Tag: METAVERSE

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‘Global metaverse market set to double’

According to Valuates Reports, the growth of the metaverse market is expected to be aided by the expansion of the metaverse on social media platforms….reports Asian Lite News

Fueled by gaming, the global metaverse market is projected to reach $28 billion by 2028, from $510 million this year, at a compound annual growth rate (CAGR) of 95 per cent, a new report has showed.

The pandemic has hastened the evolution of the internet, resulting in the metaverse, where cyberspace becomes more of an interactive 3D space with business and networking, as well as content that corresponds to the worlds in popular games such as Roblox.

According to Valuates Reports, the growth of the metaverse market is expected to be aided by the expansion of the metaverse on social media platforms.

“Based on application, the game industry is expected to be the most profitable. In order to participate in next-generation gaming, players are venturing into the real world of metaverse,” the report noted.

Playing in the metaverse allows gamers to meet new people and expand their social circle and have portable game assets, such as avatars and weapons, that are associated with players and have value in virtual settings.

Based on type, the desktop market is predicted to be the most profitable.

“The market is expanding as video game revenue rises and the number of people who play video games grows around the world. There is a huge demand for desktop devices that can be used to play virtual reality games as the number of people who play video games grows,” the findings showed.

IBF Net to expand its miniature Islamic economy into a metaverse

The metaverse will be a social media extension that incorporates immersion, providing users with new experiences.

The metaverse will mix common social media features like collaboration, e-commerce and live events with immersive virtual reality (VR) and augmented reality experiences (AR).

This factor will contribute to the metaverse market’s continued expansion.

“Furthermore, metaverse will transform video conferencing by allowing thousands of individuals to see and hear the presenter at the same time, regardless of the number of computer screens or cameras available,” said the report.

Because of advancements in VR and AR, the metaverse is expected to aid artists in creating more interactive and immersive content.

Creators will be able to accurately translate their work, including cultural subtleties, using natural language processing and AI-powered translation tools.

Moreover, the metaverse platform records academic records using Blockchain technology.

“Transcripts, degrees, and other documentation are all private, secure, and verifiable in this way. It can also help students and professors evaluate courses by reducing paperwork and providing much-needed data,” said the report.

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Arab News Metaverse & WEB 3.0

IBF Net to expand its miniature Islamic economy into a metaverse

IBF Net to expand its miniature Islamic economy into a metaverse

The new initiative is the first-of-its-kind application of metaverse technology to create a marketplace that ensures far higher levels of consumer and investor protection and is also compliant with the faith and belief systems of over one-fourth of the global population

After successfully building and launching several platforms to facilitate transactions in the philanthropic, non-profit, and for-profit sectors of the Islamic economy, IBF Net is poised to expand its miniature Islamic economy into a metaverse with two components — a metaverse for learning and another as a marketplace, to begin with. The new initiative is the first-of-its-kind application of metaverse technology to create a marketplace that ensures far higher levels of consumer and investor protection and is also compliant with the faith and belief systems of over one-fourth of the global population.

This is also one of the few Algorand-based metaverses currently under development that is fully backed and endorsed by the Algorand Foundation.

The idea of an Islamic metaverse was originally mooted in a blog post at IBF Net which later took the shape of the primary agenda for research by a Center of Excellence set up by the IBF Net. A liberal grant by the Algorand Foundation now facilitates the development of the metaverse, says Mohammed Imad, CFO.

The project involves the creation of a metaverse that gives due consideration to the uniqueness of the Southeast Asian region in terms of its faith, culture, regulatory, and policy environment. If we define metaverse as a three-dimensional virtual environment that would enable people to interact with each other, create assets, play games, work and collaborate with each other, then the factors outlined above would have a critical role in defining its shape in a given society. For instance, the Islamic faith is practiced by 1.8 billion people across the globe of which 240 million live in Southeast Asia alone. As such, the guiding principles of the faith, known as Shariah will have a perceptible influence on behavioral dimensions in the metaverse.

