The Public sector Discover the potential of the Metaverse. The Crown Prince of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, announced the Metaverse strategy for Dubai. In a tweet, I am attaching the following graph.
In many ways, it is not surprising that innovative governments love DubaiI started looking at the Metaverse. Dubai has a history of embracing innovation, Having already attracted 1000 companies in blockchain and the Metaverse space, making them more inclined to understand that building the necessary infrastructure and fostering a healthy ecosystem around this emerging industry can pay off well in terms of the city’s overall economy.
Citi released a report that estimated the size of the Metaverse market at between 8 and 13 trillion dollars – meaning that there are many companies and jobs that may be located in Dubai. Just as the Gulf region has become a de-facto hub for the personal computer and the internet, so Dubai’s leaders intend it to become The next evolution of the Internet Center.
The strategy aims to foster innovation in blockchain and Metaverse technologies, as well as set standards for investors and users. The state-run Dubai News Agency (WAM) has emphasized its mission to provide education to developers, creators and users looking to move to the Metaverse and web 3. This is critical to creating the experiences needed to attract users to (and enable them to use) new platforms.
Part of this mission also revolves around creating the appropriate regulations to help create and adopt new technologies and services. However, defining the correct regulations has been one of the main discussions, especially around them Cryptocurrency and blockchain technologies. If there is little regulation, then investors are at risk – this was the argument made after the collapse of LUNA in May. If there is a lot of organization, the space will not grow. This is what most cryptocurrency enthusiasts think is holding back innovation.
In March, Dubai created the Virtual Asset Regulatory Authority (VARA) and passed its first law to deal with these assets. The city has already granted licenses to several large crypto exchanges such as Binance and the European subsidiary of FTX. In the face of increasingly restrictive regulations from other governments, exchanges and blockchain companies are being aggressively motivated to set up shop in crypto-friendly locations like Dubai. Advertise Bybit It will soon open its global headquarters in Dubai. Other players in the space like Crypto.com have said they will establish a presence in the city.
Integrating Metaverse Tech for Smart Cities
Major Dubai-based companies have started incorporating Metaverse and blockchain technologies into their businesses. Notable examples include the airline UAE; business conglomerate DAMAC Group; fashion house Roberto Cavalli; and UAE healthcare company Thumbay Group, who are planning to release “Metaverse Hospital” in the fall where Patients can almost consult doctors.
In September, the Dubai Museum of the Future hosted the Dubai Metaverse Conference, which was attended by more than 300 experts and 40 organizations. Discuss the Metaverse and its opportunities. Hamdan bin Mohammed also recently announced the creation of the Higher Committee for Future Technology and Digital Economy, which will play an integral role in Dubai’s mission to lead the Metaverse and Web3.
The Dubai government has many options for incorporating Metaverse technologies besides just promoting entrepreneurship and innovation. While the promise of “smart cities” has long remained only in the hype-based vocabulary of tech enthusiasts, improving AR (Augmented Reality) devices It may finally allow us to get closer to smart cities. As augmented reality technology improves, cities like Dubai can integrate immersive experiences in public infrastructure. Facilities such as bus stops and public restrooms can be distinguished in the user’s field of view. The government may decide to create a low-resolution digital version of the city and overlay storefronts, roads, and historical monuments with important information or educational content That might explain the history of the teacher, for example.
In some ways, public sector officials, especially city officials, can contribute more to the Metaverse than large corporations and national governments. There are many ways in which immersive technology and blockchain can provide value to the public and through public infrastructure; They can help form the necessary regulations for Industries grow. Projects can start small, such as adding a QR code to a general art installation that leads to a mobile augmented reality experience, or end up large, such as converting the national monetary system from fiat currency to cryptocurrency.
Regardless, it will be interesting to see what the cities of the future will look like. Dubai is well on its way to realizing this vision.
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