The metaverse is still in its infancy, but continued investment in this new computing frontier and the ecosystem around it over the next decade will have a huge impact on Asian economies.
According to a Deloitte report.
The Deloitte report is titled “The Asian Metaverse – Strategies to Accelerate Economic Impact”. The report acknowledges that awareness of the metaverse is currently high in Asia and that earlier metaverse platforms already have a multi-million user base in Asia. They use the metaverse to socialize, play games, shop for items, attend virtual concerts, and create digital twins. The South Korean app Zepeto, for example, already has more than 300 million users worldwide. It will be years, however, before a fully immersive metaverse emerges that simultaneously delivers seamless, real-time rendering of visually rich worlds to millions of users.
The Deloitte report, however, still acknowledges that the impact of the metaverse on Asian economies will be transformational. Its ability to reach its full potential will depend on various socio-economic factors and enablers that will vary depending on the nature of local markets.
Asia is an important market for metaverse evolution. The Metaverse supply chain is currently dominated by Asian countries like China and Taiwan. Countries like South Korea are already at an advanced stage in establishing the foundations of the metaverse and already have a plan to foster the metaverse industry in the country.
Some Asian countries such as South Korea, Singapore, India, and Hong Kong are regulatory leaders in putting regulatory safeguards in place and creating a positive environment for metaverse businesses.
Some of Southeast Asia’s major economies, including Thailand, Indonesia, and Vietnam, are pioneering new blockchain and Web3 business models, especially for the small and medium-sized business sector.
Asian countries also have a rich and diverse cultural heritage that they can leverage to create compelling Web3 content and experiences. Japan has long benefited from this in its video game industry over the decades and it is eager to build on this legacy for the era of the metaverse.
The Deloitte report describes the metaverse as an “inevitable” future, hence the need for countries in the region to build technology stacks, human capital as well as a regulatory framework that will allow them to realize the potential of billions of dollars. of technology in Asia that is guaranteed to have a positive impact on a wide range of industries and economic activities.
The report indicates that the success of the metaverse in Asia will not only rely on government initiatives but also on all players in the ecosystem. Although the metaverse is still in its infancy, Deloitte says companies and players should use this time to experiment and “find their edge” to allow them to identify opportunities that will allow them to increase those benefits.
Singapore will play a central role in the evolution of the metaverse in Asia
According to Deloitte’s analysis, Singapore will be a major driver of the Asian metaverse. The economic potential of Singapore’s metaverse industry could reach $9-17 billion per year by 2035, or 1.3-2.4% of the country’s GDP.
Compared to other countries in Asia, Singapore has a small population and very few natural resources and the country has catapulted itself into the ranks of the best performing countries thanks to its political stability and a progressive regulatory environment favorable to business and to FDI, making it one of the best performing countries. a very attractive investment destination. This has not gone unnoticed by the biggest Web3 companies in Asia and the world, many of whom have used Singapore as a base for their metaverse operations.
One of the main factors attracting metaverse businesses to Singapore has been the country’s sustained efforts to strengthen cryptocurrency and online security regulations. In the long run, such efforts will build social acceptance and create a vibrant ecosystem that will foster the spread of digital content creation technologies and businesses. Such bold and pioneering regulation is enabling Singapore to create a strong pipeline of international and local digital talent, taking away some of the shine from Silicon Valley.
The Deloitte report indicates that the main sectors in Singapore with good prospects for the development of the metaverse are healthcare and urban planning. Singaporean hospitals are already implementing immersive virtual technologies to improve medical education and medical services. In terms of urban planning, Singapore is already one of the world leaders in the establishment of digital twins at the scale of a country or a city.
According to Deloitte, Singapore is in a good position to leverage its global reputation as a financial center to evolve into a major market that serves as a launch pad for new ventures into the metaverse. Some of the country’s early pivots could include attracting top companies from the metaverse as well as investors to the country.
Singaporean banking giant DBS in partnership with Sandbox in September 2022 to create an interactive metaverse experience that showcases the benefits of building a more sustainable world. The partnership involved DBS acquiring a 3×3 piece of land in the decentralized gaming virtual world. At the time of the partnership, DBS said it viewed the Metaverse as a technology capable of fundamentally changing the way banks interact with their customers and communities.
https://virtualrealitytimes.com/2022/12/15/the-metaverse-could-pump-1-4-trillion-into-asian-economies-over-the-next-decade/https://virtualrealitytimes.com/wp-content/uploads/2022/09/Zepeto-Metaverse-600×336.pnghttps://virtualrealitytimes.com/wp-content/uploads/2022/09/Zepeto-Metaverse-150×90.pngMetaverseTechnologyThe metaverse is still in its infancy, but continued investment in this new computing frontier and the ecosystem around it over the next decade will have a huge impact on Asian economies. By 2035, investment is expected to add between $0.8 trillion and $1.4 trillion to these expected economies…Rob GrantRob
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