According to data presented by AltIndex.com, metaverse ecommerce is set to become a $200 billion industry by 2030.
Market Size to Skyrocket by 580% in Six Years
The surging number of consumers searching for a more immersive online shopping experience and wanting to preview and interact with products and brands before making a purchase has helped the metaverse ecommerce industry to grow by 60% in just three years.
Even the ecommerce giant Amazon has incorporated early metaverse technology into its marketplace. Thanks to its AR shopping tool, Room Decorator, consumers can now use their phone or tablet to see how furniture and other home décor will look in their space. However, many other ecommerce businesses have also embraced the technology to boost sales and keep their customers engaged. This will help the metaverse ecommerce industry to skyrocket in the following years.
According to Statista Market Insights, the global metaverse ecommerce market is expected to grow by 30% and hit over $30 billion value this year. While 30% growth is impressive, that`s nothing compared to growth rates projected for the following years. In 2025, the entire market is expected to grow by 37% and hit $42 billion value.
Statistics show that 2026 and 2027 will bring an impressive 43% and 44% growth rates, resulting in a market volume of $87.2 billion. Although the annual growth rates will slightly drop in the years after, they will remain between 25% and 35%, helping the global metaverse ecommerce market to hit a $210 billion value by 2030.
In regional comparison, most of that value will come from Asia, with China as the number one market. Statista data show the Chinese metaverse ecommerce industry will hit a $58 billion value in 2030, or five times more than this year. However, as the second-largest player in the metaverse ecommerce landscape, the United States will see even more significant growth. Between 2024 and 2030, the US market is expected to increase nearly seven times and hit a $51.5 billion value.
Metaverse Ecommerce to Hit 1.3 Billion Users in 2030
With metaverse technology providing shoppers with a highly personalized digital experience, the number of users in this market will skyrocket in the following years. Statista data show almost 470 million people will use metaverse ecommerce this year.
By 2028, this figure will more than double and hit 983 million. Statista expects another 310 million people to flock to metaverse ecommerce in the next two years, with the total number of users in the market rising to almost 1.3 billion by 2030.
User penetration, which measures the percentage of the population using metaverse eCommerce technology, is expected to jump from 7.3% to 19.5% during this period.
The post Metaverse Ecommerce To Become A $200 Billion Industry By 2030 first appeared on Metaverse Newswire - A Cyber Gear Initiative.]]>Binance Blockchain Week offers a platform for industry leaders to engage in meaningful discussions to further drive the development and adoption of Web3. With over 3,000 attendees expected and over 100 industry leaders in attendance, this event reaffirms Binance’s view of Dubai as a key international crypto hub.
Alex Chehade, Binance FZE General Manager, said: “We look forward to welcoming the global blockchain community to Binance Blockchain Week. Our goal is to foster collaboration in the Web3 and blockchain industry, unlocking its potential to enhance financial equity and drive positive societal impact.”
“With the UAE leading the global adoption of cryptocurrencies, Binance is playing a pivotal role in enabling this transformation. We are pleased to be supporting this growth and diversification of the UAE’s economy. As we continue to contribute towards the ever-growing status of this region as a virtual asset hub, we are pleased to host a flagship event which will bring over 100 leaders in the blockchain industry together to discuss the latest trends, innovations, and opportunities shaping the future of the digital economy,” Alex Chehade added.
The move comes as Binance announces the acquisition of a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This license, subsequent to the initial issuance of the Minimum Viable Product (MVP) License in July 2023, marks a significant milestone for Binance.
The transition from an MVP license to a VASP license allows Binance FZE to extend its product offering and expand its services to the retail market, in addition to qualified and institutional investors. Binance FZE can now offer individual customers a broad portfolio of virtual asset products that includes spot trading, margin trading (for qualified users), and staking products – the widest array of regulated virtual asset services available not only in the UAE but globally.
The post Binance Blockchain Week Brings The Future Of Web3 To Dubai first appeared on Metaverse Newswire - A Cyber Gear Initiative.]]>The heavy rainfall that hit Dubai on Tuesday this week, most of the other events were canceled, only the Global AI Show and Global Blockchain Show took place. There were thousands of attendees who witnessed these grand events. While the event was seeing great success, VAP Group’s CEO, Vishal Parmar, took this moment to announce a significant milestone for blockchain & AI services by launching Times of AI and Times of Blockchain, two digital media subsidiaries of the VAP Group that will contribute to advancements in Artificial Intelligence and Blockchain. These initiatives are poised to make substantial contributions to the ongoing progress in both of these respective fields.
