M Vision Plc, the organiser of Thailand Mobile Expo, is catching the metaverse opportunity by working with a Singaporean partner to handle marketing and land trade management at Metaverse Thailand project, where virtual land can be bought, traded and developed.
Metaverse Thailand, which can be accessed through the metaversethailand.io website, is being developed by A Plus Fintech, a financial tech firm headquartered in Singapore.
M Vision is in charge of virtual land trade management and marketing on the platform.
Metaverse Thailand enables users to buy, sell, name and develop the land they own, according to the project's white paper.
The platform has a map of digital presentation of Thailand's landscapes. In the first phase, the focus will be on the Sukhumvit area in Bangkok and will expand to other areas in the future.
The areas are arranged in the geometric manner of a 4x4 hexagon per block.
Users can own, sell or buy such representations in the digital platform.
Virtual land ownership is inherently decentralised and secured which means that safe transaction paradigms can be obtained via blockchain without the need for intermediaries between buyers and sellers.
According to the white paper, Metaverse Thailand aims to transcend the business world by providing tangible business services and virtual office features for the community.
Stable coin MUSD serves as the medium for transactions and interactions on the platform. MUSD is collateralised by both utility token META and stable coin Binance USD (BUSD).
The dynamic collateral ratio automatically adjusts the proportion between META and BUSD that support MUSD at US$1.
Opas Cherdpunt, chief executive of M Vision, said the platform is still in a beta version but the first phase saw the virtual land plots sold out.
Some 3,300 users are now on the platform with ages ranging from 15-33. "We are in talks with mobile operators and smartphone vendors to join the platform for future business," he said.
According to Mr Opas, the platform helps create new jobs in relation to land trade and lease, 3D property design as well as non-fungible tokens (NFT) marketplaces where creators can sell NFT land and other digital objects.
He said M vision plans to organise the "Metaverse Thailand Music Festival", which presents popular singers or bands in a virtual format capitalising on virtual reality (VR) and augmented reality (AR) technologies.
Users can borrow VR glasses or use their smartphones with AR/VR support to experience the show. Users can join the show even if they connect via the 4G network.
According to Mr Opas, metaverse will be adopted in Thailand Mobile Expo next year, which will be held in February at Bitec and in October at the new Queen Sirikit National Convention Center.
"Users can use VR glasses to shop on the Thailand Mobile Expo metaverse platform or use AR technology when shopping physically at the event," Mr Opas said.