UAE committed to build Web3.0 community

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The global metaverse market size was valued at $63.83 billion in 2021. The market is projected to grow from $100.27 billion in 2022 to $1.52 trillion by 2029, acording to Fortune Business Insights.

Published: Sat 28 May 2022, 11:35 PM

Updated: Fri 17 Jun 2022, 6:54 PM

By
Sandhya D'Mello

The UAE is known to be at forefront of innovation and offers everyone a strong platform to explore opportunities in the fast-evolving Web3.0 community.

What is Web3.0? It is the latest Internet technology that leverages machine learning, artificial intelligence, and blockchain to achieve real-world human communication, according to analyticsinsight.net.

The global metaverse market size was valued at $63.83 billion in 2021. The market is projected to grow from $100.27 billion in 2022 to $1.52 trillion by 2029, at a CAGR of 47.6 per cent in forecast period, 2022-2029, acording to Fortune Business Insights.

The UAE has been actively pushing reforms, and policies in favour of this fast-growing community and the proof of it is the two-day event — Metacon — that is currently being hosted and will conclude today at The Arena, Dubai World Trade Centre.

Metacon powered by GALA, the first-ever metaverse into reality pop culture event in the region, officially opened its doors on Saturday. To mark the beginning of this much-awaited celebration of the latest technologies in blockchain gaming and tech, eSports, NFTs, Web3, art, music, entertainment and more, Dr Marwan Al Zarouni, member of the World Economic Forum’s Global Future Council and the CEO of Dubai Blockchain Centre, presented the welcome address.

“I truly believe we have started something meaningful here at Metacon, the first ever metaverse into reality pop culture event in this region. This gathering demonstrates that the UAE is truly progressing to becoming even more blockchain forward as we expand our conversations towards blockchain gaming and eSports, music and entertainment, NFTs, Web3 and more,” said Dr Al Zarouni.

“I am so pleased to see some of the most important names in the industry flying from different parts of the world to be with us at this convention, and a lot of local key players even more prepared to support our efforts towards creating mass awareness and understanding of this universe. I am equally impressed to see a lot of our young guests participate because, in order to advance our efforts, we need our youth to be ready for the technology too. Overall, these are steps in the right direction, and we can’t wait for this community to grow,” he added.

Metacon — powered by Gala founded by Eric Schiermeyer (co-founder of Zynga) and Wright Thurston, one of the earliest pioneers of crypto mining — can be explored across four zones including the MetaStage, MetaConnect, MetaArena and MetaSpaces.

In the rapidly-growing world of blockchain tech, Gala has positioned itself to be the undisputed global leader of Web3 entertainment. By bringing a professional quality AAA gaming experience together with true player ownership and a robust ecosystem based on rewards, Gala Games is creating the most rewarding entertainment economy the world has ever known.

With two live games and well over a dozen Web3 games in development, Gala Games expects continued growth as they set the new standard for Web3 games. Additionally, Gala recently launched its world of Web3 Music, Gala Music, to empower and uplift artists and fans, sharing rewards and making it possible for new emerging artists to be discovered and make a living on their own terms. Gala Music has already teamed up with Snoop Dogg, Kings of Leon, Steve Aoki and several other well-known artists, many of whom plan to release multiple NFT albums in the Gala Music Ecosystem.

Abdelrahman Mohamed, co-founder of Metacon, said: “Our purpose is clear and that is to align every step that we take to the bigger vision of the UAE. So at Metacon, the drive is not just to mount a future-proof event but to build a lasting community of creators, collectors, investors, experts and enthusiasts who will support each other as we discover and understand even more this fast-evolving industry. You can expect more from us and we invite you to be part of the movement.”

Metacon will be transforming its four zones, MetaStage, Metaconnect, MetaArena and MetaSpaces, into quadrants of action and edutainment. While the MetaStage will host sessions and thought-provoking panel discussions tackling the most trending topics in the metaverse. The MetaStage will also be the site for the Metavator Challenge, a unique pitch competition and the first of its kind platform for innovators in the metaverse, NFT, gaming and web3. Organised by One&Only with the support of the Dubai Youth Council, the presentations will be held on the second day with prizes that cover Dh75,000 cash, NFTs, mentorship support, investor connect and more.

Metaconnect will feature more intimate workshops focused on practical and useful tips on kick-starting one’s blockchain journey. Some of the topics to look forward to include: Metaverse 101: An Introduction to the Metaverse; The Importance of Discord, Creating and Minting NFTs; How to move your business into the Metaverse; How to trade NFTs on key platforms; and How to move your business into the Metaverse.

Visitors looking to network directly with trailblazing entities and personalities can get up close and personal with them in an entire exhibition zone at MetaSpaces which features: The biggest blockchain-based games like FOTA, Medabots, Town Star and Spider Tanks, to name a few; The NFT Artists Alley, sponsored by Rakuza NFT Marketplace who will be bringing the first Manga and Anime NFT project that will be whitelisted and available exclusively at Metacon; The BAPES Lounge, the central hub and networking area at Metacon where entrepreneurs, startups, and SMEs can network and learn more about how to utilise and leverage blockchain technologies; and an NFT Gallery curated by Ethereal Collective, who will be bringing artwork and collections from high-level artists including Etherium Towers and World of Women, a bluechip NFT.

Finally, With the support of the Emirates Esports Federation, the MetaArena stage will see eight international guilds competing in the first-ever blockchain, multi-game esports tournament featuring titles such as Axie Infinity, Thetan Arena and Spider Tank with a total of $50,000 cash prize pool. Other gaming titles include Fight Legends, Medabots and Swift Blowout which will have mini, community tournaments running on the MetaArena. Tickets for MetaCon are available via metaconglobal.com, with every ticket buyer gets the opportunity to mint it and turn it into an NFT! — sandhya@khaleejtimes.com