SEOUL, South Korea--(BUSINESS WIRE)--BOSAGORA, a public blockchain platform, announced on May 31 that MetaCity Forum has been launched to establish a blockchain-based metaverse.
The metaverse market is gaining the public's attention as the domain of contactless activity has enlarged due to COVID-19 and most of the economically active generations are being digitized.
According to estimates by PricewaterhouseCoopers in Britain, the market, the next-generation growth engine, is projected to rise to USD 1.52 trillion by 2030 when the current teenagers would become adults in their 20s and 30s.
In the MetaCity Forum, metaverse developers and blockchain specialized firms such as AIITONE, Uracle, the Blockchain Research Institute (BRI), and BOSAGORA were in attendance. The companies will work together to create the MetaCity that combines the metaverse ecosystem with blockchain.
AIITONE, a KOSDAQ-listed company with technology to optimize the metaverse such as virtual reality, augmented reality, and artificial intelligence, is responsible for developing DApps to be used to establish the metaverse and platform.
Choi Chul-soon, CEO of AIITONE, said, "The collaboration between companies of the metaverse and blockchain will create synergies in expanding the metaverse ecosystem. Through cooperation among blockchain specialized firms, I expect the metaverse to grow into a platform where a variety of benefits can be provided to the users through blockchain within the ecosystem."
Uracle is a major mobile platform software developer leading mobile standardization among major companies. It has performed the largest number of mobile app standardization and blockchain projects in Korea and based on this experience it will provide standardization solutions for MetaCity where a variety of DApps can be run.
The BRI is one of the most renowned consulting firms in North America headed by Don Tapscott, who is the company’s chairman and co-founder and a famous consultant. It will provide overall consulting for MetaCity to expand globally. It will also contribute to expanding MetaCity's ecosystem by discovering and screening Meta Ventures and facilitating partnerships with the world's leading firms.
As a large number of users perform various activities simultaneously, large-scale transactions occur frequently within the metaverse platform. In order to graft blockchain technology onto the metaverse, a technology that allows fast, safe, accurate, and inexpensive transactions, is essential. For this, BOSAGORA will provide a blockchain platform specialized for the metaverse with the Flash Layer technology that it has recently developed and launched.
Kim In-hwan, chairman of BOSAGORA who took the title of the standing representative of the MetaCity Forum, said at the launching ceremony, "The MetaCity is the world's first platform that combines blockchain and the metaverse. Based on the excellent technology grafted with blockchain, we expect that it can be widely utilized in various corporations and public organizations."
