DUBAI: Last month, Chalhoub Group released “State of GCC’s Metaverse and Its Potential for Luxury Retail,” a report that revealed Gulf consumers’ thoughts on Web3, which includes the metaverse, cryptocurrencies and the NFTs.

The metaverse industry is currently worth $40 to $65 billion and is expected to reach $13 trillion by 2030.

Arab News spoke with Nick Vinckier, Chalhoub Group’s director of corporate innovation, to learn more about the report.

There are three key takeaways from the document, according to Vinckier. The first is that although it is “very soon” for Web3, it is not a trend or hype that will fade away; it will only grow exponentially.

The report shows high levels of awareness in all facets of Web3, with consumers being most aware of cryptocurrencies (77 percent),…