The Global AI Show emerged as a powerhouse platform, showcasing a convergence of international and regional luminaries in the artificial intelligence and machine learning domains. Attendees were treated to a comprehensive exploration of AI’s transformative potential across key sectors such as healthcare, finance, retail, and oil and gas. With thought-provoking keynote speeches and panel discussions, the event provided invaluable insights into unlocking new possibilities through AI technologies. Notable highlights included Jamie Metzl’s captivating session on the implications of AI, genetics, and biotechnology revolutions, as well as Dr. Divya Chander’s illuminating journey from brain reading to closed-loop brain-machine interface systems.
Meanwhile, the Global Blockchain Show illuminated the dynamic landscape of blockchain technology, drawing together experts from the web3 ecosystem to share their insights and discuss future opportunities. From thought-provoking
presentations by visionaries like H.E. Justin Sun, Founder of TRON, to enlightening fireside chats with industry leaders like Dr. Marwan Alzarouni, CEO, Dubai Blockchain Center, attendees were immersed in discussions covering diverse topics ranging from the evolution of the digital ecosystem to the decentralized cloud vision of blockchain platforms like DFINITY.
The interactive presence of Sophia, the world’s first AI-humanoid robot, as the Official Ambassador for both events added a unique dimension, inspiring attendees with the boundless possibilities of AI and web3 technologies.
Various luminaries and experts spoke about advancements in AI and blockchain to come in the next few years. While addressing at the event, Dr. Divya Chander, MD, PhD, Neuroscientist, Physician, Medical Futurist said, “Elon Musk is not the first person to find neuronlike, he is just the famous one”. Additionally, Scott Melker said, “if I had to choose to put my money in the gaming industry, I will put it in India”.
In addition to the rich conference agenda, the events featured a vibrant start-up village where budding entrepreneurs showcased their innovative ideas to potential investors and venture capitalists. The launch of the VAP Accelerator further underscored its commitment to nurturing the next generation of AI and blockchain innovators.
A highlight of these events was the resounding success of the Global Blockchain Awards and Global AI Awards ceremonies, which recognized industry experts and leading organizations for their outstanding contributions. Neoki stood out by winning Best Visionary in Crypto of the Year, showcasing their innovative approach in the cryptocurrency realm. Binance secured Best Exchange of the Year, reaffirming its position as a trailblazer. At the Global AI Awards, H.E. Omar Sultan Al Olama, Minister of State for AI, UAE, received the prestigious Global Visionary award for Pioneering a New Future, while Rashed AlSuwaidi, from the Ministry of State AI, UAE, was honored with the powering advancement of technology award, emphasizing their significant contributions to technological innovation. ADNOC Distribution won another iconic award for Best AI Achievement in Energy & Utilities, These achievements underscore the profound impact of visionaries and innovators in shaping the future of blockchain and AI technologies.
Both of the events concluded with an unforgettable afterparty at the luxurious White Beach at Atlantis, The Palm, providing a perfect setting for industry experts and enthusiasts to network, forge new connections, and unwind in a relaxed atmosphere.
The resounding success of the Global AI Show and the Global Blockchain Show underscores Dubai’s emergence as a global hub for cutting-edge technology and innovation. VAP Group extends its heartfelt gratitude to all participants, sponsors, and partners for their unwavering support in making these landmark events a grand success.
The post Dubai Defies Nature’s Fury: Global AI And Blockchain Shows Shine Through Adverse Weather first appeared on Metaverse Newswire - A Cyber Gear Initiative.]]>“Reflecting on historical data, we’ve observed that Bitcoin halving events have led to notable price increases, driven by the tightening of Bitcoin’s supply. For instance, the halvings in 2012 and 2016 both set the stage for substantial bull runs, and we saw a similar pattern following the 2020 halving. The year of the halving and the year following the halving since bitcoin’s inception have always been positive.” explains Josh Gilbert, Market Analyst at trading and investing platform eToro.
“This four-year cycle and performance has not gone unnoticed by UAE-based retail investors, with a significant 78% considering or planning to bolster their Bitcoin investments around the next halving. It’s clear that these events are viewed as bullish signals by many. Add to that the successful launch of the ETFs and the huge institutional interest they have garnered, it looks like another promising year for bitcoin. However, it’s crucial for investors to remember that past performance is not always indicative of future results and that broader market conditions also play a significant role in shaping prices.”
In the UAE, crypto assets have emerged as the predominant investment choice among retail investors, with 74% currently holding investments in this asset class and another 63% planning to expand their crypto holdings within the next three months.
The primary motivations driving this robust interest include the potential to generate high returns, identified by 40% of investors, the belief in the transformative potential of crypto assets, which 36% of investors agree on, and confidence in blockchain technology, trusted by 31% of investors.
