UAE declared its emphasis on Web3
Since the UAE declared its emphasis on Web3 and the Metaverse, Dubai has been flooded with new investors. Following the opening of new offices by Binance, Crypto.com, FTX, OKX, and Q9 Capital, among others.
When it comes to introducing and implementing Web3 and the Metaverse, there are several options. Part of this is due to Dubai’s desire to be one of the primary regulating authorities for emerging technologies and services. The foundation of the Virtual Assets Regulatory Authority (VARA) was enacted in March, along with the first laws dealing with virtual assets. This enabled the UAE to award licenses to companies including as Binance, FTX, Crypto.com, and OKX.
Beginning of incorporate Metaverse
Major Dubai-based corporations are beginning to incorporate Metaverse and blockchain-based technology into their operations. Notable examples include Emirates, the commercial giant Damac Group, the fashion house Roberto Cavalli, and the UAE health care firm Thumbay Group, which plans to launch a “Metaverse hospital” in the autumn where patients may visit physicians remotely.
In September, Dubai’s Museum of the Future sponsored the Dubai Metaverse Assembly, which brought together over 300 professionals and 40 organizations to debate the Metaverse and its prospects. In addition, Hamdan bin Mohammed recently announced the formation of the Higher Committee for Future Technology and Digital Economy, which will play an important role in Dubai’s aim to lead the Metaverse and Web3.
The promise of "Smart Cities"
Aside from encouraging entrepreneurship and innovation, Dubai’s government has several choices for integrating Metaverse technology. While the promise of “smart cities” has long been limited to the buzzwords of tech enthusiasts, advancements in AR (augmented reality) devices may eventually allow us to get closer to intelligent cities. As AR technology advances, cities such as Dubai will be able to incorporate immersive experiences into public infrastructure. In a user’s field of view, facilities such as bus stations and public restrooms may be indicated. The government may elect to create a low-resolution digital reproduction of the city and overlay crucial information or instructional content over stores, roadways, and historic sites, for example, to explain the landmark’s history.
VARA has granted authority to Crypto.com, OKX, and FTX subsidiaries to offer crypto-related services in Dubai since the Prime Minister and ruler of the United Arab Emirates, Sheik Mohammed bin Rashid Al Maktoum, announced the formation of the crypto regulator and an accompanying law in March. Al Maktoum also unveiled a metaverse plan in July, with the goal of bringing more than 40,000 virtual employment to Dubai by 2030.
Web3 talent is difficult to come by
Binance reached the next step in September, receiving a Minimal Viable Product license. Since receiving preliminary clearance from VARA in March, the world’s largest crypto exchange has taken almost six months to obtain the license.
Companies who want to be successful in Web3 must first grasp how such advanced technologies function. They must embrace the core notions that make the third iteration of the World Wide Web so appealing, namely decentralization and shared ownership. To prevent producing unfavorable headlines, they must assure user security, data protection, and compatibility between multiple networks in Web3. Top-tier Web3 talent is difficult to come by. Given that there are less than 20,000 active Web3 developers worldwide, the absence of in-house expertise to assist Web3 development is worrisome. It is becoming increasingly prevalent across sectors as more Web2 companies seek methods to participate in the metaverse.