The Metaverse is a collective virtual open space, created by the union of virtually enhanced physical as well as digital reality. It is physically persistent and provides magnified immersive experiences. Activities that take place in isolated environments like buying digital land and constructing virtual homes, participating in a virtual social experience, etc. will eventually take place in the Metaverse. The adoption of Metaverse technologies is still at the primary stage.
The metaverse is a three-dimensional, hyper-realistic, virtual-reality space where users interact with other users in computer-generated environments such as shops, learning environments, and meeting rooms, among others. It combines elements of social media, augmented reality, virtual reality, video games, and other advanced technologies.
Creation of business opportunities by Metaverse-
Following are the various opportunities created by the metaverse in various industries:
-Higher education, medical, military, and other types of trades can now deliver a more immersive learning experience. There is no need for the creation of their own infrastructure, as the Metaverse will provide the framework.
-Virtual events, have gained huge popularity over the last two years, and further present more integrated offerings.
-Retail can extend its reach to an immersive shopping experience that allows for more complex products.
-Enterprises can achieve better engagement, collaboration, and connection with their employees through virtually augmented workspaces.
-Social media can now move to the Metaverse, where users can interact through three-dimensional avatars.
Following are the impacts of Metaverse in the UAE-
During the World Government Summit, Dubai Municipality shad announced that it will create a digital twin city of the emirate in a virtual world.
Dubai plans to become a key player in the virtual world and is developing a regulatory and legislative framework for the same It is also launching projects and initiatives that will further raise its stature in the virtual world.
Dubai’s Virtual Assets Regulatory Authority (VARA) said it had entered the metaverse with the establishment of its Metaverse HQ, making it the first regulator to have a presence in the emerging digital space.
Expanding VARA’s resources to a borderless audience is part of Dubai’s strategy to create a prototype decentralized regulator model. It also aims to make it accessible to government and industry leaders, other authorities, and virtual asset service providers to help shape the future digital economy.
Metaverse is decentralized by nature thus helping in eliminate all middlemen and connect directly with the audiences, adding value to the economy and business models where people benefit from their creations. Finance-wise such decentralization brings many opportunities for the Defi sector to be adopted and also ensures financial inclusion.
Privacy will be threatened because the metaverse will potentially collect a lot of personal data on every user, including eye-tacking, physical reactions, and haptics.
Protection for children will be a matter of concern as they will immerse themselves in the metaverse which will harm their psychological health.
VR hangovers, post-VR sadness, and cyber addiction will be major issues that will be faced in the near future.
Many people don’t have equal access to the technology that is required to join the metaverse, including handsets, headsets, and connectivity
Is a virtual act a crime or not is still the question for which no legal framework has been provided.
Desensitization to violence, racism, and misogyny will create total chaos for which there is no proper solution.
Using virtual avatars to navigate the metaverse will lead to identical hacking, so protecting THE identities will be critical.
Interest and passion for adopting and applying cutting-edge technologies in the Middle East have been increasing over the past few years. Businesses are now keen on expanding their outreach not only geographically but also virtually. UAE can secure its position as a global and regional hub with metaverse opportunities, combining advantages that Defi, GameFi, NFTs, and decentralized autonomous organizations (DAOs) bring to the table.
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