According to a new report, virtual realities could have transformational effects on Asian economies.
According to the consulting company, the metaverse's contribution to gross domestic product in Asia could be between $800 billion and $1.4 trillion a year by the end of the century.
Assuming there are sustained technology investments in the next five to ten years, that would make up 1.3% to 2.4% of the GDP.
People live, work and play in the metaverse. Users can purchase virtual land or dress up in their own likeness.
The report looked at the potential influence of the metaverse on Asian economies.
The size of the forecast impact was attributed to the region's "demographic gravity".
He said that the majority of the world's youths live in Asia.
The world's largest player base is made up of 1.3 billion mobile gaming enthusiasts in Asia.
The metaverse isn't science fiction anymore. Millions of people are using early metaverse platforms.
One of the ways in which gaming is introduced to the metaverse is through gaming.
The next internet is going to be driven by that segment and their expectations.
There are millions of people in Asia spending time and money on virtual platforms like Decentraland.
South Korea's Zepeto, a social media app that allows users to create 3D avatars, has over 300 million registered users around the world.
Asia has an edge when it comes to the metaverse because it is a manufacturer of electronics and Semiconductor.
The majority of the integrated circuits are made in Asia, according to Kulasooriya.
It is a large manufacturing capacity.
According to a Boston consulting group report, Taiwan has more than 90 percent of the manufacturing capacity for the world's most advanced Semiconductor.
How prepared the region is for the metaverse depends on the unique strategies of each economy.
"We look at things like the sectoral structure, how innovative is the economy, what is the average level of income."
She said that technology is important in determining an economy's readiness for the Metaverse.
| Country | Economic impact per year |
| China | $456-862 billion |
| Japan | $87-165 billion |
| India | $79 -148 billion |
| South Korea | $36-67 billion |
| Indonesia | $28-52 billion |
China has set out a trajectory for metaverse development and is now a manufacturing hub.
Beijing announced a two year metaverse innovation and development plan in August.
The metaverse was included in the latest five-year development plan.
The metaverse industry in South Korea is being promoted with an initial investment of $177 million.
There is a metaverse. Developing the technology stacks, human capital and regulatory frameworks will benefit a wide range of industries and economic activities.
China could be the biggest beneficiary in terms of GDP according to a report.
Cryptocurrencies are not allowed in the country, according to analysts from JP Morgan.
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