The Metaverse Could Boost Asia’s GDP By Up to $1.4 Trillion Per Year

“The metaverse in Asia – strategies for accelerating economic impact” report by Deloitte predicts the metaverse will boost Asia’s GDP by $0.8-$1.4 trillion per year through 2035.
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Quick take: 

  • Asia could reap big from the metaverse hype according to a new report by Deloitte.
  • A new report predicts that the metaverse could add up to $1.4 trillion per year to the economy.
  • The report points to the increased awareness about the metaverse in the region with millions already using metaverse platforms.

Asia isn’t waiting for the metaverse to get a clear definition to start reaping the benefits. Generally described as a 3D virtual space, the metaverse enables people to interact immersively through gaming, shopping and socialising.

Some of the continent’s largest economies have become early adopters of the metaverse, with millions already using available platforms.

A report by Deloitte points out the increased awareness of the metaverse in Asia as a driving factor that could boost the continent’s gross domestic product by $0.8 to $1.4 trillion annually through 2035.

Leading metaverse platforms in Asia are being used by people to shop virtual merchandise, socialise, play games, attend concerts and build digital twins. 

The report highlighted the example of the Korean metaverse app Zepeto, which has more than 300 million registered users. However, Deloitte also maintains that a fully operational metaverse with smooth real immersive experiences is still far from becoming a reality.

However, that does not limit its feasibility in the long term. The report expects Asian economies to reap the benefits of being early adopters.

According to Duleesha Kulasooriya, managing director of Centre for the Edge at Deloitte Southeast Asia, “the metaverse is inevitable.”

“Developing the technology stacks, human capital and regulatory frameworks to realise Asia’s trillion-dollar metaverse potential will benefit a wide range of industries and economic activities. The successful future of the metaverse calls for action not just by governments, but all ecosystem actors. While the metaverse is still in its early forms, it is now a good time for businesses and players to experiment, find their edge in the metaverse and identify opportunities to scale these edges,” said Kulasooriya.

Deloitte’s prediction is also based on the region’s rich and diverse cultural legacies which will be a good resource for companies looking to offer immersive content and experiences in the metaverse.

For instance, Japan has tapped into its gaming legacy to provide metaverse games, while Korea is leading with cultural experiences with K-Culture.

On the other hand, Deloitte sees the metaverse contributing $9bn to $17bn a year to Singapore’s GDP or 1.3-2.4%. The country is home to some of the leading venture capital firms investing in the metaverse and web3 projects.

“Singapore can leverage its strong global reputation as a financial hub to be a key market that discovers ventures into the next internet, such as the metaverse,” said Michelle Khoo, director of Centre for the Edge at Deloitte Southeast Asia. “Early pivots can be to attract top metaverse companies and investors to Singapore.”


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