According to Sharad Agarwal, chief metaverse officer of Cybergear, Dubai citizens will soon attend government offices and do business in Metaverse in addition to living, working, playing, and socializing there.
Agarwal stated on Sunday at the MetaDecrypt Web 3.0 Summit that Dubai has long been a leader in accepting new technology.
“We have started getting a lot of inquiries from government departments and ministries to make them Metaverse-enabled. It is just a matter of time before Dubai becomes the crypto and Metaverse hub of the world – not only the region. Initial steps have already been taken, so it is a matter of time before there will be a mandate for all government departments to start the onboarding process,” Agarwal said on the sidelines of the Summit, which is organized by Khaleej Times, the UAE’s first English newspaper.
There is hard labor required, therefore you must choose the services and business model you want to use before bringing the community to the Metaverse, just as it does in the real world. As a result, it is a lengthy process, Agarwal added outside the Summit.
Recently, the Dubai Metaverse Strategy was introduced to focus on important pillars and goals in reference to Metaverse. The emirate anticipates that by 2030, Metaverse would boost its economy by $4 billion (Dh14.7 billion).
Dubai’s Virtual Assets Regulatory Authority (VARA) has set up its headquarters in Metaverse, making it the first government agency to do so.
Agarwal said that when Dubai and the federal ministries of the UAE deploy Metaverse, locals would be able to visit their offices there and conduct business.
He gave the real estate market in Dubai as an example. In the future, individuals will be able to fly like Superman to a community, examine the villas, and customize the interior design to their preferences. When they are happy, they may make a digital payment. Agarwal went on to say that it is now possible because several industrialized countries have taken the lead in this area.
He said that it will only be a matter of time before the people of the UAE do the same by using Metaverse.
During the two-day summit, experts from all over the world talked about NFTs, the Metaverse, and blockchain. They also gave in-depth analyses and examples of how they could be used.
Speaking at the Summit were prominent industry executives: Jonscott Turco, creator of HumINx and CEO of Deep Learning Labs, Emmanuel Quezada, CEO of U-Topia, Thomas Reemer, founding partner of Space Hero, Teddy Pahagbia (also known as Mr. Metaverse), founder and CEO of Druid, and others.
According to estimates, the economy of the Metaverse might be between $8 trillion and $13 trillion, and by 2030, five billion people would be present there.
“Metaverse is for every industry on the planet. The Metaverse is offering an opportunity for brands to reinvent themselves while also giving a new lease of life to the dying industry. In addition, we see that concerts are also happening in the Metaverse, “Agarwal said during the MetaDecrypt Web 3.0 Summit held at the Museum of the Future.
Agarwal continued by stating that there would be a seismic shift in how businesses conduct themselves since the Metaverse is expanding at the speed of thought.
“I can feel the tremors already because I am an early starter. Metaverse is not a magic bullet that you establish a presence and you have a RoI (Return on Investment). You need to build Metaverse first and then build a community around it. Firms have to look at RoE – Return on Engagement. Once you achieve that, then you’re on track to achieve RoI,”
– added the chief metaverse officer of Cybergear.
The gadgets that enable Metaverse are pricey, he continued, but as more businesses enter this market, they anticipate their prices to decrease.
According to Agarwal, 26 years ago, it was quite difficult to persuade businesses to build websites, but today even private individuals have their own websites. In a similar vein, the Metaverse will experience rapid expansion in the years to come.
According to Sohail Nawaz, chief digital officer of Khaleej Times, Web 3.0, Blockchain, and the Metaverse are all extremely important for publishers like Khaleej Times.
At the Summit, Nawaz said, “As an extension of our audience channel strategy, the Metaverse will play a key part in ensuring we remain relevant to new and existing audiences whilst helping our clients connect with the same.”