SNEAK PEEK
- If assets in the innovation are continued over the next five to ten years, the metaverse potentially generates between S$0.8tn and $1.4tn annually to Asia’s GDP by 2035.
- The metaverse was analyzed using previous successful technologies as a model, considering the pace of user adoption and the effect on GDP.
- Strategies for accelerating economic benefit in the Asian metaverse There is a significant level of awareness of the metaverse in Asia, and millions of individuals there are already using early metaverse platforms for gaming, socializing, building digital twins, going to concerts, and making purchases.
According to economists at the multinational consulting firm Analysis Group, the growth of the virtual economy in Europe might result in an economic boost of 1.7%, or $440 billion (€417 billion), over the course of ten years. According to the analysis, the world GDP would increase by 2.8% by 2031 if mainstream use of metaverse technology began in 2022.
Duleesha Kulasooriya ( managing director of Centre for the Edge at Deloitte Southeast Asia),
stated that developing the technological stacks, human resources, and legal frameworks to realize Asia’s trillion-dollar metaverse potential will benefit a wide range of sectors and economic activities.
It’s interesting to keep an eye on developments in Asia in the metaverse. It controls the supply chain for hardware, and nations like South Korea have already created a plan to support its metaverse business.
Innovating with web3 and blockchain technology, the largest economies in Southeast Asia—Indonesia, Thailand, and Vietnam—are also setting the standard for new business models, particularly for small and medium-sized firms.
According to DBS CEO Piyush, while still in its infancy It has the potential to profoundly alter how banks engage with their clients and local communities. The decentralised gaming virtual world Sandbox and the Singapore banking behemoth DBS collaborated to develop an interactive metaverse experience in September 2022 that emphasizes the value of creating a more sustainable environment. It obtained a 3×3 plot of virtual land in the Sandbox metaverse through collaboration.
The phrase “metaverse” entered popular culture last year when Facebook CEO Mark Zuckerberg renamed his firm to “Meta” and declared it to be the future of the Internet and his trillion-dollar social media corporation.
Other businesses, like Roblox, Nvidia, and Microsoft, have also developed virtual or augmented reality technology-based worlds in recent years.
However, critics have cautioned that the quickly developing technology could potentially cause harm, particularly with regard to issues like privacy, data hacking, desensitization, and other health difficulties.
