Web3.0 is here.People and businesses in the country are excited about augmented reality, which can make billions of dollars
Imagine taking a virtual walk with your loved one or shopping along the way. Your avatar looks just like the real thing. The new reality is that humanity is making rapid progress on the ever-evolving web – experience changes from mundane to exciting.
Dubai companies such as Emirates and Damac have already made big bets in this area. More people are expected to join the pack. In fact, Dubai underscores its ambitions in space and wants to be a major metaverse hub for the region and the world. The city is using Extended Reality (XR) to lay the foundation for the next stage of humanity’s virtual future.
The Dubai World Trade Center has launched MetaIncubator, the first Metaverse incubator in the Middle East. The Ministry of Health and Prevention (MoHAP) has developed a new metaverse platform that gives people access to health care and virtually access to health-related support. In the private sector, Dubai-based Metaverse startup Eikonikos recently raised $ 2 million in pre-seed funding. The action in this space gets hot.
To understand the Metaverse, it’s important to start with Web 1.0, a fast-growing, bankrupt late 90’s and early 2000’s dot-com company. Next came Web 2.0 on social media and countless apps. Metaverse, as we know it, is the latest iteration of the World Wide Web. This is called Web3.0 and is rapidly gaining attention among UAE people and businesses.
So what is the Metaverse and how does it work? Simply put, it creates a new environment where users can virtually connect with family, friends, pets, favorite items and experiences, and move them to the next generation of social interactions.
Dubai said it would work with private companies and investors to create a futuristic, human-centered city that would take advantage of the opportunities cast by the Metaverse.
Elaborating the plan, Dubai City Secretary Dawood Abdul Rahman Al Hajri talked about the upcoming concept of One Human Reality.
“One human reality is the meeting place or unification between the two worlds, the Metaverse and the world we currently live in,” Al Heili said.
In this virtual reality space, users interact with computer-generated environments and other people. The broadest range combines elements of social media, augmented reality, virtual reality, video games, cryptocurrencies, and other advanced technologies. Bloomberg Intelligence estimates that Metaverse could generate nearly $ 800 billion in revenue by 2024.
“Residents can join with friends from other parts of the world in the form of avatars as they virtually walk through city parks. Similarly, simulated time to historic moments. Immersive tours of travel and landmark destinations can be other metaverse applications, “says Al Hajri.
These futuristic use cases will require portals in public spaces and city centres, Alhaili said, adding that governments and cities need to invest in building this infrastructure as soon as possible.
The city of Dubai will soon launch a program called One Human Reality Talks, which aims to bring together businesses and investors to develop and share this new reality. This includes expert dialogue, insights, collaborative use cases, and knowledge sharing.
According to Al Hajri, humans must remain at the center of this new urban vision. AlHajri is a human need, technology feature with laws that guarantee human expectations, privacy, security and ownership of the environment.
The Metaverse includes 5G, AI, blockchain, content creation, and other elements. The core of Metaverse is to continuously optimize the user’s digital life experience through continuous iteration of XR and XR technology and equipment, as described in the latest Metaverse report. The future is here. Deloitte’s insights into the global XR industry.
Some of the big companies in the United Arab Emirates are investing heavily in this devastating world as users spend the most time in virtual worlds such as games, shopping and social interactions.
Damac makes big bets on digital assets
Damac Group will build its own digital city and become one of the pioneers of GCC. The parent company of global real estate developer Damac Properties, data center company Edgenex, luxury jeweler de-Grisogono and fashion house Roberto Cavalli will launch virtual homes, digital real estate, digital wearables and digital jewelry through the acquisition of the Swiss jeweler. de-Grisogono, Italian fashion brand Roberto Cavalli. It also offers a digital experience where you can experience a virtual treat at Mandarin Oriental Resort Boli Duffal. The group plans to invest up to $ 100 million in capital on the project.
Union Square House Launch Mansion
The Dubai-based real estate agent will launch the first Metaverse condominium in the country. In addition to ownership, investing in digital condominiums allows buyers to view their property in augmented reality and interact with other users and digital neighbors.
Founder Gaurav Aidasani said:
The adoption of non-fungible tokens (NFTs) in Dubai is snowballing. The real estate sector is considered one of the first major beneficiaries in line to benefit from Web 3.0 applications running on blockchain technology that uses decentralized peer-to-peer networks.
According to recent market data, Metaverse real estate sales are expected to reach $ 500 million in 2021 and sales are expected to double in 2022. The Metaverse real estate market is projected to grow at a CAGR of 31% from 2022 to 2028.
USH leverages Dubai’s keen investor community and a relatively young population, with or without physical, characterized by a high level of familiarity and comfort to the concept and perspective of the virtual world. We plan to develop and sell ultra-luxury digital properties as NFTs. twins.
Emirates fly into the future
Emirates plans to launch NFTs and exciting experiences in Metaverse for customers and employees, building signature brand experiences in addition to both collectible and utility-based NFTs. The first project is already underway and is expected to be launched in the coming months.
Chalhoub Group’s elegant advance
Another example of a global and local brand that takes advantage of the Metaverse is Christofle, the Maison of Silversmiths in Paris since 1830. We entered the Metaverse with the first NFT collection “925 Genesis MOOD” to be announced on May 7th. This is: Christofle Orifa Versitatis in Latin, or the city of Christofle Silversmith. Acquired by the Chalhoub Group in 2017, Christofle is known for its outstanding tableware, silverware, elegance, craftsmanship and household items made with know-how.
–sandhya @ khaleejtimes.com