Deemed as an evolution of social interactions, the metaverse offers consumers an innovative way to connect and spend some time together in a virtual space. It offers enterprises from different industries—not limited to gaming as many think—a cutting-edge venue for advertising, marketing and branding.
In a move that is consistent with Dubai’s goal of being among the first ones to fully realize the great potential of the metaverse, the city has formed the Higher Committee for Future Technology and Digital Economy to lead the efforts in metaverse development and adoption. It will be chaired by Dubai’s crown prince, His Highness Sheikh Hamdan bin Mohammed.
The committee will oversee the facilitation of Dubai’s vision of becoming a pioneer in developing and adopting the metaverse and being a global hub for emerging technology. It also envisions creating over 40,000 jobs in the United Arab Emirates (UAE) by 2030 and adding up to $4 billion in Dubai’s gross domestic product (GDP), which are also consistent with the goals of the Dubai Metaverse Strategy.
Most of these jobs will be within the sector of emerging technologies, such as blockchain, Web3, Internet of Things (IoT), AI, augmented and virtual realities (AR/VR), data centers, and cloud computing. The global technological hub that Dubai is developing is something that both start-ups, professionals and enthusiasts can look forward to.
In its official announcement, the Committee said it also plans “to attract international companies and conferences specialising in future technologies and the digital economy. Further, it will build strategic partnerships with entities working in the field of digital economy worldwide.”
Not wasting time pushing this vision into reality, the committee shall hold the Dubai Metaverse Assembly in September where 300 industry experts are expected to educate attendees about the diverse aspects of the metaverse.
It can be expected that the various challenges that are still in the way of the progress of the metaverse shall be discussed alongside updates on how these are being addressed. For instance, in terms of gadget designs, the hardware required for users to enter the metaverse is among the reasons that the metaverse is not yet ready for mass adoption.
Most consumers are still using flatscreen devices like smartphones, tablets and laptops to access the Internet and play digital games. VR headsets as hardware currently available in the market for digital immersive experiences are quite uncomfortable to wear, which turns some users off. Most devices for gaining access to the metaverse are still in the prototype stage so this is an area that would still need some breakthrough.
Connectivity is another obstacle that needs to be resolved before mass consumption of the metaverse. Higher bandwidth is necessary to make this technology work, and there are actually regions that still have poor Internet connection. This disparity gets in the way of global implementation.
Industry experts are also still undecided regarding blockchain’s role in the metaverse—some believe that it is not necessary, while others deem it a valuable foundation that it should be built on. Because most blockchains are not scalable, it is understandable why most developers think it is unfit to build the metaverse on. They simply cannot handle the massive amount of data and extremely high number of transactions the metaverse will need and generate.
As with any other emerging technology, scaling is key in order to achieve efficiency. BSV is currently the largest public blockchain that has enabled unbounded scaling. It has reached a milestone of over 20 million transactions in a single day and is handling 4GB blocks at fees ranging from 1/20 to 1/100 of a cent.
With block size and throughput getting bigger and higher, and fees being reduced further as the network scales, the BSV Blockchain is able to efficiently accommodate global data and transactions, making it perfect for the metaverse.
And because the BSV Blockchain can scale, it can be combined with IPv6 to make a true peer-to-peer network that will enable emerging technologies to flourish. In fact, 5G World Alliance Chair and IPv6 Forum President Latif Ladid recognizes that integrating IPv6 with a scalable blockchain will be “bigger than the wireless internet revolution.”
Ladid is currently collaborating with Bitcoin creator Dr. Craig S. Wright, more famously known for his pseudonym Satoshi Nakamoto, in making this a reality. IPv6 being capable of providing each individual using the Internet a unique IP address and blockchain enabling peer-to-peer transactions open direct person-to-person and machine-to-machine communication.
And this is what the metaverse and other emerging technologies need in order to be built properly. With proper development and implementation, the hurdles mentioned above may be easier to resolve. And as Dubai gears up to become one of the top metaverse economies, people anticipating the release of the metaverse may see it sooner rather than later.
Also Read: Place Your Bets on VR Metaverse And Win
