In a first of its kind, a new report prepared by the Dubai Future Foundation, together with PricewaterhouseCoopers (PwC) has identified key aspects that governments and companies should focus on to achieve success in the metaverse.
Based on the outcome of the inaugural Dubai Metaverse Assembly, held in Dubai, the report focuses on metaverse applications in a wide variety of sectors including business, communications, education, entertainment, gaming, travel, and real estate.
According to Khalfan Belhoul, CEO of Dubai Future Foundation, the report shares the knowledge revealed by global experts during the Dubai Metaverse Assembly, which was attended by around 600 technology experts and specialists from 50 countries. It was the first event in Dubai to focus on the metaverse and saw the launch of the Dubai Metaverse Strategy.
“We believe it’s crucial to share knowledge on future trends, as it allows governments, businesses, and civil society to take advantage of the immense opportunities presented by advanced technologies,” said Belhoul, adding that the report will help people understand the impact of metaverse on vital economic sectors.
Read: 5G is already paving the way to the metaverse in UAE
Solving challenges
Based on the discussions during the event, several key sectors were identified that are expected to benefit the most from the metaverse. Some, including tourism, education, government services, retail and real estate, were identified as part of the Dubai Metaverse Strategy, with the speakers adding healthcare, gaming, and sustainability to the list.
“Speakers highlighted the UAE’s approach and openness to embracing new technologies and the Metaverse in particular. Dubai was referred to as the “crypto-capital” of the world and UAE as a “test bed” for new technologies,” notes the report.
A panel of Emirati entrepreneurs stressed on identifying and forming partnerships as a key ingredient for the success of adapting the Metaverse. Other speakers stressed on formulating regulations pertaining to data protection and privacy, and cybersecurity risks of the metaverse, while stressing that regulators must wear a referee’s hat, instead of acting as gatekeepers.
The report also states that panelists at the event called on both the Government and businesses to brainstorm new use cases and explore how Web 3.0 and metaverse technologies can help them solve these challenges.
The report also shares details of announcements by companies like Emirate Airlines and DP World who shared their plans to leverage the metaverse to support in internal functions (staff training) or explore a parallel business model (virtual trade) at the Assembly.
“The message is clear – governments and businesses need to act now to prepare themselves for and reap the benefits of an inevitable Metaverse transformation,” concluded the report. “Collaboration is key to attaining success and all stakeholders in the Metaverse ecosystem must identify and form the right partnerships, without any delays.”
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