Metaverse: Get ahead on the $800bil space

The metaverse, currently gaining traction in one of the fastest-growing technologies in Malaysia, is a concept that brings together both the real and virtual world together. However, many people are still unsure of what, or how, the metaverse will impact their lives.

Virtualtech Frontier co-founder and chief executive officer Jason Low, launched his book, “Metaverse”, in the hopes that this book will help the communities understand the concept of metaverse as a whole.

This book was written to fundamentally give the readers a better understanding and perspective of the metaverse which is still in its infancy stage.

According to Low, "I wanted to write this book for the Asian market as the other metaverse books available are currently written through a western context. It is important for the local metaverse industry to thrive, and this book allows the local enterprises to understand the metaverse as they would be the first buy-ins in the region."

He also mentioned that one of the key responsibilities of a metaverse company is to build the fundamentals of education on the metaverse and share it with the local community. "Even though there are many online articles about the metaverse, this book will provide all-in-one information that is more relatable to the local audience."

Therefore, Virtualtech Frontier decided to take the initiative to work with Kanyin Publications and publish this book to educate people about the metaverse.

What is the metaverse?

The metaverse has been given many definitions by multiple personalities and media publications alike. “The metaverse, put simply, is just a 3D virtual world accessible by everyone for social and commerce activities,” explains Low. “I believe that in the future, people will have a digital twin life inside the metaverse, where people are able to communicate and socialise with anyone across the world in the metaverse, and also make a living within the metaverse which is sustained by the huge corporations of the world.”

The term “metaverse” was first coined in a dystopian science fiction novel titled Snow Crash, written by Neal Stephenson and published in 1992. The concept took off after a huge influx of interest some years ago. This can mean a potential USD800 billion market in the next 10 years and to Low and his team members, this is an opportunity not to be missed, especially when they are avid gamers themselves.

“I was born in the 90s, and I grew up experiencing role-playing games (RPG). A little of that childhood element has not left me yet, and since the team and I have a background in game development, we have been consistently pushing for immersive technology in our line of work,” Low explains.

Metaverse and its impact on everyone

While the metaverse may still be in its infancy stage, its potential impact on people’s livelihoods is evident. For Low, it will be an opportunity for both corporate companies as well as everyday users to experience a world like no other.

“We are working towards providing virtual spaces in the metaverse for companies to build a new engagement platform beyond just the social media, and that itself will see companies interacting with the customers more virtually. At the same time, everyday users will be given a choice to engage and interact better with each other through an elevated virtual experience,” Low explains.

Then, a question remains, “Will the world turn into a world like the movie ‘Ready Player One’?”

According to Low, there is a possibility within the next decade, especially with big players like Meta (formerly known as Facebook) coupled with a strong developer community announcing better and more powerful VR devices.

Fundamentally, even though the metaverse is defined as "just a 3D virtual space", it is what we do within the space that matters.

"Imagine that you can create virtually anything within the 3D space! Building an amazing fantasy world or even simulating life on mars is just the tip of the iceberg on what we can do. The essence of the metaverse in the end lies within the co-creation and co-engagement process between the companies and their customers." Low shares.

"We have to allow creative juices to flow massively into the ecosystem, as this will then allow us to develop different levels of connectivity with users. Through various strategies to enhance engagements and interactions, this may hopefully impact the lives of many in the future."

"Metaverse" is currently available at Borders, Kinokuniya and MPH bookstores. The book will also be sold at Popular Malaysia, KL Commercial Books, GoldenHouse (online book retailer) in Malaysia, Kinokuniya Singapore, Thailand and Cambodia soon.