UAE builds building blocks for sustainable Metaverse

A movement to make everything in the universe more sustainable is underway, and as it moves into the metaverse, the UAE has been moving forward and standing. Experts now define domestic power that can drive a new global order.

The impact of the Ethereum organization merging with Beacon Chain in September, and their transitional technical upgrades, has yet to really wow the world. The new proof-of-stake system has reduced Ethereum’s energy consumption by a staggering 99%, which is best explained by documentary photographer Eyal Ben Dror on the World Economic Forum’s (WEF) blockchain portal: “Will The Ethereum organization likened to an imaginary transportation group with 25% of the overall global market share. Imagine it would replace all combustion engines with zero-emission engines overnight.”

Energy use has sparked some of the harshest criticism of the cryptocurrency industry. Most networks use older proof-of-work to mine newer coins, and the computing power used in these transactions is enormous, on par with small countries. Ethereum moving its blockchain to proof-of-stake is sustainability in action: smaller carbon footprint, faster operations, lower pricing, and the ability to attract more users.

Ethereum’s NFT market share accounts for about three-quarters of the entire NFT market, and conscientious artists and investors can now find encrypted platforms and NFT marketplaces dedicated to sustainable solutions.

Lighthouse in the UAE is Nifty Souq, the region’s first NFT marketplace. “We have carefully selected our blockchain technologies – Algorand, Ethereal and Polygon – to ensure sustainability and cost-effectiveness,” said co-founder Talal Al Afghani. “Another sustainable aspect is lazy minting, where creators can register NFTs for free; the gas fee is paid by the buyer, and only at the time of purchase.”

Gas fees are becoming nominal as technology continues to evolve, he explained. “Creating an NFT on Nifty Souq now consumes the same amount of energy as sending a tweet.” He added that the platform is simple and inclusive enough for his young son and elderly parents to use.

The Metaverse is neither limited to NFTs and cryptocurrencies, nor is energy consumption limited to their minting and mining. The general goal of saving energy is to find quick realizations in the realm of the metaverse. In fact, as the UAE is poised to prove, it can absorb earthly acts associated with high energies.

Last month, the Arbitration Center of the Abu Dhabi Global Market (ADGM) launched the world’s first Metaverse Mediation Service. While this increases reach and effectiveness, it also revolutionizes the way mediation is delivered globally: eliminating in-person travel to meetings makes it a sustainable, next-generation method of international dispute resolution. ADGM has since launched Abu Dhabi Crypto to introduce a progressive framework and regulations.

Among other prominent national examples, UAE Minister of Economy Abdulla bin Touq Al Marri announced the launch of a third virtual office for the ministry, calling the virtual world “the new economic equalizer”. The Sharjah Commerce and Tourism Development Authority (SCTDA) has launched the world’s first true city-scale metaverse, the Sharjahverse, giving Emiratis the opportunity to work on Sharjah’s famous landmarks in the metaverse. Dubai Municipality plans to build a virtual city that will provide residents with an alternate reality to meet people and exchange ideas.

Launched in September, the Metaverse Conference in Dubai attracted an amazing diversity of over 500 attendees, including ministers, managing directors and policy makers, who shared insights on how to unlock the Metaverse for the good of humanity.

On the surface, the global giants of the sustainability movement may seem to be ignoring the virtual world, but in reality, the virtual world is being shaped by sustainability and has the power to turn the tables on material consumption.

Saeed Basweidan is a UAE-based engineer and tech-savvy entrepreneur who held a number of C-Suite government positions before pursuing his passion. In addition to his consulting services for national data centers, his Dubai-based company YHH creates efficient design and custom solutions for enterprises through a data-driven approach.

According to Basweidan, the cornerstone of the metaverse will grow rapidly. “There are two key aspects of a data center – the internal connections and the interconnection between data centers. This requires lower latency, higher bandwidth and a smaller carbon footprint, all of which require significant investment. For example, the current highest 10 gigs (gigabytes) needs to scale to nearly 100 gigs.”

His experience leading sustainability programs throughout his career has made him a fervent advocate. “Building a sustainable metaverse is all about making big investments now for big payoffs later. Take jobs for example: millions of new jobs in the metaverse will ease government responsibilities and bring about social change ,”He says.

“The UAE is always number one and fast, and we have a futuristic government taking the lead. This will lead to regional growth later on.”

A logical conclusion is that the Metaverse must have caused less environmental harm than all of its predecessors. Design, says Musfir Khawaja, is a good place to start. Co-founder of nftONE, a marketplace for unique digital assets connecting the world and the Middle East. “The concept of 3D human-computer interaction is not new, but only the Metaverse has shown us what it really looks like. Here, creators have absolute freedom to design inspiring experiences and stimulate the human impulse to innovate.”

He outlines the possibilities for education and professional education: “Metaverse designers can have a huge impact by getting kids to collaborate and shape a sustainable world – for example, a WEF-led project could bring together bright minds from around the world. Connect with each other and demonstrate solutions.

“Vocational education is another undisputed winner,” he said. “Just as today’s airline pilots are trained in 3D simulators before flying, the next generation of structural engineers, interior designers and machinery operators will be trained in the 3D environment of the metaverse. It will enhance their understanding and shorten the learning curve , and are inexpensive and readily available, making them economically and socially sustainable,” he noted.

Accessibility, affordability, diversity, neutrality, inclusivity, and collaboration are aspects of social sustainability, and Alla Maria Musnicka, Creative Director at Nifty Souq and former Metaverse Officer, is passionate about solidifying them in the Metaverse. “I am proud to live in the UAE; we are already the global center of the metaverse community and we will soon be the top global metaverse economy,” says the young Latvian. “We’ve got a lot of early opportunities to make the Metaverse a better place.”

She wants to help them achieve greater social impact for a number of reasons. “Charities and NGOs hold enormous, untapped potential in the metaverse. With a clear roadmap and the power of blockchain, it will transform passive donors into active participants in the causes of their choice By.”

Musfir Khwaja agrees: “We can design sustainable experiences in the metaverse that are gender-neutral, inclusive of all social, religious and ethnic backgrounds, and create social hubs that foster collaboration and embrace opposing perspectives.”

Saeed Basweidan says the virtual world will open many doors for those in need. “If we examine its scope, access, neutrality and anonymity, the Metaverse will be a magnet for social sustainability, especially in many areas of consulting. Imagine being able to visit a coffee shop, log in and get professional help instantly.