'Obsessed' with the Metaverse, what does Mofa Technology want to do?

Author: Sihai

While the development of large models is in full swing, there are still companies that are keen on the Metaverse. Recently, Mofa Technology held a huge press conference and launched the "Virtual Human Intelligent Body Mirror JING". It is understood that Mofa Technology was founded in 2018. It is a technology company with computer graphics and AI technology as its core. It has full-stack end-to-end virtual content intelligent production, virtual human creation and operation technology. It is currently self-developed. Professional and consumer-grade virtual live broadcast technology, as well as a three-dimensional AI virtual human capability platform.

So far, Mofa Technology has completed three rounds of financing, the earliest in 2019, and the last two rounds in April last year. Investors include SoftBank Vision Fund, Sequoia China and Wuyuan Capital.

The reason Mofa Technology and Capital are optimistic about the virtual human track is that it is a piece of fresh soil with broad prospects. According to iiMedia Research, China's virtual human core market size will be 12.08 billion yuan in 2022, but it will drive the industrial market size to 186.61 billion yuan. It is expected that by 2025, these two figures will reach 48.06 billion yuan and 640.27 billion yuan respectively.

At this press conference, Mofa Technology released a brand short film "The Gift of AI". In the short film, Mirror JING allows the protagonist's deceased father to reappear in the virtual space and can also give the protagonist a gift. A wedding gift prepared for him by his father before his death. It can be seen from the brand video that JING is more intelligent, can understand people's conversations, and can communicate with people.

Node Finance noticed that Mofa Technology’s “Mirror JING” is actually the third-generation product launched by the company. The first-generation product is “Ling__Ling”. It represents that virtual idols have just entered the application stage. The disadvantages are Real-time interaction is not possible. The Chinese-style virtual heroine "Ling Yanhuan" is a second-generation product with a new real-time interaction function.

In terms of types, virtual human products are divided into three types: content, functional services and virtual clones. The customers of the first two are B-side enterprises, while the last one is for C-side users.

It is undeniable that "Mirror JING" has made progress compared with the previous two generations of products, but Mofa Technology still has to face commercialization problems, which can be seen from the company's intensive financing last year. Meta’s situation can be used as a reference. In the first quarter of this year, its Metaverse business Reality Labs’ revenue fell by 51% year-on-year, and its losses expanded by nearly 35% year-on-year. Last year, Meta lost $13.7 billion due to its Metaverse business, and Meta expects the scale of losses to expand this year.

From a business model perspective, Mofa Technology can not only provide underlying technology for virtual humans, but also develop its own products. Its business layout is deep enough, which is where the company's competitiveness lies. However, as the Metaverse enters an "ice age" this year, the market has little time left for virtual humans to develop. Companies need to come up with better products to convince customers and adopt a business model.

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