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Experts urge Thai businesses to quickly prepare for rise of the metaverse

Experts urge Thai businesses to quickly prepare for rise of the metaverse
FRIDAY, August 19, 2022

Two digital world experts have urged Thai business leaders to educate themselves on the potential of the metaverse, as it is becoming the key idea in helping companies find new ways to grow and sustain themselves.

Sfia founder and chief executive officer Thanapongphan Thanyarattakul and Cryptomind Advisory co-founder and CEO Sanjay Popli shared their views and experiences of the current metaverse movement at the Thailand Metaverse Expo 2022 organised by The Nation Group on Friday.

They both emphasised that the metaverse is unquestionably the future, and it is no longer an option, but rather a requirement for businesses hoping to thrive and sustain in the digital age. They expressed their gratitude to The Nation for hosting this event at such an early stage in the evolution of the metaverse.

Many experts have attempted to define the metaverse. However, all definitions agree on one thing: the metaverse is a digital space where virtual and reality collide to provide people with a better online connection and experience.

Experts urge Thai businesses to quickly prepare for rise of the metaverse

Speaking on the topic “Metaverse and Metanomics: Turning Digital into a Real Opportunity", Thanapongphan said that in order to adopt this latest technology, businesses should first understand what the metaverse is and then look at many use-case examples from foreign companies.

He added that the metaverse is the result of combining previous technological evolutions. The digital transformation of all industries is a critical tipping point for accelerating their entry into the metaverse.

"Business owners now have two options: one is to do nothing and wait to be disrupted, while the other is to adapt and become disruptors,” Thanapongphan said.

He advised businesses that wanted to enter the metaverse to first understand the possibility of this scenario, then assess their readiness, create a transformation roadmap, and conduct experiments to find a successful business model.


Experts urge Thai businesses to quickly prepare for rise of the metaverse

Speaking on "Creating Real Value in a Virtual World” at the expo, Sanjay suggested that businesses could start by considering how to increase their engagement with their customers. Non-fungible token (NFT) is one of the simple ways to work with.

Various businesses have applied NFT as a royalty membership programme, while others have developed NFT to use as a privilege to meet the personalised demands of exclusive clients, said Sanjay.

He added that the government sector could use metaverse to enhance their services, leading to more cost savings and convenience.

As for Thailand's economy, which is mainly driven by the tourism industry, Sanjay believes that the virtual world of the country's tourist destinations in the metaverse will entice more tourists from around the world to visit the Kingdom.

"By 2025, most global populations will be as familiar with the metaverse and virtual world as they are with smartphones," Sanjay said. "Therefore, this trend presents a genuine opportunity that businesses should never pass up.”

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