Why the UAE could be the hub of the metaverse

Why the UAE could be the hub of the metaverse

04 May 2022 – Khaleej Times – www.khaleejtimes.com

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Imagine taking a virtual stroll with your loved ones, and perhaps even shop on the way? Your avatar is life-like. The new reality is that humanity is making rapid strides on the web that it is constantly evolving – the experiences transforming from the mundane to the exciting.

Dubai companies like Emirates, Damac and others are already betting big on the space. Many more are expected to join the pack. Dubai, in fact, has spelt out its ambitions in the space and wants to become the major metaverse hub of the region and the world. The city is laying the foundations for the next phase of humanity’s virtual future with extended reality (XR).

Dubai World Trade Centre launched MetaIncubator, the first metaverse incubator in the Middle East, the Ministry of Health and Prevention (MoHAP) has developed a new metaverse platform, allowing people to access medical care and receive health-related support virtually. In the private sector, Dubai-based metaverse startup Eikonikos has already recently raised $2 million in pre-seed funding. Action in this space heating up.

To understand the metaverse it’s important to start with Web 1.0 in the late nineties and early 2000s that boomed and went bust with dotcoms. Then came Web 2.0 riding on social media and myriad apps. The metaverse is the latest iteration of the World Wide Web as we know it. We will call it Web 3.0 and it’s quickly gaining traction among people and businesses in the UAE.

So what is the metaverse and how does it work? Simply put, it creates a new environment where users are virtually connected with their family, friends, pets, favourite items and experiences — it transports them to the next generation of social interactions.

Dubai said it will work with private sector companies and investors to create a futuristic, human-centred version of the city that capitalises on opportunities thrown up by the metaverse.

Spelling out plans, Dawood Abdul Rahman Al Hajri, Director General of Dubai Municipality, spoke of the One Human Reality concept that will soon become a reality

“One Human Reality is the meeting point or integration between two worlds: the metaverse and the world we are currently living in together,” Al Hajri said.

In this virtual-reality space, users will interact with computer-generated environments and other people. At its broadest, it combines elements of social media, augmented reality, virtual reality, video games, cryptocurrencies, and other advanced technologies. The metaverse could provide nearly $800 billion in revenue by 2024, Bloomberg Intelligence estimates show.

“Residents could be joined by friends in other parts of the world in the form of avatars on a virtual walk through a city park. Similarly, simulated time travel to historic moments or immersive tours of landmark destinations may be other metaverse applications,” said Al Hajri.

In this virtual-reality space, users will interact with computer-generated environments and other people. At its broadest, it combines elements of social media, augmented reality, virtual reality, video games, cryptocurrencies, and other advanced technologies. The metaverse could provide nearly $800 billion in revenue by 2024, Bloomberg Intelligence estimates show.

“Residents could be joined by friends in other parts of the world in the form of avatars on a virtual walk through a city park. Similarly, simulated time travel to historic moments or immersive tours of landmark destinations may be other metaverse applications,” said Al Hajri.

Some of the leading firms in the UAE are investing big in this disruptive world as users spend maximum hours in the virtual world be it for gaming, shopping, social interactions and so on.

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