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Mr. Rajib Roy, CEO of Royex Technologies, Shares his experiences about Metaverse on WeTel Blockchain Coffee Talk Show.
We are really happy to share that our CEO, Mr. Rajib Roy, was invited to the WeTel Blockchain Coffee Talk Show along with three other Metaverse and Blockchain enthusiasts, where all the experts presented their views on “How Blockchain technology will change the way we work and change the way we live.”
They talked about the blockchain technology and the reasons why people are still scared to invest in the crypto,and also regarding the Metaverse Strategy introduced by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, that how is it going to be beneficial for the physical, virtual lives and for the businesses, and the businesses in Dubai will adapt themselves to the Metaverse and what all challenges they are facing.
They shared their views on how UAE government and businesses can integrate Metaverse.
They also discussed the benefits of Metaverse, and what effects NFT and Metaverse have on cultures and communities, as well as how they interact.
Aliona Zaleskaya(Director of WeTel Blockchain Centre) - So we hear frequently that blockchain is the future and the application is universal. However, some corporations and governments are racing forwards while others are still struggling to understand its relevance to them. So what do you see can bridge the gap between the blockchain technology and the corporate world of future?
Farhang Maghdeed (CEO of Fluxysis Technologies) - So basically, when we mention about the blockchain there are different principles behind. So we speak about the technology itself, which is I always mention is the very complicated architecture in place and a lot of algorithms running in this complicated architecture. So the principles, as I mentioned, is a technology and we mentioned about one of these applications, which is a crypto. The majority of people get to know about the blockchain from the crypto perspective. And also, we have something related to the legality. So how the legal can cover the technology and the usage of this cryptocurrency, and there is an integration point of view. So how the business reshifting using the technology? So, these are the areas we have to explore and understand. So whenever we mentioned about them, that's where the concern starts from the industries. So, when there will be a business integration to the techmetanology, what will be the concern and how the reshifting happens and where the technology will fit in these business area. And today we majority heard about NFT and metaverse. These are actually interesting topics which has been built especially after the pandemic. People were sitting at home, they wanted to get engaged with something really live and they're they earned behind. So that's where the 2021 was the height for using or exploring the NFT and metaverse as well by the end of 2021. So this is what it comes to my mind and when it comes to the government, the legalities, that's also like a point and the principle we always put in mind and we put a point on that. We as a developer, we work behind the technology and we want to make sure things going according to the legal frameworks and the jurisdictions. And on the other hand, the jurisdiction is also looking at the space of the blockchain and the cryptocurrency. They want to know and explore how they can regulate and when the regulation comes in the place, they have to understand as I mentioned. They have to classify and they want to know where the regulation will exactly goes to the usage of the cryptocurrency or the security token or the technology itself or the business integration or now what we are mentioning about the Metaverse which is a virtual economy to me because virtual economy is not like a new virtual reality. It has been there for decades and majority of the youngest they are into this. So, from the legal point of view as well. Now, majority of the government, they are trying to put hands on virtual reality because now become a grown economic space, which is a virtual economic space.
Aslam Sooltangos (CEO of Gold Hive Tranding LLC) - Taking it a bit more from a macro perspective, I myself was a crypto blockchain weapons skeptical one year ago,so as I said, I have been in the precious metal industry. Okay, but I think we all know the only concept is change, right? But also resistance to change is also another concept. So I think through that journey of mine where we go through a learning process, your question is about how we bridge it. It's about education. You talk to your kids every day, you talk to your peers, you talk to your colleagues, and you need to understand resisting change. Just leave your description. We've seen people resisting the emails, people resisting the Internet. Even when the first cars were coming out, people said no. The horse will be the only way of transportation. So I think it's just that we need to accept that change will be constant and have that willingness and see the opportunities and gaps where you can yourself develop to be tracks.
Rajib Roy(CEO of Royex Technologies) - I'm not expert on this thing, but the main important part what is actually the education. Yeah. So people need to educate actually themselves and we have to tell them in a very easy way that is actually not a very tough thing. It's a very simple thing and once they understand how simple it is to use, then it's going to happen. Otherwise it'll be really tough.
