At CES 2023, Lotte Data Communications (LDCC), the top ICT company in Korea, presented its unique metaverse technology, enabling users to buy physical products in the virtual world.
A significant Lotte Group affiliate in charge of DT (Digital Transformation) is LDCC. Lotte Group is a multinational corporation with assets of about 125 trillion won that operates in more than 30 nations, including Korea, the United States, Japan, Vietnam, and Indonesia. Its businesses include distribution, chemicals, food, tourism, construction, and services.
Since its initial CES participation generated much interest last year, LDCC will, this time, have a three times bigger booth with richer and more advanced experiential content.
The ultimate goal of Lotte Metaverse is to create a world where the online and offline worlds are seamlessly combined, much like in the film ‘Ready Player One.’ Products bought in the metaverse can be used in both the virtual and physical worlds and can even be delivered there. LDCC developed an engaging and realistic metaverse platform based on hyper-realistic content to support such a business model. This is because consumers will not click the purchase button when browsing expensive items if they look at crude product images as game items.
Utilizing cutting-edge technologies like three-dimensional real-time rendering, the finest live VR shooting technology in the world, as well as ‘deep-interactive’ patents that allow users to interact with objects or real-life characters in VR content realistically, Lotte Metaverse combines real-life characters with graphic backgrounds created with the world-class graphic engine, Unreal Engine 5, to provide a strong feeling of realism and immersion to shopping.
Lotte Metaverse can present products in a way that is more opulent and grand than the real world because there are no physical space limitations. Fashion items could be exhibited alongside other works in an art gallery, while camping gear could be displayed in a store forest.
In the future, Lotte Metaverse wants to develop into a platform that values users and relies on UGC (User-Generated Content). Users can purchase a high-quality building in a well-planned city and lavishly decorate their own space with opulent furnishings and appliances, just like in the real world, as opposed to using blocks to construct a castle.
To prepare for the opening of early access at the end of the year, LDCC intends to release a non-fungible token (NFT) series connected to the metaverse in the first half of this year, as well as an NFT marketplace and virtual asset wallet.
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