Metaverse in Dubai

The crypto space has been highly criticised for its lack of regulation and volatile nature. Several world governments have outrightly banned blockchain-based assets or turned a blind eye to them. However, things are rapidly changing. More world governments are embracing the decentralised crypto space. The latest is the United Arab Emirates confluence state, Dubai, which recently announced its intent to build a Metaverse-focused economy.

Metaverse Strategy Meant to Foster Growth

Dubai, the host of the Burj Khalifa, the world’s tallest building, is known for its bold approach to becoming a major economic force. Riding on this ideology, crown prince Hamdan bin Mohammed mentioned the launch of the Metaverse Strategy.

According to Mohammed, the driving force is to foster innovation in the new blockchain technology while also focusing on economic activities in the emirate state. The crown prince tweeted to his 4.5 million followers that the state is already home to 1,000 blockchain and metaverse-facing companies, and the newly launched strategy is meant to increase this quota.

The key objective of the Metaverse Strategy is to make Dubai the foremost region in the Middle East and one of the top 10 cities making strides in the Metaverse economy. Other objectives are to increase the number of blockchain and metaverse companies by 5 times their current figure and create over 40,000 virtual jobs focused on the metaverse landscape. The last objective is an economic revitalisation that could see the region net as much as $4 billion in the next five years.

The Dubai Emirate has remained one of the most involved economies in the decentralised financial order. The region has launched the Virtual Assets Regulatory Authority (VARA). And VARA has been on a licensing spree for the last few months. So far, some of the best cryptocurrency exchanges, like Binance and FTX, have received a specialist license to operate in the region.

Dubai Open to Crypto

Known for its luxury hotels and shopping malls, Dubai is already looking ahead to the fame it enjoys. The Emirate state has spent the better part of this year making moves in the crypto economy.

In a tweet published in March, the Minister of Finance and Deputy Ruler of Dubai Sheikh Mohammed announced the Virtual Asset Law (VAL) launch. This has led to the creation of the VARA body, which focuses primarily on supervising the crypto industry.

Regarding the reasons behind the move, Mohammed said that the state is looking to help design the new and rapidly growing sector. He also pointed out that the VAL initiative is as much a leap towards the future as a protection for investors interfacing with the space.

Applauding the move, the Binance CEO said that the virtual asset law is a step in the right direction.

Is the Metaverse Push a Wise Choice?

The crypto industry was not so popular in the past decade. However, things rapidly changed after the global pandemic that crippled the world economy. Inflation figures have skyrocketed, and bad government policies have forced people to look at other alternatives to preserve and create wealth.

In 2021, the crypto market surged to an astronomical value of $2.9 trillion, becoming the first to do so in less than 15 years. Other breakout ecosystems like decentralised finance (DeFi), non-fungible tokens (NFTs), and the metaverse have grabbed several people’s attention. Of the trio, the metaverse seems to hold the most potential.

There are numerous ways to jump into the metaverse space. One option that’s gradually becoming popular is to buy Battle Infinity — the exciting new crypto games platform with a metaverse section where players can interact with their avatars. Battle Infinity is available for presale at $0.0015, and it’s poised to be the most sought-after crypto this year.

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