The first physical convention centred on Web3 and the metaverse is coming to Dubai.
Metacon, which takes place at Dubai World Trade Centre Arena on May 28 and 29, aims to educate and entertain guests on the current and new blockchain technologies that are taking the virtual world by storm.
Metacon is best described as a comic con for digital fanatics. The two-day programme has been curated by Emirati investment firm, Ghaf Capital, and will feature immersive experiences, talks and performances to showcase exactly what the Web3 and metaverse-based future holds for us all. It will also disprove that NFTs are much more than a bunch of cartoon apes jpegs.
The convention is split into four main areas: MetaStage, MetaConnect, MetaArena and MetaSpaces. Each offers a different experience, where guests will be able to get up close and personal with the fast-moving tech and ideas.
MetaStage
MetaStage is where innovators and educators of blockchain technologies will share their expert opinions with the audience. If you’ve ever been curious about exactly how it all works and what humankind’s future looks like with Web3 and the metaverse, then this is the place to be.
One of the keynote speakers is Jason Brink, a man who won the 2014 Bill and Melinda Gates Global Development Network Award for the “AidDollar”, which is a blockchain-based solution for providing foreign aid. He’s also the chief executive of Metacon’s main sponsor, Gala Games, so expect invaluable industry insight from the innovator.
The MetaStage will also host NFT artist Idriss B, who has created 3D polygon sculptures of Dubai, which will inspire the next wave of digital artists in the region to get started.
MetaArena
If you prefer your metaverse at a more breakneck speed, then the MetaArena is the place to be. This zone will be home to various blockchain gaming events, such as the first eSports invitational of its type in the region.
Played on a blockchain-based game called Axie Infinity, which sees fantasy creatures face off against each other in Pokemon-style battles, the world’s best players will duke it out for a cash prize pool of $50,000 (Dh184,000).
The MetaArena will also host demos of current games that are in development and give a sneak peek into what’s coming next. Blockchain gaming hasn’t hit the mainstream just yet, so it will be interesting to see what it has to offer both now and in the coming years.
MetaConnect
Metacon is also a place for Web3 and metaverse entrepreneurs to meet and share ideas. The Bapes Lounge is a dedicated space within the convention where people can connect and discover how various blockchain technologies can propel their businesses and reach more customers in far-flung corners of the planet.
MetaSpaces
The MetaSpaces area will feature the NFT Gallery for people to look around. The gallery is curated by Ethereal Collective, who will also be showing off some of their highly sought-after works. And it’s here that guests will be able to see one of the more exclusive elements of the event. The world’s first manga-inspired NFTs will be on display and will be available to purchase exclusively at Metacon.
The speed of which Web3 and metaverse technologies move is enough to make your head spin. But Metacon has the potential to bridge the knowledge gap for those that are still confused by crypto, NFTs, blockchain gaming and more, which is what Metacon co-founder, Abdelrahman Mohamed is hoping for too.
"With future tech making leaps and bounds, we realise that there’s a huge, under-served market of pop culture fans and enthusiasts of, including gamers, artists and entertainers, who are hungry to kickstart their blockchain learning and adoption but do not know where to begin,” says Abdelrahman.
“We also have everyone from beginners to seasoned experts that are looking to network and take their journey a step further; and we want Metacon to be that place where you can dive deep, learn and share experiences, and ultimately grow together as a community in such an exciting, fast-evolving and, dare I say, sometimes even perplexing industry."
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Titanium Escrow profile
Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue
Stage: Early stage
Investors: Founder's friends and Family
UAE cricketers abroad
Sid Jhurani is not the first cricketer from the UAE to go to the UK to try his luck.
Rameez Shahzad Played alongside Ben Stokes and Liam Plunkett in Durham while he was studying there. He also played club cricket as an overseas professional, but his time in the UK stunted his UAE career. The batsman went a decade without playing for the national team.
Yodhin Punja The seam bowler was named in the UAE’s extended World Cup squad in 2015 despite being just 15 at the time. He made his senior UAE debut aged 16, and subsequently took up a scholarship at Claremont High School in the south of England.
The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 100km
The%20specs
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Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
Bugatti Chiron Super Sport - the specs:
Engine: 8.0-litre quad-turbo W16
Transmission: 7-speed DSG auto
Power: 1,600hp
Torque: 1,600Nm
0-100kph in 2.4seconds
0-200kph in 5.8 seconds
0-300kph in 12.1 seconds
Top speed: 440kph
Price: Dh13,200,000
Bugatti Chiron Pur Sport - the specs:
Engine: 8.0-litre quad-turbo W16
Transmission: 7-speed DSG auto
Power: 1,500hp
Torque: 1,600Nm
0-100kph in 2.3 seconds
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Top speed: 350kph
Price: Dh13,600,000
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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