According to Mohammed Alim, CEO, IBF Net, “the project specifically has two clear disruptive goals: One, it aims to create an open and meta learning place for acquiring and sharing of knowledge anytime, anywhere; and two, it purports to create an open and meta market place for buying and selling with far higher levels of information and therefore, significantly higher consumer and investor protection. It will reconfigure and convert the present miniature Islamic economy developed by IBF Net, which is a centralized (closed) community-focused system to an open system with far superior features brought in by metaverse technology.”

ALSO READ: DAMAC plans to embark into the world of metaverse

The success of the project would be measured in terms of the acceptance factor of our metaverse among the average followers of Islamic faith, given that the notion still evokes mixed reaction. It plans to demonstrate how metaverse technology is beneficial for the Muslim societies by choosing specific use cases that enhance the degree of Shariah compliance. At the same time, the solution will look beyond creating a meta-learning-place and a meta-marketplace that uses a paradigm based on blockchains and their atomic units of account becoming the means that value is ‘minted’ (created), stored, or transferred across other technologies as a form of wealth. Since digital wealth can be made programmable and represent an increasingly complex range of assets from in-game items and virtual land to loan agreements or other complex contracts, it will steadily move towards creating in aggregate an Islamic DeFi ecosystem.

On being asked what is unique and innovative about the initiative, Alim asserts that this is the only Shariah-compliant metaverse under development currently that expands the idea of a miniature Islamic economy into a metaverse. It demonstrates how metaverse technology can create better markets both in terms of informational and operational efficiency; and how metaverse technology can create more humane systems with far higher levels of investor and consumer protection.

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Arab News Metaverse & WEB 3.0

Everdome now home to FAME MMA

Everdome now home to FAME MMA

Everdome, the most hyper-realistic metaverse, is now home to FAME MMA following the company’s acquisition of land within the metaverse…reports Asian Lite News

As Everdome’s partner, FAME MMA will have access to a cutting-edge environment that uses state-of-the-art photo-realistic graphics to leave users wondering about the boundaries between the metaverse and reality.

Set to launch in three phases throughout 2022, Everdome takes users on an immersive journey from Hatta in the UAE to colonize Mars. The platform leverages Metahero’s cutting-edge 3D scanning technology and Epic Games’ Unreal Engine 5 to create a ground-breaking, ultra-immersive experience for all users.

As an Everdome partner and land owner within the metaverse, FAME MMA will have the opportunity to reach fans on an entirely new level. Leveraging Everdome’s expertise in building the metaverse, FAME MMA will elevate its engagement levels to take full advantage of the web3 experience.

FAME MMA is the biggest in Europe freak fight federation and a premier combat sports organization that hosts events for celebrities, personalities, top YouTubers, Instagram, Twitch & TikTok superstars and famous professional athletes to fight each other. Founded in 2018, FAME has run 13 large events, with the upcoming FAME MMA 14 event taking place on the 14th of May. The primary concept behind every event is to bring famous idols to an environment that you would not normally see on a daily basis, which is the octagon, to fight in front of thousands of fans in the venue and even more viewers watching the live stream available as Pay-per-view service.

Speaking about the partnership, Rob Gryn, CEO and Founder of Everdome and Metahero, said: “We’re thrilled to welcome FAME MMA into Everdome. The metaverse represents the future of consumer outreach and engagement. FAME MMA is one of the trailblazers taking early advantage of this immense and practically limitless platform.”

ALSO READ: VARA enters Metaverse

Krzysztof Rozpara, Co-founder and CEO of FAME MMA said: “As a business we want to be ahead of the curve. Partnering with Everdome and acquiring a land within the metaverse will allow us to provide our community a deeper, more meaningful way to connect with our fight events, while creatively launching group-wide activities including virtual flight events, digital avatars, and digital wearables.

Built on Unreal Engine 5, Everdome will deliver a fully immersive web experience – pulling on the talents and vision of renowned concept artists, game creators, 3D designers, Hollywood VFX specialists, urban planning professionals, a development team that has been delivering graphics and effects for more than a decade, and a marketing team that has already found bounds of success in numerous industries.

Everdome’s Phase 1 includes the pre-launch phase, set in Hatta, during which users can explore the launch room and learn more about space exploration and the journey to come. Phases 2 and 3 continue the Everdome journey, from mission launch and life aboard the vessel, through to landing and settling on Mars.