Farhang Maghdeed - At one point when it comes to the education its quite interesting. To be honest, in 2017 when I start to do my development, when I go to Google search for the blockchain, there's nothing, you wouldn't find anything actually written about the blockchain. But today huge contents are there. So one of the most important point to be highlighted and we have to be careful about the true knowledge and the fake knowledge as well.
Rajib Roy - Why I'm saying about the education, if you see actually in UAE population 10 to 12% are already using the cryptocurrency but just go in the deep they are using actually they are putting some money to get some more investment.So here there is lack of education. So that's what people need to know.
Aslam Sooltangos - Crypto today is not serving the purpose it's supposed to serve. It's more being a very speculative object. So that's why all these dips and throws and beats on the values of those cryptocurrencies is not being used as a means of exchange.
Aliona Zaleskaya - If we go into the statistics, it's around 11.4% of the UAE residents who are throwing themselves into crypto. So it's one out of ten people in. UAE. It's not that huge numbers. So what do you think is stopping people from investing in crypto? So what is the lack of knowledge? As you said, they're scared. What else can be?
Zaara Goraya - Basically the education, I believe. I think everyone is still misguided about what crypto is all about. They saw the hike in 2017 and suddenly a crash and they were just quiet for a while. People who have believed what they are building, but people who just invested just for the sake of things going up and cashing out. They were like, oh, we invested and we lost. Yeah. So it was a little tough over there but then it moved on and what happened in 2021, we saw the height in NFT it just went boom like really really high and this year people are starting to realize okay now I need utilities in NFT. Its not all about the pricing or something. So, I think that the people are already moving a little bit and as we say , education has been playing a role in that. So people are doing more education and I believe that with more education we will get there but we are really in infancy stages, where are we ? just 2022.
Aslam Sooltangos - We want to push more regulations and people get more comfortable around it. Understand the true purpose of it so they're not scared anymore to invest.
Farhang Maghdeed - Honestly, there are few things we need to highlight from the knowledge point of view when we mentioned about popularity along with the technology. The usage of the crypto from the technology perspective. It's a necessary thing. Because when I build a blockchain. If I don't have incentives around the technology, there will be no security. So for that we always push for the crowd to use the crypto for the solidity of the technology and the value of the crypto. So it's not for the point of investing and growing your wealth so that's one of the correction we should have put it and let the people understand ,because a lot of times when I'm mixing with a lot of people when they invest they said when am going to get rich? If I recap the person who started to buy Bitcoin in 2013 even 2012 or 2010, how many years down the road? But now, today I want to put 2000, tomorrow I become a millionaire, it's a bit difficult, it's not cracking the head because like growing the value, is like a mechanism so the mechanism should go through stages so this is the thing. we should let the people that's where the knowledge need to go to the direction.
So trading, that's where another thing which is for someone who wants to grow this money so they can go for Those safe platforms I would say now too many exchanges are on there I always tell them please go for those exchanges at least those exchanges legally registered in the country when you go to use those exchanges you have a big safe if anything happened to your money there's an intermediately that will save you. So these are the things, but if you go direct like I was just not mentioned there are so many scammers around them so many companies,they approach you they will bring life easy for you do they put 10,000, tomorrow you will get 10 million, that is totally that will not work.
I think also the market forces are playing when you see the bearish state of what crypto is in and even the NFTs unfortunately it serves the purpose of weeding off all those fake players inside the market so people who have substance who really believe in the initial concept would remain those who are trying to get rich overnight is just spoiling the market.
Farhang Maghdeed - And from the experience also there is something quite interesting , it's not only the point to understand the blockchain itself. Honestly, when I started blockchain development, as I mentioned, October 2017, it takes for me two solid years deep research to understand what all these blockchain is all about. So I have to do different way of research. I have to understand the financial system. If you don't understand about the finance and the meaning of money, it will be very tough and difficult for you. So we need to do that as well at the same time. So now when it comes to the point of like you are investing, you are trading, this is all the financial terms and principles. So this being there for quite some time, I'm sure people know about the forex when they go for the trading using those forex platform. Even the forex has a lot of scammers and a lot of true companies are out there. So it's a similar thing happening, but in the different technologies.
