Dubai has staked its claim as one of the world’s leading Metaverse-friendly regions with countless initiatives, “firsts,” and commitments to emirate-wide Metaverse developments. However, officials at a recent conference, the Dubai Metaverse Assembly, announced that they would be taking things a step further and introducing Gross Metaverse Product (GMP) to measure the success of various Metaverse ventures.
Why is this important? Well, first, it’s making a clear distinction between GMP and GDP while still measuring the value of Metaverse initiatives at a national level. Second, it provides a tangible way for nations to measure the profitability of Metaverse investments. Third, it is yet another step in legitimizing the Metaverse by a state that genuinely sees the potential and impact these new technologies will have and has invested accordingly.
What is GMP?
The GMP doesn’t replace GDP. It supports it. Ultimately, the idea is to calculate the income from virtual interactions with Dubai. These interactions include Metaverse experiences in virtual tourism, e-commerce, the purchase of virtual real estate, education, entertainment, and the provision of government services.
Although ambitious, Dubai officials believe that the emirate’s GMP could compete with the GDP of some countries, and soon. We’re not there yet, but Dubai is certainly laying the foundations of a calculable standard by which other nations could measure Metaverse success.
Could GMP go global?
Although some commentators have been quick to flag Dubai’s GMP suggestions as a marketing ploy, and no doubt the announcement was well-timed for maximum publicity, the idea does have legs. The more companies that adopt GMP, the better the outcome will be because analysts could measure the success of the Metaverse at a global level.
Of course, the obvious benefit is that the economic benefits of Metaverse investments will have a tangible metric that can easily be replicated and measured globally. This will enable decision-makers at the very top of the government to develop strategies based on international economic forecasts and analysis.
However, beyond this, the multinational use of GMP supports collaboration between nations and states. Interoperability at a system level and shared values at an ethical level are vital to the Metaverse, and a universal metric like GMP could go a long way to supporting this cultural shift.
Beyond this, GMP could have wider implications when it comes to sustainability. Transitioning operations to the Metaverse can help reduce carbon output in many cases. When policymakers can see the return on Metaverse investment at a national level, they can dedicate more resources to it. When sustainable Metaverse initiatives increase, governments can help to achieve broader environmental goals.
Finally, GMP can help support social mobility. Why? Because the Metaverse should provide more economic opportunities for people in low-income households. By reviewing a nationwide analysis of the value of the Metaverse and giving positive results, governments can focus on Metaverse initiatives that support social mobility.
This article originally appeared in Kieron Allen’s My Metaverse Minute newsletter, which is sent every Sunday. Subscribe to the newsletter today — just enter your e-mail into the sign-up form on the right-hand side of this page — to get exclusive early looks at content such as this in the future.
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