The Asian tech space has received numerous developments in recent years. A new Silicon Valley has been established in the region with huge tech firms coming up. The rise of artificial intelligence in the tech market has been a huge contributor to the coming up of the metaverse. Virtual Reality has become a popular way to conduct business. A recent Deloitte report claims that virtual worlds could have “transformational effects” on Asian economies, even though Meta’s massive bet on the metaverse may have put the corporation in severe trouble. By 2035, the consulting firm estimated that the metaverse would contribute between $800 billion and $1.4 trillion annually to the gross domestic product of Asia. The economic effects of the metaverse in the Asian region may create new opportunities for revenue generation. It may also present an opportunity for businesses to identify real-world solutions. Anyone can join a worldwide community or create a place where they can sell or trade their goods with others all over the world thanks to the metaverse.
An important factor in establishing an economy’s preparation for the metaverse in Asia is the adoption of digital payments, smartphone usage, and other technology essentials like connection. Different Metaverse applications in Asia have contributed to the expected increase in GDP.
Singapore has been noted to be a Metaverse hub in the region and a Key player in the progression of the metaverse. The key enablers for Singapore are its initiatives to strengthen laws governing online security and cryptocurrencies, which will increase social acceptance, the development of a thriving ecosystem for businesses engaged in technology and the creation of digital content, and the cultivation of a deep pool of both local and foreign digital talent. Healthcare, where hospitals are using immersive virtual technologies to improve medical education and health care services, and urban planning, where Singapore was one of the first countries to enact a country-scale digital twin, are the two key sectors in Singapore to watch out for in terms of metaverse developments, according to Deloitte. Smartphone use is widespread throughout Southeast Asia. Nearly 90% of Southeast Asian internet users will have smartphones by 2022. In a survey of 6,000 people conducted in six Southeast Asian nations, 72% on average expressed support for the metaverse. The region is at a prime location for the development and use of the metaverse because of the high level of connectivity and the popular enthusiasm for it.

Several important actors have pledged their support for the metaverse, ranging from gaming businesses like Sky Mavis in Vietnam to governments like the Provincial Government of Jakarta. The multiplicity of stakeholders is evidence of the metaverse’s adaptability. Sky Mavis is incorporating cryptocurrencies and non-fungible tokens (NFTs) into its economy. The entire world will have to watch this space to see the progression of it