Despite Singapore being a hub of crypto investment, Singaporeans are the most sceptical about the metaverse in South East Asia. With fears around data privacy manifesting in uncertainty, brands looking at the market have the opportunity to lead with education to help ease concern and wariness.
According to a survey conducted by Milieu Insight looking at attitudes towards the metaverse across South East Asia, Singaporeans stand out as less optimistic about the virtual reality. When asked to describe their emotions about the metaverse, the most common response among Singaporeans is ‘uncertain’. In comparison, the most common response among respondents in other South-East Asian countries is ‘interested’. What’s more, when asked what’s driving negative emotional responses to the metaverse, ‘concerns over data privacy and security’ rank highest, followed by ‘it jeopardises real-world relationships’. With The Monetary Authority of Singapore cracking down on crypto-advertisement – despite investment in Ethereum being popular among investors – wary attitudes towards tech advances are felt at a policy level, too.
The metaverse is leading the cultural conversation, with its decentralisation offering people a new frontier to exist in. While pay-to-earn models such as Axie Infinity engage people via emerging monetary options, Singapore’s high median income – around S$4,500 per month – may explain the lack of interest when compared with other South-East Asian countries, where income is lower, that may be excited by these financial opportunities. As the metaverse grows, discourse around data privacy signals a future where organisations could have a deeper insight into users’ emotions, too. To ease fears, brands can focus on transparency to build trust and a feeling of safety. “People will be looking to technology to realign and become more human and ethical and show that it has humanity’s best interests at heart,” says futurist Elodie Marteau.