A man tries out VR goggles at the European Space Agency stand at the Web Summit, Europe's largest technology conference, in Lisbon on Tuesday. Reuters
A man tries out VR goggles at the European Space Agency stand at the Web Summit, Europe's largest technology conference, in Lisbon on Tuesday. Reuters
A man tries out VR goggles at the European Space Agency stand at the Web Summit, Europe's largest technology conference, in Lisbon on Tuesday. Reuters
A man tries out VR goggles at the European Space Agency stand at the Web Summit, Europe's largest technology conference, in Lisbon on Tuesday. Reuters

What is the metaverse and why does it matter?


Alkesh Sharma
  • English
  • Arabic

The metaverse, a digital space that allows users to communicate and move virtually in their three-dimensional avatars or digital representations, is being seen as the future of business and human interaction.

Last month, Chipotle Mexican Grill offered free burritos to customers who visited the restaurant virtually on Roblox – an online gaming platform.

Each day from October 28 to 31, the first 30,000 Roblox users who visited the virtual Chipotle restaurant in a Halloween-themed costume received a code for a free burrito.

“As a digital innovator, we are always experimenting on new platforms to meet our guests where they are,” said Chris Brandt, chief marketing officer at Chipotle.

“Roblox's popularity has boomed over the past year … and we know our fans will be excited to celebrate the next evolution of burrito in the metaverse,” Mr Brandt said.

Here is a look at the history of the metaverse and its potential opportunities.

What is the metaverse?

The term was coined by Neal Stephenson in his 1992 sci-fi novel Snow Crash, which covered subjects such as computer science, politics, cryptography and philosophy.

Hailed as a successor to the internet, the metaverse is a set of immersive spaces shared by users, where they can interact, innovate and engage other people who are not in the same physical space. They do it by creating 3D avatars.

Based on augmented reality principles, it merges physical and virtual existences in a shared online space.

A journalist poses for a 360-degree image during a demonstration to create a 3D avatar at the Jump Studio in the SK Telecom headquarters in Seoul. Bloomberg
A journalist poses for a 360-degree image during a demonstration to create a 3D avatar at the Jump Studio in the SK Telecom headquarters in Seoul. Bloomberg

How does it work?

It is a mix of work and play.

With the metaverse, users can create their digital representation and use it while attending virtual family gatherings or office meetings. They can also attend the virtual streaming of a music concert where their 3D avatar will appear among the audience. Their digital representation can shop online, lend their belongings to colleagues or friends, try new products, such as clothes and shoes, at virtual shops and pay for them using digital currencies.

But we are still in the initial stages of the development of the metaverse. Industry experts say it might take 10 to 15 years to fully realise metaverse products and it will work well when all stakeholders create a compatible digital ecosystem.

An underappreciated innovation opportunity for Facebook

Social networking site Meta, formerly Facebook, plans to spend $10 billion this year on Reality Labs – its metaverse division – despite the platform facing controversies that have led to calls for tighter regulation.

Facebook chief executive Mark Zuckerberg fencing in the metaverse with an Olympic gold medal fencer during a live-streamed conference to announce the rebranding of Facebook as Meta. Reuters
Facebook chief executive Mark Zuckerberg fencing in the metaverse with an Olympic gold medal fencer during a live-streamed conference to announce the rebranding of Facebook as Meta. Reuters

Industry analysts say despite the recent hype, the metaverse is Facebook’s “most potent and underappreciated innovation opportunity”.

“About every decade we believe companies need to reinvent themselves to address large new markets and satisfy investors for the long term,” the US venture capital company Loup Ventures said in a note to clients.

“For a company the size of Facebook, with an expected $150 billion in revenue next year, maintaining growth requires a massive, greenfield opportunity … we believe the metaverse is a sufficiently large opportunity for a company the size of Facebook to chase.”

Who else is eyeing the metaverse?

Technology giant Microsoft aims to allow avatars to share PowerPoint presentations and Excel files in Teams – an app that offers workspace chat, videoconferencing and file storage – next year.

Software maker Unity is developing a concept called “digital twins” – a virtual copy of the real world. Graphics chip maker Nvidia is developing a technology called Omniverse that will link 3D virtual worlds in the metaverse.

Tencent Holdings, the world's largest gaming company by revenue, is reportedly developing an advanced gaming studio to focus on the metaverse.

A software engineer explores a detailed 3D map of the universe with the virtual reality software VIRUP, developed by the Swiss Federal Institute of Technology. AP
A software engineer explores a detailed 3D map of the universe with the virtual reality software VIRUP, developed by the Swiss Federal Institute of Technology. AP

In September, the Chinese company filed to register nearly 100 metaverse-related trademarks. They include QQ Metaverse, QQ Music Metaverse and Kings Metaverse, similar to the names of the company’s messaging app, music-streaming service and mobile game Honour of Kings.

In March, Gucci released branded virtual trainers, allowing users to wear them on social media only.

UK start-up Auroboros has launched what it calls a “biomimicry digital collection”, which allows users to buy looks to wear on Snapchat. Buyers submit an image of themselves, on to which high-quality sci-fi fantasy digital wear is added. This image can then be uploaded to Snapchat through a filter.

How safe is the metaverse?

While building the metaverse, companies need to minimise the amount of data that is used and build a parallel digital world that gives users control over their data.

Employees create a 3D avatar in the Jump Studio at the SK Telecom headquarters in Seoul. Bloomberg
Employees create a 3D avatar in the Jump Studio at the SK Telecom headquarters in Seoul. Bloomberg

Industry experts say developers need to make sure these technologies are designed inclusively and in a way that is accessible.

