– Implementation of meta-city establishment project based on 14 major cities in Turkey
– Turkey’s Metaverse ecosystem, which is growing led by private companies
metaverse concept
Metaverse is a new word that combines meta meaning virtual and transcendence and universe meaning world and universe. Metaverse refers to a virtual world connected to real life. In other words, it is a system that enables all activities such as entertainment, shopping, and financial activities in a virtual space as a higher level concept of virtual reality and augmented reality. Specifically, it is widely used in the meaning of a living-type and game-type virtual world where reality and unreality coexist in general aspects of politics, economy, society, and culture.
Turkey's metaverse policy is in the establishment stage
Turkey's metaverse ecosystem, like any other country, is in its early stages of formation. It was the first time in January of this year that the establishment of a policy specifying the 'metabus' was mentioned in Turkey. The current ruling party, the Justice and Development Party (AKP), held the first metaverse meeting in Turkey. At this meeting, the need for policies and regulations related to the metaverse and laws related to cryptocurrency were discussed. In March, the Forum Metaverse was held, and Turkish President Erdogan gave a speech about the importance of metaverse and related infrastructure construction and technology and talent development.
<First metaverse meeting in Turkey (left) and Forum Metaverse event (right)>
[Source: Justice and Development Party (AKP) Information and Communication Technology Official Twitter Account, Anadolu Agency]
A more active Turkey metaverse ecosystem at the private level
Although the government is in the policy-making stage, local companies have already started to step into the metaverse. With the spread of COVID-19, demand for non-face-to-face services has increased, resulting in a relatively large increase in experience-oriented content. In particular, the field of culture and art is expanding, and the metaverse exhibition held at IŞ Bank or Atatürk University in Turkey is a representative example. Both institutions exhibited their own NFT works on Metaverse.
[Source: IŞ Bank, Atatürk University website]
Vodafone, one of Turkey's three largest telecom operators, has opened a virtual store in Decentraland, one of the metaverse platforms. After creating their own avatar, customers can visit the store to experience Vodafone's services and various cultural contents, and to compare Vodafone's various products and benefits. In another building next door, several companies have already moved in and are preparing clothing and perfume showrooms. However, currently, it is difficult to provide services and customer support in the metaverse completely, so if you click in the store, a device that is linked to platforms such as Instagram and Facebook is added to provide additional support.
[Source: Decenratland]
In addition, Damat Tween, a well-known Turkish menswear brand, has announced that it will present a new collection on Metaverse. While playing games at the brand's stores, consumers will be able to browse Damat Tween's new collection and purchase NFTs after dressing up as their avatars.
[Source: Damat Tween]
Metaverse of Turkiye
Metaverse of Türkiye, a private project formed by a total of 11 entrepreneurs, including Turkish developers and VR development companies, was announced in February this year. This project adopts a total of 2 cities in Turkey and plans to implement tourist attractions including the ruins of each city on the metaverse as it is, and to create shopping malls, sports stadiums, entertainment and concert venues. Shortly after the announcement, Metakent Token, a native cryptocurrency that can be used in the Metaverse of Türkiye, was also launched. From March of this year, the pre-sale of land in the metabus also began. The estimated time to complete the project is about five years, and the current investment is $14 million. The cities selected for the project are Istanbul, Ankara, Izmir, Antalya, Bolu, Hatay and Diyarbakir. Trabzon, Samsun, Urfa, Muula and Cyprus.
Likewise, in Turkey, metaverse real estate sales are active. Even if the metaverse is reality-based due to its nature, there are various channels through which real estate can be purchased when multiple platforms are built. Among them, OVR Land and SuperWorld are currently the most active in Istanbul. The average land sale price is $378 and $426, respectively. Commercial areas and landmarks in Europe, which are popular in real life, are also popular in Metaverse, so their prices are relatively high, while residential areas in Asia, which are closer to Anatolia, have low sales prices. In addition, land in major cities such as Ankara, Izmir, and Antalya is actively being bought and sold within the metaverse.
[Source: Webtekno]
implication
Turkey is also establishing policies related to the metaverse, mentioning R&D such as AR/VR/XR, and emphasizing the importance of nurturing talent. It is difficult to infer the direction and plan for the implementation of the Turkish government's metaverse because it is currently in the early stages of establishment. However, considering the examples of advanced countries, Turkey is also expected to expand technology investment and policy support for the realization of the metaverse.
However, metaverse-related NFT transactions are already taking place in a situation where policies and bills have not been announced yet. Currently, the distinction between games and platforms is ambiguous around the world, and there are no laws or regulations on the sale of assets such as real estate in Metaverse, making it difficult to prevent investment losses or damage. An official from a local Metaverse real estate transaction company said that although the Turkish Metaverse real estate market is growing rapidly, virtual real estate is sold through so many different channels that it guarantees long-term asset value among various products, even though it is the only 'irreplaceable' asset. He said he had to hide what he was doing. Metaverse real estate is highly likely to become a competitive asset with the development of technology, but it is necessary to pay attention before investing, considering that there are still insufficient devices to protect investors.
In addition, Turkey's metaverse has a platform and provider-oriented ecosystem compared to Korea. In the case of Korea, there is a system in place that provides an environment where consumers can create and consume content on their own within the metaverse content, and that consumers can create and sell content directly to generate profits. For example, Korean web designers, developers, and even college students are making and selling clothes at ZEPETO to earn extra income. However, in Turkey, the metaverse concept is still unfamiliar and diffusion is slow, so users only consume content unilaterally provided by the provider. Considering this, it is expected that there will be demand if educational software is produced and distributed in Turkey so that college students and the general public can easily access the metaverse as well as related occupations.
Finally, in order to realize the metaverse, technologies such as VR/AR are inevitably needed. However, the government is actively supporting R&D because Turkey still depends on the outside for this part. In the second half of this year, Turkey will hold an exhibition related to blockchain and metaverse for the first time. It will be held for a total of 22 days from December 25 to 4 at Istanbul World Trade Center, and more information can be found at https://blockchainexpoworld.com/.
Source: Hurriyet, AKP, Anadolu Agency, Metakent, IHA, Vodafone, IŞ Bank, Atatürk Univerdity, Artdog Istanbul, CNN TURK, KOTRA Istanbul Trade Center