Property developer Magnolia Quality Development Corporation (MQDC) is working with global professional service provider Accenture to create a metaverse for virtual real estate to explore new opportunities in this emerging digital frontier.
Visit Malaisirirat, chief executive of MQDC, said its metaverse initiative is a major milestone in advancing the new business and allows MQDC to expand from being a leading international property developer to a creator of limitless new experiences for customers, users and people interested in participating in the new realm linking the real and virtual worlds.
As part of its drive towards a "For All Well-Being" concept, the company is embracing new technologies and thinking outside the box, he said.
"This approach has made us a technological pioneer to bring sustainable well-being to people and society in an era of digital transformation," he said.
In the future, the MQDC metaverse will be connected and operated as part of Translucia Metaverse, a mega metaverse project created by T&B Media Global (Thailand), an entertainment content and animation series creator.
"As the first property developer partner of Translucia Metaverse, we plan to develop an MQDC virtual world full of imagination, happiness and a warm community," said Mr Visit.
Parut Penpayap, project director of MQDC Metaverse, pointed out that Accenture brings its leading metaverse-related capabilities, combining advanced technology and human ingenuity to unlock positive change.
The collaboration will be in planning and designing the metaverse, researching demand, customer experience design and serviced users, he said.
According to him, the collaboration focuses on three areas -- providing an experience beyond imagination for MQDC's current or new customers, creating opportunities for people interested in metaverse business development, and providing a space connecting the real and virtual worlds without limits for customers and others to enjoy a hybrid experience.
Its operation, which is located at True Digital Park, will start creating a proof of concept and launch the service within this year, Mr Parut said.
The MQDC metaverse will integrate existing property with new virtual real estate projects for virtual land and property.
"Customers and business partners can gain premium privilege in this metaverse," Mr Parut said. "The metaverse will be user-friendly with the support of a seamless experience connecting the physical and virtual worlds."
A utility token called Crown Token can be used in the project's ecosystem, he said.
MQDC was also among 11 partners in the launch of Crown Token, which has been traded on Zipmex since March. The token has a fully integrated ecosystem through partners in Thailand and worldwide in industries including entertainment, fintech, e-sports and education. The token is also linked to an intellectual property (IP) portfolio developed by T&B and its partners.
Speaking at a panel as part of the project's news conference, Katie Burke, Accenture's metaverse thought leadership and content lead, said the metaverse is an evolution of the internet which can generate content economy while enabling users to move beyond browsing to inhabiting or participating in virtual experiences.