With HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of UAE, announcing the Dubai Metaverse Strategy, the UAE has suddenly become the hottest destination for Metaverse Startups. The country has its goal set to become one of the leading knowledge economies in the world by capitalising on the digital innovation taking place in the metaverse.
The Dubai Metaverse Strategy aims to turn Dubai into one of the world’s top 10 metaverse economies, as well as a global hub for the metaverse community. The strategy aims to build on Dubai’s achievement of attracting more than 1,000 companies in the fields of blockchain and metaverse. This would further boost the UAE’s economy and support the UAE government’s vision of increasing the number of blockchain companies by five times the present number.
But first, let us understand what the metaverse and the technology that powers it are all about.
The Metaverse is a term coined by science fiction writer Neal Stephenson in his dystopian 1992 novel Snow Crash. It refers to an interconnected virtual reality where people can interact through avatars and share experiences.
The metaverse is an extension of the internet that is not just virtual. It is a place where people can go and interact with each other in a 3D environment. It includes social networks, games, and digital assets. Furthermore, it is a decentralized platform for the digital world. The metaverse can be used for many purposes, like:
The metaverse is a collective virtual shared space, created by the convergence of virtually enhanced physical reality and physically persistent virtual space, including the sum of all virtual worlds, augmented reality, and the internet. As the internet evolves, new technologies are being developed to make it more immersive and interactive.
Virtual reality (VR) and augmented reality (AR) are two such technologies that are gaining traction in the industry today. These technologies have opened up new possibilities for human interaction with digital habitat creation.
Virtual Reality is a computer-generated simulation of a three-dimensional environment that can be interacted with in real-time. Virtual reality is displayed either on a computer screen or through special stereoscopic displays, such as a head-mounted display or TV.
Virtual Reality has been in development for the last few decades, and it's now even used to help people with PTSD and other mental health problems, as well as to train surgeons and soldiers. The future of virtual reality is looking bright!
A Virtual Reality Headset is a device that allows wearers to experience a simulated environment. It is often used in video games, although it has many other applications as well. Virtual Reality headsets have been around for decades, but they are finally becoming mainstream with the release of new models and the development of more complex content.
The future of VR will be dependent on how quickly we can advance the technology and how much it costs to produce headsets, but there are many possible use cases for VR headsets in the future, such as education and entertainment.
Augmented reality is a live, direct or indirect, view of a physical, real-world environment whose elements are augmented by computer-generated sensory input such as sound, video, graphics, or GPS data.
Augmented reality is the integration of digital technology into the user's environment in order to enrich it. Augmented reality provides a more immersive experience for the user and can be used for various purposes, such as entertainment and education.
Some of the best examples of augmented reality today are L’Oréal’s mobile app, which will allow users to try out various types of makeup; and IKEA’s Place app, which allows you to select anything from the store’s catalogue and see how it will look to scale anywhere in your house.
Blockchain technology and Non Fungible Tokens (NFTs) are the only things that make the metaverse possible. Each metaverse will also have its own economy, enabling users to transact in almost identical ways to how they would in the real world.
Blockchain technology is an immutable and transparent ledger that stores data in blocks across its network. These blocks are linked to previous blocks in the form of a chain, which makes it almost impossible to tamper with or change any data or information stored on them without being detected. Blockchain technology was invented for Bitcoin, the best-known cryptocurrency.
A cryptocurrency is a type of digital or virtual currency that uses cryptography to protect it from counterfeiting or double-spending. Blockchain technology, a distributed ledger maintained by a dispersed network of computers, is the foundation for many decentralized cryptocurrency networks.
A Metaverse wallet is a crypto wallet with additional functionalities. One can retrieve, store, and conduct transactions with cryptocurrencies using a standard crypto wallet. The tokens can be received, stored, and transferred in metaverse wallets.
Additionally, users of the metaverse wallet can produce and share digital assets like metaverse crypto. Furthermore, they are free to select the capital's title, size, and creditors. NFT-based metaverse wallets are resilient. Some examples of metaverse wallets are Meta Mask, Enjin Wallet, Coinbase, Math Wallet, Alpha Wallet, and Coinomi.
The UAE offers unending opportunities for metaverse startups. Here are a few reasons for setting up your Metaverse company in Dubai.
The Dubai Metaverse Strategy will support 40,000 virtual jobs by 2030 and add $4 billion to the emirate’s economy in five years. Dubai is already home to nearly 1,000 companies operating in the blockchain and crypto space, adding $500 million to the national economy. Dubai's Museum of the Future will host the Dubai Metaverse Assembly in September. The global event will see a gathering of over 300 experts and 40 specialised organisations to discuss the opportunities offered by the metaverse.
The strategy’s key pillars focus on extended reality (which blends the physical and virtual worlds), augmented reality (AR), virtual reality (VR), mixed reality, and digital twins (a virtual representation of an object or system).
The UAE also aims to promote advanced ecosystems using accelerators and incubators that draw businesses and projects to Dubai, foster innovation, and increase the economic contribution of the metaverse through R&D partnerships. In terms of developing applications and services, the UAE is already a metaverse experimental hub. Many businesses have set up themselves here and are looking to develop new applications.
Under its new mandate and in alignment with UAE and Dubai government stakeholders, VARA will streamline the regulatory application and operating licensing approvals for virtual assets, including digital assets, products, operators, and exchanges. Dubai is the first and the world’s only jurisdiction to set up a Virtual Assets Regulator. The law ensures investor protection, economic security, and market transparency, supported by fully traceable and non-deletable transaction records.
The UAE is a global leader in adopting digital solutions thanks to its cutting-edge digital policies, which provide the metaverse with the most advanced ecosystem. This in turn offers great opportunities to individuals, businesses, investors, or organizations specializing in the following areas.
Software Engineering - Software engineers skilled in the design of large-scale systems, networking and data storage, distributed computing, artificial intelligence (AI), information retrieval, natural language processing (NLP), user interface (UI) design, Web 3.0 and other areas will be highly sought after by the Metaverse industry. These engineers would be expected to work on Embedded Linux, FreeRTOS, Android Native, and Android Java, among other platforms.
Storytelling and Sales - Game Designers, Crypto & Web 3.0 Content Writers, Social Media & Influencer Marketing Managers, and digital salespeople.
Access Hardware - Haptics, VR Headsets, Holographics, Smart Glasses
Virtualisation Tools - 3D Design Software, 3D Modelling & Capture, AR Developer Kits, Avatar Development, Volumetric Video, Immersive Entertainment
Digital locations - Centralised Worlds and Decentralised Worlds
Ledger Technology - Blockchain Consulting, NFT experts, Crypto Advisers, and Crypto Researchers
Available to individuals, businesses, investors, or organizations, the Umm Al Quwain Free Trade Zone’s Metaverse Service Provider License allows you to operate your metaverse business anywhere in the world. The activities covered include Metaverse Service Provider, Block Chain Consulting, and Distributed Ledger Technology Services.
UAQ FTZ assists a lot of ambitious startups and enterprises to expand their business smoothly in the UAE, which is in the process of transforming into the Metaverse capital of the world.
Please Note - Firms are not permitted to issue tokens that are traded on exchanges or in crypto commodities. Neither are they permitted to trade in, set up an exchange for currencies, cryptocurrencies, or commodities, or provide any financial services, whether brokerage or payment processing.
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