What is Bitcoin halving?
Scheduled for 19-20 April depending on the current rate at which bitcoins are created, the bitcoin halving is a key event occurring roughly every four years where the reward for mining new blocks is halved, decreasing the rate at which new bitcoins are created. This mechanism, integral to Bitcoin’s design, ensures a controlled, gradual issuance of coins until the maximum supply of 21 million is reached around 2140. Halving helps regulate Bitcoin’s supply, mimicking the scarcity of resources like gold and is critical to its monetary policy, potentially leading to possible price increases by reducing supply pressure.
The post The Bitcoin Halving Is Set To Affect The Investment Choices Of Five In Six UAE Retail Investors, Finds EToro first appeared on Metaverse Newswire - A Cyber Gear Initiative.]]>Binance CEO Richard Teng stated, “As we secure the esteemed full market VASP Licence, it notably amplifies our unwavering commitment to advancing the financial landscape through compliance and innovation. This achievement embodies our dedication to transparency, regulatory compliance, and responsible growth in the dynamic digital assets domain. Furthermore, it bears testimony to the innovative spirit of the UAE, as it continues to embrace the transformative economic implications of blockchain technology for its residents.”
The transition from an MVP Licence to a VASP Licence allows Binance FZE to extend its product offering and expand its services to the retail market, in addition to qualified and institutional investors. Binance FZE can now offer individual customers a broad portfolio of virtual asset products that includes spot trading, margin trading (for qualified users), and staking products.
Binance FZE General Manager Alex Chehade said, “This is a major milestone that validates our commitment to providing secure, compliant, and top-tier services to our users. It underlines Dubai’s position as a forward-thinking city – acknowledging and embracing the financial potential that blockchain technology brings.”
Upon initiating operations under the new VASP Licence, Binance FZE will significantly enhance its current services beyond spot trading and fiat services.
This licence allows diversifying trading services exclusively for qualified and institutional investors only, where these segments are eligible to engage in margin and derivatives products, including futures and options. Presently, these services are strictly restricted to those that meet the qualified investor criteria.
Binance FZE invites users to explore this new array of opportunities as soon as possible. For more information, please visit www.binance.com/en-AE
The post Binance FZE Receives A VASP Licence From Dubai’s Virtual Assets Regulatory Authority first appeared on Metaverse Newswire - A Cyber Gear Initiative.]]>The partnership between the two organizations will allow Sui to utilize ByteHouse, a cloud-native data warehouse for batched and real-time analysis, in combination with Sui’s full nodes data, to elevate performance and ensure accelerated delivery for users. The high-performing, low maintenance, read-write separation and real-time analysis of ByteHouse will enable Mysten Labs to supercharge analytics with infinite scalability. In addition to the technological elements of the partnership, BytePlus and Mysten Labs will explore ways to strengthen Sui community building, hackathons, and educational programs worldwide.
BytePlus products, which include AI recommendation algorithm solutions and BytePlus CDN, a network of servers and data centers for accelerated delivery, will be an additional area for collaboration with Sui. The potential use of these products on Sui is set to increase exposure to key customers and partners including large game development companies.
Evan Cheng, Co-Founder, and Chief Executive Officer of Mysten Labs, said, “This partnership with BytePlus will revolutionize data analytics in the web3 sphere and further showcase our mission to drive innovation for web3 infrastructure. Integrating cutting-edge AI recommendation and visual algorithms into Sui signifies a leap toward enhancing user experience within Web3 game platforms and socialFi projects.”
Li Long, General Manager MEA of BytePlus, said, “Together with Mysten Labs, we are committed to unlocking new possibilities using our advanced AI algorithms and data warehousing technology with Sui. This transformative journey displays our dedication to revolutionizing data analytics and content delivery but also reaffirms our dedication to delivering unparalleled value to users and partners.”
The post BytePlus Enters Web3 With Sui, Eyeing AI, Gaming And SocialFi first appeared on Metaverse Newswire - A Cyber Gear Initiative.]]>Returning on April 20-21, 2024, and situated in the vibrant heart of Dubai at The Agenda, Arts DAO Fest is set to welcome Yuga Labs, Forbes Web3, BMW, eToro, Pixelmon, LandVault, Polkadot, Linea, and many others as its key highlights.
These activations are set to significantly enhance the event experience, complementing an already stellar speaker lineup that features some of the most influential and visionary leaders in the Web3 sphere. This includes Zeneca, the Founder of Zenacademy; Web3 Thought Leaders Punk6529 and Wale. Swoosh; Tristan Yver, Co-Founder of Backpack and MadLads; Poopie, Co-Founder of Doodles; Farokh, Co-Founder and President of DASTAN, the driving force behind RugRadio and DecryptMedia; Minh Do, COO of Animoca Brands; Eowyn Chen, CEO of Trust Wallet; and Sergej Kunz, Co-Founder of 1INCH Network, among others.