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-Top News Dubai UAE News

VARA enters Metaverse

Sheikh Hamdan said the Virtual Assets Regulatory Authority’s presence in the Metaverse marks the beginning of a new phase in the Dubai Government’s march for the future, reports Asian Lite Newsdesk

Dubai’s Virtual Assets Regulatory Authority (VARA) announced its entry into the Metaverse with the establishment of its Metaverse HQ in the dynamic virtual world of ‘The Sandbox’.

As the world’s first regulator to make its debut in the Metaverse, VARA seeks to ensure that the regulator is accessible to its industry in their environment, and facilitate collaborative engagement between global Virtual Asset Service Providers (VASPs), Industry Thought-leaders, and International Regulatory Authorities.

VARA, established to provide a secure and progressive operating framework for the virtual asset (VA) sector to be able to scale, while assuring market and investor protection, expects to regulate the governing principles of the services and activities, rather than the continually-evolving products and underlying technologies.

 “Dubai maintains a leading position at the forefront of technological transformation. We have exceeded the role of an early adopter to become an innovator and participant in shaping the future of this technology,” said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, while inaugurating the VARA MetaHQ on the Sandbox.

“Today, VARA joins the Metaverse to become Dubai’s – and the Metaverse’s – first government authority, ushering in a new era in which Dubai Government utilises modern innovations to extend its services and regulatory power to audiences in an open technological expanse, without constraints or borders.”

“VARA represents a serious effort to build a new, powerful economic sector that contributes to the nation’s economy and creates new investment opportunities, and this is possible through the safe and modern regulatory solutions we envision. Our presence in the Metaverse therefore marks the beginning of a new phase in the Dubai Government’s march for the future; one that will have a positive impact in the long run,” he added.

Sheikh Hamdan went on to add, “VARA has been established as a mission-focused Regulator, to nurture and safely scale a rapidly decentralising business landscape founded on four cornerstone principles – secure cross-border interoperability, informed investor adoption, market protection prioritisation and responsible industry participation.

“By expanding VARA’s resources to a borderless audience through the Metaverse, Dubai is creating a prototype Decentralised Regulator Model, inviting international thought leaders – global authorities, governance custodians, and industry shapers – to participate, exchange knowledge, and problem-solve collectively so that we enable the dynamic virtual assets sector to build economic resilience, accelerate social inclusion, and address environmental sustainability.”

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In an emphatic commitment to enable economic freedom in the Metaverse, VARA joins private sector game-changers, innovators and market makers across ICT, Financial and Professional services, Lifestyle, Entertainment and FMCG beyond the world of gaming and VASPs. VARA MetaHQ will serve as its primary channel to engage VASPs across the globe to initiate applications, enable younger licensees enter the metaverse, openly share knowledge and experiences with consumers and peer regulators to raise awareness, enable safe adoption, and drive global interoperability.

Helal Saeed Almarri, Director-General, Dubai World Trade Centre Authority, commented, “Dubai views the virtual asset industry as the driver of the global future economy. VARA has been established at a pivotal moment in response to the expansion of the Emirate’s incredibly sophisticated and modern legal framework regulating virtual asset activities. As the first niche regulator for the VA sector globally, VARA’s Metaverse HQ also makes the UAE the first jurisdiction to enter this platform, reflecting our leadership’s aspiration to facilitate a borderless new market enabling sustainable economic freedom.

”VARA’s acquiring land in the Sandbox is symbolic of our belief in this sector, and the onus is on us as government to be the bridge that allows investors and consumers to safely adopt, and collaboratively scale the economy. In addition to yielding direct economic benefit and GDP acceleration for Dubai, the VARA sees this as the first step towards shared learning and expertise development across global regulators, so that the international community can benefit from a virtual economy that has been allowed to scale safely and sustainably.”

Categories
Business UAE News

DAMAC plans to embark into the world of metaverse

Ali Sajwani, CEO D-Labs and GM DAMAC Group.

We plan to continue this exercise, and expand our team and know-how,” explains Ali Sajwani…reports Asian Lite News

Leading UAE-based business conglomerate, the DAMAC Group – the parent company of global property development company DAMAC Properties, data centre firm Edgenex, luxury jeweller de-Grisogono and fashion house Roberto Cavalli – is announcing plans to embark into the world of the metaverse and build its own digital cities, becoming one of the pioneers in the GCC to do so.

