Thailand could find itself at the forefront of the metaverse frontier if developers receive proper support from industry collaboration and the government, according to two creators.
They shared their views at Bangkok Post Tech Conference 2022 under the theme "Metaverse gold rush: An opportunity to reshape the world", held at Centara Grand CentralWorld on Thursday.
Petch Boonvong, chief executive of PRX Co, the developer of immersive 3D virtual world PRX Metaverse, said Thailand has the capability to build its homegrown metaverse platform as this technology is just at the earliest stage locally and globally.
"Policymakers should be more open for new technology rather than issuing mandates first as the inconsistency would affect confidence among foreign investors," said Mr Petch.
He said Thailand is in the initial stage of metaverse development -- relatively on par with the rest of the world -- and there is a need to get support from industry developers as well as the government to drive the development of this journey.
"With the government support and collaboration from others, we can compete with any metaverses around the world," said Mr Petch.
"We can develop together and help each other until we get to the stage where we do not need international platforms in our country."
Mr Petch was speaking on the topic of how the metaverse will impact the real world and the future of technology.
He said businesses that want to invest in the metaverse need to conduct proper research studies for their business plans. Those who want to join metaverse projects need to find out about the background of the owners of the projects and the purpose of the metaverse.
He said PRX aims to merge the physical world with the virtual realm to offer a seamless experience.
PRX has its own NFT tokens which its customers can use to buy digital assets in the metaverse and real world.
PRX Metaverse focuses on a business-oriented purpose, mainly in e-commerce, digital real estate and social integration.
Businesses need to select "the prime location" in the metaverse in the same way they usually do in the physical world so as to increase traffic eyeballs and serve as a useful channel for their marketing.
In the next 3-4 years, the metaverse is expected to gain more momentum when virtual reality (VR) glasses become more affordable.
"In the future, the metaverse experience will expand to 3D, holograms and motion sensors to make social interaction more natural with feeling and emotions," Mr Petch said.
INCLUSIVITY IS KEY
Phantabat Santimakorn chief of business development and strategy at Translucia Metaverse, a metaverse project under T&B Media Global (Thailand), said Thailand has a large number of crypto users and traders which constitutes an environment that is favourable to mass adoption and the development of the metaverse in the future.
He said in meta societies, users will be able to freely create their own identity and environment without being limited by physical restrictions, providing an unprecedented business ecosystem in the metaverse.
According to Mr Phantabat, the virtual world already exists and people have already done business and traded goods and services there, such as through digital premium content on a virtual platform.
However, once the technology and infrastructure for the metaverse are fully developed, customers will be able to have a much more immersive experience on the platform, he said.
Mr Phantabat said the metaverse is currently social media platforms and the biggest challenge is how to regulate the platforms, protect users from cybercrimes and prevent fake news.
He said the metaverse will not be a static technology but an ever-changing platform that will continue to evolve along with the people in it.
"Keeping digital society viable and meaningful for everyone is key," he said.
T&B Media Global (Thailand) is a family-friendly entertainment and innovative media company with knowledge and creativity in a wide range of fields. The company recently announced a business plan to invest 10 billion baht in Translucia metaverse, Thailand's first homegrown virtual world in tandem with real estate development company Magnolia Quality Development Corporation.