The Metaverse, a universe of economic opportunities? Dubai believes it

His first followers say it: it’s time to enter the Metaverse. Researchers estimate that by 2026 one in four of us will spend at least one hour a day there for work, shopping, training, socializing or entertainment.

But for most of us, this alternate digital world remains a mystery. It is, in fact, a computer-generated extended reality that includes all environments of augmented reality, mixed reality and virtual reality. Currently, it consists of spaces in which humans and autonomous entities interact.

The global market value of the Metaverse in the next 15 years could reach, according to estimates, between 10,000 and 30,000 billion euros. The potential promises to be considerable and Dubai, in particular, intends to exploit it to become a world leader in this new field.

National strategy

Its dedicated 2030 strategy aims to increase this sector’s contribution to its economy to € 4 billion and create 42,000 virtual jobs. It aims to implement Metaverse technologies that can help improve the performance of local surgeons by 230% and increase the productivity of engineers by 30%.

Big tech companies like Apple, Google, Meta Platforms – formerly Facebook – and Microsoft are developing the technologies that will shape the future of the Metaverse. MasterCard is also following the trend. Its annual report on the Digital Payments Index shows that consumers are ready to adapt to this development.

Its chief executive officer for the Middle East East and North Africa (MENA) region, JK Khalil, says his group’s figures show 67% growth in digital payments. If we add the Metaverse to this type of matrix, to this ecosystem, we will create even more opportunities, so it is very important to participate “, he says. “Our partners, be they fintech, retail or banking, are all enthusiastic about the Metaverse and are interested in having constructive discussions on future partnerships”, indicate.

New business models

Scopernia is a Dubai-based company that helps brands and organizations understand new technologies like Web3 and capitalize on its opportunities.

“The forms of Metaverse that are interesting today are those in which you can own things”, says Jérémy Denisty, MENA general manager of this company. “So we create something and it depends on us; we buy a t-shirt for our avatar and we can resell it to someone or if you want to acquire land, you can buy it and then resell it “, specific.

“It totally changes the way the economy works in the virtual world: it means new ways for people to invest and create business models”, he continues. “So obviously you need to have a strategy in this area and we are all interested, you and I as individuals, but also organizations: it opens up a whole field of possibilities”, he points out.

“The Internet of the 90s”

Based in the emirate, Briar Prestidge is the CEO and founder of the Prestidge Group. She too bets on the Metaverse. She compares it to the Internet of the 90s. She You recently spent 48 hours in this alternate world to find out what forms you take and how the brands are present there.

“For me Web3 and the Metaverse are just an extension of the Internet: in my opinion all companies will switch to Web3, I encourage everyone to stay curious and be part of it”, she assures. “I wanted to apply my principles, so I decided to launch one of the first virtual NFT collections of the Emirates for avatars, derived from the pieces of my label Briar Prestidge and presented during the first Metaverse Fashion Week in the world “, observed the young woman.

Earlier this year, Dubai’s Virtual Assets Regulatory Authority became the first regulator in the world to provide a framework for financial entities to operate in the Metaverse, illustrating the emirate’s ambition to become a key to this. digital world.

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