Rebrand to reflect social media giant's focus on building metaverse, claims The Verge
Dubai will host a metaverse assembly at the Museum of the Future and Emirates Towers in September. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, tweeted that the event will feature 300 global experts and 40 institutions that specialise in metaverse technologies and applications.
The event will showcase real metaverse experiences in key sectors and an unprecedented experience of hosting official meetings in the digital world.
The Dubai Metaverse Assembly will be held on September 28-29 and explore how the revolutionary technology can be deployed across vital sectors to create a better future and quality of life for humankind.
Delegates will participate in sessions and workshops to take a deep dive into the metaverse, understand its impact on humanity, discuss the potential of humanising its applications, and identify the best ways to leverage opportunities across strategic sectors of countries, governments, and companies.
Sheikh Hamdan bin Mohammed said, “The metaverse is a promising digital world. We aim to harness this technology to enhance the quality of life in the UAE and across the globe.
“We want Dubai to lead globally in adopting the technology of the future, understanding its developments, harnessing its potential, and driving change.”
Estimates of the value of the metaverse market globally vary between $10 trillion and $30 trillion within 15 years, underscoring the massive potential of the new platform.
The announcement of the assembly follows the launch of the Dubai Metaverse Strategy that will support 40,000 virtual jobs and add $4 billion to the emirate’s economy in five years.
The Dubai Metaverse Assembly will introduce tangible outcomes, including reports, strategies and action plans that outline the way forward for maximising the impact on human life in both the real and virtual worlds. This will be done through innovative workshops bringing together major companies leading the innovation in building the metaverse and its applications, in addition to metaverse policymakers and thought leaders.
It aims to enhance the world’s readiness to adopt and leverage the metaverse.
The assembly’s programme includes three main tracks – Educate, Inspire, and Contribute.
- Educate: Will consist of more than 10 in-depth sessions on the metaverse.
- Inspire: Presented by several partners, this track will showcase use-cases of the metaverse in tourism, logistics, retail, education, and healthcare sectors.
- Contribute: It will include workshops for metaverse foresight and use-case reviews.
The Dubai Metaverse Assembly will host various activities such as panel discussions and specialised workshops for major companies and organisations to generate tangible outcomes. The assembly will also be a platform for thought leaders to share their vision of the future, considering the opportunities and unprecedented solutions offered by the metaverse.
Reports estimate expenditure on virtual products in the metaverse reached $54 billion in 2020, whereas in 2021, just the NFT or non-fungible tokens market amounted to nearly $41 billion.