It is essential to keep people safe online and give them tools to act or get help if they see something they are not comfortable with, Facebook said.

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Gran Gala del Calcio 2019 winners

Best Player: Cristiano Ronaldo (Juventus)
Best Coach: Gian Piero Gasperini (Atalanta)
Best Referee: Gianluca Rocchi
Best Goal: Fabio Quagliarella (Sampdoria vs Napoli)
Best Team: Atalanta​​​​​​​
Best XI: Samir Handanovic (Inter); Aleksandar Kolarov (Roma), Giorgio Chiellini (Juventus), Kalidou Koulibaly (Napoli), Joao Cancelo (Juventus*); Miralem Pjanic (Juventus), Josip Ilicic (Atalanta), Nicolo Barella (Cagliari*); Fabio Quagliarella (Sampdoria), Cristiano Ronaldo (Juventus), Duvan Zapata (Atalanta)
Serie B Best Young Player: Sandro Tonali (Brescia)
Best Women’s Goal: Thaisa (Milan vs Juventus)
Best Women’s Player: Manuela Giugliano (Milan)
Best Women’s XI: Laura Giuliani (Milan); Alia Guagni (Fiorentina), Sara Gama (Juventus), Cecilia Salvai (Juventus), Elisa Bartoli (Roma); Aurora Galli (Juventus), Manuela Giugliano (Roma), Valentina Cernoia (Juventus); Valentina Giacinti (Milan), Ilaria Mauro (Fiorentina), Barbara Bonansea (Juventus)

If you go

The flights

There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.

The trip

Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.

The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.

 

Dubai Rugby Sevens

November 30-December 2, at The Sevens, Dubai

Gulf Under 19

Pool A – Abu Dhabi Harlequins, Jumeirah College Tigers, Dubai English Speaking School 1, Gems World Academy

Pool B – British School Al Khubairat, Bahrain Colts, Jumeirah College Lions, Dubai English Speaking School 2

Pool C - Dubai College A, Dubai Sharks, Jumeirah English Speaking School, Al Yasmina

Pool D – Dubai Exiles, Dubai Hurricanes, Al Ain Amblers, Deira International School

UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
The Settlers

Director: Louis Theroux

Starring: Daniella Weiss, Ari Abramowitz

Rating: 5/5

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

FA CUP FINAL

Manchester City 6
(D Silva 26', Sterling 38', 81', 87', De Bruyne 61', Jesus 68')

Watford 0

Man of the match: Bernardo Silva (Manchester City)

Credit Score explained

What is a credit score?

In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.

Why is it important?

Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.

How is it calculated?

The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.

How can I improve my score?

By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.

How do I know if my score is low or high?

By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.

How much does it cost?

A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

WORLD'S%2010%20HIGHEST%20MOUNTAINS
%3Cp%3E1.%09Everest%0D%3Cbr%3E2.%09K2%0D%3Cbr%3E3.%09Kangchenjunga%0D%3Cbr%3E4.%09Lhotse%0D%3Cbr%3E5.%09Makalu%0D%3Cbr%3E6.%09Cho%20Oyu%0D%3Cbr%3E7.%09Dhaulagiri%0D%3Cbr%3E8.%09Manaslu%0D%3Cbr%3E9.%09Nanga%20Parbat%0D%3Cbr%3E10.%09Annapurna%0D%3C%2Fp%3E%0A
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Children who witnessed blood bath want to help others

Aged just 11, Khulood Al Najjar’s daughter, Nora, bravely attempted to fight off Philip Spence. Her finger was injured when she put her hand in between the claw hammer and her mother’s head.

As a vital witness, she was forced to relive the ordeal by police who needed to identify the attacker and ensure he was found guilty.

Now aged 16, Nora has decided she wants to dedicate her career to helping other victims of crime.

“It was very horrible for her. She saw her mum, dying, just next to her eyes. But now she just wants to go forward,” said Khulood, speaking about how her eldest daughter was dealing with the trauma of the incident five years ago. “She is saying, 'mama, I want to be a lawyer, I want to help people achieve justice'.”

Khulood’s youngest daughter, Fatima, was seven at the time of the attack and attempted to help paramedics responding to the incident.

“Now she wants to be a maxillofacial doctor,” Khulood said. “She said to me ‘it is because a maxillofacial doctor returned your face, mama’. Now she wants to help people see themselves in the mirror again.”

Khulood’s son, Saeed, was nine in 2014 and slept through the attack. While he did not witness the trauma, this made it more difficult for him to understand what had happened. He has ambitions to become an engineer.

Key products and UAE prices

iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229

iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649

iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179

Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.

UAE currency: the story behind the money in your pockets
THE CLOWN OF GAZA

Director: Abdulrahman Sabbah 

Starring: Alaa Meqdad

Rating: 4/5

Museum of the Future in numbers
  •  78 metres is the height of the museum
  •  30,000 square metres is its total area
  •  17,000 square metres is the length of the stainless steel facade
  •  14 kilometres is the length of LED lights used on the facade
  •  1,024 individual pieces make up the exterior 
  •  7 floors in all, with one for administrative offices
  •  2,400 diagonally intersecting steel members frame the torus shape
  •  100 species of trees and plants dot the gardens
  •  Dh145 is the price of a ticket
Match info

Australia 580
Pakistan 240 and 335

Result: Australia win by an innings and five runs

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

Everybody%20Loves%20Touda
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Updated: February 17, 2022, 11:34 AM`