- “Metaverse refers to digital worlds in which people will gather to work, play and hang out,” explains CNET article
- Kronos is one of the earliest companies to design and soon open its own metaverse virtual store
- Emergen Research reports that metaverse market reached $47.69 billion in 2020, by 2028 could see a revenue CAGR of 43.3%
The metaverse is everywhere, popping up in entertainment and vying for news headlines. This immersive virtual world where people live, work, shop and interact through avatars once seemed like science fiction but is fast becoming a real-world fact. Savvy companies, including Kronos Advanced Technologies (OTC: KNOS), are jumping at the chance to be part of this leading-edge innovation.
“A vision for the next step in the internet’s evolution, the metaverse refers to digital worlds in which people will gather to work, play and hang out,” a recent CNET tech article touted (https://nnw.fm/8LiGK). “Some of those online spaces will be immersive 3D experiences and require fancy goggles to enjoy. Others will play out on a computer screen.
“The term’s been in flux, and might still keep evolving and renaming itself,” the article continued. “Tech hype cycles come and go. The metaverse could fizzle before it’s even realized. As of yet, however, interest continues to grow. Across gaming, NFTs and shopping, it’s become a repeated buzzword.”
The article points to Microsoft’s planned $69 billion acquisition of ActivisionBlizzard and Facebook’s rebranding itself as Meta, along with fascinating innovations in the world of gaming and computing, as evidence of the strengthening of “a years-long push to make these advances useful to everybody.
“What’s changed is a shift in understanding, a conviction the internet needs to be reimagined,” the article stated. “How far-reaching those changes end up being is anyone’s guess. After all, the road map for the metaverse is half-paved. It isn’t clear it’ll be completed as promised. What’s for sure is that if there’s money to be made, big companies will be involved.”
While Kronos Advanced Technologies isn’t as large as Microsoft or Facebook by any means, the company recognizes the potential. Late last year, KNOS, a revenue-generating product development and production company that has significantly changed the way air is moved, filtered, and sterilized, announced plans to build an e-commerce metaverse store (https://nnw.fm/bOL0C).
According to the announcement, the company noted that as more retailers accelerate their digital transformation, the metaverse has the potential to enable customers to meet up in digital environments, make the shopping experience more comfortable with the use of avatars, and facilitate creative collaboration between customers and companies. One of the earliest companies to design and open its own metaverse store, Kronos noted the similarity with companies that decades ago opened websites on the internet.
Emergen Research recently released the Global Metaverse Market Research Report, an investigative report providing an extensive study of the global Metaverse market (https://nnw.fm/UAUXM). According to the report, the metaverse market size reached $47.69 billion in 2020 and by 2028 is projected to see a revenue CAGR of 43.3%.
“Rising focus on converging digital and physical worlds through the internet and the recent COVID-19 outbreak is expected to support market revenue growth between 2021 and 2028,” the report noted. “In addition, increasing emphasis on developing metaverse platforms for education industry will continue to boost revenue growth of the market.”
KNOS president Michael Rubinov observed that shopping is all about the experience, noting that “our metaverse shopping portal would fit in organically with VR gaming and entertainment experiences. Video game companies like Epic Games and Roblox are already linked in that players can often buy accessories, apparel, or cryptocurrency within a game.” KNOS partnered with BOTS Inc. (OTC: BTZI) to develop its metaverse eCommerce store, a space where customers can browse products, test products, virtually buy and have products delivered to their homes. Kronos is planning to expand its product lines that will be specifically designed for the metaverse experience.
Kronos is focused on next-generation, wellness consumer electronics products and PPE solutions. Originally founded in 2002 and funded by the U.S. military to develop electrostatic air movers, KNOS has since evolved into the consumer air-purification space, initially focusing on developing, marketing and selling its proprietary air movement and purification technology. Its proprietary technology is now also being implemented in multiple standalone products for businesses, homes and vehicles of all types to move, sterilize and filter air.
Kronos Advanced Technologies is exploring broad ranges of additional markets for standalone and embedded Kronos CORE technology-based devices, including schools, universities, healthcare facilities, operating rooms, manufacturing clean rooms, automobiles and commercial aircraft cabins, and specialized air filters for bitcoin-mining farms.
For more information, visit the company’s website at www.KronosATI.co.
NOTE TO INVESTORS: The latest news and updates relating to KNOS are available in the company’s newsroom at https://nnw.fm/KNOS
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