Asia Tech 2023: Exploring the Intricacies of AR/VR, Metaverse & Web3

The metaverse offers a realm of boundless possibilities for crafting innovative content and captivating experiences that cater to the ever-evolving needs of consumers. Within this vast virtual landscape, a convergence of media, advertising spaces, and digital assets takes shape, providing fertile ground for creative exploration and engagement.

In addition, the world of Esports and gaming is on the brink of a remarkable transformation within the metaverse and Web3. As decentralised gaming gains traction, it becomes essential to comprehend the profound influence it holds. This paradigm shift empowers secure and transparent transactions, facilitates the trade of digital assets, and enables the creation of immersive experiences.

Such was the topic discussed at the Asia Tech x Singapore (ATxSG) held at Singapore Expo from 7 to 9 June 2023. The event serves as an unparalleled platform where visionaries, experts, and enthusiasts from diverse sectors come together to explore the latest tech trends, tackle pressing challenges, and unlock countless opportunities.

Touching on eSports, Gaming, and Content Experiences in Web3, Metaverse, and AR/VR
The world of Esports and gaming has witnessed tremendous growth and innovation in recent years, with millions of players and spectators engaging in virtual competitions and immersive gaming experiences. However, the emergence of the metaverse and Web3 technologies is poised to revolutionise this industry even further, opening up new dimensions of possibilities and transforming content experiences in unprecedented ways.

And the emergence of Web3, the metaverse, and augmented reality/virtual reality (AR/VR) technologies have opened up exciting possibilities for transforming content experiences in the ever-evolving digital landscape. These transformative technologies have the potential to revolutionise the way we consume, interact with, and create content, offering a new paradigm of immersive and interconnected experiences.

This was discussed at length during both panel discussions held during the last two days of Asia Tech 2023. At the first panel discussion, titled "Transforming Content Experiences in Web3.0, Metaverse and AR/VR", professionals in their respective fields were present to give their views, including Ralph Aligada, Head of Games and Esports from Globe; and Aneirin Flynn, General Manager from Eleos Labs. The session was moderated by Virat Patel, Managing Director from Pioneer Consulting Asia-Pacific.

The second panel discussion, titled "Revolutionising eSports and Gaming in Metaverse and Web3", saw relevant industry experts like Don Anderson, CEO from Kaddadle; Warren Woon, Co-Founder and CEO from Xctuality Pte Ltd; Mark Chay, Executive Director, Community and Administration from Global Esports Federation; and Justin Khoo, Vice President of Business Development from PIF Nation. The session was moderated by Debbie Lee, Founder from TechStorm.

Web3 is a Proposal for a Better Internet

When it comes to revolutionising content experiences in the realms of Web3, the metaverse, and AR/VR, significant developments have taken place. Often, we discuss the disparities between Web2 and Web3. In essence, Web3 is a proposal for a better internet according to Aneirin Flynn. Its primary objective lies in granting digital property rights to users, all without delving into the intricate workings of blockchain technology. However, it is important to note that Web3 is still a work in progress, constantly evolving.

Over the past couple of years, we have witnessed a surge of dubious initiatives, ranging from initial coin offerings to non-fungible tokens (NFT projects). To be candid, many of these ventures have turned out to be subpar. The key is to discern the worthwhile endeavours from the opportunistic ones. It becomes crucial to separate the true builders from those who are merely capitalising on the current trends.

Interestingly, this rise and subsequent fall can be viewed as a positive development. The downfall of these ventures serves as a filtering mechanism, enabling us to distinguish the authentic builders from the opportunists. Moreover, there has been a notable shift away from unsustainable business models. Instead, the focus has shifted toward established and proven business models that have stood the test of time.

Many of us here are already part of businesses that have honed their strategies and understand what resonates with people. We have a grasp on what people are willing to pay for and what constitutes a sustainable business model. This knowledge now drives the construction of Web3 technologies that rely on and sustain these robust business models.

It is important to mention that this progress is also reflected in the infrastructure supporting these endeavors. We are witnessing significant developments in this area as well. Looking forward, there is great anticipation for the next two years and the exciting prospects they hold. However, in the past year, we have experienced both the rise and fall of various projects, leading us to separate the genuine innovators from those with ulterior motives.

AR, VR, and the Metaverse, Each has its own Merits
AR and Virtual Reality VR are distinct technologies with unique characteristics. On the other hand, the metaverse represents a virtual platform that facilitates social interactions. Each of these concepts has its own merits, and exploring their potential for innovation and advancement is crucial.

When it comes to AR and VR, it is important to note that there have not been significant recent advancements to showcase. However, it would be premature to dismiss their potential, as these technologies continue to evolve and hold promise for various industries.

Notably, the medical and technology sectors have demonstrated the most promising use cases for advancements in AR and VR, Ralph Aligada pointed out. In the medical field, these technologies have proven invaluable in creating immersive experiences and training simulations. Likewise, the tech industry has embraced the concept of digital twins, enabling organisations to create virtual replicas of physical objects or systems for analysis and optimisation.

It is worth mentioning that the metaverse is a multifaceted concept, with numerous iterations and interpretations. Due to the absence of a unified metaverse, it becomes challenging to pinpoint specific enhancements. While metrics like user adoption and engagement can provide insights into individual metaverse experiences, the lack of a universally accepted metaverse framework limits the depth of advancements in this area.

However, it is important to maintain an open and inquisitive mindset regarding the metaverse. As technology evolves and standards emerge, the metaverse holds tremendous potential for immersive social interactions and digital experiences. It is a dynamic space that invites exploration and the convergence of various virtual worlds.

Engaging in a Metaverse Experience is not a Novel Concept
As we delve into the intricacies of the metaverse, it is important to reflect on the initial excitement surrounding this concept. In its early days, the notion of the metaverse captivated our imaginations. However, as time progressed, it became evident that there was a lack of substantial value being provided to users. This prompts us to ponder on the true benefits these technologies offer and how they positively impact people's lives.

Flynn elaborated that engaging in a metaverse experience and simply exploring its virtual realms is not a novel concept. It has been a part of our digital landscape for quite some time. Therefore, we must question what additional value these technologies bring to the table. It is concerning to witness brands solely driven by revenue attempting to enter the metaverse space without a clear focus on delivering meaningful experiences.

Nonetheless, amidst these observations, there is cause for excitement. We are gradually gaining a clearer perspective on the future trajectory of this technology. To truly unlock its potential, we must shift the discussion towards the value we can provide to consumers. Ultimately, it is the end-users who should benefit from the advancements in the metaverse.

By directing our attention towards delivering tangible value to consumers, we can pave the way for further development and innovation in this field. It is crucial to critically evaluate how the metaverse can enhance and enrich people's lives, whether through immersive experiences, new forms of collaboration, or novel avenues for self-expression.

AR and VR Hold Promise Beyond the Realm of Entertainment
When it comes to AR and VR, it is important to acknowledge the current cost implications. In the next 3 to 5 years, it is unlikely that the cost will significantly decrease. However, does this mean that AR and VR are merely passing fads? While their applications in entertainment might have some ephemeral aspects, VR, in particular, holds promise beyond the realm of entertainment.

One of the primary challenges faced by these technologies is comfort. The current devices are bulky and cumbersome, making it difficult to achieve the level of comfort necessary for prolonged daily use. The size and weight of the technology hinder its practicality and limit its adoption. Considering this, it becomes evident that the path to widespread usage lies in miniaturising these devices, ensuring they are lightweight and ergonomically designed. Price and comfort go hand in hand, as users would not want to endure discomfort or headaches while using these tech.

Nonetheless, it is important to remain inquisitive about the potential applications of AR and VR beyond entertainment. These technologies have the capability to offer value in various non-entertainment domains. From training simulations to remote collaboration and experiential learning, VR can revolutionise industries and enhance experiences in ways that extend beyond mere entertainment.

The Key Drivers that will Propel Esports and Gaming Into the Metaverse and Web3
Mark Chay expressed that while it may be too strong to claim a revolutionisation, continuous system improvement remains a constant goal.

Technology plays a pivotal role in bridging the gap between Esports, gaming, and the metaverse. Advancements such as VR have enabled immersive experiences where users can interact with virtual environments using their bodies as controllers. The ability to seamlessly blend physical actions with virtual worlds enhances user engagement and fosters a deeper sense of enjoyment. Technological innovations are instrumental in creating experiences that users truly love.

Regulation also emerges as a key driver in the transformation of Esports and gaming within the metaverse and Web3 space. Establishing clear guidelines and frameworks ensures fair competition, protects the rights of players, and promotes a healthy and sustainable ecosystem. Regulatory measures can address concerns such as player safety, data privacy, and intellectual property rights, creating an environment that nurtures the growth and development of the industry.

Education is another driving force in this paradigm shift. As Esports and gaming continue to gain recognition, educational institutions are embracing these domains, offering specialised programmes and courses. Educating the next generation on the opportunities and skills required in the metaverse and Web3 space will cultivate a skilled workforce and drive further innovation.

Furthermore, the community's desire for equality and diversity stands as a powerful catalyst for positive change. Embracing inclusivity and fostering a sense of belonging within the Esports and gaming community are essential. By championing diversity in terms of gender, ethnicity, and background, we can create a more vibrant and inclusive environment that attracts a wide range of talents and perspectives.

