The Middle East is changing the metaverse industry

Since the advent of cryptocurrencies and the beginning of the development of the cryptocurrency market, which began in 2008, experts and enthusiasts have not stopped conducting research and trying to assess the effectiveness of digital currencies adoption.

According to one of the latest Chalhoub Group GCC STATE OF THE METAVERSE
AND ITS POTENTIAL FOR LUXURY RETAIL, the average global average level of cryptocurrency adoption is from 5 to 10%. Not so much, you might say. But there are numbers that are much more impressive. So, according to this report, 48% of luxury goods buyers have bought cryptocurrencies at least once, and 23% of them already own NFT and more than 80% plan to invest even more in collectible digital objects in the next two years. About 1,600 people from the UAE, Saudi Arabia, Qatar, Bahrain and Oman took part in this survey.

What is the reason for such a difference between the adoption of metaverses and cryptocurrencies and what factors influence the behavior of people who prefer buying NFT? Let's try to understand in this article.

Factor 1: Demographics
The average resident of the Persian Gulf countries is younger, tech-savvy and more mobile. 45% of the region's population is under 30 years old, and about 67% spend more than 2 hours a day in the online space.

Factor 2: Government initiatives
The official authorities of the Persian Gulf countries are creating a favorable environment for the development of projects in the field of Web 3.0. And although cryptocurrencies are not yet legal in all region's countries, buying and trading cryptocurrencies are available to everyone. In July 2022, Dubai government even announced a metaverse development strategy aimed at creating 40,000 jobs in the sector and allocating $4 billion to this economic sphere over the next 5 years.

Factor 3: Synergy of the luxury goods trade industry and Web 3.0
Over the past few years, almost all luxury brands have tried to experiment with metaverses and cryptocurrencies. It is obvious that in the near future the pace of the introduction of digital technologies will only grow and attract more and more manufacturers who are transferring collections of their products to the environment familiar to users and buyers.

After the luxury goods market, the financial and industrial giants of the Persian Gulf are involved in the metaverse industry. Majid Al Futtaim, DAMAC Group, Etihad Airways, Warba Bank and even Qatar State University are slowly but surely entering into new digital worlds. And although consumer confidence issues continue to slow down the explosive growth in the number of metaverses, it won't be long before they, too, will remain in the past.

Now a new Internet is emerging, in which a completely new experience and completely new ways of interaction are waiting for us. This can be judged by another important figure presented in the report. The total value of the metaverse industry currently ranges from 40 to 65 billion USD and by 2030 this figure will reach 13 trillion USD. This is said not only by enthusiasts of the blockchain and web 3.0 market, but also by experts from Goldman Sachs, Boston Consulting Group and McKinsey.

The crypto currency users and the participants of the metaverses create a new space in which finance and investment will take an important place.

IslamicCoin is a digital currency conforming to the rules of Islam and Shariah, functioning in its own blockchain Haqq, which means "Truth". Already at the stage of closed sales, IslamicCoin aroused huge investor interest and was able to raise more than $ 200 million in just a few weeks. Unlike technically outdated Bitcoin and Ethereum, which have a lot of problems, IslamicCoin uses the full power of the most progressive blockchain technologies and is based on the most fair and reliable ideology and rules of conduct.

Successful investors choose ideology, technology and prospects based on something more than minor fluctuations in price charts. For almost 20 years of the existence of a new type of digital money, cryptocurrencies have not brought a drop of real value into this world, have not made people free, independent and happy.

And this means that it's time for a new type of finance based on responsible choices and new values!