The metaverse has recently become a buzzword in both the world of technology and business economics. Of course, the presence of this virtual space still needs to be tested in the future.
However, for some, the metaverse is undoubtedly a new universe.
The metaverse is seen as an evolution of the ways and media to enjoy audio-visual content. Looking back, television may have been the only medium to access such content. Over time (and technological developments), new media such as smartphones, laptops and tablets have emerged.
WIR Group is one of the few companies in Indonesia that has long been involved in the world of technology, especially virtual reality (VR), augmented reality (AR), and artificial intelligence (AI). WIR Group claims to have handled more than 1,000 clients in 20 countries. The company just made an initial public offering (IPO) in the capital market last April.
In simple terms, the metaverse is a three-dimensional virtual world that allows users to interact with each other. This definition will certainly evolve again along with the metaverse technology that will be created.
The term metaverse gained popularity after Mark Zuckerberg, founder of Facebook, announced to change the name of his company to Meta last October.
However, the name metaverse has actually been around since 1992 - when Zuckerberg was still in elementary school. Meta itself in Greek means after or beyond. Meanwhile, verse is short for universe-or universes.
The shape of the metaverse
Not only is the definition of the metaverse still a matter of debate. The form of the metaverse will also vary, depending on the creator.
According to Daniel, the metaverse is the development of AR, VR and AI. Notably, VR is a technology that allows users to enter the digital realm. Meanwhile, AR is the technology to see a virtual character or avatar in the real world.
In this sense, the metaverse is a virtual realm with people in it each having their own character. For example, a person who identifies himself as a man with black hair, a brown suit, and blue jeans. When joining the space, that person can meet, interact, explore, and even transact with others.
WIR Group itself has developed the DAV Smart Kiosk with Alfamart for their outlets in tier two and three cities. Through a vertical screen-like device, it is possible to take photos with an avatar while ordering goods. Meanwhile, through Mindstores, Alfamart presents a virtual store.
On Lee, Chief Executive Officer and Chief Technology Officer of GDP Labs, told Fortune Indonesia that the metaverse is a platform built on a blockchain foundation.
According to him, in order to be a winner in the metaverse world, the player who has the most complete components will be the winner. The components are not only content, but also hardware, networking and payment.
From there, it's no wonder that Meta acquired Oculus VR Inc. in 2014 for US$2 billion. Then, Microsoft acquired Activision Blizzard, the maker of the movie World of Warfare and the game Candy Crush for US$68.7 billion, as well as the largest merger and acquisition (M&A) in gaming history.
Companies are venturing into the metaverse
A number of companies both domestically and internationally have expressed their intention to venture into the metaverse. Most recently, Standard Chartered acquired virtual land in Sandbox, a blockchain-based virtual gaming platform.
Many large banks and financial services companies have entered the metaverse recently, such as JP Morgan, HSBC, and Fidelity Investments. HSBC, for example, chose to partner with Sandbox to step into the metaverse. Meanwhile, JP Morgan and Fidelity collaborated with Decentraland, a 3D game platform.
Domestically, PT Bank Mandiri (Persero) Tbk has said it will develop a metaverse business. Then, PT Bank Negara Indonesia (Persero) Tbk said it would build a digital ecosystem in the metaverse. Meanwhile, PT Bank Rakyat Indonesia (Persero) Tbk will build a virtual branch office to serve customer needs. A number of these state-owned banks will work with WIR Group.
That does not include a number of companies, including: Sony, Starbucks, Disney, Tencent, Baidu, Huawei, Microsoft, Nike, Samsung, and many others.
Even so, the potential economic value of the metaverse cannot be underestimated. Citibank estimates that the metaverse has a potential value of US$13 trillion with 5 billion users by 2030. Meanwhile, Goldman Sachs and Morgan Stanley both believe that the metaverse has the potential to be worth $8 trillion.