5 November 2024, Tue |
1:30 PM
MContent has announced the advent of the Cineverse to the world, with the goal of bringing Cinema to people anywhere, at any time – MContent and its debut were made possible through a cooperation with PwC Middle East emerging technology teams.
The high-end opening event at Palm Jumeirah Dubai was attended by distinguished visitors, and MContent launched their original co-productions titled “Ripple vs. SEC Saga” and “El Salvador vs. World Bank.” The Cinema premiere, on the other hand, was out of the ordinary, with attendees spotted staring out at the ocean while seated on a beach wearing virtual reality (VR) headsets and immersed in an immersive Cineverse experience.
Earlier in January 2022, the UAE conglomerate Gargash Group made a significant investment in MContent, the world’s first tokenised content ecosystem with the goal of revolutionising the global content environment. The first-of-its-kind network, designed to turn content viewers into content owners, allows crowd funding of film production and capital-intensive content producers via Cryptocurrency, NFTs, and the Cineverse. The network has already supported 11 notable film productions across four continents, and it now intends to accelerate the adoption of decentralised funding in content creation through the parallel Cineverse economy.
Speaking at the event, Umair Masoom, Founder & CEO of MContent said, “The immersive cinema experience – designed in collaboration with PwC and showcased to our guests today has global scalability & mass adoption capability. By bringing the Cineverse to a global audience, MContent wants to increase funding & screening opportunities for thousands of independent film makers globally. As part of the decentralised ecosystem, MContent is launching the first-of-its-kind, fully monetised content consumption platform, aiming to drive sustainable earnings for content creators and viewers. I would like to thank our Co-Production Partners “Insight TV” & “Villain Studios” from Netherlands, our technical support teams in “PwC Middle East and PwC UK” and our investors including “Gargash Group” and “Daman Investments” for helping us bring the Cineverse to life today”.
Reza Essop, PwC Middle East’s Emerging Technology Leader believes that “This is a brilliant example of the region’s movement towards digital transformation and is very much in line with major wider initiatives such as Dubai Vision 2030. MContent has defined a practical application of emerging technology with the convergence of blockchain, NFT and extended reality (XR). We are incredibly proud to have facilitated this effort as well as enabled this vision from concept to reality and to a sustainable commercialised economy that can benefit many as well as lead the way for other out-of-the-box efforts”.
The premier event was attended by GCC business community members, celebrities, film makers, influencers, NFT artists, movers & shakers, blockchain enthusiasts as well as some senior members of the Gargash Group who all became the first to experience the MContent Cineverse at the beach in virtual reality with two distinct original productions.
Also present at the occasion was Dr. Lamees Hamdan, leading Emirati entrepreneur and global opinion leader who recently accepted the position of Chairperson at MContent. On the vision of MContent Dr Lamees comments, “I love the disruptive nature of MContent, the ability of helping peoples dream become a reality. Where before there were barriers, and it was almost impossible for a small creator with big dreams to access production, studios and funding, at Mcontent we are giving the control back to the creators, where all of us are funding our own destiny and that is power. What we are seeing today is a manifestation of this new reality we are creating together”.
PwC has integrated and advised organisations across various sectors on the core components of the metaverse, virtual reality (VR), augmented reality (AR), and blockchain technology. In addition, the company has invested in virtual real estate on the metaverse platform The Sandbox and employs virtual world technology to solve commercial difficulties.
Jeremy Dalton, Head of Metaverse Technologies for PwC UK, said, “We now have a more immersive way to experience virtual worlds and a transparent way to transact within them. The convergence of VR, AR and blockchain to enable the metaverse concept has created opportunities and challenges for businesses across a number of industries”.
