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How Dubai is contributing to the future of Metaverse and Blockchain?

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Staff Writer, TLR

Published on July 14, 2023, 17:41:00

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Technological development and expansion have been crucial for Dubai. The first-ever Dubai metaverse assembly hints at a future of blockchain and metaverse creating jobs and opportunities. Starting in July, the Dubai metaverse strategy started by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum was approved. An event was held on the 11th and 12th of October 2022 bringing a ‘bigger and more immersive experience’ of the Metaverse Universe. This was the first event to support 40,000 virtual jobs by 2030, add $ 4 billion to Dubai’s GDP, and attract 1,000 companies to blockchain and metaverse technologies.

Major attractions of the Event:

· It connected 300 futurists in a two-day event to connect the virtual and real world.

· Technology and Innovation were at the core of the assembly to serve humanity and the world's needs.

· It portrayed activities to give a first-hand experience of the metaverse assosiated with the latest technologies by organizations like Microsoft, Bedu, MasterCard, Meta Accenture, Metamail etc.

This was in continuation to an event held on September 28 and 29, which made some significant announcements:

· Polygon, a Dubai based cryptocurrency platform, announced plans to decentralize technology firms to go green and offer energy-efficient technologies and carbon-neutral experiences in the metaverse.

· The airline Emirates revealed plans to allow millions of people to enjoy its in-flight hospitality virtually and hire 4,000 cabin crew by mid-2023 and train them in the metaverse.

· It also revealed that the island nation was entering the Metaverse with a new virtual embassy.

In addition to this, the UAE’s Securities and Commodities Authority is developing crypto licensing legislation that would enable digital asset firms to establish operations in the country. Dubai Electricity and Water Authority has launched its ‘DEWAVerse’ platform on the Metaverse and has become the first local government organization to launch its platform on the Metaverse. 

Dubai Metaverse Assembly will return in 2023 and is expected to bring more changes to future innovation and technological advances in Dubai. However, this confirms that the government and the investors are pointing out the future virtual Dubai and is also opening space for lawyers once the legislation on licensing and registration is ready.

For any enquiries or information, contact info@thelawreporters.com or call us on +971 52 644 3004

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