Deloitte’s analysis indicates that the metaverse virtual universe could boost the GDP of Asian economies to 1.4 trillion USD by 2035.
Virtual universe technology (metaverse) and products that enhance user experience will be the technology trend of the future. This is a digital space that allows users to interact and have real-life experiences.
According to a recent analysis by Deloitte, the metaverse’s impact on GDP in Asia is estimated to be between 0.8 and 1.4 trillion USD per year by 2035, equivalent to 1.3-2.4% of total GDP.
Deloitte experts say that this estimate can be realized in the long term if Asian countries have sustainable investments in technology over the next 5 to 10 years. The estimated extent and speed of realization will depend on the individual strategies that economies take to maximize the benefits of the metaverse.
Deloitte’s report shows that Asian people’s awareness of the metaverse is relatively high. Various metaverse platforms are being used by millions of people in the region for various purposes such as gaming, socializing, creating digital twin, attending concerts, and shopping.
However, the world will need many more years to create a metaverse platform that updates rich, visual worlds in real-time for millions of users to access at the same time.
Asia is currently considered a notable focal point for the development of the metaverse. In it, Deloitte assessed that Indonesia, Thailand and Vietnam are pioneering new business models, especially small and medium enterprises, and innovating with web3 and blockchain technology.
According to Deloitte’s analysis, the potential benefit of the metaverse to the Vietnamese economy is around 9-17 billion USD per year, equivalent to 1.3 to 2.4% of total GDP.
Vietnamese people are entrepreneurial, creative and young, with 37% of the population under the age of 25. These characteristics give Vietnam a distinct advantage in shaping the future of the web.
Vietnam is one of the most active countries in the Web3 space. Unicorn startup Sky Mavis has succeeded in popularizing the concept of “GameFi”. Vietnam also currently ranks first in terms of crypto adoption in 2021 (Chainalysis Global Crypto Adoption Index). Deloitte thinks this is a sign that cryptocurrencies are likely to be widely accepted.
According to Mr. Do Danh Thanh – Deputy General Director, Digital Transformation and Cybersecurity Consulting Service of Deloitte Vietnam: “Not only startups but also a large number of people are in the mood to embrace new web technologies. This will support Vietnam firmly on the road to achieving its “Make in Vietnam” strategy and digital economy goals.”