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The Metaverse Overview : Vision, Technology, and Tactics | Preface With the sharp drop in Meta's stock price in February 2022, the global Metaverse craze triggered by Facebook's rebrand reached a turning point. Excessive enthusiasm has since started to subside, and people now view the Metaverse opportunity more rationally. This paper answers the key questions: What is the value of the Metaverse? What will it look like in the future? Is there an analysis framework to cover all of its components? What technologies do organizations need to shape their Metaverse? Where are the bottlenecks? How should companies respond to the rise of the Metaverse? What types of companies are in the Metaverse? Preface Facebook's renaming to Meta in October 2021 ignited global enthusiasm for the Metaverse. Capital market valuations of Metaverse-related stocks reached a peak one month later, but just three months after that, valuations of some Metaverse- related stocks had dropped by 20%-50%. People's attitudes towards the Metaverse have shifted from excitement and ambition to rationality and exploration. 1. 2021: Excitement & Ambition Looking back at 2021 – the first year of the Metaverse – its breakout was much more intense and the responses of market participants were much faster than they were when the internet entered global consciousness. From Roblox citing the concept in its prospectus and planting the first flag on the Metaverse landscape, to multiple companies entering the industry, and then to Facebook's changing its official name to Meta, the first Metaverse enterprises pushed its popularity to a climax (as shown in the figure). At the same time, many well-known institutions and individual participants demonstrated their willingness to try Metaverse applications. The University of California, Berkeley recreated its entire campus in Minecraft, where virtual avatars of graduates attended a ceremony and took group photos, virtual idol Liu Yexi became popular On TikTok, and US President Biden established Biden Island on Animal Crossing to attract voters. A glance at the global and Chinese markets reveals that the Metaverse is by no means just an experiment for small-scale players, but has become a landscape for all of humanity to jointly explore the next stages of development in society, technology, legal systems, and the arts. 04

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