The metaverse is a 3-D immersive environment that seamlessly combines the real and the virtual worlds to provide a space within which users may live out their lives. This may be to work, relax, consume entertainment, play games, socialize, or to engage in activities with others as you do in offline spaces. In all these cases, entry to the metaverse is dependent on internet access and having the right kind of headgear. At present, the most notable and impressive metaverse platforms are The Sandbox and Decentraland. Despite having attracted a significant userbase, they have yet to fully realize the complete vision of the metaverse.
The metaverse differs from 3-D games in that the metaverse: (i) is ongoing and operates ceaselessly; (ii) contains many different activities that occur simultaneously; (iii) is open and accessible to all; (iv) encompasses a fully functioning economic system; (v) has broad scope that extends to include both the virtual and the real worlds; (vi) can operate cross-platform; and (vii) includes content and experiences that are produced by the users themselves. In addition, the structure of the metaverse is such that it can be viewed as a seven-stage value chain. Alternatively, it can be thought of in terms of its primary components that fall into the two principal groups of technology and infrastructure. Though most have yet to be fully developed, these can be subdivided into fourteen supporting pillars.
Despite its infancy, companies in a broad swath of industries, including those in retail, beauty and fashion, restaurants, entertainment, banking and finance, education, and even the public sector, are now investigating how they might transition their activities to the metaverse. Meanwhile, Thai developers have also announced that they are developing their own domestic metaverse platforms.
Nevertheless, considered through the PESTEL framework, while the metaverse benefits from the help provided by many supporting factors, its development faces problems with regard to access to and development of the requisite technology. Given this, it is expected that it will take at least another 5-10 years before the metaverse sees widespread adoption, with players in the gaming, entertainment, and advertising industries most likely to offer metaverse services initially.
Krungsri Research believes that for banks and providers of financial services, the virtual economy will become their playing field. Banks, however, will need to adapt to offer products that are related to digital assets. In addition, it will be possible to use the metaverse to improve both customers’ and employees’ experiences, even if banks will at the same time need to develop new models for assessing risk.
In 1999, the famous science-fiction trilogy The Matrix prompted audiences to ponder the question of what they would do if it turned out that everything that they did—their work, their hobbies, and their travel—was nothing more than an illusion taking place within the virtual world of the Matrix. People asked themselves whether, if the real world was in fact awful, dark and filled with hopelessness while the virtual world was beautiful and brimming with joy, which would they pick? Would they stay in a virtual world where life was perfect, or would they want to face a darker reality as they tried to free themselves and confront the truth?
A decade after this, technological advances allowed humans to travel for the first time to this new world, which was made accessible by putting on a VR (Virtual Reality) headset. Augmented reality (AR), which mixes the real and virtual, also began to become available through mobile and computer applications, most famously in the case of Pokemon Go. This allowed gamers to use an app to collect virtual Pokemons that were hidden around the real world, though at this stage, VR and AR technology had found only limited applications, most of which were connected to gaming, and because of this, uptake rates were low.
Over two decades later, the release of the previously unexpected fourth installment of The Matrix in 2021 coincided with the emergence of the technology needed to allow individuals to live out their life in the VR world of the metaverse, and the full realization of this possibility is coming closer and closer all the time. In October 2021, the announcement by the tech giant Facebook that it would henceforth be called Meta caused much of the world to stop and scratch its collective head, asking “What’s the metaverse?’’ Following this, in January 2022, Microsoft announced the purchase of Activision Blizzard, a major games company, with Microsoft CEO Satya Nadella justifying the acquisition with the observation that games will play a major role in the development of metaverse platforms, indicating that this second tech giant plans to develop a presence in this space.
When tech giants begin to stir and move, people begin to sit up and pay attention, and apart from wondering just what the metaverse is, people are asking what else they know, or do not know, about it? How will life and work be transformed by the metaverse? Do you need to use money in the metaverse? And providers of financial services, such as banks, are also wondering what their role will be in this new virtual world.
Although at present, there is no formal fully agreed-upon definition of the metaverse, it is a three-dimensional environment to which people connect via the internet and which seamlessly mixes the real and the virtual worlds. This allows metaverse users to exploit the metaverse as a space within which they can work, relax, consume entertainment services, play games, meet, chat, and engage in shared activities with others, just as they would in the real world from a first-person point-of-view that situates them in an environment that is filled with other objects, again just like the real world. This, together with high-speed internet access, is at the heart of the metaverse, but to enter the virtual world and to have this experience, users need to put on a VR headset or VR glasses, and so these are a crucial prerequisite for participating in the metaverse.
