7 Ways Asia Is Accepting The Upcoming Metaverse Industry
Governments and businesses all around Asia are investing in the developing metaverse industry through anything from government investment to training academies to job fairs. As the sector’s potential becomes more apparent, investors, entrepreneurs, well-established tech firms, consultancies, governments, and universities worldwide are beginning to make a claim in the metaverse.
It is thought that the metaverse, which refers to innovations like virtual reality and the notion that individuals can play and live in virtual worlds, will revolutionize the field of technology services. Recent Accenture research shows that even at this early stage of development, 71% of executives think it will benefit their company, and 42% think it will be transformative.
It is also anticipated to be profitable. In its most recent report, Value Creation in the Metaverse, McKinsey predicted that the metaverse might be worth $5 trillion in eight years, about equal to the size of Japan’s economy. Asia has enormous potential; by 2031, the metaverse is predicted to bring US$1 trillion to the APAC economy, and US$8 trillion to China alone, according to Morgan Stanley analysts.
Accenture Thailand claims that Thailand has the potential to become a global leader in the metaverse since 72% of Thai executives think the metaverse will benefit businesses. Healthcare, banking, real estate, manufacturing, retail, and tourism are expected to be the first industries in Thailand to adopt the metaverse, according to Country MD Patama Chantaruck, who spoke to the Bangkok Post.
How is Asia participating in the metaverse industry? We list 7 activities in the area, ranging from huge tech launches to government investments.
- The South Korean government spends $177.9 million on the metaverse.
Up until now, big tech and the private sector have dominated investments in the metaverse. However, South Korea is changing that by becoming one of the first national governments to invest in the metaverse. Minister of Science and ICT Lim Hyesook referred to the metaverse as “an uncharted digital continent with limitless potential” and stated that the government has set aside US$1.77.1m as part of its Digital New Deal, a program for investing in new technologies in the nation’s economy.
- Alibaba leads a US$60 million investment round into Nreal, a developer of AR spectacles.
China’s largest online retailer Alibaba has led a US$60 million funding round into AR glasses manufacturer Nreal in response to its statement that it would introduce AR spectacles for virtual meetings this year. The Beijing-based business offers two products that access AR apps, including games and movies, and is currently available in South Korea, Japan, Spain, and the US. AR is seen as a critical technology for the metaverse.
- An Asia HR tech leader unveils Thailand’s first metaverse job fair
Thailand’s first Metaverse Job Fair will be introduced by GetLinks, a leader in HR technology in Asia. The job fair, a hybrid event, aims to expand Thailand’s digital economy by providing chances for tech employment for emerging tech talent in a novel hybrid and immersive experience. According to Pichaya Srifar, CTO of GetLinks, the event provides a venue for “tech employers to meet with prospective tech talents.” It will “function as a change in people’s working style in the post-pandemic period.”
- The Hang Seng stock index of Hong Kong introduces a metaverse index
Recently, the company that owns the benchmark Hang Seng stock index in Hong Kong introduced new indices for the metaverse. The metaverse, according to Hang Seng Indexes, “has caught the attention of people across the3 world,” and investing in connected companies is becoming an increasingly attractive theme among investors. Virtual reality (VR), gaming, and other digital experiences that use cutting-edge technology in virtual settings are all included in the Hang Seng China Metaverse Index.
- Meta opens the region’s first immersive learning academy in Singapore
The Meta Immersive Learning Academy, an educational program for creators to enhance their skills and capacities in augmented and virtual reality, will be introduced in the area in Singapore. Beginning in June 2022, the new academy, concentrating on the metaverse, will offer four programs and guide the subsequent generation of creators toward obtaining the required credentials to pursue augmented reality and virtual reality careers. This program is a part of Upskill, a larger training project launched by Facebook’s parent corporation Meta, to improve digital proficiency among Singapore’s workforce and businesses. Since its 2021 launch, Upskill has assisted more than 3,600 people and 300 SMEs.
- PwC Hong Kong joins The Sandbox’s metaverse
With its $10,000 purchase of a plot of land in The Sandbox, one of many virtual worlds, consulting giant PwC Hong Kong has become the first representative of a globally renowned professional services organization to openly enter the globe. “The metaverse offers new options for organisations to create value through novel business models, as well as new methods to engage with their consumers and communities,” said William Gee, Partner at PwC Hong Kong. We will use our knowledge to inform clients who want to embrace the metaverse about the difficulties this new, widespread digital phenomenon brings.
7. Meta and Yahoo are employing Hong Kong technology Metaverse technology.
Hong Kongers will be able to better comprehend the possibilities of the metaverse across industries thanks to the initial announcements from Meta and Yahoo that they are launching several new metaverse initiatives in Hong Kong. In Hong Kong, Meta has plans for VR exhibits, experiences in neighborhood cafes and public areas, and AR training sessions for teachers and secondary school students. According to a statement from Meta, testing of digital collectibles will also begin with Hong Kong producers, who will be allowed to post their own NFTs on Instagram. On the Decentraland platform, Yahoo will host virtual concerts and exhibitions as it investigates the use of immersive advertising technology. Local idol groups and artists will perform at these concerts and shows.