A space of utter immersion, the Metaverse is a place inhabited by differing 3D avatars that represent the users of the platform. Friends, colleagues, and even strangers can talk and interact with each other in real time, feeling like they are in the same space together.
A study by Ipos found that half of the adults from 29 countries included in the research knew the Metaverse and had positive feelings toward it. Noticeably different from platforms such as Zoom or Skype, to say the least, the Metaverse creates digitally animated representations of every participant and seamlessly places entire groups within a designated virtual space.
More and more countries are starting to accept this novelty, and Thailand is not far behind. With the “Metaverse Thailand” project in the game, the question that comes to mind is, “Is Thailand well on its way to fully embracing the Metaverse?”
Keep reading below to find the answer.
Novelty Brings Opportunity
Starting off, companies will need to quickly decide whether to enjoy the sporadic benefits of the Metaverse or get fully involved. Direct involvement can come in various forms, from real estate purchase, advertising, software development, participation at events, production of NFT, and many other business models that can potentially exist in the virtual world.
Digital retail is particularly interesting to many companies starting to establish their own niches in the virtual Metaverse space. An example of this is the shoe retailer Nanyang which offers digital goods (their shoes) to be purchased in the Metaverse. Entertainment industries, such as Casinos in the Metaverse, are also a growing trend in this growing virtual space.
Is Thailand Ready for the Challenge Ahead?
While Meta may be ready for the world, is the world ready for Meta? More importantly, are countries such as Thailand ready for the challenge ahead?
While advanced security technology, including blockchain and software, is available for companies, investments in building security-conscious workplaces will also be highly necessary and sought after to protect a company’s data and resources.
After all, it is no accident that the Metaverse has much of the same promise and challenges as Thailand’s own vision for embracing a 4.0 economy. With advanced digital communications technologies at the heart of it all, capable operators with the right combination of skill and strategy will be vital to reap the extraordinary benefits of the new virtual world.
A Parallel World
In order to enter the world of the Metaverse, Thailand has launched a new project called “Metaverse Thailand”. It is run by a fintech company located in Singapore, A-PLUS. This project is a land-buying platform that allows users to buy pieces of land and develop them. The same concept has already been seen inside the US Metaverse, where several famous people like Snoop Dog have already established their presence.
Plenty of companies have also acknowledged the benefits that will come to Thailand’s eCommerce by entering the Metaverse. “In the future, retailers will be forced to use e-commerce to boost their business efficiency,” said Pawoot Pongvitayapanu, founder of Tarad Dot Com.
To further show its support for the Metaverse, a special term referring to the Metaverse has been created in this country, which ruffly translates to “newly constructed universe”.
Tackling the Challenges Ahead
Despite the huge population of the Metaverse, there are still some obstacles the country needs to overcome. One such is the cryptocurrency matter. Thailand has recently limited the use of crypto to only trading, banning the use of this digital asset for purchasing goods and services. But does this refer to the Meta as well?
What’s more, Thailand has been a target for various cyberattacks, putting in question whether users of this virtual world would be entirely safe while interacting.
Conclusion
With many Thai companies already taking part in business opportunities in the Metaverse, Thailand can become a leading destination in this new virtual space. Embracing other parts of digital living already, it may not be the biggest jump to be undertaken by the country to really put down a marker in this new virtual world.
“Thailand must see the Metaverse as a new norm and be ready to embrace what will happen next,” said Kulthirath Pakawachkrilers, CEO of Thailand e-Business Centre.
But, as with many business endeavors, great caution must be taken at each step. Specially cautious of new and developing technologies, Thai users should first ensure that their cultural, strategic, and technical abilities will let them reap the rewards of coming to the Metaverse, ensuring sustained growth in the digital world of tomorrow.
