One of the largest contract companies in the world, Foxconn, is these days moving to the paths where the action is. The Taiwan company recently pivoted to EVs manufacture and semiconductor design. And now Hon Hai (the the original Taiwanese name of Hon Hai) is getting into metaverse, which is another field that is seeing major traction.
Foxconn has inked a Memorandum of Understanding (MOU) with extended reality (XR) hardware solutions firm XRSPACE. The partnership with XRSPACE aims to develop visual reality solutions for building the Metaverse. Foxconn will both partner with and invest $100 million in XRSPACE.
What will XRSPACE bring to the table
"Combining XRSPACE’s strengths in AI and other technologies including digital avatars, 3D virtual space creation and interaction, computer vision and hand gesture and hologram tracking, with Foxconn’s manufacturing capabilities in software and hardware vertical integration, the partnership will look to realize a shared vision of creating a holistic Metaverse ecosystem," the two companies said in a statement.
XRSPACE’s portfolio of Metaverse products includes PartyOn, a social music platform for consumers, and its enterprise-grade GOXR tool for building business virtual experiences.
In PartyOn, users from anywhere can hold various music events, from sing-along parties to concerts with thousands of people. In GOXR, anyone from creatives, enterprises, brands, museums and galleries can create their own metaverse and host virtual events.
Expos and tradeshows can also be hosted in GOXR which provides 3D showroom, AI digital service agent, and real-time social interaction.
Foxconn will provide expertise
"Foxconn’s approach towards the Metaverse is the same as that for electric cars—we will provide our expertise within the framework rather than solely focusing on the end product, developing in key areas that include AR/VR, software, infrastructure, content and applications and addressing the increasing demand for cloud services and more powerful server architecture," said Young Liu, Chairman of Hon Hai Technology Group.
"In order to create a bigger and better metaverse in the future, we need to combine cloud, AI, edge computing, 5G and storage. This is the key reason for this partnership. Foxconn has a clear vision on metaverse," said Peter Chou, Chairman and CEO of XRSPACE.
The metaverse is expected to be the next big thing after smartphones, bringing people together and changing the way of interactions through 3D real-time, physical to virtual, virtual to physical communication.
Metaverse is different from other previous tech products. It involves gaming, animation and content. It requires 10 times more computing power and display resolution, "combining Silicon Valley technology with the creative imagination of Hollywood."
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