Dubai is striving to break into the world’s top 10 metaverse economies under a new strategy that anticipates the sector supporting as many as 40,000 additional virtual jobs and contributing roughly $4 billion to the city’s GDP in the next five years.
State-run WAM news agency mentions that the government aims to develop global benchmarks in building safe and secure platforms for users and grow infrastructure and regulations to accelerate the adoption of these emerging technologies.
The plan, founded by Dubai Crown Prince Sheikh Hamdan bin Mohammed, aspires to sustain the government’s goal of boosting the number of blockchain companies by five times in five years. Dubai is already home to more than 1,000 businesses in the metaverse and blockchain domain, which contributes $500 million to the national economy, mentions Sheikh Hamdan.
The news agency also remarked that the strategy emphasizes nurturing talent and investing in future capabilities by equipping the necessary support in metaverse education aimed at developers, content creators, and users of digital platforms in the metaverse community.
Also read, Emirates Airlines plans to accept Bitcoin
Dubai has been active in the metaverse
The city’s giant companies are already footing into the metaverse. Emirates revealed that it will expand its service of the technology, while Damac Group plans to build digital cities.
Meanwhile, Dubai has already been endeavoring to lure cryptocurrency companies from around the world. Some of the world’s biggest crypto and fintech firms such as Binance and FTX have been given licenses in the city.Â
Here are some metaverse and NFT initiatives in Dubai:
- Dubai’s Museum of the future’s NFT Collection
- Supercar startup of Dubai sells NFTs within minutes
- Metaverse event in Dubai
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