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Samsung Is Creating Its Own Metaverse

Samsung Is Creating Its Own Metaverse

Last updated 29th Jun 2022
Disclosure
  • Samsung is speeding up its research and development of metaverse-related technologies
  • Company's task force devoted to the subject of the metaverse reports to VC

Samsung Electronics is joining the ranks of global tech firms that are betting on the new field of the metaverse, speeding up its research and development of related technologies in a bid to facilitate growth of its new growth engines, Yonhap News Agency reported.

Samsung Vice Chairman Han Jong-hee discussed the subject with a number of employees and confirmed the corporation’s plan to roll out a metaverse. He said:

We will create Samsung’s version of the metaverse. Please come up with many ideas and help materialize them.

Not the first mention

This is not the first mention of the need to dive into the emerging technology, which many believe will be the next big thing in the global tech industry. Han chose robotics and the metaverse as Samsung’s new growth areas at the March annual shareholders’ meeting. He commented at the time:

We will launch metaverse devices and solutions to enable customers to experience the new technology wherever they are.

He made similar comments during the MWC in Barcelona, Spain, in February this year.

A task force

Samsung, which is the biggest memory chip and mobile phone maker worldwide, recently established a task force devoted to the subject of the metaverse. It reports directly to Han.

It is said to be working on a virtual reality headset under the Galaxy brand, which will be its flagship metaverse product.

The metaverse and marketing

Samsung Research, the R&D arm of Samsung’s Device eXperience (DX) unit, is studying “the next-generation display technologies and device prototypes” and different potential utilities, according to the company. The company has used the metaverse for marketing and entertainment purposes as well.

Samsung 837X, the company’s virtual store, is a copy of its first physical New York store. It was set up on Decentraland, a blockchain-powered metaverse itself, and displays its latest flagship Galaxy S22 series.

The competition

In November last year, Facebook officially changed its name to Meta in line with the concept that the metaverse is “the next evolution of social connection.” The social media giant has plans to invest $10 bln in the new technology.

Daniela Kirova

Daniela Kirova

Daniela is a writer at Bankless Times, covering the latest news on the cryptocurrency market and blockchain industry. She has over 15 years of experience as a writer, having ghostwritten for several online publications in the financial sector.