Zaara Goraya (CMO of Star Metaverse) - Its like crypto rushed a little bit in 2017, everybody just went crazy.
Aliona Zaleskaya - The proposed Metaverse Strategy introduced by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, will support the generation of 40,000 jobs. Dubai Metaverse Strategy aims to benefit physical, virtual lives of people and businesses. How will businesses in Dubai adapt themself to Metaverse and what are the challenges that they are facing?
Zaara Goraya - The challenges still possesses where people don't understand fully. And having an access to VR glass is not everybody's faulty at the moment. It Started With Games, and you see a lot of gamers having an Oculus at home. But how many of us actually Do Have that handy? How many of us would just plug it in and say, okay, Come on, just have a meeting on the metaverse right now. And now which metaverse, where do we go? Things are still at the infancy. So I think with the strategy that Dubai has announced, they are starting all these 40,000 jobs, it has started during the Pandemic. So Pandemic was where we could not travel. I was in the country, I could not travel. I could not do anything. And my father's always been traveling. So being stuck at home for almost two years was crazy. And not being able to, people love to meet you in person. People love to have that connection. The metaverse provides us a little better space than zoom calls. so this is where I think Dubai is heading in the right direction and they just have to make things more accessible and like businesses to come to the metaverse. I think there should be a model where there's a little bit more in real life combining with the metaverse,and instead of just fully putting everybody on, the metaverse to start with some NFTs maybe, departments can have like tokens with NFT. Start slowly, don't just pour everything on everybody at one time. They'll be overwhelmed.
Aslam Sooltangos - So that's what I think. It has to be a gradual process. We are talking about resistance to change, that people have to learn about it and the legislation has to be there. I talk a bit about my own experience being a world trader. Today, I find like a couple of weeks we launched our first Goldback NFT which is the first in the middle east region of the UAE. We saw the opportunity there, to go into the NFT world despite it being bearish. So today everyone was talking about NFT being backed by utilities to join that manual.
Rajib Roy - There is the government side,they need to actually take some initiative already government is already taking but they need to take some more initiative. All the public services what government actually offering they can do it on the metaverse. So what happens? The normal people they have no other option to go without, except metaverse, they are going to adopt it and one misconcept actually we have that all we are saying that metaverse should be on the VR. It doesn't mean that. The metaverse new version is coming up. It is not only for the VR. It can be on the web, it can be on the browser even it can be on your mobile actually enter to the matters. So it should be accessible in all possible ways, now lots of companies, software company who actually developing the metaverse they are only focusing for some specific part. But that's the way they cant reach to every people. How many people have the Oculus? How many people have the VR glasses? But think about how many gamers in the world. In the Asian side huge gamers are there actually, we have to engage them so we have to make the metaverse so that they can actually start using it. And another thing, another important part just think about the business. Whenever the Facebook social media launch at the beginning, the crowd actually coming from the young people they love to actually send a message, put a picture, give a like comment, that's it. But when the Facebook actually really growing, when the business comes, when people know from the Facebook I can get a business directly or indirectly at that time it was happening but in the metaverse whatever you are seeing that there is no direct business involved here. So it is actually now digital asset people are creating, they are selling but what happened actually who are actually selling some ecommerce in the normal who are selling the grocery how they can actually get the benefit from the metaverse that's not actually possible now. So what we are actually working in our metaverse,our metaverse can connect with your existing system. suppose if you have a magento website or shopify website you can connect with their ,anyone actually purchasing from the metaverse it will go to you. You have an ERP system, connect it there. So what happened, All the business communities come there because they know that okay from there they will get the business and then they will push it actually more forward. It is not only that government can push it or only the Facebook or only few companies can push it it is not possible. Business community need to come and you need to involve them.
Aliona Zaleskaya - We are getting news, that coming soon to UAE: Hospital, university, fitness studio in the metaverse... Let’s talk of more use cases, where governemnets and businesses can integrate Metaverse.
