METAVERSE BOOM IN ASIA MARKET
Recently, Gartner, Inc — The world’s leading research and consulting company on information technology, finance, and enterprises,… identified that Metaverse is one of the five trends top technology highlights in 2022. Global spending on AR/VR, Metaverse’s technology platform, is predicted to grow from $12 billion to $72.8 billion by 2024. The heat can be seen in the Metaverse that covers the world, especially in the Asia region.
Metaverse — A Trend That Could Have A Big Impact On The Future
According to the article “Metaverse Just Marketing?” According to the New York Times, if we type the keyword “Metaverse” into the Google search bar, there will be more than 1.5 billion results. But all in all, Metaverse is a concept of a continuous, online 3D universe that combines various virtual spaces. Metaverse is an open universe, simply understood as a virtual super universe, where the prefix ‘meta’ means to go beyond.
Gradually, more and more people move to the online environment. Not only individuals but also large corporations are looking to build their own metaverse model. Many companies have decided to adopt Metaverse faster than NFT. In addition, a number of companies use Metaverse’s platform to conduct distance learning, sports, entertainment, and healthcare sectors.
Before the effects of the epidemic, many brands and programs have chosen the virtual world to hold media events. People also chat and interact with each other through virtual space instead of meeting face to face like before. Thereby, user behavior has begun to change. Jobs that previously required online interaction will have more virtual options, they are no longer bound in time or space when organizing or attending meetings with companies or businesses. Since then, businesses also have had more methods to reach customers instead of depending on the traditional organization.
People are also communicating, chatting, and interacting with each other through the virtual space, instead of meeting face-to-face as before. As a result, user behavior has begun to change. More Metaverse apps may be in development for users to be ready to discover in person. And when the Metaverse becomes a reality, it will change the behavior of consumers and businesses.
Metaverse Penetrates Most Sectors In Asia
Metaverse’s Applications in Training and Education
In the future, we will see Metaverse offer a wide variety of learning opportunities. Classrooms move away from bulky desktop computers and are replaced by compact tablets. In addition, online courses are interactive and even robots can take notes and record lectures for students. Thanks to the 3D virtual space model applied to education, students’ acquisition of knowledge is also easier. Teachers not only teach theory but also can let students approach reality in a virtual space in an interesting way.
Healthcare
In addition to its applications in training and education, it also has medical applications, providing different creative ways to take care of people’s health easily. Surgeons can use augmented reality to guide some surgical procedures and conduct training to manipulate digital twins.
Virtual Travel
In Metaverse, anyone can travel anywhere in the world thanks to the application of the Metaverse virtual universe. In particular, the team of guides will also be replaced by artificial intelligence. Tourists can choose to try the travel service or refer to the tour through virtual reality before deciding to experience the real thing. The application of Metaverse to tourism activities is showing a positive trend in adjusting service quality to become more professional.
Asia — The Key To The Metaverse Boom
Metaverse is not only an immersive and virtual reality but also a computing space that combines virtual reality (VR) and augmented reality (AR) to make everything that happens on the Internet a reality. Eddy Travia, an investor who won the list of “Top 3 Most Influential Investors” of the World Blockchain Awards 2014 affirmed that “Metaverse will bring many innovations in technology as well as the approach to social issues”. for individuals, organizations — Augmented Reality, and financial institutions in general. In other words, the Metaverse will be a key player in revolutionizing today’s economy.”
Ms. Jane King, founder, and CEO of LilaMax agrees that Asia is a major contributor to the development of Metaverse, Blockchain, and the startup business movement. She emphasized that cryptocurrencies, especially Bitcoin, are gradually gaining a foothold in economic transactions at the moment.
According to Bloomberg, “The total market value of Metaverse has reached about 500 billion USD in 2020, predicted to reach 800 billion USD by 2024. According to statistics, as of the end of March 2022, the number of users participating in the virtual universe platform is compared with the beginning of 2020, this number will increase in 2022; the number of users of virtual reality devices also reach more than 28 million. Metaverse will really create a boom Exploding not only in technology but also having a big impact on the real economy
Enterprises leading the development of Metaverse
Recently, many countries in Asia have also invested in Metaverse. The capital of Korea is one of the cities that have announced plans to establish a presence in Metaverse. This plan to open this Metaverse campus in Seoul is invested with an approximate figure of 3.3 million USD. The Seoul Metaverse will include a virtual town hall, tourist attractions and social hubs. The launch of Seoul Metaverse is the result of the Mayor’s Seoul 2030 plan. Seoul (Mr. Oh Se-hoon), aims to make the city a market leader in the future. City citizens can fully use virtual reality headsets to meet city officials in the Metaverse. In addition, residents will also be able to visit landmarks and participate in events in the virtual world.
Another country that is seriously studying the Metaverse is Barbados. The Caribbean nation of Barbados could become the first sovereign country to have an embassy in the Metaverse. It is known that Barbados has been in discussions with several Metaverse companies to establish a “digital sovereign land”. Barbados will identify and buy land, build virtual embassies, and allow users to teleport their avatars from one virtual world to another.
In the United States, Santa Monica was the first major city “affiliated with the Metaverse.” The city has partnered with a social app to monetize Metaverse games called FlickPlay. The use of virtual and augmented reality gives app users the ability to unlock collections and rewards in exchange for items at retail locations in the city.
In the future, Metaverse will also promise to be applied to more people’s lives, creating a boom not only in the Asian market but also a boom with a global scale of 5 continents and 4 pools. Hopefully, through this article, you have gained more useful information about the interesting Metaverse world. Subscribe to the weekly Snailhouse blog so you don’t miss articles about the NFT world and the Metaverse.
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