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

Making sense of the metaverse


Using our HSBC Disruptive Framework, we find the metaverse lies
in our experiential framework, which forms the core of our thinking



The metaverse isn’t easy to define so we detail all the experiences
and related technologies from virtual reality to quantum computing…



…and talk through ESG, regulations and risks and present three
stock screens related to delivery, infrastructure and content



Unfortunately, no one can be told what the Matrix is.
You have to see it for yourself.
Morpheus, The Matrix (1999)

Where is the metaverse in our HSBC Disruption Framework?
In our report The Edge of Disruption (22 November 2020), we outlined our four key disruptive
technological themes: connectivity, automation, experiential, and digital health. These drive our
core thinking about disruptive technology like the metaverse, which we identify as falling under
our experiential framework. We also apply our HSBC Disruption Framework to help investors
understand how mature each part of the evolving metaverse is (see below).

HSBC Disruption Framework: Metaverse
Gradient of estimated expectation vs. reality

Our framework guides us to
how commercial metaverse
technologies are

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

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