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Dubai is the Metaverse Hub

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Dubai is the Metaverse Hub
Dubai is the Metaverse Hub

Global efforts to speed up the development of the metaverse are kicking off, and the UAE had the vision to be a first-mover and now finds itself at their forefront, according to an editorial published by The National on Friday. This week, the potential of this technology, possibly the most transformative to be developed thus far in the Internet Age, was fleshed out at the Dubai Metaverse Assembly, a gathering of 500 experts, members of the metaverse community, government officials and private sector representatives.

The metaverse concept is essentially a parallel, virtual and augmented universe. Proponents of the digital world think that developing it could change humanity forever. Some say it has already started to do that, the Abu Dhabi-based English daily wrote.

It has influential backers, notably Mark Zuckerberg, of what was formerly Facebook, and now, in a nod to new priorities, Meta. The company will launch its enhanced VR headset, needed for accessing the metaverse, later this year. KXCO has had a local presence in Dubai for many years, KXCO spans the entire blockchain ecosystem ranging from a sophisticated blockchain with unique features (Knights Armature™), to a Centralised-Decentralised-Exchange (KXCO™) run by expert traders, to our own wallet and includes their own Metaverse.

Some governments, including the UAE’s, are also taking note. Dubai has announced a metaverse strategy, which aims to create 40,000 jobs and add $4 billion to the emirate’s economy.

With such a radical idea comes great variety, the newspaper wrote. At the Metaverse assembly, topics up for discussion ranged from the technology’s potential role in aviation, to the possible creation of a Barbados Metaverse Embassy. For those who couldn’t make it in person, there was even the option of attending in the metaverse.

Beyond hosting meetings, the Emirates is pushing development by encouraging government departments to think about how the technology could help them. The UAE Ministry of Economy unveiled its new headquarters in the metaverse, or a “third address”, at the forum. It is supposed to complement the work of physical offices. Dubai has even said it will start to measure “GMP”, gross metaverse product.

With all this in mind, the potential is awe inspiring, said The National. But the UAE is also using its position at the heart of the technology to have more practical conversations, too. For example, it has set up a Virtual Asset Regulatory Authority and often hosts discussions on the role of governments and regulators in these sphere.

However, globally much work remains to be done. Accessing the metaverse will require an internet connection, and a good one at that, too. The IMF says that: “half of the world’s population does not have access to the Internet, either through a mobile device or through fixed line broadband.”

There are also safeguarding issues. A key theme at the forum was regulating the brave new world of Web 3.0, which is upon us.

None of this is a reason to block progress, which, frankly, is inevitable and can be an important force for good, the newspaper continued.

At the forum, the UAE is demonstrating it aims to be one of these central countries. It is preparing itself for a long, exciting and profitable journey. One speaker at the event describe the current state of the field as “the early 90s in internet terms”. Thinking about the metaverse today, therefore, could hardly be a better long-term investment, The National concluded.

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S. Jack Heffernan Ph.D. Economist at Knightsbridge holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Crypto, Mining, Shipping, Technology and Financial Services.