The Metaverse in Asia

The concept of the metaverse, a highly immersive virtual world, is becoming more accessible and widespread, with early metaverse platforms already being used by millions in Asia. Consumers in the region are gaming, socializing, attending concerts, and purchasing items on virtual platforms such as Roblox, Decentraland, Fortnite, Sandbox, and Zepeto, while industries and businesses are also experimenting with metaverse technologies. The potential impact of the metaverse on Asia and global economies could be significant if investments are made into fundamental and enabling factors, as several governments in the region, including China, South Korea, and Japan, have featured the metaverse in their economic plans. Estimates suggest that the metaverse could contribute between US$0.8 trillion - US$1.4 trillion to Asia's GDP per year by 2035, roughly 1.3-2.4% of overall GDP per year during the same time. However, the development path of this nascent technology still remains uncertain.