iQiyi Launches Virtual Reality Headset in a Metaverse Play
iQiyi, China’s Netflix equivalent has launched its latest all-in-one virtual reality headset known as the Adventure Dream. The launch is part of the company‘s push into the fast-growing virtual reality market and the metaverse.
iQiyi says its Adventure Dream team linked up and entered into partnerships with more than 100 renowned game developers. The company is quickly expanding the game library and is currently introducing between three and five new titles every month.
The new VR device will be powered by iQiyi’s huge content library although it will also feature a wide array of the latest TV shows and films.
iQiyi Intelligence CEO Xiong Wen stated that the company was hoping to grab a slice of the future metaverse market. The company also changed its name to Dream Bloom as part of its bid to make a play for the emerging metaverse sector.
The metaverse is a technology usage concept whereby the virtual and physical worlds will be intricately interconnected through technologies such as holographic avatars, virtual reality, augmented reality, haptics, videos and even artificial intelligence. The metaverse refers to a shared virtual world where people are able to interact with one another using emerging virtual technologies like AR and VR. The metaverse is expected to follow the same growth trajectory as the internet and will create virtual worlds where you can live, play, shop, work, and socialize with others through avatars. Technologies such as virtual reality and augmented reality are regarded as the gateways into the metaverse. The metaverse is still a work in progress but there are already virtual worlds that can be regarded as proto-metaversal. Perfect examples of these include Fortnite and Roblox. As the metaverse continues to grow, it is going to unlock a plethora of growth opportunities. A lot of this is already being witnessed in the boom in virtual worlds based on nonfungible tokens.
iQiyi’s new virtual reality headset is priced at $314 and is powered by the Qualcomm XR2 chip which is currently the top-performing mobile virtual reality chipset. The headset features 8GB RAM and provides high performance for games as well as other virtual reality entertainment.
The global business data platform Statista forecasts that China will be the biggest spender in AR and VR technologies.