The term ‘metaverse’ first appeared in the science fiction novel Snow Crash, published in 1992 and written by the American author Neal Stephenson. The novel is set in the 21st century during a period when society, the economy, and the government have all collapsed, an event to which the population respond by escaping into the metaverse (a compound of ‘meta’, meaning above or beyond, and ‘verse’, from universe). In the novel, the metaverse is a three-dimensional environment within which users are represented by an avatar and which they access through the internet and special glasses, similar to the VR headsets that are now appearing on the market. It is also noteworthy that within Stephenson’s virtual world, cash has been replaced by encrypted electronic payments that are similar to the cryptocurrencies that have come to prominence recently.
A decade or so after the publication of Snow Crash, in 2003, the computer game Second Life brought the world a step closer to realizing the metaverse. This provided users with access to a three-dimensional world, and having created their own avatar, users could then explore this space and meet and socialize with other participants. This was a PC-based experience, and so moving around and engaging in activities within the Second Life world required use of a keyboard and mouse. In this world, participants were able to engage in economic exchanges that were mediated with the ‘Linden Dollar’, a virtual currency for use within Second Life that was also exchangeable in the real world. Unfortunately, technical limitations meant that the experience of using Second Life fell a long way short of being a full simulation of reality.
Although Second Life was hampered by the technological limitations that prevailed at the start of the millennium, two decades of progress mean that the current situation has moved on enormously, especially with regard to the internet, the development of which may be split into three phases. Web 1.0 describes the pioneer period from the 1990s through to the start of the 2000s. During this period, users accessed content via personal computers, viewing images or reading text that was delivered from particular servers. As technological change gathered pace, Web 2.0 swiftly emerged to cover more-or-less the whole world. The clearest change that occurred during the transition to Web 2.0 was the prominence of social networks, in which users could connect and communicate. Although at first Web 2.0 was accessed through personal computers, the importance of mobile phones rose rapidly. At the same time, it became easier for users to become content creators, and this allowed Web 2.0 to become the era of the ‘influencer’. The ceaseless advance of technology means that we are already moving out of this period and into that of Web 3.0, which is marked by the use of artificial intelligence (AI) and blockchain technology[1]. In this period of the development of the web, in addition to consuming and creating content, users will be able to build and use their own software and to own and exploit a range of different types of digital assets[2]. Web 3.0 will also support the full emergence of the metaverse (Table 1).
The Decentraland platform, which offers access to a virtual world, is one of the results of the overlap between the Web 2.0 and Web 3.0 eras. Decentraland users can create avatars that they use to move around within the virtual world, play games, and meet and chat with other users, making the experience similar to that offered by Second Life, though with much better and much more modern graphics. Users are also able to purchase land and other assets within the virtual world and to hold ownership of these in the form of NFTs[3], with purchases made using the platform’s own MANA currency. Buying and selling digital assets is made convenient as the platform is built on the Ethereum blockchain. This facilitates the making of transactions with digital assets and allows for the extension of future transaction capabilities. Decisions are enforced and automated through the use of smart contracts and DAOs (Decentralized Autonomous Organization[4].) One of Decentraland’s strengths lies in the ability it provides to users to manage events and to build networks, although users may be distributed through servers and so they may not meet every time they enter the system[5]. Overall, though, Decentraland represents a further step towards achieving the vision of the metaverse.
In addition to Decentraland, The Sandbox offers an experience similar to the idea of the metaverse. The platform uses 3-D voxel graphics and is built on a blockchain that allows users to buy and sell land within the virtual world. The Sandbox’s principal attraction, nonetheless, is the large range of games that it offers. Since most users are also gamers, this makes it an attractive proposition. Purchases of assets may be made in The Sandbox using the SAND digital currency, and objects created within the platform are automatically converted into NFTs. At present, The Sandbox has a 62% market share of all land for sale in the metaverse[6] and has partnered with over 50 businesses, making it the market leader among metaverse offerings.
Other metaverse-like platforms that are currently in operation include CryptoVoxels, known for its many digital art galleries, Roblox, which attracts an average of 47 million users a day, and Somnium Space, which offers a very attractive 3-D environment. However, in one way or another, these platforms all fail to qualify as full metaverses since they lack one or more of the metaverse’s defining characteristics. These will be discussed in the following section.
