ABU DHABI, UAE: There is a “digital paradigm change” happening across the GCC. We’ve seen the rise of blockchain technology and digital assets with the shared goals of decentralizing communities and broadening people’s access to investment opportunities.
The Metaverse is the most innovative investment regional and global players are investing in. Although, still new Metaverse is becoming popular rapidly, and its market is expected to grow to above a trillion dollars in the upcoming years.
Most recently, the ADGM Arbitration Centre has announced the launch of a world’s-first service that hosts mediation in the metaverse.
This service will revolutionize the delivery of mediation across the globe immediately transforming the court-annexed mediation scheme conducted by ADGM Courts into the next generation approach to mediation.
Mediation enables parties to negotiate a settlement of their dispute with the utmost confidentiality with an impartial mediator; it is a consensual process where a decision is not imposed upon the parties.
Early settlement of disputes through mediation helps preserve business relationships and frees up company resources, allowing organisations to focus on core business priorities.
By using the latest Web3 technology available, ADGM’s “mediation in the metaverse” service will provide a more immersive experience, enhancing virtual mediation by allowing the participants to access a 3D office space.
In May 2022, panelists at the TOP CEO Conference in Dubai discussed the challenges of the Metaverse, can the GCC residents from the Metaverse, and how it will help businesses grow.
“The Metaverse: A Fad or a Revolution” session aimed to answer some people’s concerns about the Metaverse. Is this hype that will eventually die down or a pointer to a profound technological revolution? How should companies harness the power of the Metaverse? What are the right strategies? What are the key elements to know from projects to investment, speculation to a long-term strategy?
Partner, Enterprise Solutions and Cloud at KPMG Fady Kassatly focused on the problems that Metaverse is trying to resolve, particularly in the GCC.
On the other hand, Director at Sorbonne Centre for Artificial Intelligence (SCAI), Valerie Hawley, explained: “We have a broad panel of use cases for the technology but what we see is that everything is conversing into the Metaverse from AI to mobility to other more significant sectors.
Governments also thrive in the Metaverse
Futurist-in-Chief and Chief of Global Affairs, Dubai Future Foundation, Noah Raford, mentioned that the government’s responsibility is to care for the public and encourage happiness and success of everybody in the society, including the private sector”.
He added in the panel: “That’s why when we look into the metaverse, it is essential to look beyond the investment projections and start looking at it as a reflection into the social and environmental transition that will occur in the region and that will also make the world a better place to live.”
Founder of Futurous, Philippe Blanchard, clarified that artificial intelligence and Metaverse are changing our laws with nature. He added: “we can do things now faster and in a different environment and overcome new challenges.”
Blanchard explained: “technology and metaverse are changing our relationship with time and the environment we live in.”
In the upcoming decade, the Metaverse may experience a technological revolution akin to the one that ushered in the modern Internet in the 1990s. It has changed how people gather, interact and spend money, creating a unique virtual life experience.
And as the “Metaverse” worlds continue to expand, every aspect of real-world human activity will be replicated in the virtual world. This means that people may spend more time there in the future, as they can chill out in their virtual homes, play games and sports with friends from all over the world, hold virtual meetings and shop at stores on the other side of the world.
In conclusion, the central concept of the “Metaverse” is freeing cultures and mixing them through simple and rapid interaction between the residents of different continents. This allows regular users to easily view more extensive data for other users, as the issue will not be limited to viewing personal data and pictures. Instead, information on the virtual world’s living elements, which are meant to be realistic, will be open to all users.