Rajib Roy - Even in this GITEX, if you go there, you can see actually several government are launching their campus in metaverse,and we are also working on a few things this actually marvelous thing so you just go in the metaverse, you feel how the government is actually giving you the service. Lots of use cases are coming up, actually.
Farhang Maghdeed - So if I just comment about that, basically all these revolutional changes happening in our social life, I would have said these are quite necessary things. Again, after the Pandemic, we could see how many people gone jobless, how many company has bankruptcy, even government offices were shut down. One of the interesting things I was monitoring because all these while I used to be in United Arab Emirates, the government of the United Arab Emirates, they did a very systematic move during the Pandemic, how to close down the country and how to bring back the country to the life. That's one of the very interesting things I monitor it, they have a plan, they have a reset plan, they have everything in place. Another thing, when I used to follow the government regarding the legislation of the usage of the cryptocurrency and lately about the NFT and the metaverse as well as using or developing blockchain and the cryptocurrency internet, so they come out with lot of interesting frameworks. Now, there are a lot of like legal statements by the government, especially from the Abu Dhabi and as well as from Dubai. Whenever Sheikh Hamdan announced such a nice, interesting like push of the metaverse for the public and opportunities for 40,000 jobs. It's something quite systematic and I believe because if you dive deep, when they give the opportunity for everyone to get engaged with this space, why? Because so many businesses are opening now, we mention a lot of metaverse projects. Yesterday I wrote a paper; this paper is really new I mean, no one has thought about it because I'm not in the gamification. Most of the people, when they mentioned about the metaverse, they go for the game, they go for those existing things. But I come up with something quite interesting about the intellectual property . So we're going to announce it, So I put the paper in place, we are going to introduce it to the government and the government will benefit from that one. So, meaning to say that there are a lot of interesting things coming, that's one thing. The second thing, the challenge when we look at the developers, 40,000 people, it's really interesting chance for those youngest to move into this space, number one. Number two, they need to get the knowledge, because now, majority of the time when we look for the developers, blockchain developers, even metaverse developers, we cannot find people in the United Arab Emirates. So this is actually now I can say they already started. I can see some young people,because we have community, even the development team becomes something artificial. We're working on the GitHub. So what will be in the community? Someone start with a concept to build a blockchain. He will put this community around everywhere. Like one of my engineers, he did something quite interesting. He built up a blockchain by himself and he bring a community around the world. He doesn't know them. So from 14 different countries. Now the blockchain is done. Almost about three years he spent during all this pandemic time. So it was quite interesting. And three days ago we opened and It's live running. So who did push this? There is no one. No funds, no one. But he did something quite interesting.And the motive. So the motive will come. The challenge is that the motive will come, but they have to start something. So now even the motive from the government is there. So the government will never stop them. But we need to grab the chance to move fast, understand about the technology and especially when it comes to the development. But there is one interesting point. We need also to build programs while we are in the academic field. We need to come out with the academic programs and fit it into these computer science faculties in every single university. Let the youngest to study blockchain, but nowadays, so many books, so many experts wrote books about the blockchain when it comes to the usage, when it comes to the technology, when it comes to the legality, a lot of contents are there. So this is also one of the good points.
Aliona Zaleskaya - There are lots of projects which combine NFT and metaverse. So what's the importance of this combination projects for the society, for Cultures, for businesses?
Aslam Sooltangos - Metaverse is the ecosystem. I would call it NFTs or the actors within that ecosystem. The sky is a living to what you can do in terms of reaching out to people, socializing and changing habits. I would say more tolerant. I mean, increasing the know how and the knowledge. That's how we need to say, okay, gaming is a huge part of as we speak right now. That is a huge evolution through tokenization inside the metaverse. I just had an experience. I was in meta week a few weeks ago and there was one stand there, so one guy was asking me what I do and I explained you about gold and vaulting and everything and said okay, so he had created Paris on the metaverse and you can walk around town and go inside an office block and go into the vault. So basically ,if with an NFT you could place your goal there, tokenize and still somehow visually have a feel sensory feel even being removed, my goal is there. Thats the beauty of it. The sky is the limit, but obviously has to be used responsibly.