Ball (2020) has summarized the major features of the metaverse that distinguish it from 3-D games, as follows:
Although the metaverse has its roots in the worlds of gaming and entertainment, in the future, uses for the metaverse will expand to encompass much of daily life, including communication, work, education and training, and even tourism and participating in events with others. Considered as a value chain and analyzed in terms of core activities, as per Radoff (2021), there are seven major levels to the metaverse as described below, arranged from those in the most downstream position, where users will connect with and experience the metaverse, or what might be considered its demand side, through to upstream positions that support the operation of the metaverse, or what might be called its supply side.
Level 1: Experience. This includes gaming, participating in virtual events, and spending money and making purchases in the virtual economy. This is the level at which most users will interact with the metaverse.
Level 2: Discovery. Users will encounter the possibilities offered by the platform through: (i) inbound channels, such as users looking for information relating to experiences themselves as they occur, using search engines, or being spurred to act by social pressures; and (ii) outbound channels, such as advertising and push notifications.
Level 3: The creator economy. This allows users to become creators who can easily produce new content and experiences for use within the metaverse, and then to retain ownership of this without restrictions on their coding ability.
Level 4: Spatial computing. This allows user movements in the real world to be faithfully represented within the virtual world, thus helping to bind the two together more tightly.
Level 5: Decentralization. Unlike the situation imagined in the films The Matrix and Ready Player One, at the heart of the idea of the metaverse is the belief that it should not be under the control and management of any individual or organization. This also implies that metaverse platforms should implement cross-platform interoperability and their internal economies should be robust and competitive.
Level 6: Human interface. This includes hardware to communicate with the user, such as VR glasses or other headwear, mobile phones, smart gloves, and other devices that will no doubt appear in the future.
Level 7: Infrastructure. This extends to encompass 5G networks, cloud computing systems, and the electrical system needed to support the user experience.
In addition to being viewed through the framework of value chains, research by Lee et al (2021) shows that the metaverse can be considered in terms of the two aspects of technology and ecosystems. This is thus discussed below.
1.Technology: This is composed of eight primary pillars.
2. The metaverse ecosystem is built from six pillars.
Regardless of whether one views the metaverse through the lens of value chains or of its component parts, the present level of technological development is not sufficient to support a fully life-like metaverse experience. With regard to both users and the metaverse ecosystem, questions remain unanswered with regard to management and oversight, and even with the exponential pace of technological development, it will take at least 3-5 years for the separate parts of the jigsaw to fall into place, and only subsequent to this will it be possible for the metaverse to gain wider acceptance and use.
Although the prospect of the metaverse’s full realization remains somewhat distant, we can begin to see component parts taking shape, and these will ultimately coalesce into a virtual space that seamlessly connects to the real world. This may be what Mark Zuckerberg sees, and his vision is sufficiently clear that he feels confident to tie the future of his one-trillion-dollar company (THB 34 billion, or roughly twice the size of the entire Thai economy) to an idea that at present remains distant and which many dismiss as little more than an online game.
Who is preparing to step into the metaverse?
In February 2022, Gartner forecast that by 2026, a quarter of the world population would be spending at least an hour a day in the metaverse to work, spend, study, communicate, or consume media and entertainment[16], meaning that within just 4 years, there would be at least 1.5 trillion metaverse users globally[17]. This surprising outlook is, however, in accord with research by Emergen Research, which indicates that by 2028, the global metaverse market will be worth USD 829 billion (around THB 27 trillion). The most valuable segment will be hardware (including headsets), and around half of the market will be located in North America[18].
In addition to Facebook and Microsoft, which have already been clear that they see both their company’s and the world’s future tied up with the metaverse, major corporations worldwide that are active in industries outside the gaming and tech worlds are also steadily revealing plans to enter this market and to try to secure for themselves as large a slice of the cake as possible. Examples of these are given below.
The retail sector appears to be responding rapidly to the emergence of the metaverse, with the American retail giant Walmart announcing plans to sell all manner of virtual items, including electrical goods, toys, home appliances, sports equipment, clothes, home decorations, and many other product categories. Indeed, it could be said that Walmart is simply cloning its offline shops into the metaverse. The company has also released a video demonstrating how to make purchases in the metaverse, and although responses to this have been somewhat muted by the fact that the current user experience fails to live up to expectations, in the future, Walmart plans to expand its activities to include issuing a digital currency (the details of this are not yet clear) and to trade in NFTs[19].
