Li Yilun, chairman of Shenzhen-based publicly listed online game company ZQGame, held China’s first “metaverse wedding” based on his own actual wedding on October 8. Li took over the firm’s chairmanship from his father just five months ago. The company also launched its MetaLove app in a bid to enter the digital wedding field.
Thousands of people watched the metaverse wedding online. Although such a ceremony may sound trendy and cool, many web users said that it actually looked like a game scene, and some even complained, “Am I the only one who feels embarrassed?,” and “It’s not fair to pay money as a wedding gift since I didn’t participate in the real world.”
MetaLove is a multiplayer real-time online application based on real-world wedding ceremonies. Using technologies such as digital twins and virtual AI, it enables users to participate and bless newlyweds without going to the physical location.
Logging in to MetaLove requires real-name authentication. After choosing an image according to gender, users will visit the wedding venue and receive an invitation to view the schedule. Fireworks, applause, and other functions are also provided for guests to participate.
In addition, guests can give gifts to the newlyweds by recharging gold coins. The price of gold coins ranges from 1 to 9,999 yuan. The gifts that can be given include red dates, rings, red envelopes, Cupids, and more. At the same time, onlookers can also get lucky draw opportunities by signing in and giving gifts.
Long before entering the digital wedding field, ZQGame launched metaverse-related games. In September 2021, the company posted that it would create a simulation business game called “Brewmaster” that could map players’ inner worlds to the metaverse. Subsequently, in just over two months, the company’s stock price rose from 8.19 yuan on September 1 to 42.63 yuan per share on November 11.
The soaring price attracted the attention of the Shenzhen Stock Exchange. In October and November 2021, the stock exchange issued two letters, requiring ZQGame to explain in detail the core technology of Brewmaster and its relevance to the metaverse, the feasibility of product implementation, and the basis for the calculation of R&D investment, and other expenses. In January this year, the stock exchange issued another letter, asking the company to explain in detail whether it uses the metaverse to gain market attention.
ZQGame stated in its reply that it hopes to provide a space for users, content creators and project parties to imagine, create and practice, denying the existence of amoral behaviors to gain market attention.
Compared with its popularity in capital markets, ZQGame has been losing money for two consecutive years. A financial report shows that from 2019 to 2021, the company’s operating income was 469 million yuan, 294 million yuan, and 355 million yuan, while net profits were 52 million yuan, -135 million yuan, and -0.46 billion yuan. In the first half of this year, the company’s operating income reached 160 million yuan, a year-on-year decrease of 2.15%, and the net profit was 11.629 million yuan, a year-on-year increase of 0.71%.