July 19, 2022

Dubai launches Metaverse Strategy

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10 min

The Dubai authorities have launched the Dubai Metaverse Strategy. This was announced on his Twitter page by Crown Prince Hamdan bin Mohammed. He added that there are now more than 1,000 companies operating in the sector, and they are generating over $500 million in revenue for the budget.

The Dubai Metaverse Strategy programme includes plans like this:

Increase the number of blockchain companies fivefold in 5 years
Create 40,000 virtual jobs
Become number one in the region and become one of the 10 most developed cities in terms of metacities
Increase revenues from the sector from $500 million to $4 billion
Create secure mechanisms for storing digital assets

The authorities plan to finalize all issues with the legislative framework, the government has a 60-day deadline to do so. By the way, the government agencies themselves will also open some of their offices in virtual space. Now they are looking for developers who will help implement such an idea.

Many meta-versus-projects will be about business. For example, Dubai plans to digitize the services of construction companies. It will look something like this: the customer first “flies” over the digital city and looks at objects. Then, he creates a house in the meta-universe to his liking, and arranges it. And then he commissions a construction company to build a replica in the real world.

Jack Evans

About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments.

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