Here’s how the Metaverse contributes to the economy:

Is the Metaverse more than a hype?
The development of Essential Metaverse is definitely beginning to take advantage of the outside of the hype curve. Companies operating on Metaverses and Web 2.0 and extending their services to the virtual realm are demonstrating that technology is steadily evolving, accelerating blockchain adoption and overall digital innovation.

United Arab Emirates has launched the world’s first Metaverse Customer Happiness Service Center in the field of health. How do you see this initiative?
Healthtech is an industry where most emerging technologies bring a lot of value. Taking the user and customer experience to another level, especially when it comes to health care, is a great opportunity and, of course, an important step forward for Dubai.

Which other industries can you expect to adopt the Metaverse?
We have already witnessed how Metaverse is leading the game, retail, event management, fashion and art industries. We are confident that we will see more breakthroughs in the non-fungible token (NFT) sector for entertainment and music, GameFi applications, and building a gaming community in real estate, marketing and communications.

How can the Metaverse contribute to the economy?
The Metaverse is inherently decentralized and is the key to achieving what is known as the creator economy. Simply put, it helps eliminate intermediaries, connect artists and content creators directly with viewers, and add value to the economic and business models that people benefit from their work. On the financial side, decentralization offers many opportunities for the DeFi sector to be adopted and ensures financial inclusion.

Can you explain the relationship between NFTs and the Metaverse?
NFTs are essentially the pillars of Metaverse’s asset flow and ownership and are important assets. NFTs are basically digital representations of everything in the form of tokens, so they can be collectibles, works of art, luxury goods, virtual lands, rewards, and even admission tickets. The decentralization of the blockchain makes it difficult to hack NFTs. They are unique and can be purchased with digital assets in circulation within the Metaverse.

How do NFTs and cryptos help the evolution of the Metaverse?
Crypto is Metaverse’s financial backbone, and capitalization of the entire digital asset market has grown steadily over the past few years. It enables the smooth flow of a decentralized financial system, but what is essential here is the right infrastructure.

What opportunities does Metaverse offer for UAE-based businesses?
The interest and passion for adopting and applying cutting-edge technology in the Middle East has grown over the past few years. Companies are keen to expand outreach not only geographically but also virtually. The UAE can secure its position as a global and regional hub with metaverse opportunities by combining the benefits of DeFi, GameFi, NFT, and Decentralized Autonomous Organizations (DAOs).

Is Metaverse ready to address security challenges? What regulations do I need to make a safer place?
The Metaverse environment is still in its infancy, and it is very important for people working and communicating in cyberspace to ensure that this environment is healthy. The users there are using digital IDs, and many users naturally choose to be anonymous. Basically, anyone can be what they decide, which is an important part of artistry. For example, there was a great independent artist playing at the MetaWeek Summit – Paris. He is a top singer and she defines herself as Meta Woman. With relevant governance models prevailing, we believe that communities and businesses operating in the Metaverse will establish well-balanced and appropriate security standards to protect all genders, investors, and users of their identities and personal data. ..

read: Here’s how blockchain revolutionized the regional financial sector: