Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Indonesia to build its own metaverse to promote local businesses

Published 08/01/2022, 12:28 PM
Updated 08/01/2022, 09:30 AM
© Reuters.  Indonesia to build its own metaverse to promote local businesses

With a handful of regions making metaverse plays at a national level, the government of Southeast Asia’s largest economy has asked the state carrier to create a metaverse to support local firms.

In a bid to promote local firms that compete with foreign services and take back control from tech giants like Google (NASDAQ:GOOGL) and Meta, Indonesia has tasked its state carrier with exploring developments in the budding metaverse sector.

To this end, Indonesian multinational telecommunications conglomerate PT Telkom Indonesia has launched “metaNesia,” a metaverse world meant to help businesses adapt to the fast-changing online landscape. In a Sunday statement, State-Owned Enterprises Minister Erick Thohir reportedly said:

Don’t let other countries create a new world with their own payment system, while the market remains in Indonesia. Then we will regret it.
Although the details of the new initiative are still scanty, Thohir said that metaNesia would become a platform for Indonesia’s micro-, small, and mid-sized enterprises to showcase their products on the same playing field as larger foreign businesses. Additionally, organizations will be able to offer important social services like online health consultations on the platform, he said.

The metaverse is expected to include a mall for shops, service centers, and entertainment, as well as a platform for metaverse events. Later this year, metaNesia hopes to host an NFT marketplace, esports functions, and virtual meetings.

Elsewhere in South Korea, the government wants to become the fifth-largest metaverse market in the next couple of years.

Continue reading on BTC Peers

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.