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Samsung Announces Plans to Venture into the Metaverse

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Samsung to participate in South Korea’s CBDC project

The metaverse is attracting a lot of attention globally. The concept of a virtual world has created an opportunity for brands to promote their services to digital-savvy customers. Samsung is not being left behind by the metaverse hype, and the South Korean electronics company now wants to use the metaverse to solve app issues and venture into the metaverse.

Samsung to use the metaverse for improved performance

A report from a local news outlet, Hankyung, Samsung Electronics was planning to invest heavily into the metaverse. The company made its metaverse plans public during a general meeting with shareholders.

The decision to launch metaverse offerings will involve several mergers and acquisitions geared towards artificial intelligence, 5G telecommunications and robotics. Partnerships in these areas will allow the company to support and adopt innovative technologies.

The decision by Samsung to look towards innovative technologies stems from the issues arising from its “Game Optimizing Service.” This issue has resulted in the poor performance of the gaming applications installed on Samsung S22 smartphones. Issues with these smartphones have resulted in a plunge in Samsung stock prices.

The Hankyung report adds that Samsung stocks have also been declining due to the lack of development of a new growth engine for the company’s operations. The company relies on its old technological innovations, but they are failing to keep up with the rapidly evolving tech landscape.

Through metaverse, AI and robotics, Samsung will have a new engine that can now be used to promote the operations of this electronics company. Besides the lack of growth in the technological aspect, Samsung’s operations in the business front have also been lagging.

The company has not made any new acquisitions. The last acquisition that Samsung did was that of Harman, which is also an electronics company. The company also lacks any major pointers that differentiate it from its rivals.

During the recent shareholders meeting, Samsung announced that it would venture into the metaverse to grow its business. Besides the metaverse, Samsung is also venturing towards robotics, with this being one of the new growth engines that Samsung has been exploring during the past two years.

Samsung ventures into robotics

Towards the end of 2020, Samsung had announced plans to create a task force that focuses on robots commercialization. However, the formation of this task force did not happen as planned.

Towards the end of 2021, Samsung announced that the task force would now be a robots business team. The company now has more than one year of experience in the robotics industry, and the announcement that it would now venture towards the sector has stirred discussions that the South Korean brand could now make major strides in developing products and services focused on the robots industry.

The Vice-Chairman of Samsung, Han, spoke during the general shareholders meeting where he said that he was planning in leading the electronics company towards the robot technology sector. He noted that the move would allow future generations to adopt robots in their daily lives such that they would be “life companions.”

This is not the first time that Samsung is mentioning the metaverse in its business plans. Towards the end of February, during the Mobile World Congress in Barcelona, Samsung announced that the metaverse had evolved into a critical topic of discussion in the business sector.

Therefore, the company was planning to release a metaverse device. However, the date for the launch of the device was not mentioned. Samsung has also announced plans to integrate non-fungible tokens (NFTs) in its smart TVs.

Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.

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