In addition to opening shops within the metaverse, some brands are currently moving into the sale of virtual fashion goods. For example, RTFKT, which has been bought by Nike, sells virtual shoes as NFTs, while Gap, Under Armour, Skechers, Balenciaga and Adidas have all announced that they too will begin selling NFT virtual clothes, and extending these sales into the metaverse should be relatively straightforward. Beyond this, L’Oréal has also registered trademarks for 17 types of virtual goods that it will sell through cosmetics brands that are part of the L’Oréal group. These include perfume, hair-care products, and cosmetics, all for use in virtual environments including the metaverse[20].
RestaurantsAt the start of February 2022, the fast-food giant McDonald’s applied to register trademarks for the retail of virtual and physical goods. The company has also set up a virtual restaurant that also offers home delivery services, and has filed for trademarks covering the organization of on- and offline concerts. In a similar manner, Panera Bread, an American bakery, has filed applications for comparable trademarks, though it takes the US Patent and Trademark Office around 8-9 months to consider these, and so it waits to be seen what the outcome of this will be[21].
The entertainment industryA large number of artists and performers have seen the potential of the metaverse as a way of organizing concerts and other events. Warner Music has therefore constructed an online music world within The Sandbox, where it can host virtual concerts[22]. This platform has been used to host virtual concerts by other performers, including Snoop Dogg[23], who has said that he will establish a record label for the distribution of music NFTs[24]. Likewise, the South Korean music giants YG Entertainment and SM Town have announced that they are forming a strategic partnership with Binance, a major global cryptocurrency exchange and provider of multichain linking services, to set up a metaverse platform and to develop NFTs for fans of musicians on these labels[25] [26], while SM Town is also building SM Town Land on The Sandbox[27]. At the same time, executives from the family entertainment industry giant Disney have shown that they have a clear vision of how the metaverse will open future opportunities for their company[28].
Finance and BankingJP Morgan, America’s largest bank, has opened a ‘lounge’ on Decentraland to respond to strong interest in the metaverse among its clients. This points to the business potential of the virtual world, especially with regard to sales of virtual property, for which prices doubled in just six months in the second half of 2021[29]. This coincided with the start of interest in Thailand in buying and selling land in the metaverse, which followed on from the announcement by SCB10X (part of the SCB group) that it had bought virtual land in The Sandbox and that it intended to establish a head office there during 2022. This will then be used for activities including hosting talks, seminars, and exhibitions of NFT arts created by Thai artists, meeting with executives virtually, and providing banking services through a virtual branch office[30]. Data from MetaMetric Solutions shows that sales of land in the metaverse in the form of NFTs on the four main platforms (The Sandbox, Decentraland, CryptoVoxels, and Somnium) had a value of USD 501 million in 2021 and this is expected to double this year[31].
In addition to benefiting from sales of virtual land, overseas commercial banks plan to use the metaverse as a means of reaching other goals. For example, Bank of America (BoA) has announced that it will arrange training sessions for staff to help them service clients in the virtual world. Staff will thus be trained in how to build customer relationships, how best to navigate difficult conversation, and how to listen and respond with empathy, all while using VR headwear. This will be an important step to being able to offer full banking services in the metaverse, which a corporate strategist from BoA has described a “...a massive opportunity for blockchain technology that will help to get cryptocurrencies widely adopted...” [32]
In South Korea, government agencies are active in the development of the metaverse since for many decades now, the economy has been driven by the systematic extension and promotion of the country’s soft power. The public sector’s involvement in the development of the metaverse is thus uncontentious, and the Ministry of Science and IT has set 4 goals to help it achieve this end, these being: (i) to build a metaverse ecosystem; (ii) to nurture 40,000 metaverse professionals; (iii) to support the development of 220 metaverse companies; and (iv) to ensure that the environment within the metaverse is safe for all users and that it can be used to promote the arts and culture, education services, K-pop, and tourism. In addition, there are plans to establish an institute for the teaching of Korean language in the metaverse. These 4 goals are to be realized by 2026, which would help to improve the country’s ranking of metaverse industries from their current position of 12th in the world to 5th [33]
Education
Over the past two years, the Covid-19 pandemic has forced schools and universities to dramatically extend their online activities, and so educational organizations are now able to benefit from moving into the metaverse. Indeed, some overseas universities have begun to offer courses with virtual reality elements. By using VR headwear, students are able to experience a virtual immersion in the environment being studied. Examples of this includes the University of Miami’s course ‘Religion and Sacred Space in the Era of Artificial Intelligence and Virtual Reality[34], and Stanford’s ‘Virtual People’ course, for which over half the lecture time is delivered using VR equipment[35]. In Thailand, Assumption College opened the ‘AC Metaverse’ on February 16, 2022, with this project created and developed by students using the Minecraft platform. In addition to helping students develop their skills in a range of subjects through self-study and by engaging in learning activities within the game platform, the AC Metaverse allows visitors to view NFT artworks created by students and then to bid on these through the OpenSea platform, as well as providing a virtual space hosting metaverse shops and other activities[36]. Two weeks after the opening of the AC Metaverse, Thammasat University announced the opening of the T-verse, a virtual university that is focused on the provision of education services to the Thai and non-Thai general public, allowing those interested to access research carried out at Thammasat and to see innovations produced there[37].
