Metaverse: A Futuristic Glimpse

The Metaverse is the next economic driver for the digital economy. Gartner has described it as a collective virtual open space created by converging virtually enhanced physical and digital reality and immersive. 

This overarching technology platform, the Metaverse, is device-independent and accessible through any type of device, from tablets to head-mounted displays. For the Digital Content industry, the Metaverse represents a confluence of the experiential and the transactional layers of Web 3.0. 

Web 3.0 is the next technological leap for internet technologies, generally defined as an open, trustless and permissionless internet. It is likely that the Metaverse drives mass adoption of Web 3.0, much like mobile platforms and apps were the catalyst for Web 2.0. In the simplest terms, Web 3.0 is the internet of things, while the metaverse is the internet of us.

To create more opportunities for Malaysian businesses, MDEC is looking into spearheading efforts in this area. The focus is to spur Malaysian-based digital content companies to build the assets, experiences, and technologies for web3 and pave the way for bigger global opportunities.

South Korea is quickly establishing itself as the global leader in metaverse development. The country has invested US$177million (RM600 million) in developing platforms that enable industries and businesses to thrive in the virtual world. In addition, the government is committed to creating a metaverse that citizens can use to access various government schemes and services. 

This comprehensive approach to metaverse development is sure to pay dividends in the years to come, and South Korea is poised to become the world’s premier destination for virtual reality.

Today, MDEC recognises a growing interest by Digital Content studios in Malaysia, embarking on Metaverse projects organically and pivoting to Web 3.0 technologies in general. Industry syndication sessions in this area have started, and should there be any projects or initiatives, MDEC is keen to hear from you.

The Malaysian Government, through MDEC as the lead implementor, can provide support in this space, leading towards future government-led initiatives with milestones in this space, attracting investment, partners and technology platforms to participate.