In an exciting collaboration with Forbes Web3, Arts DAO Fest is rolling out the red carpet for artists worldwide, inviting them to showcase their visionary work on an international stage. This collaboration highlights an Open Call for digital artists, aiming to showcase 420 pieces of art from talented creators across the globe. The competition not only offers artists a unique opportunity to have their work displayed in Forbes Web3 magazine but also includes the chance for 10 winners to be announced from the main stage. These selected artists will gain the prestigious honor of being featured in Forbes Web3, the web3 arm of Forbes. Endemic is the first AI Curated NFT Marketplace, is proudly supporting the Open Call program, while Zenon, a premium venue in downtown Dubai, known for its unique art installations, will host the official VIP & Artist after-party.
Yuga Labs, the leading web3 lifestyle and media company and IP powerhouse, will unveil the latest demo of Dookey Dash Unclogged, offering attendees the chance to pre-register in their latest game, which offers a $1 million prize pool.
BMW will captivate attendees with a car designed by Jeff Koons, and the Museum of Sound — an NFT collection celebrating the iconic sounds of BMW’s traditional engines as we transition to electric vehicles.
Linea, the zkEVM ecosystem that empowers web3 dapps to thrive, is poised to revolutionize art creation with a unique installation that makes neural brain waves interact with the artwork. This will allow anyone to mint artwork generated in real time on their blockchain, a pioneering step in the digital art scene.
Matera is revolutionizing the creator economy by integrating DeFi on top of existing social media platforms. For a touch of levity, Pixelmon will feature Kevin, their beloved mascot who became a sensation through memes, adding a layer of humor and joy to the festival.
As the largest Web3 cultural gathering in the MENA region, Arts DAO Fest invites artists, creators, investors, and web3 enthusiasts from around the globe to join in celebration of digital art’s vibrant future. This event not only highlights the incredible talent and potential within the digital art world but also serves as a pivotal moment for the Web3 community, fostering connections and collaborations that will shape the trajectory of digital culture.
Arts DAO Fest is a groundbreaking web3 cultural festival set to take place in the vibrant city of Dubai, on April 20-21, 2024. The event stands as a grand celebration of the digital age, blending the worlds of art, technology, and community into an unforgettable experience. Organized by the pioneering minds behind Arts DAO, the festival invites digital art enthusiasts, blockchain innovators, and cultural aficionados from across the globe to converge in a dynamic environment. Attendees can look forward to a rich program filled with digital art exhibitions, interactive workshops, gaming zones, and live music performances, all designed to illuminate the boundless possibilities of Web3 and foster deep connections within the community.
As the largest Web3 cultural event in the MENA region, Arts DAO Fest is the ultimate destination for those passionate about shaping and experiencing the future of digital culture. Tickets are available in different tiers here.
The post Forbes Web3,Yuga Labs, Linea, BMW And EToro Join Arts DAO For Web3 Extravaganza first appeared on Metaverse Newswire - A Cyber Gear Initiative.]]>Join us in Dubai for our flagship gathering, where we’ll unite visionaries, pioneers, and creators to dive into the exciting convergence of AI and Web3. Whether you’re a startup whiz, a savvy investor, or a seasoned executive, you’ll find unparalleled networking opportunities and insights here.
Web3 World Consortium event is an opportunity for thinkers, creators, and leaders to gather and shape the future of web3. Top experts will share insights on the innovation in the web3 technology. The W3WC event sets the stage for a new era of innovation in the digital age.
Join us at the Pre-Reception Welcome Party on April 21, 2024. It is an exclusive VIP pre-reception welcome party aboard a luxurious yacht set against the stunning backdrop of Business Bay. Network with fellow attendees and enjoy breathtaking views while savoring delicious refreshments. We are limited to 100 VIP guests.
Register here to secure your spot and set sail for a night of unforgettable connections.
Mark your calendars to join the W3WC event at Millennium Plaza Downtown in Dubai on April 22, 2024. It will be a day of inspiration and innovation in Web3 technology. The prestigious Millennium Plaza Downtown is strategically located in the heart of Dubai. It provides easy access for both local and international attendees. Dubai is ready to embrace the web3 revolution with the W3WC event.
The Coin Republic (TCR), Co-host Cajutel, and Threeway Studio are the Web3 World Consortium (W3WC) event organizers. They are all well-known entities within the Web3 space. Their commitment is to foster a community of innovation. The organizers bring together the best in this industry to facilitate a day of learning, sharing, and growth.
