元宇宙时代：投资于交付、基础架构和内容(英)-汇丰-2021.12-74页.pdf.pdf

                    Disruptive Technology ● Equities
December 2021

The metaverse metrics that matter

Gradient of estimated expectation vs. reality

HSBC’s Disruption Framework: Metaverse

Digital backbone

Digital content

Digital goods, fintech,

Gaming, eSports, movies, TV,

blockchains/crypto, NFTs

social media, music, education

Next gen

Virtualisation

Quantum computing,

VR, AR, MR
Data and processing

brain-computer interface

Data centres, system
on a chip
Early
disruption

Hype
mania

Backlash
window

Real
application

New normal

Source: HSBC

1,800
1,600

Centralised blockchains consume more energy

Oculus Rift (PC based)

1,400

1,200
1,000
800

Quest 2 - wireless

600
400

200
0
2014

Approx imate energy consumption
per transaction (J)

The cost of VR headsets is falling (USD)

2017

2019

10 6
10 4
10 2
10 0
10 -2

Simple Centralised Enterprise Public
Public
serv er sy stem Blockchain BlockchainBlockchain
Non-PoW PoW

Quest 1 - wireless
2016

10 8

2020

Source: HSBC, Meta Platforms

Source: The Energy Consumption of Blockchain, Catchword, May 2020

Displays are the most expensive components
in AR/VR hardware (% of bill of materials)

Market size of virtual celebrities in mainland
China (RMBbn/%)
5.0

80%

4.0
Display
Processor Ics
Memory
Electro-mechanicals
Sensors
Others

18%

60%

3.0
40%

36%
15%
5%

12%

14%

2.0
20%

1.0
0.0

0%

Market size
Note: The reference AR/VR hardware is the Oculus Quest 2 (released in 2020)
Source: Company data, HSBC Qianhai Securities estimates (see; Virtual Reality - Hitting its stride,
Frank He, 4 Nov 2021)

4

Source: LeadLeo, HSBC Qianhai Securities

YoY (RHS)