The metaverse is a virtual world that can be accessed using smartphones, PCs, or virtual reality headsets. Each user is represented by a personalized digital character called "avatar." According to global market research firm Emergen Research, the global metaverse market will grow from $47.7 billion in 2020 to $828.95 billion in 2028.
KT Alpha said in a statement on January 14 that the company signed an agreement with Korea Real Estate Investment & Trust (KOREIT) and the South Korean office of Huobi to set up a transaction system for virtual assets such as virtual real estate. "KT Alpha will be in charge of establishing a metaverse-based real estate space," Yim Hyun-jung told Aju Business Daily.
KOREIT will draw a blueprint for a virtual real estate environment while Huobi Korea will be in charge of virtual assets and non-fungible token (NFT)-based transactions. The development project for the metaverse platform will begin in the first of 2022.
A non-fungible token (NFT) is a unit of data stored on a blockchain network of interlinked virtual ledgers. Each NFT is certified by a blockchain as a unique digital asset that is not interchangeable. This technology can be used in the content industry where proof of ownership is crucial.
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