Takeaways From The MetaDecrypt Summit

At Crowd, we’re always consumed by learning something new every day and true to this endeavour our Dubai team attended one of the most talked about web 3.0 events in the MENA region, the MetaDecrypt Web 3.0 Summit held at the prestigious Museum of the Future in Dubai.

From exchanges and investors to adopters and developers, the MetaDecrypt Web 3.0 Summit - Dubai 2022 brought together professionals, builders, creators and dreamers of the metaverse and the entire blockchain ecosystem.

The summit was quickly followed up by the news that Crown Prince of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum announced a new “metaverse strategy” that he says will create 40,000 new virtual jobs and add $4 billion to the city’s GDP in five years.

All this meant that not only were the stakes high for everyone in attendance but so was the desire to soak in as much information and knowledge as possible along with a superb opportunity to network with few of the brightest minds in the industry, and that is exactly what Team Crowd did.

Here are some of the key learnings and takeaways from the two days event:

• The market size of the metaverse is predicted to be USD 800 billion by 2024.
  
  
• With great power and freedom comes great responsibility, to protect the privacy as well as the mental health of those who will venture into the metaverse as it becomes the new web.
  
  
• The current NFT market is yet to reach its full potential but big brands becoming early adopters is a great sign for it to realise its true potential across every industry .
  
  
• Bitcoin mining is an extremely expensive business that requires both abundant capital as well as infrastructure. Since bitcoin mining requires huge infrastructure setup with gigahertz over gigahertz of power requirement, it is essential to know where to set up one’s base depending on power costs as well as cold weather conditions with countries like Canada, Russian and Norway leading the way.
  
  
• The metaverse will become the new Zoom and Google Meets where 3D virtual and hybrid event platforms likes Mootup, Journee and Nowhere are already taking the lead in offering virtual meetup environments.
  
  
• Real application for the metaverse already exists for most sectors, though many pre-date the concept of metaverse itself:
• Travel & transport
• Energy/utilities
• Healthcare
• Retail/consumer
• Aerospace & defence
• Financial services
• Manufacturing & automotive
• Entertainment
• Education

If you are planning to explore the metaverse for your business, you need to make the following considerations:

• Create a holistic strategy: Take a step back and analyse the different opportunities that have arisen through virtual-to-virtual, virtual-to-physical and physical-to-virtual interactions
• Reimagine what you can become in the metaverse: Explore the different opportunities to strengthen your position
• Education is power: Understand more of what’s happening and allow your staff to get educated as well
• Convergence of technological trends: Evaluate the impact of each revolution viz. Social media, gaming, blockchain, cryptocurrencies, NFTs, 5G, AI, cloud etc.
• Current use cases: Explore and exploit to optimise operations
• Meet your clients where they already are: Invest to be in touch with your (future) clients before thinking about ROI
• Analyse and consider risks involved: Privacy data and privacy challenges that we might not even know yet might happen

This week also saw the launch of our new eBook: Marketing, The Metaverse and Everything. This book covers a wealth of Web 3 topics including:

• 2023 predictions - where you need to be
• How Crowd is helping clients in Web3 and beyond
• Is your market Web3 or the metaverse?
• Social proof - the new currency at work in web3
• How to build audiences in the metaverse
• The real power of NFTs for brands

Crowd are always at the forefront of industry thinking and can use these insights to help promote your product or brand internationally.

Get in touch today to discuss your project.