Imagine walking through Jakarta at midnight, a city that never sleeps, filled with neon lights and bustling life. Suddenly, a vision emerges: Indonesia as a hub for innovation and development in the creative industry in the era of the metaverse. In this world, young Indonesian designers create virtual fashion worn by avatars globally, and local game studios release world-renowned titles.
How promising is this industry? According to research by Allied Market Research in December 2022, the total digital clothing market will grow from $498.7 million in 2021 to $4.8 billion by 2031. In 2023, the global metaverse gaming market is valued at $51 billion and is expected to grow at a CAGR of 38.2% to reach $1,300 billion by 2033. Nearly half of this market, or 48%, is dominated by metaverse gaming hardware.
Based on our research for a book on Indonesia’s Metaverse ecosystem, Indonesia is well-positioned to carve out a niche for creative content in the global Metaverse supply chain. The reasons are twofold: Indonesia is currently experiencing a demographic bonus phase, dominated by a young generation, and the country is rich in cultural diversity. Here are some strategies to realize this vision.
Source: Modern Diplomacy