Enjinstarter, a leading Web3 launchpad and advisory company, announced that it will be the local partner for LandVault as the metaverse developer expands its reach to include Southeast Asia. Together, the two companies will help organisations plan and fulfil their metaverse ambitions.
After a successful 2022, including some US$2 billion in venture funding, the metaverse remains top of mind for brands looking for new ways to engage with consumers. A recent McKinsey & Company report suggested that up to US$5 trillion in value could be generated by 2030. As Web3 and metaverse innovators, both Enjinstarter and LandVault have forged this partnership to scale their collective value creation across the region.
“We were brought together by our shared vision of how Web3 and the metaverse could revolutionise brand-customer relationships and be a force for good in the world,” said Prakash Somosundram, CEO and co-founder of Enjinstarter. “We love what LandVault is doing for the metaverse and are honoured to be its local partner in Southeast Asia. My team and I are thrilled about working with them to help make this vision a reality.”
“This is an exciting moment for us as we continue to grow our operations,” said Sam Huber, CEO of LandVault. “Enjinstarter played a key role in getting us exposure to the region. Being able to witness corporate interest in the metaverse firsthand motivated us to start working towards Southeast Asian expansion. We can’t wait to get going on helping companies across the region build the next generation of metaverse experiences.”
Enjinstarter aims to be the premier launchpad, advisory and incubator for Web3 metaverse, gaming, and entertainment experiences. Headquartered in Singapore, it has ambitious plans to help Web2 companies around the world integrate Web3 solutions. A core part of any successful Web3 offering is a presence in the metaverse. To date, Enjinstarter has launched over 50 Web3 projects and platforms since its inception in 2021.
An end-to-end metaverse builder catering to any industry, LandVault helps companies buy or rent metaverse land and build custom experiences that drive meaningful engagement. Already established as a leader in the space, the company has built over 100 million square feet of virtual experiences for a diverse range of clients, including Mastercard, Hershey’s, Standard Chartered, and World of Women. Having recently established operations in Dubai, the company now has its sights set on Southeast Asia, an area with tremendous metaverse potential.
An August 2022 survey conducted in the region found that 72% of respondents had “positive feelings” about the metaverse, while a Deloitte report on the economic impact of the metaverse stated that Asian countries would see the metaverse count for up to 2.4% of GDP by 2035. In Indonesia, the region’s largest market, this translates to up to US$50 billion in economic impact.
Southeast Asian metaverse success stories have already emerged. Axie Infinity, by Vietnamese gaming company Sky Mavis, rose to fame in 2021 with its play-to-earn gaming metaverse, while Singapore banks DBS and UOB have both established metaverse partnerships, with The Sandbox and Decentraland, respectively. Governments are also starting to jump on board, including the Indonesian government’s metaNesia initiative.
“The metaverse is only getting started as a technology and marketing channel to be leveraged by brands,” said Rishi Randhawa, Enjinstarter’s head of Web3 education solution, Afterburner. “LandVault is pushing the boundaries of what’s possible in terms of metaverse analytics and its proprietary toolkit that will spawn the growth of metaverse-native businesses.”
“We believe that over the next decade, every brand and IP will need a business in the metaverse, just like they have a business on the internet,” added Huber. “However, while we aim to get as many brands as we can into the metaverse, we also feel a responsibility to build the metaverse in a way that serves both brands and users.”