MQDC, a property firm owned by the Chearavanont family, plans to launch its first metaverse project called Idyllias, starting with its large mixed-use residential project The Forestias in the second quarter of this year.
Parut Penpayap, project director of MQDC Idyllias, said Idyllias would be Thailand’s first metaverse and would create an economic impact by connecting the real and virtual worlds.
“There will be a lot of opportunities and new careers extending from our metaverse project, which will eventually drive the economy,” he said. “These careers will be involved with design, the entertainment industry, health, suppliers, real-world goods, digital goods and virtual goods.”
Mr Parut said the metaverse represents a new generation of the internet based on Web3, where a more open, transparent and secure online world will play a critical role in the future and introduce new economies by 2030.
He said these economies include the education-technology market worth US$429 billion, the smart home market ($329 billion), the artificial intelligence healthcare market ($188 billion), gamification experience ($70.4 billion) and direct-to-avatar commerce ($55 billion).
“The largest will be virtual real estate, estimated at $1 trillion, where new-concept commercial projects will be developed,” Mr Parut said. “Metaverse will redefine mixed-use projects with comprehensive digital twin offerings of both physical and virtual projects.”
The first property project in MQDC’s Idyllias metaverse is The Forestias, a mixed-use residential project built on 398 rai on Bang Na-Trat KM7, valued at 125 billion baht.
After it is launched in the second quarter, he said all customers can experience smart living solutions, direct-to-avatar commerce, and gamification options, while merchants can expand their sales channels through virtual stores on Idyllias.
“The next project will be Cloud 11 on 27 rai near Udom Suk skytrain station, with other new mixed-use projects in our pipeline,” said Mr Parut. “We will expand the customer base and drive global market share by acquiring digital users worldwide.”
MQDC Idyllias is under development to enhance usability. It will connect to the Translucia metaverse, created and operated by T&B Media Global (Thailand), a company focused on entertainment content and animation.