Dubai Unveils Metaverse Strategy: Plans to Become a Global Hub for NFTs
Dubai Unveils Metaverse Strategy: Plans to Become a Global Hub for NFTs
Dubai has released a metaverse policy document that contains strategies to establish the Emirate as a globally recognised hub of the metaverse and other emerging technologies. The release was announced in a tweet by Sheikh Hamdan bin Mohammed, the Crown Prince of Dubai. Among other targets, the strategy is expected to infuse over $4 billion into the Dubai economy.
Key Features of the Strategy
The Dubai government released five critical pillars of its metaverse drive during the Twitter announcement by the Crown Prince. The key pillars include adopting secure metaverse platforms, developing world-class infrastructure, encouraging metaverse innovation in the Dubai territory, enhancing metaverse-related talent through training, and developing metaverse applications for use in Dubai’s public institutions.
Based on the Metaverse Whitepaper that the Dubai government released, there are other critical features of the metaverse strategy. One of such key features is the creation of a Meta Chain. The Meta Chain is intended to be the primary infrastructure that supports Metaverse transactions within Dubai. The Meta Chain will operate as a decentralised public chain that enables the trading of digital assets. The Chain will also provide opportunities for developers to build decentralised applications.
Additionally, the Whitepaper states that the Dubai Metaverse Economy is divided into three levels. The levels include the Geometric Land, which is made up of digital representations of the Dubai territory, and the NFT Land, which enables users to buy and develop virtual lands with NFTs. The last level is the Virtual Business which enables business owners to establish virtual stores and sell virtual goods.
The Meta Chain will be operated as a Decentralised Autonomous Organisation (DAO) that allows users to vote on the Chain’s administration. This form of governance will be achieved by governance tokens called the Meta Token. The Meta Token will power all metaverse-related transactions on the Meta Chain and give users voting power. This power lets users vote on crucial decisions concerning the Meta Chain and the general Metaverse Dubai Economy.
Projected Benefits
According to the Dubai government, the Metaverse Strategy is expected to position Dubai as a global hub for emerging technologies like the metaverse. The strategy is also projected to increase the number of blockchain and metaverse companies by 500% within five years. The strategy is also expected to infuse $4 billion into the Dubai economy and create over 4,000 jobs in five years. More importantly, the Dubai government has projected that the Metaverse Strategy will place the Emirate among the world’s top ten metaverse cities. The Dubai government disclosed these projections in the official Twitter announcement.
Conclusion
The world is fast moving towards the Fourth Industrial Revolution. The Dubai government projects that the recently released Metaverse Strategy will help the Emirate become an active player in the Fourth Industrial Revolution. The strategy’s benefits are expected to manifest in five years, and stakeholders can only watch for the outcome.
Last Updated on 10 months by News Editor
