The metaverse is the rapidly expanding online community where users engage virtually using digital representations of themselves called avatars. Unlimited opportunities exist for transforming businesses and communities in the United Arab Emirates due to the advent of Web 3 and the metaverse. It is estimated that Dubai’s Metaverse Strategy will contribute $4 billion to the economy within five years. The strategy is intended to expand upon Dubai’s success in drawing over a thousand blockchain and metaverse-related businesses. Dubai will soon hold its seat among the top 10 metaverse economies in the world.
The proposed metaverse strategy will capitalize on the coming technological and economic transformation, which will profoundly impact all facets of life during the next two decades. The critical components of the Dubai Metaverse Strategy are the government’s implementation of metaverse technology solutions and talent development. Through research and development (R&D) partnerships, the strategy aims to encourage innovation and boost the economic contributions of the metaverse.
Business Opportunities In Dubai Based On Five Pillars Of Its Metaverse Strategy
The plan’s primary objective is to establish universal norms for constructing user-friendly, risk-free digital environments. It will also create metaverse infrastructure and rules to facilitate the spread of these innovations. This strategy will therefore benefit the metaverse community, including developers, content providers, and users, by providing critical assistance in metaverse education. The strategy’s fundamental principles also focus on mixed reality, digital twins, extended reality, augmented reality, and virtual reality. The tourist, educational, retail, medical, remote work, and government sectors are some of the essential industries that will benefit from the strategy’s focus on developing Web3 technology and its applications.
Developing And Leading A New Metaverse Committee
Efforts have been made by the Dubai government to develop into a major global technology powerhouse through the establishment of a new committee. Dubai’s Crown Prince will lead the executive committee for future technology and the modern economy. The newly formed committee’s responsibility is to develop policy and conduct research on emerging technologies and digitalization. The team will push Dubai to become a hub for creating cutting-edge technologies in metaverses, AI, blockchain, and Web3. In recent months, interest in employment connected to the metaverse has increased by more than 10%. It demonstrates that the metaverse concept, which was just marginally understood, is now widely accepted by employers and employees.
Legal Framework For Metaverse Set To Be Implemented In Dubai
VARA in Dubai is the first legal body in the world to establish rules under which financial institutions may function inside the metaverse. The first intended audience for VARA’s plan is young licensees, allowing them access to the metaverse. Governmental regulatory organizations are starting to become more metaverse-based. The $47.69 billion worldwide metaverse business is expected to reach $828.95 billion by 2028. Dubai has shown an example of how a government should embrace and integrate innovative approaches. Virtual assets are seen as the engine that will propel regional economic growth worldwide.
