Dubai authorities have launched its metaverse project. The prince of the emirates, Sheik Hamdan bin Al Maktoum, confirmed this development in a Twitter post. The metaverse project aims to create over 40,000 virtual jobs in 2030.
Dubai aims to become one of the world’s leading metaverse economies. Reflecting on the development, Sheikh hopes to transform the region into a renowned technological capital. According to him, the country intends to fully explore artificial intelligence (AI) and Web3 in the quest to achieve such a feat.
In recent times, the authorities devised a master plan, identified as the Dubai Metaverse Strategy. This master plan is designed to cover the AI aspirations of the region. Additionally, the authorities believe that laudable investments in new technologies can strengthen the virtual economy of the country.
The strategy, as revealed, focuses on research and developmental collaborations. These efforts are put in place to increase the economic contributions of the metaverse in the country. More so, it is believed such efforts will help to attract companies and projects from abroad. Similarly, the strategy focuses on metaverse education for developers, content creators, and subscribers.
The strategy features governmental work models in tourism, education, retail, remote work, healthcare, and the legal sector. The fundamental pillars include extended reality, augmented reality (AR), virtual reality (VR), mixed reality, and digital twins, a virtual representation of an object or system.
More so, the strategy intends to facilitate the deployment of 5G networks to encourage edge computing. This allows for a seamless collation, storage, and processing of data through smart gadgets.
Vice President Al Maktoum announced that VR and AR have established 6,700 jobs and contributed $500 million to Dubai’s economy. Universally, the value of venture capital and private equity financing metaverse totaled $13billion in 2021. Also, sales in the real estate metaverse exceeded $500 million last year.
The region has become an attractive hub for various crypto firms and startups. Recall that the Dubai Virtual Assets Regulatory Authority recently issued operational licenses to numerous firms last month. The crypto firms include OKX, Crypto.com, and a host of others.
The General Manager at OKX, Lennix Lai, maintained that the Dubai economy currently enjoys rapid growth. The manager expressed his team’s excitement to invest in such an economy. According to him, the OKX is looking forward to contributing to the region’s ecosystem. Lai added that the new license gives the Fintech firm the chance to participate in sharing ideas towards the advancement of crypto. More so, he announced the plan by OKX to mobilize its team and facilities to the region.
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