What is Metaverse Thailand?
Metaverse Thailand is a decentralized community platform powered by blockchain that encompasses non-fungible tokens (NFTs). In this 3D virtual world, users can buy or sell virtual lands and spaces within the metaverse. Users may also visit, interact, and play classic games with their friends. Unlike many other metaverses available today, Metaverse Thailand doesn’t focus on the gaming and pleasure aspects. Instead, it offers business services within the platform and acts as a bridge between virtual gaming and virtual offices.
The map of Metaverse Thailand is made up of a digital representation of Thailand landscapes. The 1st phase of the platform is based on a map of the Thonglor-Ekkamai neighbourhood. Thonglor-Ekkamai is chosen as the main map in Metaverse Thailand because it’s considered a tourist destination and the most sought-after place in the country. The land can be bought and sold by users. Landowners can earn a living on their land, plus the platform, independently. In the future, owners will be able to put a building on their land and add details like a link that connects to their storefront in the real world. There will also be a Creator system where designers can design various buildings.
History of Metaverse Thailand
Metaverse Thailand was developed by A Plus Fintech Pte Ltd., a financial technology company that focuses on the investment and adoption of Blockchain and Cryptocurrency. The founder of the platform, Paul Wan, is a Fellow Chartered Accountant of the Institute of Chartered Accountants (England and Wales). He’s also a practising member of the Institute of Singapore Chartered Accountants (ISCA), the Managing Partner of Paul Wan & Co., the President of IFA Capital Group, the Co-Managing Partner of InterAsia Capital Asset Management Inc (IAC), and one of the founding members of Morison Group Accountants and Business Advisors.
The team also consists of experienced professionals, including Parin SathianPagilanagorn as the Project Coordinator, Opas Cherdpunt as the Marketing Team, Dome Charoenyost as the Developer Team (Blockchain), and Pongsakorn Udombua as the Developer Team (GIS).
The aim of Metaverse Thailand is to tackle current gaming problems like one-sided governance, lack of ownership, and insecure storage and exchanges due to centralised servers. In addition, the team also wants the platform to serve as a tool to promote Thailand’s tourism industry and working platform in the future.
Metaverse Thailand has received support and enthusiasm from the NFT community in the country ever since its release. In 2021, the platform secured a number of notable partnerships, including Tokenine, Multi-technology Expert, and i-bitz company limited.
Popular Areas in Metaverse Thailand
At the time of writing, Metaverse Thailand has one main area, Thonglor-Ekkamai-Sukhumvit, which is mapped to the real-world Thonglor-Ekkamai in the heart of Bangkok, Thailand. This area is chosen to be the main map in Metaverse Thailand because of its popularity in real life. Just like in the real world, the digital version of Thonglor-Ekkamai will also be a centre for real estate development, entertainment, business, and tourism.
Types of Property in Metaverse Thailand
- Level 0: Geometric Land - The map of Metaverse Thailand is a digital representation of Thailand landscapes. In its first phase, the map only covers Thonglor-Ekkamai but will expand to other areas in the future. The areas are divided into 4x4 hexagons per block. The Thonglor-Ekkamai neighbourhood has 89,000 blocks in total. Users can sell and/or buy these blocks.
- Level 1: NFT Land - Virtual land ownership in Metaverse Thailand is decentralised and secured, meaning that the transaction is safe without a need for intermediaries between buyers and sellers.
- Level 2: Virtual Businesses - The virtual office in Metaverse Thailand will have a business address in Singapore. This is done to make sure that owners can reach their business anywhere in the world. Thus, users will be able to maintain a professional network with a specific business address and access the global communities even though they’re not present in Singapore.
Native Tokens Used in Metaverse Thailand
Metaverse Thailand uses three tokens: MUSD. MUSD is a fractional-algorithmic stable coin used for interactions and transactions. Users can use it to purchase or develop lands. MUSD will be used for other features like gaming, land staking, and avatar customizing in the future.
MUSD is collateralized by a utility token and Stablecoin, META and Binance USD (BUSD). The dynamic collateral ratio automatically modifies the proportion between META and BUSD that support MUSD at 1 US Dollar according to the quality of such collaterals.
META token is Metaverse Thailand’s governance token that represents rights. It can be used to vote (DAO), generate coins, and trade.
Top 3 Reasons to Invest in Metaverse Thailand
- The first metaverse in Thailand - Metaverse Thailand is the first decentralized virtual world based in Thailand. It’s still in its early phase, with new and better features added regularly. There’s still a lot of space for further development. Users who buy early before the platform becomes mainstream and the price soared will be able to reap more benefits and income in the future.
- Growing popularity - The popularity of Metaverse Thailand continues to grow. In November 2021, over 3,300 users ranging from 15 to 33-year-olds were already on the platform, and the number will continue to grow.
- Opportunities to grow business and earn income - With a focus on virtual businesses, there are many ways users can earn a steady income by owning land in Metaverse Thailand. For example, those who own a virtual office on the platform are offered business incentives.