“In an attempt to mold to the progressive trends of business, we are expanding our offerings into the metaverse realm to avail of the many opportunities it presents. We are keen to pioneer the possibilities that the metaverse offers in ways which allow us to be more connected and involved with our customers and their interests,” said Hussain Sajwani, Founder of DAMAC.

The Group will be run under the banner, ‘D-Labs’, and will be led by Ali Sajwani, Chief Executive Officer of D-Labs and DAMAC General Manager. The initiative forms part of the company-wide ambitions to move into digital assets and non-fungible tokens (NFT), and he is tasked in delivering the organisation’s goal to be a leading global digital brand.

The Group plans to invest capital up to US$100 million for the project.

“Over the past two years we have been aggressively driving our digitisation efforts, and this new initiative into the metaverse will only further leverage our digital footprint. As well as updating our systems, processes and operations across departments, we have been investing in building a strong team of skilled and talented experts to help support our ambitions of being a digital leader.

We plan to continue this exercise, and expand our team and know-how,” explains Ali Sajwani.

Since last year, the Group’s real estate arm, DAMAC Properties has been offering home buyers a 3D virtual experience that utilises virtual reality (VR) and augmented reality (AR) technology. This is a stepping stone into the metaverse realm, considered to be a digital universe made up of VR, AR and extended reality (XR) that refers to ‘all real-and-virtual combined environments and human-machine interactions generated by computer technology and wearables’ where users can get the feel of ‘living’ an experience.

Through this move, the DAMAC Group hopes to branch out its services to cater to the needs of the entire Group when it comes to digital assets – ranging from virtual homes, digital property, as well as digital wearables, and digital jewellery through the company’s acquisitions of Swiss jewellers de-Grisogono, and Italian fashion brand Roberto Cavalli, respectively.

Digital experiences is also part of the offering, where guests will be able to get a virtual treat of the Mandarin Oriental Resort Bolidhuffaru, which is part of the Group’s hotels, resorts and serviced apartments portfolio.

Remaining committed to its stakeholders, existing customers of DAMAC will be prioritised in investing in these digital assets once plans have rolled out.

The Metaverse in Business

The metaverse is known to benefit businesses and its employees through enabling collaborations in a stimulating and highly-networked 3D environment that focuses on social connections. Some of the prominent perks in adapting to the metaverse include increase customer engagement and loyalty, better connectivity and collaborations with stakeholders, and eventually increased revenue.

A Market Research Future (MRF) research observed that the metaverse market was worth $21.91 billion in 2020, which is predicted to grow at a compound annual growth rate (CAGR) of 41.7% by 2030. The report explains that the convergence of the physical and digital worlds, coupled with burgeoning need for metaverse for purchasing digital assets utilising cryptocurrencies, will offer robust opportunities for the market over the forecast period. 

Furthermore, there is a massive demand for real estate in the metaverse, which is being slated as one of the most popular attractions for investors in the virtual space.

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ABOUT DAMAC GROUP

The DAMAC Group is the multi-billion-dollar business conglomerate of UAE based Hussain Sajwani. The Group’s investments are divided into seven core areas; real estate, capital markets, hotels & resorts, manufacturing, catering, high-end fashion and data centres.

Some of the Group’s most notable activities include DAMAC Properties, one of the regions largest property developers, the acquisition of the Italian fashion house, Roberto Cavalli and luxury Swiss jewellery brand de-Grisogono, the 50-storey development DAMAC Towers Nine Elms in London, a luxury resort in the Maldives, shopping malls in Iraq, among others.

The investment company plans to deploy approximately $3 billion over the next few years in key markets across Western Europe and the US.

In a bid to disrupt the global data centre landscape, the Group recently announced plans to build data centres through its digital infrastructure company, Edgenex, across different global locations.

Today, the Group’s global footprint extends across North America, Europe, Asia, Middle East and Africa. With its vision firmly set on growth and expansion, the Group continues in its quest for diversification and business excellence.

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