By 2030, the global market for Metaverse is expected to reach USD 1.6 trillion. This has been driven by investment by industry-leading organisations such as Meta (Facebook), Microsoft, Google, and Nvidia. Additionally, one of the largest wealth funds in the world, Mubadala, has been proactively investing in blockchain technology.
SEE ALSO: A cheatsheet: An overview of fashion brands in the Metaverse
With the launch of the Dubai Metaverse Strategy, the UAE has emerged as the most advanced provider of metaverse and blockchain ecosystems. Through its new metaverse and blockchain technology and meticulously drafted regulatory framework, Dubai has ushered in a new era of blockchain technology.
Currently, the blockchain and metaverse sector generates USD 500 million for the UAE’s national economy each year and is expected to grow significantly in the future. Dubai World Trade Center (DWTC) is a comprehensive zone dedicated to virtual assets.
Dubai’s digital economic opportunities provide the optimal environment for the fintech sector, which is now worth USD 2.5 billion. Over 2,400 FinTech companies, including Crypto.com, FTX, and Binance, are licensed to operate in Dubai and have already joined the Dubai International Financial Centre (DIFC) Innovation Hub, the first fintech ecosystem in the region. Crypto.
The city also has a regulatory body, the Dubai Financial Services Authority (DFSA), which is responsible for regulating the trading of investment tokens among the 400 crypto companies operating in the city.
Virtual assesses and currencies are a fundamental aspect of the metaverse. In recent years, traders have utilized these in real estate sales and purchases. Developers are also using the virtual tools to offer real-time data on property trading and leasing.
SEE ALSO: These Chinese companies may very likely benefit from the metaverse’s success
By 2030, Dubai Metaverse Strategy plans to create more than 40,000 virtual jobs in the blockchain and metaverse sectors, targeting USD 4 billion of the country’s GDP. In order to better control and stimulate the inclusion of such advanced technologies, the UAE government is now developing a global standard system for building multiple secure metaverse platforms for users, as well as a regulated infrastructure.