Home Insights Interviews Here’s how Metaverse can contribute to the economy UAE can secure its position as a global and regional hub with Metaverse opportunities, says Juwan Lee, founder and chairman at NexChange Group by Gulf Business April 10, 2022 Is Metaverse more than a hype? Essential Metaverse development has definitely started to leverage outside hype curves. Companies operating in Metaverses and Web 2.0 and scaling their services to the virtual realm have proven that technologies develop steadily, speeding blockchain adoption and overall digital innovation. The UAE has launched the world’s first Metaverse customer happiness service centre in the health segment. How do you see this initiative? Healthtech is an industry where most of emerging technologies bring a lot of value. User and customer experience taken to another level, especially when it comes to looking after one’s health, is an amazing opportunity and of course an important step forward for Dubai. Which other industries can be expected to embrace Metaverse? We are already witnessing how Metaverse spearheads industries like gaming, retail, event management, fashion, art. I’m sure we’ll see more breakthroughs in the non-fungible token (NFT) sector for entertainment and music, applications of GameFi and what they do for building gaming communities, in real estate, in marketing and communication. How can Metaverse contribute to the economy? Metaverse is decentralised by nature, so it’s a key to enabling what we call the creators economy. In brief, it helps eliminate middlemen and connect artists and content creators directly with their audiences, adding value to the economy and business models where people benefit from their own creations. Finance wise, decentralisation brings many opportunities for the DeFi sector to be adopted and ensures financial inclusion. Can you explain NFTs and their relevance with Metaverse? NFTs are essentially pillars and key assets of the Metaverse asset flow and ownership. Being a digital representation of basically anything in the form of a token, NFTs can be collectibles, or art pieces, or luxury goods, or pieces of virtual land, or rewards, even entry tickets. The distributed nature of blockchains makes NFTs difficult to hack. They are unique and can be purchased with digital assets that are in circulation within Metaverses. How are NFTs and crypto helping Metaverse evolve? Crypto is a financial backbone of Metaverse, and the whole digital asset market has been steadily growing in capitalisation over the past years. It enables a smooth flow of a decentralised financial system, but what is essential here is a proper infrastructure. What opportunities does Metaverse provide for the businesses based in UAE? Interest and passion for adopting and applying cutting edge technologies in the Middle East has been increasing over the past few years. Businesses are 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 decentralised autonomous organisations (DAOs) bring to the table. Is Metaverse ready to deal with the challenges of security? What kind of regulations are needed to make it a safer place? The Metaverse environment is still in its early stages, and for those working and communicating within cyberspace it is crucially important to make sure that this environment is healthy. Users there make use of digital identities, and many would naturally choose to be anonymous. Basically, anyone can be what they decide to be, and this is an important part of artistry. For example, we had an amazing independent artist performing at MetaWeek Summit – Paris, who is a top singer and she defines herself as MetaWoman. I believe that relevant governance models will prevail, and communities and companies operating in Metaverse will establish balanced and appropriate security standards, protecting users of all genders, investors and their identities and personal data. Read: Here’s how blockchain has revolutionised the regional financial sector Tags cryptocurrency metaverse Nexchange Group NFTs Technology 0 Comments Share Tweet Share Share You might also like Create Apps in Dubai launches, aims to triple number of app creators by 2025 Netflix tests idea of expanding gaming service to televisions These are the top 8 cybersecurity predictions for 2023-2024 Does Apple’s pay later service require iOS 16.4?