The Metaverse and its Impact on Zakat Fund

29/09/2022 Technology | Mariam Ali Khamis Al Mansoori

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?What is metaverse

 .There are multiple definitions of metaverse with Gartner describing it as "a collective virtual space created by the convergence of physical and digital reality. Metaverse is an independent virtual economy, enabled by digital currencies and virtual asset storage tools (NFTs)

. Mackenzie described it as "a world that fuses the physical and digital worlds together ", as our digital lifestyles, which were confined to mobile phone and computer screens, are gradually extending towards our physical world to full integration

,This is supported by a variety of technologies, such as augmented reality and virtual reality. It has also been mentioned in various researches that Metaverse is "a huge social network that includes a mixture of virtual reality (VR), augmented reality (AR)

,mixed reality (MR), 3D environments, in addition to artificial intelligence (AI) technologies that are interacted with in various studies Real-time effectively and continuously

,in which an unlimited number of people participate around the world, and it provides a real integrated environment for users and a real feeling, and with virtual real communication in environments completely similar to the environments in reality

,as well as different types of transactions such as communications, payment, etc." It is a "post-reality world, in which the integration of Physical reality with virtual environments with a connected network that includes continuous and multi-person interactions

.and contains open play worlds based on VR and augmented reality AR, in which users are represented by symbolic images that interact between them in real time and these symbols are called avatar

   The impact of metaverses on business ·   

:Due to the great development witnessed by the world of metaverse, it has great impacts on the business world in various fields such a 

 :Addressing the challenges of working remotely·

,o Metaverse has the ability to address all current challenges of working remotely, this technology will help managers communicate more effectively with employees        

 including reading their body language and personal interaction in addition to it will help the employer to solve problems such as lost time in the workplace by tracking Team productivity with their unique avatars         

.Research by Nuffield Health in the UK shows that nearly a third of remote workers in the UK have difficulty separating homework and work when working from home, with more than a quarter finding that they have difficulty stopping at the end of the working day         

   ..Thus, virtual workplaces can establish better boundaries between life at home and work, giving the feeling of walking to the workplace every day and then leaving and saying goodbye to colleagues when the work is done        

.o   digital images of employees can enter and exit virtual offices and meeting rooms in real time, give a live presentation from the platform, relax with colleagues in the communication lounge, or tour the conference center or gallery with a customizable avatar

.o Virtual reality platform "NeXT Meet'' is an avatar-based immersive virtual reality platform focused on interactive work, collaboration, and learning solutions. Its function is to reduce the effects of isolation that result when employees work remotely

  .Through the platform's comprehensive platform, digital images of employees can enter and exit virtual offices and meeting rooms in real time, give a live presentation from the platform, relax with colleagues in the communication lounge, or tour the conference center or gallery with a customizable avatar

        digital buddy·

.o Recent years have seen tremendous progress in artificial intelligence systems that can understand text and voice conversations and speak in natural language, and such algorithms are now turning into digital humans who can sense and interpret context, show emotions, perform human-like gestures and even make decisions

.Thus, not only will our colleagues in the metaphysical world work with avatars of our colleagues in the real world, but the world of work is expected to be joined by a group of digital colleagues, which are highly realistic human-like AI-powered robots

   .These robots will work in various fields such as advisors and virtual assistants. In theory, digital colleagues are expected to take on more productive and valuable tasks than humans, one example is ''UneeQ'' an international technology company focused on creating "digital humans" who can work across a variety of different domains and roles

       Vocational training·

o Research has demonstrated that training in the virtual world can offer significant advantages, and can be superior to classroom-based training as it provides greater scope for visual representation of concepts such as engineering design and work practices, and higher overall participation

.through immersion in games and problem-solving through Research based methods

.The visual and interactive nature of metaverse-based learning is also likely to be particularly attractive to people with autism, who respond better to visual cues rather than verbal cues

 ..VR tools can also be used to combat social anxiety in work situations, for example by creating realistic, yet safe spaces for public presentations and meeting interactions

    New careers in the world of metaphysics·    

o Much like the tech start-ups we are talking about today, in the coming years we will likely see the emergence of original metaverse companies

.companies that are entirely designed and developed in the 3D virtual world and have their own employees who make and sell their own virtual products for the metaverse world, such as fashion, furniture, music and posters and pets  \

 Just as the Internet has brought new professions and jobs that barely existed 20 years ago, such as digital marketing director, social media platform manager, and cybersecurity specialists, so too will metaverses likely bring a wide range of new jobs such as

.avatar designers and virtual travel agents to facilitate movement across worlds Various virtual, digital wealth management advisors, asset managers and others

        :New opportunities to customize and market products and services·

Personalization is based on user behavior in the virtual world, which faces a major challenge in maintaining customer privacy

.Metaverse also allows people to interact and mingle with each other through digital avatars and brands can take advantage of this factor to identify appropriate marketing opportunities

:impact of metaverse on the Zakat Fund

,As we mentioned, Metaverse has several effects on the business world, as it will contribute to addressing the challenges of remote work, will increase the effectiveness of professional training, will create the virtual digital colleague 

,provide new professions and jobs, and will have a role in raising awareness, marketing and providing services, these effects will be reflected on The work of the Zakat Fund when it adopted the technology of metaverse and entered into it

:below we will explain the impact of metaverse on three main works in the Zakat Fund

  1. Awareness of the Fund's services

    Employee Training.

    The provision of services

    Providing a unique virtual work environment

By: Mariam Ali khamis Al Mansoori

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