Ate1, Launches 'MetaCity Forum'... "Promoting Blockchain-Based Metaverse Construction"

[Asia Economy Reporter Hyunseok Yoo] EightOne, a KOSDAQ-listed company, is embarking on creating a blockchain-based metaverse ecosystem. The establishment of a platform combining blockchain technology and the metaverse industry is the first attempt in the industry.

On the 31st, EightOne announced the launch of the ‘MetaCity Forum’ in collaboration with public blockchain companies BossAgora, Yuracle, and BRI (Blockchain Research Institute) to build a metaverse using blockchain.

The company stated that the ‘MetaCity Forum’ was founded to implement digital ESG (Environment, Social, Governance) in cities through a structure of fairness and rewards by combining the metaverse and blockchain.

The agenda that the ‘MetaCity Forum’ aims to implement in cities includes ▲Environment ▲Social ▲Governance. Major metaverse developers and blockchain specialized companies participating in the forum will cooperate to build ‘MetaCity,’ a metaverse ecosystem integrated with blockchain.

At the launch ceremony, Kim Inhwan, Chairman of BossAgora and the executive representative of the ‘MetaCity Forum,’ said, “MetaCity is the world’s first platform combining blockchain and the metaverse,” adding, “To realize this, we plan to implement digital ESG use cases one by one through agreements with cities and universities.”

Through the launch of the MetaCity Forum, EightOne will develop and provide Dapps used within the platform by utilizing its metaverse-optimized technologies such as VR (Virtual Reality), AR (Augmented Reality), and AI (Artificial Intelligence).

Yuracle, a mobile platform software development company, will provide a MetaCity standardization solution capable of operating various Dapps based on its extensive experience in mobile application standardization and blockchain projects in Korea.

Another partner, BRI, is a blockchain consulting firm led by Don Tapscott, one of the most renowned consultants in North America. Since MetaCity’s services will target global users, BRI will provide comprehensive consulting to activate MetaCity in the global market. Additionally, it is expected to contribute to ecosystem expansion by discovering and evaluating meta ventures and securing partnerships with leading overseas companies.

BossAgora will provide a blockchain platform specialized for the metaverse using its recently developed FlashLayer technology. This platform enables accurate and secure transactions, which are frequently generated on a large scale when many users simultaneously engage in various activities within the metaverse platform, facilitating the integration of blockchain technology.

Choi Cheolsun, CEO of EightOne, said, “The convergence of the metaverse and blockchain is expected to create significant synergy effects for the rapid expansion of the existing metaverse ecosystem,” adding, “We plan to establish a subsidiary for platform development and have veterans with over 10 years of media industry development experience from Naver, CJ E&M, and others join us. We will soon provide detailed introductions of the new subsidiary and the joining personnel.”

The metaverse market has recently attracted attention due to the global activation of non-face-to-face activities amid the COVID-19 pandemic and the digitalization of economically active generations. According to PricewaterhouseCoopers (PwC) in the UK, the metaverse industry is expected to form a market worth approximately 1,700 trillion KRW around 2030, when the main user age group of metaverse content, teenagers, become people in their 20s and 30s.

This content was produced with the assistance of AI translation services.