Twenty years after the Dotcom explosion, the tech investment industry has experienced remarkable expansion. Clients are now investing into online marketplaces such as Amazon and eBay instead of semiconductor manufacturing businesses. Investors have been wary of investment services in Web 3.0 (crypto, blockchain, etc.) and the Metaverse while knowing about the tech industry’s rapid developments and expansion. When Mark Zuckerberg revealed that Meta is constructing the Metaverse, everything changed.
Investors have a better understanding of how the world will change from Web 2.0, which operates on a centralized internet platform, to Web 3.0, which operates seamlessly in a decentralized manner, thanks to the Metaverse concept of becoming a ‘reality’. Additionally, this has made it possible for investors to understand the value that cryptocurrency offers. It’s not just tokens that experience price fluctuations but also peer-to-peer transaction systems, which are both connected to Web 3.0 and the Metaverse, this is how technology will advance and reach new heights. Governments from all over the world have since announced investment in the billions for Web 3.0 and the Metaverse.
Dubai just entered the metaverse revolution, adding its name to the list of nations that have supported it ever since the idea was initially proposed. An earlier ambition to develop a metaverse economy valued at 350 billion yuan (about $52 billion) by 2025 was presented by Shanghai, China, in July. Dubai recently announced ambitious aspirations to become one of the top 10 metaverse economies globally and the top country in the GCC region within the next five years. As the nation accepts the new interactive internet era, this article will explore the potential and journey ahead.
The Dubai Metaverse Strategy seeks to establish Dubai as a hub for the worldwide metaverse community and as one of the best 10 metaverse economies in the world. The plan intends to expand on Dubai’s investment success in luring more than 1,000 businesses into the block chain and metaverse sectors.
Dubai’s metaverse strategy
Dubai hopes to become one of the top 10 metaverse economies in the world, with the sector expected to generate up to 40,000 virtual jobs applicatione and $4 billion in additional GDP over the next five years. The strategy, announced by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, aims to promote the government’s objective of tripling the number of blockchain enterprises in the next five years. Dubai has been home to more than 1,000 enterprises working in the block chain and metaverse industry, which generated $500 million for the country.
To read more, visit Dubai’s media office.
The world’s first metaverse and web 3.0 regulator
The world’s first regulator, Dubai’s Virtual Assets Regulatory Authority (VARA), aims to create a framework for financial firms to operate in the metaverse, such as banks and government services, among others. Given that the emirate is already one of the world’s largest hubs for IT entrepreneurs, it is noteworthy that Dubai’s state regulator is the first to propose such an effort.
In order to help younger license enter the metaverse and “openly share information and experiences with customers and peer authorities to raise awareness, facilitate safe adoption, and push worldwide interoperability,” VARA’s project will first be focused on them. The incorporation of regulatory bodies into the metaverse has started, despite the fact that it is doubtful that these projects would be finished in 2022.
To find out more about the metaverse and web 3.0, speak to one of our specialists at Falcon Global Capital. We can create a bespoke investment portfolio for you based upon your profile, investment plan and risk appetite.