For businesses entrenched in digital technology, the term “metaverse” is not a foreign concept. However, the buzz surrounding it hit a new high in 2021 when Mark Zuckerberg officially rebranded Facebook as Meta Platform, Inc.
According to tech mogul Bill Gates, the metaverse will become a household term between 2023 and 2024, largely due to the COVID-19 pandemic. The pandemic forced people to spend more time in the digital world and revolutionized the way people work by allowing remote work.
Indonesia has also caught the metaverse fever, with the technology sector leading the way. The country is expected to benefit from the metaverse’s expansion and its plethora of investment opportunities.
But what exactly is the metaverse? Before delving further, let’s first define this fascinating concept.
What Is Metaverse?
The Metaverse refers to a collective virtual space that simulates a three-dimensional world similar to the real world, where users can create and customize their avatars to represent themselves. These avatars can interact with other avatars, either controlled by other users or by computer-generated characters, in a variety of digital environments and activities.
The above-described metaverse implementation aims to enhance or simulate the real-world experience. Nonetheless, it is undeniable that specialized tools or equipment are employed to enhance the real-experience, such as haptic gloves that enable you to physically sense touch in a virtual environment since these instruments can transfer impulses to your brain, are used to enhance the real-experience
So, what are the challenges and opportunities for metaverse implementation in Indonesia?
Current State of the Metaverse: Opportunities and Challenges
The future is bright for companies in the information technology industry as the metaverse presents an enormous opportunity. By 2026, the market value is expected to reach a staggering US$758.6 billion. As firms strive to establish their presence in the metaverse, competition will be fierce. Expect to see a flurry of vendors vying for clients’ business as they seek to create their own metaverse platforms. The metaverse is brimming with possibilities, and it’s clear that those in the IT sector will be at the forefront of this exciting new world.
Metaverse Implementation Opportunities in Indonesia
Along with the effects of the pandemic and the development of digital technology in Indonesia, IT companies continue to race to create innovations that don’t limit the workspace, creating a real, authentic, cohesive, and interactive experience. Through the AI-powered metaverse, this technology can transform workspaces into ones that are virtual and gamified remotely.
The metaverse is predicted to bring new levels of social connection, mobility, and collaboration to the virtual world of work. Using the metaverse, employees can move in and out of the virtual office, walk to virtual desks, and even have real-time meetings.
In addition, at the Asia Tech Singapore (ATxSG) 2022 event in Singapore, Sandiaga Uno as the Minister of Tourism and Creative Economy (Menparekraf), said that Indonesia has enormous metaverse potential, because he believes that the metaverse will encourage a digital economy where Indonesia itself has the potential of 600,000 digital talents per year and 30 million MSMEs, and an economic contribution that is predicted to reach US$150 billion by 2025.
Challenges of Metaverse Implementation in Indonesia
Teguh Kurniawan Harmanda, the chairman of the Association of Indonesian Crypto Asset Dealers (Aspakrindo), said that the country’s poor infrastructure and low literacy rate pose the biggest obstacles to Indonesians using the metaverse.
The metaverse will give rise to innovations that benefit many aspects of Indonesian life, including business, health, and, of course, the economy, it is essential to support community literacy about the metaverse that is optimal and inclusive in order to develop human resources who wisely comprehend its function. The general chairman of Aspakrindo claims that the use of NFT to DeFi, blockchain technology, and cryptocurrency function best together when combined with Metaverse.
Case of Company’s Success in Utilizing the Metaverse
In order to commemorate its 100th anniversary and avoid falling behind the metaverse trend, Gucci, one of the top fashion brands, created Gucci Garden in Roblox. Customers can use NFT to purchase Gucci merchandise during the event. Gucci was able to recoup $4,115, or 350,000 Robux, from the sale of the Dionysus bag.
Gucci also invested in The Sandbox to develop their online store Gucci Vault, which is located in the metaverse. This virtual store can give Gucci clients and potential clients a more engaging experience and expand the NFT market. By 2030, the market for their NFTs might reach $56 billion if they maintain their current growth rate.
As a result, it can be said that Indonesia has a lot of economic prospects in the metaverse, including in the domains of entertainment, economy, and tourism. Nonetheless, it is undeniable that, in addition to advantages, there are disadvantages as well, such as Indonesia’s poor level of technical knowledge.
Get to Know About the Metaverse at the CTI IT Infrastructure Summit 2023
CTI Group hosts the annual CTI IT Infrastructure Summit to bring together practitioners, suppliers, researchers, academics, and policymakers to explore in-depth trends and challenges that will emerge in the present and the future. The metaverse will be the key subject that will be comprehensively covered at the CTI IT Summit in 2023.
The eighth CTI IT Infrastructure Summit will feature speakers from the IT industry, CEOs, CIOs, and decision-makers under the theme “The Metaverse: Why Your Business Needs to Prepare by Now?” to discuss how prepared businesses are for the presence of metaverse technology.
Professionals from Indonesia, Malaysia, and the Philippines are welcome to attend the CTI IT Infrastructure Summit 2023 in Jakarta on Thursday, March 9th, 2023. This event will garner interest and draw hundreds of participants from various industries each year.
What are you waiting for? Register at the following link right away to take advantage of the chance to learn and exchange directly from professionals and experts.
Read More: Unlocking Endless Business Possibilities in the Land of Metaverse
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Author: Abdul Aziz
CTI Group Content Writers
