Thailand’s Metaverse Is A New World

Some individuals just paid $450,000 to be Snoop Dogg’s neighbor but in the metaverse. This parallel world incorporates everything that appears virtually, from digital art to virtual worlds. It may even be substituting some real-world activities, such as hanging out or working.

Virtual land in the metaverse is like real estate that can be purchased and sold or even leased by NFT enthusiasts who perceive profit potential. Using a map of digital representations of Thailand’s landscapes, users may purchase, sell, name, and develop their own land in M Vision’s Metaverse Thailand.

Similarly, Chiang Mai’s introduced “Chiangmai Crypto City (CCC),” a groundbreaking idea that integrates the metaverse into the city’s development plans and aggressively seeks self-proclaimed metaverse enterprises to set up business in their yard.

No more long-haul flights as passengers may now visit different places with few clicks.

The dawn of the secondary world

Many people believe that the lines between the actual and virtual worlds are already thin as a result of virtual reality and the digital economy. As a result, the metaverse allows individuals to display their NFTs acquired in the digital world.

The Global Industry Analysts Inc said that the global metaverse market is anticipated to reach USD194.4 billion this year and will grow 4 times to $758.6 billion by 2026 due to the surge in interest in virtual spaces used for leisure and work during the pandemic.

Despite the fact that the metaverse market in Thailand is still in its early phases, both the public and private sectors are excited about it. After all, Thailand is a leader in 5G technology and eCommerce.

Currently, the metaverse matches with the Thailand 4.0 program, a program that aims to develop a value-based economy via the use of creativity, innovation, and technology. Big Thai companies such as CP Group and Siam Piwat have already integrated the metaverse into their business strategy.

Furthermore, the most well-known Thai canvas shoe and sandal manufacturer, Nanyang Group, supports metaverse by establishing a landmark site in Metaverse Thailand that will provide fashion goods for individuals to purchase and wear in the game’s virtual environment.

Digital asset platform, Zipmex, has added significant changes to Thailand’s NFT market by partnering with big companies in different industries such as True Group, Siam Piwat, GMM Grammy The Standard, Thai Airways, and SC Asset, in launching an NFT platform called Zixel.

Aside from local firms, a Singapore-based NFT production studio, NF1, picked Thailand as the key site for SouthEast Asia’s NFT marketplace, emphasizing Thailand’s promising future in the metaverse.

Hyper-Connected Future

The BOI or Board of Investment is working closely with relevant institutions to help Thailand rise as a leading country in the metaverse world by incorporating different supportive measures such as tax exemptions and non-tax incentives under Category 5.10.

The Board of Investment is also offering both tax and non-tax benefits to the creative industry, digital, and tourism businesses, in order to best utilize the country’s diverse knowledge assets in order to create artisanal products and services as well as digital content that appeals to global audiences.

In addition to existing efforts to strengthen Thailand’s status as an innovation center, the Board of Investment’s new strategic plan aims to elevate Thailand into the elite league of advanced technologies with a focus on the BCG model, the wellness and medical sector, research and development, and S-curve industry.

Source: Bangkok Post

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