MContent has announced the advent of the Cineverse to the world, with the goal of bringing Cinema to people everywhere, at any time — MContent and its debut were made possible through a collaboration with PwC Middle East emerging technology teams.
At the Palm Jumeirah Dubai, important guests attended a high-end launch event where MContent showcased their original co-productions dubbed “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 sitting on a beach wearing virtual reality (VR) headsets and immersed in an immersive Cineverse experience.
Earlier in January 2022, Gargash Group, a leading UAE conglomerate, announced a significant investment in MContent, the world’s first tokenised content ecosystem that promises to revolutionize the global content environment. The first-of-its-kind network, designed to turn content watchers into content owners, allows crowd funding of film production and capital-intensive content creators 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 decentralized funding in content creation through the parallel Cineverse economy.
“The immersive cinema experience – created in conjunction with PwC and exhibited to our guests today has global scalability and mass adoption capability,” stated Umair Masoom, Founder & CEO of MContent, speaking at the event. MContent hopes to enhance funding and screening chances for thousands of independent film creators around the world by bringing the Cineverse to a worldwide audience. MContent, as part of the decentralized ecosystem, is creating the first-of-its-kind, fully monetised content consumption platform, with the goal of generating long-term earnings for content creators and consumers. I’d like to thank our Dutch Co-Production Partners “Insight TV” and “Villain Studios,” our technical support teams in “PwC Middle East and PwC UK,” and our investors, notably “Gargash Group” and “Daman Investments,” for assisting us in bringing the Cineverse to life today.”
According to Reza Essop, Emerging Technology Leader at PwC Middle East, “this is a fantastic example of the region’s trend towards digital transformation and is very much in line with big wider efforts such as Dubai Vision 2030.” With the convergence of blockchain, NFT, and extended reality, MContent has established a realistic use of developing technologies (XR). We are quite delighted to have facilitated this endeavor as well as enabling this vision to become a reality and a sustainable commercialized economy that can benefit many while also paving the path for further out-of-the-box efforts.”
The premier event was attended by members of the GCC business community, celebrities, film makers, influencers, NFT artists, movers and shakers, blockchain enthusiasts, and some senior members of the Gargash Group, who were all the first to experience the MContent Cineverse at the beach in virtual reality with two distinct original productions.
Dr. Lamees Hamdan, a famous Emirati entrepreneur and global thought leader who just took the position of Chairperson at MContent, was also in attendance. Dr. Lamees remarks on MContent’s vision, “I admire the disruptive aspect of MContent, the power to assist people’s dreams become a reality.” Whereas previously there were hurdles and it was nearly difficult for a small creative with great goals to access production, studios, and money, with MContent we are restoring authority to the artists, where we are all supporting our own destiny, and that is power. What we are witnessing today is a reflection of the new reality that we are co-creating.”
MContent’s native token is now trading with a Market Cap of more than $100 million on more than six centralized and decentralized exchanges, and the platform intends to support 100 global projects by the end of 2022.
PwC has integrated and advised organizations across various industries 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 technologies to solve commercial difficulties. “We now have a more engaging method to explore virtual worlds and a transparent way to transact within them,” said Jeremy Dalton, Head of Metaverse Technologies at PwC UK. The combination of VR, AR, and blockchain to enable the metaverse concept has created both opportunities and challenges for organizations in a variety of industries.”
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PwC has been in the Middle East for 40 years and has 22 offices in 12 countries, employing around 7,000 employees. (www.pwc.com/me).
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Since 1918, the Gargash Group of Companies has been a leading commercial conglomerate with a diverse portfolio that includes automotive, real estate, investments, financial services, and hospitality. Gargash successfully launched top worldwide automotive brands such as Mercedes-Benz, Alfa Romeo, GAC MOTOR, SIXT Rent a Car, as well as an industrial range of lubricants, construction equipment, and power systems into the UAE. Since 1998, the group’s investment sector has provided financial services and has invested in a diverse portfolio across various industries with a global investment reach. Gargash’s real estate sector provides competent residential, commercial, and industrial property management services to its valued clientele.