The famous future of the internet and maybe the world of technology, the metaverse, is coming into our lives faster than we are expecting and it’s time for us to join in.
The Massive Potential Of Metaverse
Estimates of the value of the market over the next 15 years vary globally between €10 trillion and €30 trillion underscoring the massive potential of the new platform and Dubai is planning on becoming a world leader.
The City’s Metaverse Strategy aims to increase the contribution of the sector to the emirate’s economy to €4 billion by 2030.
From creating jobs to enhancing technology trends and opening up business opportunities, the plan is to enhance the economy.
The strategy is seeking to implement metaverse technologies that can help improve the performance of resident surgeons by 230% and increase the productivity of engineers by 30%, in addition to helping 42,000 jobs become virtual.
Consumers on board
MasterCard’s annual digital payments index report has illustrated consumers are on board with the changing times.
MENA East General Manager at Mastercard, J.K. Khalil, said they saw a 67% growth in digital payments, and adding the metaverse to that kind of matrix and ecosystem is going to create even more opportunities.
“Our partners are asking us a lot of questions about the metaverse, whether they’re fintech, whether they’re merchants, whether they’re banks. They’re all equally excited and curious about metaverse and having very constructive discussions about these partnerships going forward.”
Researchers say a quarter of us will spend at least one hour a day in the metaverse for work, shopping, education, social, and/or entertainment by 2026.
Ownership changes the model
Sarcopenia is a Dubai-based company that helps brands and organizations to understand new technologies like Web3 and harness opportunities to reach consumers.
Jérémy Density, Managing Partner MENA at Scopernia said the area of interest today is the metaverses that allow you to own things.
“So you create something, you own it, you buy a shirt for your avatar. You can actually resell that shirt to someone else. If you want to buy land, you can buy land. You can actually purchase and own the land and then resell it.“
He added that tangibility completely changes unit economics.
“It means new business models, new ways for people to invest, new ways for people to build business models. So, of course, you need a strategy for it. And that touches people like you and me, you know, individuals, but it also touches organizations…opens a whole new realm of possibilities.”
Stay curious
Briar Prestidge is the CEO and founder of the Prestidge Group. She says describing the metaverse right now is a bit like describing the internet back in the 1990s. She recently spent 48 hours in the metaverse to learn more about virtual reality, what brands are currently doing, and the different things available across platforms.
“As an entrepreneur, I always try and be future focussed with my businesses. And again, just from my perspective, Web3 and the metaverse are just the next continuations of the internet. So every company, in my opinion, will become a Web3 company. So, I wanted to start experimenting and explore it for myself.”
She added that through her experience she is really encouraging people to stay curious and start participating in the metaverse.
Earlier this year Dubai’s Virtual Assets Regulatory Authority became the world’s first regulator aiming to provide a framework for financial entities to operate in the metaverse, including, among others, the bank and state services, demonstrating their commitment to becoming a key player in the virtual world.
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