Dubai Metaverse

How Dubai is developing its Metaverse strategy

The public sector is discovering the potential of the Metaverse. The Crown Prince of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, announced the Metaverse strategy for Dubai. In a tweet, I am attaching the following graph.

Drawing Dubai Metaverse Strategy

encourage innovation

In many ways, it is not surprising that innovative governments such as the government of Dubai are starting to consider the Metaverse. Dubai has a history of embracing innovation, Having already attracted 1,000 companies in the blockchain and Metaverse space, making them more inclined to understand that building the necessary infrastructure and fostering a healthy ecosystem around this emerging industry can pay off well in terms of the city’s overall economy.

Citi released a report that estimated the size of the Metaverse market at between 8 and 13 trillion dollars – meaning that there are many companies and jobs that may be located in Dubai. Just as the Gulf region has become the physical center of the personal computer and the Internet, so Dubai’s leaders intend to become the center of the next evolution of the Internet.

The strategy aims to foster innovation in blockchain and Metaverse technologies, as well as set standards for investors and users. The state-run Dubai News Agency (WAM) also emphasized its mission to provide education to developers, creators and users looking to move to Metaverse and Web3. This is critical to creating the experiences needed to attract users to (and enable them to use) new platforms.

Define regulations

Part of this mission also revolves around creating the appropriate regulations to help create and adopt new technologies and services. However, defining the right regulations was one of the main discussions, especially around cryptocurrency and blockchain technologies. If there is little regulation, then investors are at risk – this was the argument made after the collapse of LUNA in May. If there is a lot of organization, the space will not grow. This is what most cryptocurrency enthusiasts think is holding back innovation.

In March, Dubai created the Virtual Asset Regulatory Authority (VARA) and passed its first law to deal with these assets. The city has already granted licenses to several large crypto exchanges such as Binance and the European subsidiary of FTX. In the face of increasingly restrictive regulations from other governments, exchanges and blockchain companies are being aggressively motivated to set up shop in crypto-friendly locations like Dubai. Advertise Bybit It will soon open its global headquarters in Dubai. Other players in the space like have said they will establish a presence in the city.

Integrating Metaverse Tech for Smart Cities

Major Dubai-based companies have started incorporating Metaverse and blockchain technologies into their businesses. Notable examples include the airline UAE; business conglomerate DAMAC Group; fashion house Roberto Cavalli; and UAE healthcare company Thumbay Group, which plans to launch a “Metaverse Hospital” in the fall where patients can virtually consult doctors.

The Museum of the Future in Dubai in September hosted the Dubai Metaverse Society, which brought together more than 300 experts and 40 organizations to discuss Metaverse and its opportunities. Hamdan bin Mohammed also recently announced the creation of the Higher Committee for Future Technology and Digital Economy, which will play an integral role in Dubai’s mission to lead the Metaverse and Web3.

The Dubai government has many options for incorporating Metaverse technologies besides just promoting entrepreneurship and innovation. While the promise of “smart cities” has long remained in the hype-based vocabulary of tech enthusiasts, improving AR (Augmented Reality) devices may finally allow us to get closer to smart cities. As augmented reality technology improves, cities like Dubai can incorporate immersive experiences into public infrastructure. Facilities such as bus stops and public restrooms can be distinguished in the user’s field of view. The government might decide to create a low-resolution digital version of the city and overlay storefronts, roads, and historical monuments with important information or educational content that might explain a landmark’s history, for example.

In some ways, public sector officials, especially city officials, can contribute more to the Metaverse than large corporations and national governments. There are many ways in which immersive technology and blockchain can provide value to the public and through public infrastructure; They can help shape the regulations needed for industries to grow. Projects can start small, such as adding a QR code to a general art installation that leads to a mobile augmented reality experience, or end up large, such as converting the national monetary system from fiat currency to cryptocurrency.

Regardless, it will be interesting to see what the cities of the future will look like. Dubai is well on its way to realizing this vision.

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