With all the hype around the Web 3 and the Metaverse, many are asking what exactly is the metaverse?
“The metaverse is a virtual reality world where users can interact, game and experience things as they would in the real world. The Metaverse is the successor to the internet, and all the worlds of the Metaverse are the equivalent to all the websites of the internet. We can now visualize and experience all of what the world wide web has to offer with a natural, 3D user interface.” Says Priven Reddy
A first of its kind in the world, this metaverse is connected to the real world in hyper detail where it will be launched in Dubai and Abu Dhabi. The UAE is a hotspot for tourism with its incredible attractions and it’s out of the world experiences.
Now users globally will be able to experience the incredible city of Dubai and Abu Dhabi from the comfort of their own homes linking the physical with the digital world.
“The metaverse that we will launch will connect to real world utility. There will be virtual universities and virtual shopping malls. Users will be able to commute within the metaverse, users will be able to book meeting rooms, take meetings and do consultations all within the metaverse. We are basically building the Layer 2 of Dubai on Web3 as our Version 1. The future looks very promising.” says CEO Priven Reddy
Priven Reddy was recently listed as the #1 entrepreneur to watch out for in the technology space over the next decade by Dubai Daily. Priven emphasizes that it is his entire team that makes things happen. “I am so proud of the team especially Afdal Baig who has been brought on after working on multi government strategic partnerships and international relations. Mr Baig has now been brought on as the Chief Operations Officer for the Metaverse and Piqsol in the UAE.” says Priven
The metaverse will have an enormous economic impact with the potential to drive significant growth across every industry.
Some studies forecast over 50% of children today will have jobs that don’t exist yet. These jobs very well could be in or related to the Metaverse. One example is architects that will be designing the extraordinary buildings of the Metaverse and selling them on the open market, then getting paid in cryptocurrency that they can spend in or outside the Metaverse.
The global market for Metaverse estimated at US$107.1 Billion in the year 2020, is projected to reach a revised size of US$758.6 Billion by 2026.
“With the rise of Web 3 and the metaverse, countries like Saudi Arabia have budgeted $6.4 Billion for their metaverse with $1 Billion already being allocated as an investment to NEOM Tech for development.”
According to Emergen Research, the global metaverse market size is expected to reach USD 828.95 Billion in 2028 and register a revenue CAGR of 43.3% during the forecast period, 2021-2028.
“Companies will have entire teams dedicated to thinking about ways to advertise, sell, or even build a product within the Metaverse. Entrepreneurs will have a new platform on which to build products and services that can change the world.” Says Priven Reddy
The metaverse will be released in phases, the first two phases will include Downtown Dubai, Marina and Jumeirah Beach Residence after which the rest of Dubai and Abu Dhabi will be released.
The metaverse will have various layers to it, covering everything from the ultimate user experiences in terms of games, social Esports and shopping to building a creator economy where commerce and asset markets will be present.
“We layered our metaverse based on seven fundamental aspects which is experience, discovery, having a creator economy, meta-universities, immersive social interactions, virtual consulting, business networking, real estate opportunities while having a hyper realistic human interface. The metaverse will be fully utility driven and not a mere playground for the rich.” Says Priven Reddy
This metaverse has gained immense interest from all around the world.
“I am extremely excited for the metaverse to launch, real commerce will take place in the metaverse. Our metaverse will be hyper realistic, our users are going to love this. We want you to exist in your world but come play in ours.” Says Priven
To find out more visit www.metarverse.social
