Today, Hamdan bin Mohammed, the Crown Prince of Dubai , unveiled a new Dubai Metaverse strategy. The aim is to promote innovations and new technologies in the capital of the United Arab Emirates. Already, Dubai is home to over 1,000 companies operating in the metaverse and blockchain sectors, contributing more than $500 million to its economy.
Why is Dubai embracing the Metaverse?
The number of resident blockchain and metaverse companies in Dubai should quintuple again in 5 years. The city wants to create more than 40,000 virtual jobs by 2026 and thereby bring in more than 4 billion US dollars to the economy. Furthermore, one would like to establish oneself on the overall market both in the region and in the world. The goal here is to become the best region of the United Arab Emirates and to rank in the top 10 cities worldwide. It is also of the highest priority that blockchain talent is nurtured and trained in Dubai. In addition, the government of Dubai is to be further developed through the development of metaverse applications and use cases.
Museum of Future possible through the Dubai Metaverse Strategy
In line with the Dubai Metaverse strategy, the Museum of Future will host the Dubai Metaverse Assembly in September 2022. Over 300 experts and 40 specialized organizations will gather to discuss the unlimited possibilities of the Metaverse.
The event aims to create a global platform for innovators shaping the future of the Metaverse. As a result, attendees will experience new innovations and extraordinarily advanced technology. Dubai thus confirms the goal of being the fastest city to adopt blockchain applications and realize their potential.
So Dubai is becoming a global player in terms of the metaverse. In 5 years we will see whether the strategic plan has worked. As a result, patience is still required. In any case, we can look forward to exciting trade fairs and events from the country of the United Arab Emirates in the future.
What does this mean for the Crypto Community?
When one of the most famous and rich cities in the world embraces the metaverse, this will definitely bring positivity to the crypto markets. In fact, the crypto market rose by more than 15% in the past couple of days alone. More blockchain companies mean more jobs in the crypto space. This often leads to innovation, more demand for cryptos, and thus higher crypto prices.
Now that the crypto market is recovering from the previous heavy crash, investors are expected to enter back the market. This will hopefully reverse the downtrend and possibly end the year 2022 on a positive note.
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