Rajib Roy - Without the NFT, Metaverse has no full meaning actually. So because NFT comes first and Metaverse comes after and Metaverse actually using NFT fully. Just think about, before the real estate we are talking now, you have to say that okay, is it a virtual real estate or a physical real estate? A big change has already happened so it's only happened because the NFT is there and Metaverse is there. Now think about the fashion. So a few weeks back actually in the Decentraland the fashion week happened, if you see how many dress actually they are selling the different companies coming, new kind of fashion show so it's completely new things coming in the society. Just only even two months before actually it was not like that even two months before different things now is actually completely different. No, we have to do a fashion show. So now thinking, okay, are we going to the metaverse or are we going to the physical one? Which one you are talking about? Then people are wearing this thing and they are actually using it for whenever they're going in the metaverse. What is the dress they are wearing? What is the shoe they are wearing? And also there is another important thing the interportability. So whenever I'm in one metaverse, I'm going to some other metaverse without the NFT, that is not possible. So whenever I'm going from one metaverse or other metaverse, I can take any of my NFT actually with me, because the digital wallet is the same wallet if we're shifting and people are working around it. So not everything is possible, but still there is a huge possibility, only because this kind of standard things is there. But still in my belief, metaverse needs some standardization. Because whenever we are using some kind of technology in the Avatar creation and other creation, there is no standard following. So in decentraland the avatar is creating in one format, in Sandbox creating some different format. So we are not actually taking it actually from one place to the other place. Although NFT is there, blockchain is there, everything is there, but still we are not able to do it. So some kind of standardization would actually need to come there, so that we can actually shift everything. Just think about a image,you take an image in a phone, you can send to any places, any phone, you can use it, you can mobile every places, because everyone knows what is the image actually how it is formatting. But that is actually missing in the metaverse. So if any standardization come or any team working on it, it will be huge.
Farhang Maghdeed - Basically to me metaverse is the visual life form of whatever we are practicing. Whether it's a health, education, gamification or anything else. So what's happening whenever we create the virtual reality and when we push all the avatar, let's say Farang avatar, everyone’s avatar participating in a space, whatever space is. When it comes to the NFT, it's the value, it's the value within this virtual reality. Because when the virtual reality is in the place, how we can create the value, how we can, let's say, introduce my product my services, how I can gain, how I can let the people to benefit from that? Just an example there was a gentleman, a very young guy, he's an artist, he used to work in a couple company but he could not fit to position himself in the company. So finally he got to know about the blockchain and NFT that's even before epidemic. So what he did he start to sell his arts as an entity he got into those like open sea platforms, whatever application started earlier before 2019, he started about 2019. He pushed all his art onto NFT and he started to make money. So whenever I ask him anything can you draw something for me? No, I have no time.So this is actually the chances so the value comes from the energy. The market cap of the NFTs is 18 billion plus and the metaverse is 13 million plus because we know the NFT started and that's where the value grows is quite huge in the NFT spaces, especially last two years.
Zaara Goraya - You see anything that starts in the world when there's incentives, people actually run through it. So that's where NFT came into space and that's where Metaverse being popular. Why is Meta was being popular? Because people are using NFTs and NFTs has value. Yet, like I said, there's still limitations on avatar. So if I'm creating an avatar in a different model, I'm trying to go to another metaverse, it may not work.
After the panel discussion, the audience asked several questions regarding metaverse, crypto and NFT.
Royex Technologies is an eCommerce, mobile app, and Metaverse development company in Dubai, UAE, that provides innovative solutions for small, medium, and large-scale companies. We offer clients the finest virtual reality development services such as VR app development, VR game development, VR software development services, and more using cutting-edge VR technology. By unlocking end-to-end Metaverse solutions, we enable you to create your Metaverse vision by turning your business ideas into a reality in the Meta world. Our team is ready to create all kinds of metaverse apps that cater to any industry - ecommerce, marketing, games, education, fintech, and more. For your target audience, provide a metaverse platform where everyone can communicate via 3D, virtual reality, and augmented reality. RoyexMetaverse top metaverse development company in Dubai prepared to provide tested concepts that outperform your organization in every sector, from gaming to government.
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