Dubai’s ‘metaverse strategy’ will add 40,000 jobs and $4 billion to the economy in 5 years
Dubai’s ‘metaverse strategy’ was announced by Sheikh Hamdan bin Mohammed bin Rashid al-Maktoum, crown prince of Dubai. As he stated, Dubai is home to more than 1000 companies that operate in the metaverse. Making it a leading country in metaverse presence. Dubai is also known for its lenient tax laws, a haven for businesses of all kinds.
Dubai is home to over 1,000 companies operating in the metaverse and blockchain sector, which contributes $500 million to our national economySheikh Hamdan bin Mohammed bin Rashid al-Maktoum, crown prince of Dubai
Although he did not delve deep into the details of Dubai’s ‘metaverse strategy’, it shows the potential and sheer power the metaverse holds. From Facebook changing to ‘Meta to companies like Samsung owning land on the metaverse. It seems everyone has a different angle and says what the metaverse actually is and will be. Possibilities like a 3d fully immersive world where people interact and conduct business from a small space at home. Easing the hustle of commutes.
It also shows how economies and the definition of money will change significantly. The economy will shift from physical assets to virtual trackable assets and still physical assets with a virtual ownership tag. For example Nike’s newly released hoodie in collaboration with company RTFKT Studios, a Web3 fashion house specializing in digital apparel after its recent acquisition.
Pointing toward a further acknowledgement of the power that the Metaverse holds. There is much to debate on and improve but one thing is for sure, the metaverse will play a significant role in the shift of ‘reality’ as we know it NOW. Dubai’s ‘metaverse strategy’ to add 40,000 jobs and $4 billion to the economy in 5 years is forward thinking. They continue to embrace change and lead in innovation. Cudos!