MDEC wants more M’sian startups to join the metaverse & it’s offering them up to RM200K

If you’ve been on social media lately, you’ve probably seen videos of people in public using Apple’s latest Vision Pro. With it comes a resurgence of a buzzword that was popular a while back, the metaverse.

For context, the metaverse is basically a virtual space where users can interact with each other and have virtual experiences in the digital world.

But the metaverse isn’t quite as established in Malaysia. At Vulcan Post, we’ve seen a few local companies try to get the public into their metaverse worlds, but adoption seemed slow, and there hasn’t been much big news since.

Jason Low, CEO of local metaverse developer Virtualtech Frontier, explained to The Edge last December that businesses are not yet accustomed to allocating funds to the metaverse. Hence, it’s still very much in its infancy.

To rectify that, the Malaysia Digital Economy Corporation (MDEC) is offering up to RM200,000 for Malaysian businesses to join the metaverse.

Yesterday (March 5, 2024), YB Tuan Gobind Singh Deo, the Minister of Digital, officially introduced two new incentive programmes during the MDEC Digital Creative Industry Day, an annual event that gathers professionals in the digital content and creative technology fields.

In an effort to speed up the integration of Malaysian brands and intellectual properties (IPs) into the metaverse, MDEC came up with the Brand Metaverse Onboarding Programme and the Immersive IP Experiences Programme.

Here is a breakdown of the new incentive programmes.

Brand Metaverse Onboarding Programme

Under the Brand Metaverse Onboarding Programme, eligible companies can access incentives of up to RM100,000 to develop immersive and experiential virtual world content tailored for Malaysian brands. 

The projects within this initiative focus on developing a variety of digital assets, experiences, and environments within the metaverse. 

From 3D models to interactive multimedia presentations and games, the goal is to enhance user experiences and interactions within the metaverse. For example, brands who take part in this will be working to make the metaverse a more engaging and dynamic platform for users to explore.

Companies will get up to four months to complete their project.

How to apply: Submit this application form.

Immersive IP Experiences Programme

As part of the Immersive IP Experiences Programme, eligible participants can access incentives of up to RM200,000 to expand top Malaysian IPs to a broader audience through existing Web 2.0 or Web 3.0 centralised metaverses.

For context, Web 2.0 is the current state of the internet, which has more user-generated content whereas Web 3.0 the next iteration of the internet that is built on blockchain technology and is communally controlled by its users.

Businesses who choose to take part in this are asked to create immersive content featuring characters and settings based on partner Malaysian IPs.

Based on MDEC’s website, this immersive content means at least 10 minutes of gameplay with clear game objectives and a complete game loop. There also needs to be interactable elements that feature characters and settings based on partner IPs.

These immersive experiences may be built with existing traditional centralised metaverses such as Unreal Engine for Fortnite (UEFN), Yahaha, Roblox, Minecraft, Mitoworld, or The Sandbox.

Companies will get up to six months to complete their project.

How to apply: Submit this application form. 

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For both programmes, only businesses registered in Malaysia and 50% owned by Malaysian citizens (excluding Permanent Residents) are eligible. 

You also can’t be a recipient of any ongoing grants from MDEC, National Film Development Corporation Malaysia (FINAS), or MyCreative Ventures Sdn Bhd.

Perhaps with more of these kinds of incentives locally, the metaverse will grow to be taken more seriously by consumers and businesses alike.

Featured Image Credit: Colorverse