Metaverse May Not Hold all the Answers, but Potentially has the Ability to Connect to Some of the Real World Applications
When we hear the term "metaverse," many of us tend to associate it with games or digital twins. However, from its inception, the metaverse has been about implementing real-world applications that are relevant and impactful, according to Warren Woon. This perspective offers a potential solution to address some of the challenges currently faced by Esports and gaming.

One of the challenges in the Esports industry lies in its revenue streams. While sponsorships continue to be a significant source of revenue, they often have short-term durations, averaging around a year. Additionally, sponsors may not always have a specific agenda beyond promoting their products. Once a product loses its popularity, sponsors may lose interest. To establish more sustainable revenue streams, Esports are exploring partnerships with real-world industries such as food and beverage (F&B) and hospitality. By integrating with these sectors, Esports aim to drive long-term revenue through real-world experiences.

It is important to note that while the metaverse may not hold all the answers, it has the potential to connect with real-world applications. By forging alliances with industries beyond gaming, the metaverse can tap into the typical consumer conversion process. This means enabling users to engage with the metaverse while experiencing real-world products and services. This connection between the metaverse and real-world applications can attract new individuals and broaden the appeal of metaverse experiences.

Imagine attending virtual concerts at hotels, exploring virtual shopping experiences, or interacting with branded content in the metaverse that seamlessly integrates with physical products. These possibilities offer new avenues for engagement and revenue generation while creating synergies between the virtual and real worlds.

Metaverse and Web3 Technologies Bring Forth Exciting Possibilities for Monetisation
VR presents a fascinating avenue for competitive gaming, and we are merely scratching the surface of its potential. The question that naturally arises is: where do we go from here in terms of monetisation?

Traditionally, tournaments and brand sponsorships have been the primary sources of revenue in the gaming industry. However, they can be unpredictable and transient, leaving much uncertainty. Don Anderson offered some comforting words that there are are numerous alternative paths to explore for sustainable monetisation.

One promising avenue is to venture beyond tournaments and brand sponsorships and delve into new realms of monetization. Consider the vast potential of in-game purchases, virtual goods, and microtransactions. These revenue streams offer a more consistent and prolonged source of income. Additionally, creating compelling and immersive experiences within VR can drive user engagement and open doors to various monetisation models, such as subscription-based services, premium content offerings, and customised virtual experiences.

Moreover, the metaverse and Web3 technologies bring forth exciting possibilities for monetisation. As the metaverse expands, virtual real estate and digital assets hold significant value. By capitalising on the ownership and trading of virtual properties and NFTs, gamers and content creators can unlock new avenues for monetisation. The metaverse offers an immersive platform where users can interact, trade, and engage in a digital economy, providing unique opportunities for sustained revenue generation.

The key lies in diversifying revenue streams, embracing innovation, and capitalising on emerging technologies. As the gaming industry continues to evolve, exploring novel monetisation strategies and keeping a finger on the pulse of technological advancements will be essential to staying ahead.

Innovation and the Desire to Embrace New Technologies are Undeniable Drivers in this Ever-Evolving Landscape
Justin Khoo concurred that the concept of evolution resonates strongly with the drivers shaping the gaming industry. At the heart of this evolution lies human curiosity and the innate need to innovate. Reflecting on the past, we can draw parallels to the scepticism surrounding mobile gaming when it first emerged. Critics dismissed it due to the perceived limitations of playing on a small screen. However, fast forward to the present, mobile gaming has surpassed PC gaming in popularity, becoming accessible to millions of individuals worldwide.

Innovation and the desire to embrace new technologies are undeniable drivers in this ever-evolving landscape. While initial resistance may exist, it is often a select few who push the boundaries, spearheading innovation and driving transformative concepts like NFTs and the metaverse. While these Web3 advancements may face criticism today, it is important to recognise that widespread acceptance is often an eventuality.

It is crucial to acknowledge that we are still in the early stages of exploring the metaverse and Web3 technologies. Many exciting discoveries and breakthroughs await us on this journey. While criticisms persist, it is important to maintain an open mind and recognise the potential for transformative experiences that lie ahead. Just as people's perceptions of mobile gaming evolved over time, so too will the attitudes towards the metaverse and Web3 technologies.

Embrace New Possibilities and Never Stop Innovating
While recent advancements in AR and VR may seem limited, it is crucial not to underestimate their potential for future development. Similarly, although the metaverse lacks a singular defining entity, we should remain curious about its possibilities and the emergence of cohesive metaverse experiences. By staying engaged and inquisitive, we can contribute to the ongoing evolution and uncover new avenues for innovation. By embracing new possibilities offered by VR, the metaverse, and Web3, we can unlock a realm of potential and forge a path towards enduring success.