The crypto world is abuzz with the latest report from Strategy and PwC, predicting a $15 billion injection into GCC (Gulf Cooperation Council) countries by 2030 from the booming metaverse industry. This report sheds light on the existing metaverse initiatives in Saudi Arabia and the United Arab Emirates, signaling a trend that could spread across the region. The GCC countries are gearing up to explore the vast impact of the metaverse on various sectors of their economies, aiming for innovation and transformation.
The potential of the metaverse goes beyond just gaming and online shopping, as highlighted by the report. It envisions a future where residents of GCC countries will work, transact, plan, design, build, shop, recreate, travel, and live within this immersive digital realm. To make this vision a reality, the report points to four key technologies driving the GCC metaverse program: virtual reality (VR), augmented reality (AR), blockchain, and haptic technology. Integrating these technologies will create a dynamic ecosystem for virtual interactions and data storage.
With the expectation of a $15 billion contribution to the GCC countries by 2030, the report urges business leaders to prepare for the opportunities that lie ahead. To enable the realization of metaverse project goals, the report outlines seven essential building blocks including use cases, user engagement, metaverse type, digital assets, functionalities, technologies, and regulations.
Despite the potential rewards, the report also acknowledges the risks associated with metaverse adoption. However, it remains optimistic about the continuous growth of metaverse applications in the region. As the GCC overcomes theoretical and practical challenges, the promise of value creation in the metaverse will only continue to expand.
In conclusion, while the metaverse presents a promising future for GCC countries, it is important to approach this new frontier cautiously. Understanding the risks and rewards of metaverse integration is crucial for businesses and individuals seeking to capitalize on this emerging trend.
