Metaverse: Lotte World opens up to the virtual world

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TL; DR Breakdown

  • Lotte World Adventure is opening a virtual replica on Naver’s Zepeto metaverse today at 6 pm KST.
  • The launch will see zombified avatars roaming around the map and greeting guests.

A popular South Korean amusement park, Lotte World Adventure, will open a virtual replica on Naver’s Zepeto metaverse. Lotte World Adventure’s “Magic Island” is now a part of the Zepeto metaverse.

It has seen the transformation of the “Magic Island” into an outer space setting with futuristic attractions. It has a roller-coaster adventurer and Gyro Drop.

A ride that launches riders at speeds over 50 miles per hour through loops. It then turns before dropping them to earth. The park officially opens at 6 pm KST.

The launch of the Lotte World metaverse will be a spooky and mysterious event. Visitors will be able to roam around the amusement park, exchanging greetings with zombified avatars.

Lotte World continues to expand its business by utilizing its character. And other content from a virtual space. At Lotte World, they say that millennials are a more likely generation for this modern entertainment industry. More so with its growing popularity as a hotspot among younger generations.

South Korea sees metaverse as a critical ingredient to economic growth

South Korea has designated the metaverse as one of five new industries that it believes will be key to economic growth and market demand. The four areas are smart robots, blockchain, cloud computing technology, and digital healthcare.

Finance companies are increasingly involved with the emerging industry as well. Samsung and KB Asset Management have recently released two metaverse exchange-traded funds (ETFs). All these allow traders to invest in virtual currency.

In 2018, Korea’s internet giant Naver launched Zepeto. The app currently has more than 200 million users globally. Mostly teenagers. It helps teenagers connect to their friends at school or home.

That is to say; they can set up video calls between them. Besides, it has fun activities that keep things interesting. Importantly, teens are using it to form their Avatars.

Zepeto is not just a platform for artists and designers. They also collaborate with some of the world’s most famous brands to diversify user content. The list of their partners includes Disney, Gucci, Nike, among others.

Is metaverse the future of commerce?

With the rise of virtual reality, many people are turning to Metaverse worlds for their social needs. These spaces allow you an escape from reality that is not just entertaining.

People also have a chance to make friends while exploring new environments. And learn more about themselves in this digital realm. But, without some form of monetization layer, these games might not be sustainable.

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