Hoo Research | Space Metaverse Research Report
Author：Hoo Research
Abstract: Space is a virtual world in the metaverse, which focuses on a private online space and social shopping and social activities by switching between different scenes. The project is still in a early stage, and is committed to researching the next frontier of social experience in the metaverse.
Introduction
Space is a metaverse project that aims to provide users with an immersive virtual experience of social shopping and various real-life activities. At present, immersive experience such as social networking, shopping, business meetings, and concerts have been developed.
The project also provides the purchase of NFTs such as land and artworks. Users can purchase various NFTs in the space to enjoy a virtual private space. At the same time, it also provides social venues (concerts, meeting rooms, art exhibition halls, etc.) to bring users a diverse virtual reality life experience. At present, the items that can be purchased in the project are all priced in U.S. dollars, and there is no news about the launch of tokens.
Industry
The industry where Space is located is mainly composed of metaverse and NFT, e-commerce and VR:
1. Metaverse and NFT
Blockchain technology is derived from the distributed ledger technology derived from Bitcoin to the value transmission of virtual space. At present, templates for virtual world value transmission such as Decentraland and Sandbox have been born. Public chains such as Ethereum have relied on the decentralized computing of the blockchain to create an open source ecology and an innovative DAPP business model, then hot DeFi integrated with traditional finance in the past year, and the construction based on ERC721 NFT technology introduced the concept of meta-universe to apply long-distance collaboration and cross-space clearing and settlement. Blockchain technology is completing innovation after innovation in a short period of time.
This year, metaverse makes more and more people pay attention to, the clout-chasing of which is increasing on Google.
Then, Let's take a look at the degree of capital's attention to the metaverse.
Resources：investing.com
Since this year, the capital market has paid certain attention to metaverse, and related ETP products have exploded in stages. The overall stock price of Roblox launched in March this year mainly fluctuates to a certain extent. To sum up, the market's attention to metaverse continues to increase, and it is still in the initial stage of value discovery of metaverse in the capital market.
One of the important functions of metaverse is online collaboration across spaces, such as online office and conferences currently being developed by Facebook, cloud communications and remote office products such as ZOOM and Google Meet. Especially under the influence of the epidemic, remote office Increasingly incorporated into the operations of traditional companies.
Resources：Wind，Guosheng Securities Research Institute
Space, like ZOOM, has created a collaborative office scene, and its later development, like Facebook, will enable online office and interaction to have an immersive experience through VR technology, which is a popular track in the metaverse.
About hot NFT market，let’s look at following data：
From the development of the NFT this year, the sales volume of game NFTs actually happened later, showing a concentrated explosion in the following years; while the prices continued to rise for the art and collectibles NFTs. The main layout of Space on the NFTs are art and collectibles, which are higher in value and the life and entertainment items that can be purchased in the virtual space are more likely to belong to the game NFT, of which the volume is higher. From the current situation in the game scene, it is more inclined to a variety of game items and volume. Art and collectibles are concentrated in the “gallery” scene, currently priced at hundreds of dollars, while there are many types of other life and entertainment items, and the project is more inclined to an e-commerce business model. Of course, NFT products have an incalculable value discovery period, but the continued popularity of the NFT market is bound to have a positive impact on the products in the project.
2. E-commerce and VR
Space is exploring two different markets. Both e-commerce and early VR markets have experienced accelerated growth in business and events. On the one hand, there are more virtual events than in the past; on the other hand, e-commerce purchases have increased by more than 40%. The project team believes that the future of these industries will be more on the immersive multi-dimensional experience of the home.
Products
The products of the project mainly exist in various virtual scenarios, including land trading, consumption and income earning are realized in these：
- Public and private rooms
- Concert
- Lecture
- Shop mall
- Gallery
Development of project
The project as a whole is still in a early stage. Judging from the roadmap, the next projects will successively launch desktop applications, token systems, DAO and VR apps.
The advancement in technology and economy is in the following aspects：
• VR technology
• Building Commerce Tool layer on the market infrastructure of Polkadot, Boson protocol or other
• Pro Tools Creator Subscription
• Company and company's land domain name blockchain
• Fractional ownership of land and commerce exchange
- Trade shares after designated lockout period
- Investors potentially will have access to liquidity early
In addition, the project partners with WHITE CUB, STUDIOMAKEUP and other institutions and teams. According to official data, there are currently 9 art galleries, 2 for musicians, Thailand’s largest music festival S20 and 2 beauty brands.
Therefore, from the perspective of the project development map, the overall is still a way of building an ecosystem to establish a business model or token economy, expanding in breadth and diversified activities of different institutions, and in depth, it is building e-commerce based on blockchain technology and VR technology. From the current point of view, a VR online office model is likely to be the development direction of the project, and it is also a more popular track.
Business model
The business income model designed by Space is closer to the traditional business model, and is mainly composed of the following three parts：
- Land sale
- Transaction and custody fees
- Advertising
The team has not yet listed clear transaction, custody and advertising fees, but land transactions are a major source of NFT income in some blockchain game projects:
Therefore, Space's overall business model relies heavily on the number of users and user traffic, and the follow-up needs to focus on the official media attention of the project, community activity and the number of online games.
Team
Founders：
Batis Samadian is the founder of Saffron and Mamquam GmbH. He has also invested in Emmetros and Bali Juice and has extensive entrepreneurial experience.
Chance Glasco is a video game consultant with 20 years of industry experience. Before entering the video game industry, Glasco graduated from Full Sail University in 2001. Glasco's first project after graduation was to work for Steven Spielberg and DreamWorks' franchise and Medal of Honor. After the success of the first game, he and other developers left their work to open a new studio, Infinity Ward. The Oklahoma-based game studio will continue to create the "Call of Duty" series, which has become the best-selling video game series in the new millennium and has sold more than 300 million copies so far. Glasco is the co-founder of Doghead Simulations (dogheadsimulations.com), a company known for its virtual reality conference application rumii.
Felix Mago is the co-founder of Dash NEXT, Dash Thailand, Futerio and Blocktech. Institute. He has served as a university lecturer at Berlin University of the Arts and other schools.
Other core members：
The company's core team members cover talents in economics, commerce, blockchain technology development, game development, finance and operations, with a wide coverage and a relatively complete staffing. The founder, Batis Samadian, has filled some gaps in market operations, but the company currently lacks expertise in community, media operations and art.
Community
- Website: https://tryspace.app/
- Twitter: https://twitter.com/spacemetaverse
- Discord: https://discord.com/invite/TvYg2YHDyy
Reference
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The Business Plan of Space.
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Jiaji Song. In-depth Research on Metaverse and Blockchain Industry Collaboration: Metaverse, the Next Stop of the Internet. Guosheng Securities.
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The Block. https://www.theblockcrypto.com/data/nft-non-fungible-tokens/nft-overview
Warning
All articles of Hoo Research do not constitute investment recommendations. Investment is risky. Personal risk tolerance must be considered. It is recommended to conduct an in-depth investigation of the project and make your own investment decisions carefully.
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