Dubai Spearheading its Strategy on Metaverse
The Dubai Metaverse Strategy has recently undergone a new phase in order to boost the digital economy and facilitate the use of the metaverse and new technologies in the future.
This strategy was approved by the Crown Prince of Dubai, who is also the Chairman of Dubai’s Higher Committee of Future Technology Development and Digital Economy.
The goal of this strategy is to provide a framework for the development and use of the metaverse and new technologies in Dubai, helping to drive innovation and economic growth in the region.
By investing in and embracing new technologies, Dubai hopes to position itself as a leader in the digital economy and create a more connected and dynamic society. In July 2022, the Dubai Metaverse Strategy was introduced.
Overview of Metaverse
In short, the Metaverse is a virtual reality space where users can interact with each other and virtual objects and experiences in real-time, using their digital avatars.
Through the integration of social media principles, augmented reality (AR), virtual reality (VR), and blockchain, Metaverse offers venues for rich user interaction.
You may think of it as a 3D virtual environment with shared characteristics that are continually changing for all of its inhabitants, a virtual world with ongoing events and online infrastructure. Theoretically speaking, it captures everything occurring in reality and will deliver upcoming updates and happenings in real time. In a borderless virtual environment, the user is present.
Emirate: A Global Hub for Metaverse
The Dubai Metaverse Strategy intends to make the Emirate one of the top ten metaverse economies in the world as well as a global centre for the metaverse community.
The emphasis is on expanding on Dubai’s achievement of drawing more than 1,000 blockchain and metaverse companies.
It is presented to encourage the growth of Web3 technology and its applications for new governmental work patterns and growth in important industries like tourism, education, retail, remote work, healthcare, etc.
The approach also aims to create global standards for creating safe and secure platforms for users, as well as metaverse infrastructure and legislation to hasten the adoption of these technologies.
The plan helps Dubai achieve its goal of creating over 40,000 virtual jobs by 2030. This should help the UAE government achieve its objective of doubling the number of blockchain businesses currently operating and help Dubai’s economy grow even further.
Major Pillars Of The Strategy
The main pillars of the strategy include extended reality (VR), augmented reality (AR), virtual reality (VR), mixed reality, and digital twins (a virtual version of an object or system). By utilising real-time data, machine learning, IoT, AI simulation, and blockchain, it focuses on enhancing human thought processes.
Data, network, cloud, and edge computing are the four technological pillars of the metaverse strategy, and they are all focused on real-world data collecting, validation, storage, processing, and management.
Other points of support include expanding the whole range of 5G organisations to enable edge processing and provide on-demand PC system resources. Data can be gathered, processed, and stored locally via smart devices and local networks as opposed to being sent to the cloud.
By providing essential support for metaverse education aimed at developers, content creators, and users of digital platforms in the metaverse community, the approach emphasizes nurturing talent and investing in future potential.
The development of Web3 technology and its applications is supported by the Dubai Metaverse Strategy to build new governmental work models and development in key industries such as tourism, education, retail, remote work, healthcare, and the legal sector.
To speed up the adoption of these technologies, the strategy also aims to create worldwide standards for creating safe and secure user platforms as well as metaverse infrastructure and regulations.
Dubai’s First NFT Shop
The first actual NFT store, which will be situated at the Mall of the Emirates, will open soon in Dubai.
The ftNFT Shop, run by global tech company SoftConstruct, will let users explore, buy, and sell NFTs in person.
The company stated in a statement that visitors can use a professional 3D scanner to create 3D avatars of themselves as well as engage with and view a distinctive diversity of physical art.
Conclusion
No one owns the platform, which is open. According to Facebook, the metaverse represents the next step in the growth of social connections. Many people and corporations will run their locations in the virtual world. A mixed reality that mixes virtual and augmented reality is known as a metaverse.
In the Metaverse, digital elements will be incorporated into the physical world, and it will support virtual 3-D environments.
By 2030, analysts predict that the metaverse will have a $5 trillion global economic impact. By 2025, consumer expenditure on in-game purchases is anticipated to reach US$75 billion, while the market value of NFTs will be $80 billion.
