Metaverse, an avant-garde creation of the blockchain development world, even though being in its early innings, promises to deliver a trailblazing experience for millions of users and shake the world’s economy and innovative landscape. The market opportunity for launching the Metaverse may bring an annual revenue of over $1 trillion. Web 2.0 companies, tech giants like Facebook, have already picked up the Metaverse stance, raising questions on whether they will become centralisation proponents for Web 3.0 or not.
Breaking barriers between digital and physical space, Metaverse is best described as a virtual world with highly sophisticated visual and art experience and crypto based DeFi backbone, filled with self-governed communities, and powered by interoperable blockchain networks. Inside a Metaverse, users can share and store an unlimited amount of data, use self-sovereign IDs, play games and earn & trade digital assets, create limitless digital art pieces and play with NFTs and virtual goods, launch marketplaces – you name it.
Dubai has been accumulating regional efforts in the digital economy development and Metaverse adoption, with the implementation of the Dubai Metaverse Strategy and The Higher Committee for Future Technology and Digital Economy launched just recently. The strategy aims to increase the contribution of the Metaverse sector to the Emirate’s economy to $4 billion and to create 40,000 virtual jobs by 2030. With Web 3.0 leaders and up-and-coming start-ups moving to Dubai, the city is also attracting the brightest global talent in this field. Dubai is also the world’s first and only jurisdiction with the foresight to set up a dedicated virtual assets regulator.