Dubai, UAE —Â The United Arab Emirates looks at metaverse to boost economic competitiveness and productivity in an increasingly digital world. In addition, metaverse income is part of the government’s strategy to diversify the country’s economy away from Oil.
As Sheikh Mohammed bin Rashid Al Maktoum stated in June, Dubai’s digital strategy calls for the Metaverse to expand its contribution to GDP to 1 percent by 2020. The plan is overseen by Dubai’s Crown Prince, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum. It rests on innovation, government adoption of metaverse technologies, and talent development.
The Higher Committee for Future Technology and Digital Economy has been established in Dubai to make it a leading hub for developing and using metaverse technologies worldwide.
Due to this, Dubai and Abu Dhabi will be the first cities available in the worldwide Metaverse rollout, which Metarverse Holdings are leading.
The virtual world will accurately reflect real-world settings and events, and a beta version is scheduled to launch in the fourth quarter of 2022.
By combining the offline and online worlds, users worldwide will soon be able to enjoy Dubai and Abu Dhabi’s top tourist destinations and essential services without ever leaving their living rooms.
The new platform will also introduce a comprehensive real-world utility-based metaverse with full multi-device compatibility and is designed to stream quickly. Furthermore, the platform incorporating NFT’s blockchain technology will enable users to apply for resident visas and business permits, in addition to being able to shop at the most prominent retail brands and stores, view advertisements in the virtual city, and participate in simulated lectures.
Metaverse Technology Holdings will invest US$ 54.5 million in their utility-based metaverse cities, offering users the chance to experience Dubai and Abu Dhabi’s most fantastic attractions and city life from the comfort of their homes.
Business advantages
As Meta points out, Metaverse is not a technology that will be widely used in months. Therefore, it could take up to ten years to switch to the new platform. Yet, Metaverse’s existing solutions can benefit various sectors, such as E-commerce, Gaming, social media, education, health, and many more.
Simply, Metaverse helps businesses:
Find new ways to engage users
Discover opportunities for virtual events
Many businesses have begun embracing augmented and virtual reality (AR/VR) to better serve their consumers. For example, museums and galleries host online art exhibitions and allow visitors to experience the event using VR headsets.
Furthermore, many businesses have implemented permanent remote work policies due to the Covid-19 outbreak.
However, individuals still need to communicate and work together, so companies use internet tools like video conferencing to link employees across locations, operating systems, and devices.
If we look at the future, these ad conferences will be lifelike as face-to-face meetings. When combined with augmented reality and virtual reality headsets, the Metaverse has the potential to enhance and realism of 3D virtual interactions greatly.
Metaverse and Crypto
Digital currencies and e-wallets make it simpler to make purchases through the Metaverse; that’s why UAE’s government is developing its laws and regulations to attract global companies and investors.
There is no longer a need to connect a real-world bank account with a virtual one, payments can be made with just a few mouse clicks, and all deals can be viewed by all parties involved, thanks to the transparency of cryptocurrency.
When made between a creator and a consumer, digital currency transactions are infinite, free of conversion fees, and practically instant. People will send money to one another through online marketplaces where they can interact freely and freely send and receive money and items. Because of how simple it is, it will help bring more people into the economy and break down barriers for them.
Having proof of your virtual purchases is especially useful in the Metaverse, where you can connect with the metaverses of different corporations.