Welcome to the metaverse.
Where the physical mixes with augmented and virtual reality.
Where your Meta Me resides.
Where your avatar plays, works, shops, and interacts with a shared online universe.
You are present inside the Internet and not just by looking at it.
It’s the next evolution of online experiences; Web 3.0. Plus, you can make money, not just spend money – yes, real money.
The Covid-19 pandemic has accelerated the rise of virtual communities, as new developments lay the groundwork for post-covid life – it started with the dawn of the metaverse.
Define the metaverse
The term “metaverse” was first coined in Neal Stephenson’s science fiction novel Snow Crash in 1992 as a concept that blends digital and physical existence.
With this concept developing and gaining ground, the metaverse can now be classified as the convergence of virtual and physical realities towards the new internet.
The virtual and augmented reality market is whose value is expected to increase from US $ 46.4 billion in 2019 to US $ 1.5 trillion in 2030, according to the accounting firm PricewaterhouseCoopers.
South Korea’s largest asset manager, Samsung Asset Management, recently launched a metaverse fund. The fund focuses on eight themes: cloud computing, virtual reality, online games, online payments, 3D design tools, platform companies, mobility and the luxury industry.
Virtual worlds presented a tremendous opportunity in the South East Asia region.
The gaming industry has taken the metaverse train while benefiting from the end of the pandemic and the accelerated development of mobile first nations.
Shibuya Data Account predicted that the Southeast Asian gaming market would register a compound annual growth rate (CAGR) of 8.5% from 2020 to 2025.
The six Southeast Asian countries with the largest gaming markets are Malaysia, Singapore, Indonesia, Thailand, Vietnam, and the Philippines. One of the factors behind the growth of the gaming industry in Southeast Asia is the growing popularity of esports. Another determining factor has been the emergence of 5G technology in 2020.
Tech giants like Facebook are now ushering in the next version of the Internet.
According to ARK research, revenues from virtual worlds will represent 17% per year, from around $ 180 billion to $ 390 billion by 2025.
Gaming revenue in Asia, which includes SEA, China, Taiwan, India, Japan and South Korea, is expected to exceed US $ 65 billion in 2020, with the number of gamers reaching 1.5 billion in the world. region. In addition, Bank of America reported that the number of players playing Pokemon GO in the Asia-Pacific region is expected to reach from 84 million to 311 million from 2016 to 2020.
Singapore has emerged as a top destination for game companies with the emergence of industrial powerhouses such as Electronic Arts, Riot Games, Ubisoft, and local gaming hardware company Razer.
Since 1995, the Singapore government has shown great interest in the development of its gaming industry by supporting startups while opening and funding various research labs dedicated to gaming.
What’s on the horizon for the metaverse?
The Covid-19 pandemic is pushing the internet to the next stage of its evolution – the so-called ‘Metaverse’ where, as a result, cyberspace becomes more of an interactive 3D space with commerce and networking alongside content. , much like popular game worlds such as Fortnite and Roblox, said Min-Liang Tan, general manager of Razer.
Meanwhile, the global games company Streamline the media group, headquartered in Kuala Lumpur, recently announced that Shawn Layden, a 30-year gaming industry veteran, has joined its advisory board.
âThe boundaries between media, entertainment, technology and video games have converged in the metaverse. Now is the time to build a sustainable structure around it that advances the evolution of business models and welcomes more people, voices and talents to shape it, âsaid Alexander Fernandez, CEO and co-founder of Streamline Media Group.
Streamline understands the role games can play in the metaverse of media, technology, video games, fashion and the entertainment industry.
The company made fashion history by collaborating with international fashion house Balenciaga on a groundbreaking video game, Afterworld: The Age of Tomorrow, presenting an interactive and immersive 3D gaming experience.
âDigital transformation is here and video game technology is the infrastructure that will bring immersive interactive experiences to all aspects of life. It will open up new opportunities for product discovery, commerce, virtual coworking, education and social interactivity. Welcome to the metaverse. Fernandez said.
The Metaverse has reached our shores without us recognizing it, and it’s here to stay.
This is precisely what the gaming world has proven.