South Korean blockchain company AMAXG has recently taken steps to grow a platform business specializing in the metaverse and nonfungible tokens amid the rise of these virtual technologies.

The metaverse refers to a collective virtual shared space. Extended reality is the foundation of the metaverse, as it makes diverse activities possible in the virtual world through virtual reality and augmented reality technology.

AMAXG seeks to put the metaverse to practical use and commercialize virtual assets. It provides a service that encompasses big data and artificial intelligence by integrating BizAuto MainNet, a blockchain technology, and Auoto XML, a metadata generation technique.

On June 28, AMAXG announced that it had entered a strategic alliance with K2SOFT, a metaverse solutions developer, and ANISTSR, a culture and arts content business, regarding UVIT, or Unique Value Identified Token, a platform that allows the exchange of digital content. The platform is scheduled to launch Aug 25.

K2SOFT will develop the metaverse technology, and ANISTSR will provide the content for UVIT. K2SOFT, which has worked with global software companies such as Oracle, Adobe and PTC, is acclaimed for its extended reality technology.

ANISTSR has developed diverse platforms for the blockchain system and also produces video content such as animations, dramas and movies.

“The three companies all recognize the significance of dominating the metaverse and NFT markets in advance to attract new consumers, especially those belonging to Generation MZ, which refers to people in their 20s and 30s,” said AMAXG’s CEO Choi Jeong-moo. “Virtual assets traded within the metaverse have a high possibility of being connected to assets in real life, so the financial communities are also investing heavily in the sector.”

According to Strategy Analysis, a global market research institute, the global metaverse market is expected to reach explosive growth of approximately 317 trillion ($275.8 billion) by 2025. 5G technology has rapidly enhanced content transmission speed and distribution. It is forecast that the development of AR and VR technology will advance the realm of extended reality as well.

Since nonfungible tokens hold unique value, it is possible to prove ownership. Forgery and alteration of digital content are impossible and the transactions are safe, which makes NFTs’ integration with the metaverse possible.

Users of NFTs can obtain independent business opportunities as they can expand their footprint in the metaverse and trade assets with other users. Since anyone can make money by making and selling NFTs, the industry will see massive amounts of new virtual content being produced and an influx of new users in the future.

“I hope that the UVIT platform, which integrates NFTs with the metaverse, can popularize Korean cultural art. How closely it can connect the real lives of users, the infrastructure of the platform, and securing diverse content would be the key factors when trying to grow to a scale of real economy business value,” CEO Choi said.

AMAXG is planning to accelerate blockchain commercialization by launching UVIT along with the decentralized shopping mall CarnegieMall and AI education platform Mataversity. It also hopes to advance the commercialization of virtual assets by building a finance system with global virtual asset exchange IDCM Asia. BizAuto MainNet’s virtual asset BIZA is the basis for BIZA Wallet and authentication service BIZA DID, both already in use in the global market.

“Robots are replacing jobs and services previously held and provided by humans. Human civilization is rapidly evolving and entering a new phase where decision-making is done based on big data. Along with the fourth industrial revolution, new integrations and innovations are crucial through big data, AI, robots and IoT,” said Park Sang-won, governor of the World Korean Foundation.

The World Korean Foundation is an organization that supports Korean expatriates.