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The Dubai International Financial Center (DIFC) announced the launch of its metaverse platform to lure technology innovators from all countries around the world, according to The National Newspaper.



In a statement, the Dubai Media Office said the launch of the center falls within the framework of its efforts to make Dubai a global metaverse hub.&nbsp;



The DIFC metaverse platform includes an accelerator program equipped with a physical studio for metaverse technology to bolster the growth of venture building and a creator community. It will also focus on digital identity, policy development and legislation on open data, and company law frameworks in the metaverse.



In this regard, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications Omar bin Sultan Al Olama said the launch of the DIFC metaverse platform is the first of its kind in a series of initiatives set to be launched to make Dubai a pioneering center in recent technologies to achieve the Dubai Metaverse Strategy&#8217;s goals.&nbsp;



Meanwhile, Chief Executive of DIFC Authority Arif Amiri noted: &#8220;The development of the integrated DIFC Metaverse Platform will accelerate the achievements of Dubai’s aspirations in this sector. The initiative is a natural extension of our Innovation Hub proposition.&#8221;



Earlier, Boston Consulting Group (BCG) said the UAE is an adequate ground for unlocking the potential of ten metaverse-based use cases like virtual and augmented shopping, virtual collaboration, telehealth, virtual assets, augmented tourism, live augmented events, digital training, and digital twins.



<a target="_blank" href="https://www.itp.net/emergent-tech/metaverse-adoption-in-the-uae-shows-potential-across-various-use-cases" rel="noreferrer noopener">A recent report by BCG</a>, in collaboration with Meta, titled “Creating a New Reality: The Metaverse in MENAT,” examined the growth potential of these ten use cases in the UAE, highlighting the UAE market’s key role in expanding the uses of the metaverse.

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Metaverse

Dubai’s DIFC Launches Metaverse Platform for Technology Innovators

Despite the attention which the metaverse got at several levels and the increasing number of fans, some CEOs of tech companies were less enthusiastic about this virtual world, <a href="https://bitcoinist.com/not-interested-in-metaverse-say-silicon-valley-ceos/" target="_blank" rel="noreferrer noopener">according to Bitcoinist Website</a>. 



During the Wall Journal Tech Live conference, Phil Spencer, the head of Microsoft&#8217;s Xbox, criticized metaverse in its current form, describing it as a poorly-built video game.



Spencer said: &#8220;Building a metaverse that looks like a meeting room, I just find that’s not where I want to spend most of my time.&#8221;



According to him, the metaverse is still in its early stages and will evolve. He pointed to the privileges offered by the gaming world over the metaverse through the creation of captivating virtual worlds.



Meanwhile, CEO of Snap Inc. Evan Spiegel described the metaverse as living within a computer, saying he would not prefer to join it after a stressful work day.



&#8220;The metaverse is &#8216;living inside of a computer.&#8217; The last thing I want to do when I get home from work during a long day is live inside of a computer,&#8221; Spiegel underlined.



Snap focused more on reducing the hardware in its service as well as paying more attention to augmented reality (AR) over virtual reality (VR), Spiegel noted, adding AR is more immersive and consistent with Snap&#8217;s goals to make people love the real world more as a fundamental bet.



Earlier, he said that his company refuses to use the word &#8220;metaverse&#8221;, describing it as &#8220;ambiguous and hypothetical.&#8221;



Moreover, Apple&#8217;s Senior Vice President of Marketing Greg Joswiak said the metaverse is a word he&#8217;ll never use as his company prefers AR over VR.



The tech companies&#8217; officials&#8217; statements come in conjunction with recent reports about significant losses achieved by Reality Labs, Meta&#8217;s unit keeping unit on the metaverse activities, in the third quarter of 2022, estimated at $3.67 billion, a matter which increases the total losses from the beginning of 2021 to nearly $20 billion.



Meta&#8217;s Chief Financial Officer David Wehner expected that Reality Labs&#8217; losses would continue in 2023 year-over-year.

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