Dubai to become the hub of metaverse, blockchain – News

Dubai’s metaverse strategy will boost regional and global economies as well as bring in innovation to attract new firms and projects to the center of modern technology city

The global metaverse market size will reach $1.6 trillion by 2030. — Photo by Freepik

The metaverse and blockchain ecosystems are set to transform Dubai as a hub of innovation and give impetus to its great strides to become a pioneer and build on its smart city status.

Aiming to seek to adopt creative solutions, improve people’s lives and introduce positive socio-economic changes, Dubai’s metaverse strategy will boost regional and global economies as well as bring in innovation to attract new firms and projects to the center of the modern technology city.

Thanks to the carefully crafted regulations, Dubai has already positioned itself as the Global Capital of Web 3.0 with its new metaverse and blockchain technology.

The metaverse has an undetermined potential to perform activities in the digital space and is thus the future of technology, while the blended experience of augmented reality (AR), virtual reality (VR), spatial computing and sensory technology has enormous potential to bring the world to our fingertips.

“From retail to healthcare and manufacturing, the metaverse is becoming pervasive in countless industries. It is transforming industries by seamlessly accelerating virtual operations and offering business opportunities for investors,” Pratik Rawal, Managing Partner, Ascent Partners.

The global metaverse market size will reach $1.6 trillion by 2030. Moreover, international companies such as Meta (Facebook), Microsoft, Google, and Nvidia are just a few organizations with significant investments in metaverse. Mubadala, one of the significant wealth funds globally, is also proactively investing in the blockchain industry.

Building site for metaverse

The UAE is already a burgeoning location for the metaverse, with over 1,000 corporate headquarters in this sector located in the country. Dubai’s metaverse strategy plans to target $4 billion of the country’s GDP over the next five years and will provide over 40,000 virtual jobs in the metaverse and blockchain sectors by 2030. The sector currently generates around $500 million to the UAE’s national economy and is predicted to increase significantly in the coming years. Dubai World Trade Center (DWTC) is a comprehensive zone dedicated to virtual assets.

Metaverse, an avant-garde creation of the blockchain development world, although in its early stages, promises to deliver a breakthrough experience for millions of users and shake up the world’s economy and innovative landscape. The market opportunity to launch the metaverse could generate an annual revenue of over $1 trillion.

By empowering other technologies, blockchain creates a living symbiosis of advanced technology. From a buzzword to a global financial and industrial game changer – it has undoubtedly become part of everyday life. Transparency, immutability, security, privacy — all the advantages of blockchain and crypto are in high demand, and are constantly discussed both at a developer’s desk and in a regulator’s office.

Important takeaways

> Metaverse, an avant-garde creation of the blockchain development world, promises to deliver a groundbreaking experience

> UAE is already a burgeoning space for the metaverse, with over 1,000 corporate headquarters in the country

> Dubai already has positioned itself as the Global Capital of Web 3.0 with its new metaverse and blockchain technology