Dubai is still at the forefront of blockchain use. The Dubai government is reportedly aiming to add $4 billion to the economy and 40,000 Metaverse jobs over the next five years through Web3 and Metaverse development.

State’s Metaverse Development Strategy

The initiative, which was unveiled by Dubai’s Crown Prince Sheikh Hamdan bin Mohammed, intends to assist the government’s goal of increasing the number of blockchain businesses in five years.

More than 1,000 blockchain and metaverse enterprises with a $500 million economic impact are already headquartered in Dubai, according to Sheikh Hamdan on Twitter.

With the new strategy, Dubai aims to rank among the top 10 metaverse economies globally, with the industry projected to add up to 40,000 virtual employment and $4 billion to GDP over the following five years.

The government intends to set up regulations and infrastructure to speed up the adoption of new technology, as well as international standards for building protected consumer platforms.

“The strategy emphasizes fostering talent and investing in future capabilities by providing the necessary support in metaverse education aimed at developers, content creators and users of digital platforms in the metaverse community,” Emirates News Agency reported.

Already Examining Potential of Metaverse

UAE has already begun to pave its way to the Metaverse’s virtual worlds. In April 2022, Emirates Airlines declared that it would increase its use on metaverse technology. Airlines disclosed an intention to introduce NFTs in order to increase revenue and enhance customer service.

The international real estate developer Damac Group intends to begin constructing digital cities. The company stated in the press release that it hoped to expand its offerings to include virtual residences, digital property, digital wearables, and digital jewelry.

Khaleej Times reports that healthcare provider Thumbay will over the coming months open a hospital in the Metaverse for virtual consultations. Metaverse technology for augmented reality and virtual reality will be used to provide immersive remote doctor consultations. Executives from the Thumbay Group think it will also benefit health tourism because potential patients will be able to check out the facilities before picking a healthcare provider.

On the other hand

Some analysts claim that it is still too early to predict with certainty how the Metaverse will look or operate. Additionally, hardware advancements are currently being made in order to realize the full potential of Metaverse. Skeptics argue that it is too early to “go all-in,” despite the fact that many significant participants in the tech sector are working to define and construct the groundwork for the Metaverse.

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