- Bloomberg research predicts the metaverse will have reached an $800 billion revenue-generating commercial market by 2024
- World’s Online Festival (WOLF), a MENA-focused metaverse entertainment platform, predicts a 15% increase in revenue from metaverse-related projects by the end of 2022
- WOLF has witnessed over 77 million “WOLF Stream” views of 3D movie clips and shows since launching its metaverse-related feature, Showreel, in 2021
As the next big tech development, the metaverse has attracted online game makers, social networks and other tech innovators, all eager to grab a slice of what Bloomberg market analysis sees as a $800 billion market. The adoption of digital technologies in the Middle East and North Africa (MENA) is expected to generate immense socio-economic benefits through the creation of much-needed jobs and the generation of hundreds of billions of dollars each year. The United Arab Emirates, a country that has become a global pioneer in multiple industries with its innovative approach and futuristic developments, has therefore jumped headfirst into the metaverse to ensure its continued progression.
To facilitate the growth of the metaverse, the UAE government recently approved a digital economy strategy that aims to double the sector’s contributions to its GDP by 10% to 20% over the next 10 years. As a result, the pioneering efforts of the UAE have resulted in the development of several metaverse-related projects over the past few months.
In March, Dubai Municipality announced plans to create a virtual city in the metaverse that leverages computer-generated environments to combine elements of social media, AR, VR, cryptocurrencies and other technologies with the aim of providing residents an alternate reality to meet people and exchange ideas. Following the announcement, Emirates, Dubai’s world-renowned airline, said it would transform its pavilion at the Expo 2020 site into its “new innovation hub” to launch NFTs and experiences in the world. metaverse for its customers.
The Metaverse entertainment platform, The World’s Online Festival (WOLF), focuses on the MENA region with a majority of its user base in the GCC. Since its launch, it has generated a lively and interactive community of more than 2 million users made up of producers, animators, radio hosts, singers, poets, comedians, musicians, DJs, fans and chat communities. The company has already begun integrating metaverse technologies by taking 2D audio festival events and rendering them as immersive 3D video experiences. In 2021, WOLF announced its arrival in the metaverse, with the launch of its patent-pending feature, Showreel.
Gary Knight, CEO of WOLF, commented, “The UAE has continuously proven its resilience to global economic fluctuations through innovation and technological advancement. As COVID-19 has resulted in a global setback, the country’s focus on digitalization has helped maintain consumer and business confidence, ensuring Dubai consistently ranks among the top destinations to recover from the pandemic. . Dubai’s emerging status as a global hub for creative talent, coupled with its government and private initiatives, will lead the UAE to a new frontier as it reinvents itself once again – this time through integration within the metaverse. While the concept of the metaverse is still relatively new to the region, the UAE quickly recognized its potential and committed resources to lead its advancement in this new world. With ongoing investments and initiatives taken not only by local government entities, but also by the private sector in the UAE, we expect revenue from metaverse-related projects to increase by at least 15% by the end. of 2022.”
Mr. Knight continues, “The Internet has enabled people to work, learn and socialize outside the confines of their physical location, and the metaverse will inevitably expand these opportunities. While 2D apps will remain the primary method by which people experience the metaverse, WOLF is working to lead the charge in revolutionizing this space; our Showreel feature merges audio with cinematic 3D visual events, allowing our users to entertain, entertain, and connect with others in a fun, friendly, and safe virtual metaverse environment. Since launching our Showreel feature in 2021, over a million users have enjoyed our app, and our WOLF Steam metaverse videos showcasing highlights from our virtual festival shows have had over 77 million views. This is demonstrative of what we are launching soon with our upcoming WOLF VR app for Oculus headsets. Unleashing the full potential of the metaverse will require a cooperative partnership between businesses, developers, creators, and makers – we look forward to being part of this regional effort.”
As the UAE aspires to become a global leader in metaverse-related discussions, WOLF is reaching out to the GCC market to contribute to this vision in various ways. The British tech company, as a metaverse platform, also promotes women’s empowerment, an agenda that the UAE and the region are dedicated to promoting. WOLF held its Women’s Month in March on International Women’s Day on March 8, culminating in the second annual Alhan Women’s Festival – a celebration of the talent of female audio creators. It was headlined by GCC Women’s Lawyer, Singer and Model – Rawan Bin Hussain, with highlights of her appearance available as a Metaverse 3D video, inspiring regional female artists to use the Metaverse as a platform for self-expression and creativity.
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