The report claimed Web3 and the metaverse could boost Asia’s economy by a huge margin.
Deloitte has published a new research report claiming that almost $1.4 trillion could be added to Asia’s economy by the metaverse. It stated that investments in technology needed to be continued for the next five to ten years to achieve the target by 2035.
Using the example of the app Zepeto which has more than 300 million users, the report recognized the growing popularity of the metaverse in Asia, where users have increasingly become more aware of the benefits of the metaverse and have been using it more for a variety of activities. It cited India, Hong Kong, and Singapore to be creating a positive regulatory framework for users to engage in the metaverse and also stated that the biggest economies in Southeast Asia have witnessed a lot of progress in innovation using Web3 technologies.
The report also stated the huge benefits of the metaverse in Singapore, which could add almost $17 billion to the country’s economy by 2035. Being a key financial hub in Asia, Singapore has been the headquarters for the operations of several Web3-based companies. Many Deloitte top executives have reiterated their confidence in Singapore’s potential to be a hub of Web3 technologies in the future.