According to a recent Ciena study, there may be a corporate worker migration to virtual worlds in the Philippines (NYSE: CIEN). According to the study, many Filipino workers preferred working in the metaverse than conventional offices.
About 89% of the workers who responded to the poll said that video conferencing tools had increased their productivity. According to 44% of respondents, eliminating the need for lengthy trips to work increases workplace productivity by saving time and money.
Dion Leung, regional managing director of Ciena in Southeast Asia, noted that Filipino businesspeople are “obviously comfortable with virtual meetings and, for the early adopters, ready to go to the metaverse.”
Working in the metaverse is the next step for over 90% of those surveyed, and they hoped that their firms will make it possible. They contend that because it enables teams to successfully interact and interface, “introducing virtual reality space platforms into existing work processes” will lead to a jump in productivity previously unheard of.
The transition of Filipino workers to the metaverse is anticipated to go smoothly due to their familiarity with Web 3 concepts. Because their finances were severely affected by the pandemic, a large number of Filipinos turned to trading digital assets to support their wages. The number of Filipino players on platforms hosting play-to-earn games using distributed ledger technology (DLT) as Axie Infinity was staggering.
The Philippines is leading Southeast Asia in terms of the number of transactions made on peer-to-peer digital asset exchanges. Ciena contends that this would make the transition for businesses in the Philippines to a metaverse workspace a smooth one.
Worldwide ambitions for the metaverse
Governments from all around the world are vying for the top spots in the metaverse in a mad dash. Asia’s South Korea has launched a number of government-funded metaverse projects in an effort to boost the development of the digital economy.
China, along with its Big Tech companies, has announced specific plans for virtual worlds in an effort to avoid falling behind. Dubai’s metaverse strategy intends to generate a deep talent pool for its digital asset ecosystem and create 40% of the sector’s virtual jobs. It also serves as a training centre.
The metaverse will be the next big moneymaker for economies that set themselves up to benefit, according to the theory supporting the race. According to a Citi estimate, the metaverse might have over 1 billion users by 2030 and become a $10 trillion economy.
