When Facebook transitioned to become Meta, CEO Mark Zuckerberg presented a vision of the future of the internet that would give people an online experience greater than anything they had ever experienced. This new platform was the metaverse, a term that describes a collective virtual shared space created by the convergence of virtually enhanced physical reality and physically persistent virtual reality.
In this virtual place, individuals could connect and immerse themselves in a visual, engaging, and interactive world as avatars. He believed it would revolutionise the web in many ways, enabling everyone to bond, work, play, create, and engage in eCommerce.
But after the initial hype and explosion of ideas on how it would change the world, has it now faded, or does it still hold promise for the future?
According to a survey by Statista Research in December 2021, Southeast Asia had a mixed response to its development. Vietnam had 52% of respondents excited, while 49% were interested. Meanwhile, Singaporean respondents were lukewarm, with 38% feeling uncertain and 29% sceptical about its use.
However, the region will embrace and use the new tech to enhance its industries. Benefits include work meeting spaces, gaming, medical visits, virtual tourism, enhanced social media experiences, eCommerce, learning platforms, immersive branding, and 3D reconstruction.
Unfortunately, there are challenges such as data privacy and security, the potential for undesirable behaviours, lack of trust in tech developers, internet accessibility and societal inclusion issues, and high costs of technology adoption.
Metaverse projects and initiatives in Southeast Asia
Research firm IMARC Group predicts Southeast Asia's metaverse market will grow by 42.13% from 2024 to 2032, driven by the increased use of blockchain and digital currencies within virtual worlds. Furthermore, there is an uptick in virtual reality (VR) and augmented reality (AR) technologies, powering immersive digital experiences.
Startups in this VR field include Singapore-based RunSocial, which offers users a virtual exercise track that uses sensors to measure movement and Indonesia-based Shinta VR, which makes immersive technology applications such as edtech platform MilleaLab.
COVID-19 created a need for more online connections and work collaboration tools, opening up an opportunity for virtual meeting spaces. The gaming industry flourished with companies like Sky Mavis developing an immersive blockchain-based game called Axie Infinity. Thailand's GuildFi uses a Web 3.0 ecosystem to integrate games, guilds, and non-fungible tokens (NFTs).
Nevertheless, significant concerns about interconnected digital spaces abound. Data privacy and security are always at the forefront when meeting strangers online or accessing unsecured platforms. The risk of identity theft or losing proprietary company data and undesirable behaviours, such as sexual harassment in the virtual world, are still unaddressed because there are no established regulations yet.
A lack of trust in tech developers to create ethical online worlds rather than seeking profits with platforms that harm user experience and mental health exists. Children are potentially at risk of developmental issues from struggling to separate virtual reality from the real world. Internet accessibility and societal inclusion may also be an issue for minorities and rural dwellers.
New technologies are costly, meaning many users need help to afford the high-tech devices and accessories necessary to connect fully. Moreover, the cost of setting up or upgrading tech infrastructure is challenging for governments in the Association of Southeast Asian Nations (ASEAN).
Finally, cultural attitudes may impact adoption and industry growth, delaying beneficial solutions for the region. Regulatory environments and clear policies must be developed and implemented to make technology affordable, sustainable, and environmentally friendly. Governments and policymakers must shape regulations and guidelines to either facilitate or hinder the development of the metaverse regionally.
Potential future of the metaverse in ASEAN
Despite concerns that the metaverse may have peaked, its long-term potential remains robust, offering numerous benefits and surmountable challenges. Moreover, integrated industries are poised for significant growth in the years ahead, fostering optimism and hope for the future.
For example, the health and fitness market will reach USD 1.7 billion by 2030 with 16.2 million users. Virtual reality fitness programs encourage active lifestyles and prevent sedentary behaviour. There is also the possibility of combining multiple technologies, such as Artificial Intelligence(AI), Web 3.0, Virtual (VR) and Augmented Reality(AR), among others. These solutions reduce treatment costs and provide enhanced details of medical scans.
Concurrently, the gaming market will generate USD 5.0 billion, with virtual reality eSports competitions becoming increasingly popular.
As Zuckerberg aptly put it, "We believe the metaverse can enable better social experiences than anything that exists today, and we will dedicate our energy to helping achieve its potential." However, to realise this vision, stakeholders must address concerns about safety, privacy, innovation, accessibility, inclusion, and other issues, instilling a sense of reassurance and confidence in the metaverse's future.
Lastly, startups in this sector play a crucial role in securing investment to develop sustainable and scalable businesses. Their innovative spirit and drive can inspire and motivate others, potentially turning Southeast Asia into a hub for developing other experimental technologies.
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