Dubai Future Foundation has published a report on the outcomes of the inaugural Dubai Metaverse Assembly held in September at the Museum of the Future under the patronage of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council and Chairman of the Board of Trustees of Dubai Foundation Future.
The report was prepared in partnership with PwC, the knowledge partner of the Dubai Metaverse Assembly, to highlight the main recommendations that came from the assembly, as well as the major trends and applications that were discussed.
The report addresses the most important topics and discussions that arose from the assembly relating to the future of the metaverse. It focuses on metaverse applications in sectors such as business, communications, education, entertainment, gaming, travel, and real estate.
The report identified four main areas that governments and companies should focus on to achieve success in the metaverse, including strengthening collaboration between the government and private sectors, developing legislation and regulations related to data protection, privacy and cybersecurity risks, defining clear roles and responsibilities for all stakeholders, and accelerating the adoption of advanced technologies and the exchange of experiences.
Governments and corporations should take the initiative to reap the inevitable socioeconomic benefits created by the metaverse, which will grow at a faster rate than internet or mobile connectivity speeds. All stakeholders must continue to explore new pathways for collaboration in the metaverse, the report found.
Case studies should be the cornerstone of any new tests or projects in the metaverse, and they should be designed to foster credibility and build trust among developers, regulators and the public.
The report highlights how the metaverse can add value in myriad ways. From enhancing the ability of individuals to control – and one day monetise – personal data – to helping nations achieve diplomatic parity, as evidenced by Barbados’ plans to launch an embassy in the metaverse, there are endless opportunities.
The control and the monopoly enjoyed by social media platforms today will be challenged by the metaverse; it has the potential to provide billions of people with richer experiences from enhanced education to intimate live performances from the world’s biggest artists and musicians.
