Indonesia is not left behind, when Metaverse is growing

Jakarta, CNBC Indonesia - The growth of digital technology and communication encourage the presence of new technology like metaverse. The Minister of Communication and Informatics, Johnny G. Plate assesed that metaverse is currently growing rapidly and Indonesia is not left behind because there are companies that is developing this technology.

"We predicted that in 2026, a quarter of world population will spend at least one hour of their time in metaverse. It is driven by the rapid adoption of metaverse technology both on global, regional, and national scale," said Johnny at the official broadcst, Thursday (19/5/2022)

He said that country such as China, South Korea, and Barbados have start exploring metaverse development policies as an integral part of their country.

China starts exploring the metaverse policies in Shanghai's development plan, Barbados also announcing initiative of building digital embassy in metaverse," he explained.

Based on Gartner study in 2022, South Korea started building "metaverse alliance", consist of industial sector and will build "metaverse academy" by the end of 2022. This academy will produce forty thousand metaverse industrial expert in 2026.

Various global technology companies like Meta, Microsoft, Epic Games, and Tencent, already developed research and development, product, and bussiness line related to metaverse.

"Some ASEAN countries like Vietnam, Singapore, and Thailand, already started working metaverse project in their country. In Vietnam, an NFT game company achieved a market cap of 8 billion US Dollar on metaverse related cryptocurrency project," said Johnny.

In addition, BuzzAR company based in Singapore also acquire a facebook VR simulation game and creating gaming experience on metaverse. SHR Ring company on Thailand has also begun to review a research related to digital identity on metaverse.

Indonesia, according to him is also not left behind. Currently, the development of the readiness of the metaverse ecosystem continues to be encouraged by various parties, including the private sector.

"For example, WIR Group company is working with Meta," he explained

The current development of metaverse is currently happening at the midst of various global economic challange, both caused by covid-19 pandemic, pressure due to military action in Eastern Europe, and monetary policy of the US Federal Reserve which has just raised its interest rate which have impact on slowing economic growth or stagflation in the United States and other G7 countries.

He assessed that in the midst of existing challange, many country is struggling on economic recovery.

"As a result of increasing economic volatility, distrubance in economic supply chain, and imported goods inflation," He said

The impact is felt in many country, both in industrial country, emerging market, even LDC (Least Developed Countries). Even so, he is optimistic that Indonesian economy will be able to grow with the right economic policy.