Benzinga | Dec 30, 2021 08:32AM EST

Alset EHome International Inc. Establishes Alset Metaverse Inc. To Capitalize On Potential Metaverse Related Opportunities

Alset EHome International Inc. (NASDAQ:AEI) ("AEI" the "Group" or "Company"), a diversified holding company principally engaged through its subsidiaries in the development of smart and sustainable home communities and other property development, financial services, digital transformation technologies, biohealth activities and consumer products, is pleased to announce that that the Group has established Alset Metaverse Inc. ("Alset Metaverse") which will be a vehicle for the Group to incubate and invest in metaverse related projects. A metaverse refers broadly to an immersive digital environment built upon the internet with the latest user interfaces such as virtual reality headsets that enhance experience and provides greater interactive capabilities with the environment and users. Alset Metaverse strives to capitalize on the potential of virtual reality and metaverse to enhance our existing and prospective businesses.

Alset Metaverse will be working with Hapi Cafe Inc. ("Hapi Cafe"), a wholly owned subsidiary of the Company, to set aside dedicated space within the caf?s to be opened by Hapi Cafe for patrons to enter existing virtual reality rooms or games to socialize, engage, exercise and play games with people around the world. This promotes usage and encourages users in the physical world to join the virtual world together to explore virtual reality.

Alset Metaverse is also exploring the possibility of launching a suite of limited edition Non-Fungible Token ("NFT") that would have an incentive attached to it and could be used within the Group's ecosystem. NFTs are unique data that are not interchangeable and can be identified for authenticity. As it cannot be replicated, an NFT can be used to digitally represent assets. Some possible uses of NFTs in the metaverse may include virtual property or individual items.

"Metaverse is a combination of the words "meta" and "universe", which means next or beyond universe. This is the evolving form of the internet where virtual environments can be accessed through virtual reality equipment, allowing users to interact with each other and the virtual environment more freely than before. The opportunities and potential of the virtual reality industry are limitless. Virtual reality will be part of our lives in the years to come and it is imperative to embrace such change for our business to stay relevant.

The pandemic has increased physical distance between people and one way to connect effectively is through the internet. The metaverse is the next technology that provides another channel to deepen the connection between people and bring back certain human elements by providing a virtual environment. The technology is still in the early years of development and growth and thus Alset Metaverse will take measured steps as the industry evolves." commented Mr. Chan Tung Moe, Co-Chief Executive Officer of the Company.