Web3 leaders will take the stage to share their vision for the future of web3. They will share inspiring stories of success through panel discussions. Top experts will share tips on succeeding in the Web3 era. There will be dynamic discussions on DeFi, DAOs, NFTs, cryptocurrency regulatory landscape, web3 security, and more.
Successful web3 entrepreneurs will help aspiring individuals grow their businesses.
The speaker lineup is nothing short of stellar. These individuals are at the cutting edge of Web3 development. They will provide attendees with insights into the trends that will define the future. Below are the few speakers of the W3WC event:
Attendees can expand their network by having conversations with the brightest minds in attendance. The W3WC event is a perfect opportunity for partnership with top web3 pioneers. Attendees can interact with keynote speakers, panelists, exhibitors, and sponsors.
Attendees can expand their network by having conversations with the brightest minds in attendance. The W3WC event is a perfect opportunity for partnership with top web3 pioneers. Attendees can interact with keynote speakers, panelists, exhibitors, and sponsors.
The post W3WC Dubai Event Explores The Future Of Web3 first appeared on Metaverse Newswire - A Cyber Gear Initiative.]]>The Global AI Show is a power stage hosting international and regional thought leaders in the artificial intelligence and the machine learning space, while the Global Blockchain Show will bring together experts from the web3 ecosystem to share their insights and discuss future opportunities in the rapidly-evolving industry.
A wide range of themes will be discussed at both conferences in two days. At the Global AI Show, attendees will get a glimpse into an AI-powered future with keynote speeches on sectors such as healthcare, finance, retail, oil and gas unlocking new possibilities with the help of AI. Evolution of the digital ecosystem, data protection, blockchain in finance, gaming, metaverse and NFTs are some of the topics that will be discussed at the Global Blockchain Show.
Jamie Metzl, a technology and healthcare futurist, will be navigating the implications of AI, genetics, and biotechnology revolutions. Attendees can get their copies of Hacking Darwin: Genetic Engineering and the Future of Humanity signed and also get exclusive insights from Metzl’s new book – Superconvergence: How the Genetics, Biotech, and AI Revolutions Will Transform our Lives, Work, and World.
Dr. DivyaChander, a neuroscientist and medical futurist, will take us on a journey from brain reading to brain writing to closed-loop brain machine interface systems through her headliner at the Global AI Show. Another prominent speaker at the Global AI Show is H.E. Dr. Mohamed Al Kuwaiti, Head of Cyber Security at United Arab Emirates Government, who will present a keynote on a future with AI.
The Global Blockchain Show will showcase the dynamic landscape of blockchain technology. Among the distinguished speakers, H.E. Justin Sun, the visionary Founder of TRON and Member of the HTX Global advisory board, will take center stage. Renowned for his groundbreaking contributions to the blockchain space, Justin Sun will grace the event with his profound insights and forward-thinking vision. Additionally, Global Blockchain Show will feature a fireside chat with Lennix Lai, Chief Commercial Officer of OKX, who will encompass the yin and yang of crypto trading. Dominic Williams, Founder & Chief Scientist of DFINITY Foundation, will discuss the decentralized cloud vision of the DFINITY blockchain.
Furthermore, the Global AI Show and the Global Blockchain Show are thrilled to have the world’s first AI humanoid robot Sophia as their Official Ambassador. Sophia is a prime example of the wonders of artificial intelligence and robotics, converging technology with humanity. Her presence at the two events seeks to inspire attendees on the limitless possibilities of AI and web3 technologies.
The Global AI Show and the Global Blockchain Show will feature a start-up village where start-ups and scale-ups will have the chance to power pitch their innovative ideas, technology and creations to investors, venture capitalists and big tech.A VAP Accelerator will be launched to serve as an incubator for ambitious start-ups. Meanwhile, a community stage at the Global Blockchain Show and the Global AI Show will be set up to focus on fostering inclusivity, collaboration, and engagement within the blockchain and AI community.
An official awards ceremony will take place on April 17 at the Grand Hyatt, Dubai. The Global AI Awards and the Global Blockchain Awards seek to recognise excellence and innovation, and pay tribute to the trailblazers, innovators and guardians who tirelessly push the boundaries of possibility in the field of AI and blockchain technology.
The Global AI Show and the Global Blockchain Show will finish with an afterparty at the luxurious White Beach at Atlantis, The Palm. Hosted by VAP Group, the afterparty provides a unique platform for industry experts and enthusiasts to mingle, exchange ideas, build valuable connections, explore potential collaborations, and unwind in a relaxed atmosphere.
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