South Korea is betting on the metaverse and it could provide a blueprint for others - CNBC
Other government bodies in Asia are taking notice, too. Shanghai's authorities have been encouraging public services to be built with the metaverse in mind, as previously reported by CNBC.
"Some things are happening in bits and pieces but I believe this does tell you that governments are starting to take this more seriously because it's a platform where people come together. Anything which makes people come together, it makes governments interested."
Joshi said that in China, tech giants like Tencent and Alibaba have shown a keen eye for developing metaverse products, with the latter recently investing in an AR glasses start-up.
He added that metaverse activity in Asia, much like the rest of the world, is still in its infancy, as companies invest time and money in finding the first major winning application.
Despite the growing interest and South Korea's plans, no country has emerged with a clear first mover advantage, he said.
"How governments will use it is still undecided because the entire ecosystem is still undecided. It is still being built."
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