KUALA LUMPUR, Oct 3 — The much-touted IP360 Metaverse Platform is expected to open to the public by the end of the year, Digital Minister Gobind Singh Deo announced today.

The Metaverse is a virtual space where people can interact with each other in a computer-generated environment and is seen as a major area of economic growth, with the global market projected to hit US$3.01 trillion by 2031.

"The IP360 Metaverse Platform will be open to the public by the end of the year, allowing users to experience it first-hand,” Gobind said at the launch of the Malaysia Digital Content Festival here.

"We need to quickly embrace this technology to ensure Malaysia stays ahead in the digital creative world,” he added.

With Asia Pacific expected to be a significant contributor, the minister called local industry players to seize the Metaverse’s opportunities.

"By quickly embracing this technology, we can ensure Malaysia stays ahead in the digital creative world,” he said.

The Malaysia Digital Economy Corporation is spearheading the initiative, which is part of the broader goal to position Malaysia as a regional digital creative hub by 2030.