The Thai metaverse
Many Thai software developers and other businesses are in the process of building out their own metaverse platforms. Examples of these include Translucia, which has partnered with the real estate company MQDC to produce a metaverse platform that opened to the public during 3Q21, and MQDC is now helping to develop urban environments and real estate ventures within the Translucia world[38]. Jakaverse is another Thai metaverse platform, and this opened on February 20, 2022. The platform is built on the Binance blockchain and is focused on providing gaming, shopping, tourism, educational, and even health experiences to its users. Jakaverse uses JK as their native currency to facilitate trades on the platform and will soon begin selling virtual land[39]. Brands within the Singha group are also investing in the platform and will begin to offer food-related services[40].
The examples given above show that players from a broad range of industries supplying both physical goods and services are now rushing to stake out space within the metaverse. JP Morgan (2022) has identified the stages that companies will typically need to move through if they are interested in participating in the dash to claim territory in the metaverse.
The stampede into the metaverse by businesses worldwide has prompted analysts to call on organizations to step on the brakes. These analysts note that since nobody knows what form the metaverse will take or which platform will achieve dominance, companies may simply be responding unthinkingly to trends that might be only temporary.
To better understand the development of the metaverse in the Thai context, an analysis of the latter using the PESTEL framework is given in Table 2 below. PESTEL is an acronym that identifies the various lenses through which the analysis is carried out, these being the political, economic, social, technological, environmental, and legal. These show that while there is a significant number of factors supporting the development of the metaverse, important challenges remain. Chief among these are the state of technological development and inequality of access to this, and at present some components of the metaverse are still at the stage of being ‘incubated’. In light of these limitations, it is likely to take another 5-10 years before the metaverse begins to play a significant role in the day-to-day lives of the general public, though among early adopters, especially for applications related to gaming, entertainment and advertising, the metaverse will arrive earlier.
It is clear that the advent of the metaverse will trigger another technological earthquake that will have significant impacts on day-to-day life. However, although early tremors may be felt in some areas in advance of the main event, the prospect of a Matrix-like integration of the metaverse into everyday life remains a distant prospect, and it will likely take at least 5-10 years for the metaverse to really begin to be felt. For much of the population then, time remains for a gradual acclimatization to this changing future.
As described above, JP Morgan (2022) has identified the stages through which a business should go when assessing the opportunities that might lie within the metaverse. This advice however might not be entirely applicable for banks since their major economic role is to act as financial intermediaries. However, economic thought related to the metaverse emphasizes the need for the virtual economy to be decentralized and disintermediated, and so the question then becomes, ‘Will banks have a role to play in the metaverse?’
If one compares the various functions and activities of the banking sector with the components of the metaverse, it can be seen that the greatest overlap occurs in areas related to the virtual economy and the direct application of the metaverse to banking operations, as described below.
In conclusion, whether one is talking about the metaverse, digital assets, or the blockchain, technological change remains rapid and relentless, but this should act as a stimulus to businesses and regulators to overhaul their operations. Likewise, this should spur on the development of human capital, which otherwise runs the risk of being left behind by the unstoppable rush of 21st century technology, ending up as nothing more than a relic from an earlier and now forgotten age, and reduced to being a curio in a virtual museum, somewhere in the metaverse in the future.
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