Wednesday, October 5, 2022

Dubai Launches Metaverse Initiative That Will Create 40,000 Jobs

Dubai, the Middle Eastern City in the Emirates has launched a web3 technology initiative dubbed the Dubai Metaverse Strategy through its Prime Minister, Hamdan bin Mohammed.

According to the media release, the new innovative development is a major stride in enabling the Arab nation achieve its vision of being a strong force in driving blockchain technology advancements in the world.

The Dubai Metaverse Strategy will ensure the creation of five times the number of companies currently driving web3 technology in the nation. Added to this, 40,000 remote jobs that will help to develop the Metaverse ecosystem will also be created.

Furthermore, with strategies and structures being built to facilitate the growth of the blockchain ecosystem, Dubai has a vision of becoming the number one nation that drives the metaverse economy within its region. 

The nation also aim of being among the 10 cities in the world that will be frontiers of exploring the Metaverse economy in 5 years.

The Dubai Metaverse Strategy will help foster innovations and facilitate the expansion of the virtual reality economy. 

In realizing this great feat, the nation will be collaborating with key players in the blockchain ecosystem. Including content creators, web developers, and users of the virtual reality world. These ones will be trained and properly educated on how to be better at their craft, hence embracing new technologies in web3.

The Dubai prince, Sheikh Hamdan noted that the Middle Eastern nation is gaining ground in sponsoring innovations in blockchain technology, by building capacity in its people. 

In the media release, a few analysis was made as to why Dubai has chosen to embrace Web3 technology. So far, virtual reality has accounted for the creation of 6,700 jobs. The digital ecosystem has contributed about $500 million to the Dubai economy.

Analysts also project that the blockchain industry will significantly develop the economy of the world in future, adding about $5 trillion.

These are facts and figures that have now spurred Dubai to deploy all means necessary to explore the potential of the metaverse.

The nation however has maintained a favorable regulations ecosystem that allows digital assets service providers to thrive. Dubai issued a license to Binance in March, legalizing its operations within its borders, and thus showcasing its readiness to permit crypto-linked firms to thrive on its shores.

Israel Love
Israel Love is a passionate writer that enjoys educating and inspiring people through his writing. This passion fuels the desire to simplify the complexities in the blockchain ecosystem, by providing viable information about the crypto space in such a way that makes it easy for anyone to understand. Israel love also has interests in Human Resource Management as he is a trained expert in HR.

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