Metaverse May Push Asia GDP Above $1 Trillion
A new report from financial consulting firm Deloitte suggests GDP in Asia could inject as much as $1.4 trillion in GDP by 2035 from the metaverse alone. The estimated growth is based upon current investment numbers in Asia, if sustained over the next five to ten years. Metaverse platforms are poised to revolutionize economies, and Asia is the continent with the fastest-growing adoption of early-stage metaverses.
Metaverse adoption in Asia
Despite early challenges in selling metaverse products within Asia, millions of users have already adopted these platforms as a way to communicate, collaborate, and create content online. This has enabled an explosion of innovation among Asian countries and businesses that have embraced this cutting-edge technology.
Beyond just boosting GDP numbers, metaverse technology is already showing potential to transform many aspects of life in Asia – from gaming to NFTs, to fashion and even dating. The metaverse is not only growing its user base, it is creating its own trends.
What’s driving metaverse adoption in Asia?
According to the Deloitte report,
“The emergence of the metaverse is driven by two gravities – technological and demographic… Developing the technology stacks, human capital and regulatory frameworks required will benefit a wide range of industries and economic activities.”
–The Metaverse in Asia: Strategies for Accelerating Economic Impact. Deloitte. 2022.
Deloitte’s research has found that millions of users are already engaging with early-stage metaverse platforms; in particular, Roblox, Decentraland, and Fortnite are very popular along with Asia’s own metaverse platforms, Sandbox and Zepeto.
New opportunities
Not only will metaverse platforms facilitate an era of economic growth in Asia, they will also open up a world of possibilities for entrepreneurs, creators, and innovators in the region. This could lead to new job opportunities as well as create whole new industries that capitalize on the metaverse's potential.
From entertainment experiences such as virtual concerts, to educational opportunities like virtual classrooms for remote learning, there is no limit on how far metaverse platforms can innovate.
Market exploration
Businesses of all sizes are also exploring metaverse applications to reduce costs, increase efficiency and provide richer customer experiences. Governments, too, are including the metaverse into future economic plans; in particular, Singapore, Japan, China, and South Korea.
Ultimately, the metaverse has the potential to drive economic growth in Asia and beyond, revolutionizing how people communicate and transact with each other. With its wide range of applications, businesses everywhere are looking to capitalize on this revolutionary technology and corner their respective markets.
