Metaverse and blockchain in GCC

Metaverse is in the making since 90s: Expert

Metaverse is not something that came into existence with the naming of Facebook as Meta, says Futurous founder Philippe Blanchard.

As a multidimensional world extending the physical realities of our current 4D world, it is rather a product of the different waves of digitization and internet development that started in the 90s, adds Blanchard.

Metaverse can contribute $4bn to UAE economy

The UAE has jumped headfirst into the metaverse to assure its continued progression, says Faisal Hamady, MD & Partner, Boston Consulting Group.

The Dubai Metaverse Strategy anticipates that 42,000 jobs will be virtualized through the metaverse by 2030 while also improving resident surgeon performance by 230 percent and engineer productivity by 30 percent, he adds.

6G, WiFi 6, edge computing key for metaverse

The metaverse phenomenon will give wireless operators the chance to boost 5G adoption and monetize their investments, Martin Tarr of du tells TRENDS.

To expand and upgrade the metaverse, 6G, Wi-Fi 6, and edge computing capabilities will be critical. Just as the internet created safety, privacy, and security challenges, the metaverse will add even more challenges, he says.

Easy Metaverse norms to keep region ahead

There is a need for assessing the role and impact of Metaverse and Blockchain in the GCC region, says MILLION CEO Julien Hawari.

The Gulf countries still need to develop more laws since the use of Metaverse and Blockchain will expand in only some regions, something that “undermines the idea of a single, cohesive region in this sector, he adds.

UAE’s NFT market witnesses rapid growth

Many NFT investors are making Dubai their new home every day because of its zero percent personal income tax regime, amongst other big favourable factors.

Several crypto platforms have recently launched dedicated NFT marketplaces. TRENDS tries to find out which business and economic sectors have been covered by NFTs in the UAE.

Gulf countries take first steps to bank on metaverse

Like other businesses, banks are adopting the metaverse. Though it's still not popular in the MENA region, more financial institutions are planning to invest in the new technology to offer virtual experience to their users.

Payment on metaverse will take place through cryptocurrencies. NFTs and virtual goods will become popular once metaverse becomes mainstream. Therefore, it is curcial for the metaverse that NFTs and virtual property be implemented. Additionally, banks will need to accept cryptocurrency as a form of payment for these products.

Luxury brands in GCC look to metaverse for expansion

Although the technology is still new, a lot fashion and luxury brands are nonetheless entering the metaverse to add a virtual layer to their physical goods, Nick Vinckier of Chalhoub Group tells TRENDS.

Virtual fashion and technologies will enable us to reduce our carbon footprints and the strain on the planet. Fashion firms can now design a new digital fashion collection for the audience, which they can show and launch in the virtual domain on virtual models without producing additional waste and clothes, he adds.

UAE set to lead MENA metaverse

The UAE is a regional leader in deployment of digital technologies, bestowing on it the advantage to tap into the vast possibilities of metaverse.

Firms in the region are now offering better participation, levels of cooperation and communication to their staff through productive workspaces in virtual offices. TRENDS takes a look at the some of the UAE’s metaverse initiatives.

Metaverse: Opportunities vs challenges

By 2026, about 25% of internet users are expected to spend at least an hour a day in the metaverse and 30% of organizations would use it to distribute their products and services globally.

New business models must be developed to take advantage of the metaverse’s technology, says Fadi Kassatly, Partner, Enterprise Systems and Cloud Solutions Leader at KPMG. The biggest challenge appears to be that metaverse is not ready yet for the masses to digest immediately across different impactful use cases. A lot has to be figured out,…

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