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New book offers tips for businesses on metaverse

Dec. 2, 2021 - 17:29 By Kim So-hyun
Business leaders who planned and built a metaverse platform have written a book on the subject of the metaverse -- a virtual world that incorporates augmented reality and avatars, among other things, in parallel to the physical world.

Choi Jin-young, CEO of The Korea Herald; Ryu Seong-taek, CEO of Hyundai Futurenet, an affiliate of Hyundai Department Store; and Song Min-jae and Choo Sun-woo, CEOs of Meta Factory, co-authored “The Metaverse Management,” based on their discussions as they created the platform Coming-M.

The book analyzes American and Chinese metaverse companies’ strategies and how Korean businesses can survive in the new industry.

The first chapter looks at American and Korean metaverse services that are already on the market, and focuses on the nature of the metaverse and online 3D experiences, as well as how to maximize their added value.

In the next chapter, the authors introduce the generally accepted definition of the metaverse and help readers understand its essence.

The core of the book discusses seven mechanisms that run the metaverse and a metaverse business model the authors call C-BAND: content, blockchain, artificial intelligence, network and display and data.

Good metaverse platforms or services require the elements of C-BAND to be at appropriate technological levels. The authors say in the book that this is why metaverse businesses must cooperate.

The book goes on to introduce metaverse companies in Korea, the US and China, and discusses how they can work together to grow into global platforms.

The final portion of the book presents practical tips for companies eyeing the metaverse market, such as how to build in the metaverse.

“If businesses don’t learn about the metaverse on a practical level, their survival may be threatened in five to 10 years or they may have to forfeit future business opportunities. Workers may have to leave their jobs,” said The Korea Herald CEO Choi, calling the book a must-read for all members of society.