyone is just around the corner. Peripheral hardware equipment has been around for a long time, but it is still not ready, because the popularity is not enough. AR glasses cost HK$30,000 a pair, and the appearance is very abrupt. If they are similar to the current glasses, if it helps you recognize your friends, it will be useful. In fact, technology is not too difficult, and it is now feasible, but it has not yet appeared, because of the popularity, cost, and convenience of equipment. It always requires multiple people to use it and make it popular.” To improve Hong Kong’s Metaverse economic development environment, “To find a Hong Kong customer who sees value as an entry point, such as e- sports. I will wish to the commercial enterprise itself, plus an experimental strategy that leverages the power of the business world will be more successful. In addition, the government can use the three-dimensional map of the metaverse to explain in education, visits , etc. The metaverse can solve the limitations of the entity.”

Source: https://yrc.hkfyg.org.hk/2022/07/31/yi070/

Download the full report: 「Economic Development 」Research Series – Tapping into the Economic Opportunities of the Metaverse

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