A report by Deloitte titled “The Metaverse in Asia: Strategies for Accelerating Economic Impact” says that the metaverse will add between $0.8 trillion and $1.4 trillion to Asia’s GDP every year through 2035.
Asia doesn’t wait for a clear definition of the metaverse to start getting the benefits. People usually describe the metaverse as a 3D virtual space where people can play games, shop, and hang out in an immersive way.
Some of the largest economies on the continent have been early adopters of the metaverse, and millions of people are already using platforms.
A report by Deloitte says that more people in Asia are becoming aware of the metaverse, which could increase the continent’s Gross domestic product by $0.8 to $1.4 trillion each year through 2035.
People in Asia use the top metaverse platforms to buy digital products, make friends, play games, go to concerts, and build digital twins.
In the report, the Korean metaverse app Zepeto, which has more than 300 million registered users, was used as an example. But Deloitte also says that a fully functional metaverse with real immersive experiences that work well is still a long way off.
But that doesn’t mean that it can’t work in the long run. The report says that Asian economies will benefit from being the first to use new technologies.
“the metaverse is inevitable,” says Duleesha Kulasooriya, who is the managing director of Centre for the Edge at Deloitte Southeast Asia.
“Developing the technology stacks, human capital and regulatory frameworks to realise Asia’s trillion-dollar metaverse potential will benefit a wide range of industries and economic activities. The successful future of the metaverse calls for action not just by governments, but all ecosystem actors. While the metaverse is still in its early forms, it is now a good time for businesses and players to experiment, find their edge in the metaverse and identify opportunities to scale these edges,” said Kulasooriya.
Deloitte’s prediction is also based on the region’s rich and diverse cultural legacies, which will be a good resource for companies that want to offer immersive content and experiences in the metaverse.
For example, Japan uses its long history of video games to make metaverse games, while Korea’s K-Culture is the leader in cultural experiences.
On the other hand, Deloitte thinks that the metaverse adds between $9 billion and $17 billion to Singapore’s GDP each year, which is 1.3-2.4%. Some of the best venture capital firms that put money into the metaverse and web3 projects are based in the country.
“Singapore can leverage its strong global reputation as a financial hub to be a key market that discovers ventures into the next internet, such as the metaverse,” said Michelle Khoo, director of Centre for the Edge at Deloitte Southeast Asia. “Early pivots can be to attract top metaverse companies and investors to Singapore.”
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