Dubai Will Host It's First Ever Metaverse Industry Conclave In September

Dubai is all set to host an event solely focussing on the metaverse in September. Leaders all around the world are expected to attend the event and discuss how the emergence of digital space can be the next big thing. This is going to be the first ever conclave related to the metaverse industry in Dubai. Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, announced the first Dubai Metaverse Assembly, which will take place on September 28 and 29 at the Museum of the Future and Emirates Towers, according to a statement released by the Dubai Media Office on Tuesday.

What is special about the conclave?

The conclave will witness more than 300 policymakers, experts, and officials along with 40 organizations that have set their base in the metaverse. The prestigious event will also organize more than 100 workshops. “The metaverse is an exciting virtual environment. We want to use technology to improve living conditions both in the UAE and around the world,” Crown Prince Sheikh Hamdan said. They want Dubai to be a leader in the world when it comes to adopting emerging technology, understanding its developments, utilising its potential, and enacting change.

Dubai has recently unveiled the Dubai Metaverse Strategy, which intends to contribute to the creation of 40,000 new jobs in the upcoming five years as well as $4 billion to the economy of the emirates. This was unveiled a day prior to Sheikh Hamdan’s announcement. Sheikh Hamdan stated on Monday that the programme is the “next revolution in the technology and economic arena that will touch all aspects of life over the next two decades.”

How is the metaverse progressing?

Avatars, or three-dimensional representations of real individuals, can communicate with one another in the metaverse. It is a part of Web3, the subsequent evolution of the internet, whose fundamental elements include blockchain, decentralisation, openness, and increased user utility. The UAE has made a number of significant moves to incorporate cryptocurrencies and related metaverse technology into the country’s government, economy, and society.

The first statute of its kind in the emirates, the Dubai Virtual Asset Regulation Law, which founded the Vara, announced in May that it had built its Metaverse HQ, making it the primary regulator to have a presence. According to a McKinsey & Company analysis released in June, the value of the global metaverse market is anticipated to reach $5 trillion by 2030.

The statement from Sheikh Hamdan stated that the gathering “embodies the vision” that Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, has for the emirates to become “A major force behind global digital and knowledge-based economies, and an international centre for innovation and future developments.”

In order to maximise the impact of the metaverse on both real-world and virtual society, the assembly will present reports, strategies, and action plans. There will also be “unprecedented” experiences hosting official meetings in the virtual world, as well as genuine metaverse experiences in important industries including tourism, logistics, retail, education, and health care. According to Sheikh Hamdan’s tweet, Dubai plans to “harness this exciting digital world to be the fastest metropolis to adopt its applications and embrace its potential.”

CONCLUSION

The face of the tech industry has already begun to transform with the introduction of Web3 technology and the metaverse. Experts believe the internet is still in its infancy. There are immense possibilities that will be experienced in the future, creating more markets. Dubai’s initiative of organizing such global events is definitely going to give metaverse a platform and create more awareness among the people.

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