Corporates and metaverse: Here’s how to compete with the decentralised world

How is metaverse transforming the industry in the UAE?
The UAE government is far ahead in recognising, adapting, and creating a favourable and progressive policy framework to build a sustainable metaverse ecosystem. We now have a metaverse strategy – which will pave the way to transition and transform the government entities, SMBs, and enterprises in the country rapidly. Dubai Metaverse Strategy aims to make Dubai one of the top ten metaverse economies globally by 2030. Dubai is investing in metaverse education and talent development by providing a world-class teaching experience and supporting content creators.

Corporates and metaverses: how to compete with the decentralised world?
Maybe not to compete but to challenge. Metaverse will become the new normality, and companies have already learned that digital transformation helps them stay competitive. Some players, like Kodak, are left behind because they missed the right timing of implementing digital technologies. The same can be with the metaverse. Once your company starts exploring new technologies, you’ll get an advantage in the future and will stay competitive.

How can companies combat fraud in the metaverse?
Businesses must ensure that their company and consumer data are protected effectively. Web 3.0 itself helps to create pro-privacy using decentralisation. It will minimise hacks and data breaches. However, every company should take cybersecurity seriously. Companies can implement artificial intelligence technologies and machine learning to improve cybersecurity efficiency.

Tell us about TCTx.
TCTx is a metaverse arm of Telephony Communication Technologies (TCT) that is building a sustainable smart city on the metaverse that will provide everything your avatar needs. Individuals and companies from any part of the world can reside in our community. Being one of the early adopters of Web 3.0 in the MENA region, we aim to make a difference by creating equality with an inclusive and innovative mindset.

Brief us about your role as chief of avatars at TCTx.
In a new virtual world, everyone will have their avatar version. The chief of avatars is the new CEO. Our corporate culture of TCT and TCTx is based on the three Ps – people, purpose, and peace. We will continue our path in the metaverse and will follow these values. My primary responsibility is to take care of all stakeholders and their growth. All our employees have their avatars.

Your company is creating the sustainable smart city that will provide everything a business enterprise needs to perform in a virtual world. When will this be available? Can you elaborate more on its offerings?
It is our vision – the journey has just begun. We are targetting a couple of years of the timeline to fulfil the initial phases. During the course, we will work with multiple stakeholders in the ecosystem to deliver as many services as possible and bring various services from different sectors such as retail, education, healthcare, entertainment and more on board. For instance, in healthcare, we are partnering with ShopDoc. Together we are building the world’s first metaverse primary clinics exclusively for schools where students, teachers, and parents (their avatars) can access various primary care services. This partnership will also create virtual mental healthcare services. Similarly, we are working with other partners in other sectors to bring certain services live in the metaverse.

Shefiq Abdullah is the chief of avatars of TCTx and the CEO of Telephony Communication Technologies

Read: The metaverse: What are you missing out on?