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Metaverse

Dubai Metaverse Hub
Blogs

Dubai is Expected to be the Metaverse Hub in the Next 5 Years

Dubai, the city of dreams is soon expected to witness a revolutionary transformation with the advent of metaverse and blockchain ecosystems. Being a futuristic city always striving hard to embrace the best of innovation, it is all set to utilize the maximum potential of being a metaverse hub. Announced in June by Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum, the strategy aims at ensuring that the metaverse hub raises its contribution to 1 percent of the emirate’s overall GDP. Headed by the Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the strategy is made focusing five pillars – innovation, government implementation of metaverse technologies and talent development. The exceptionally crafted regulatory framework of Dubai offers the most favorable environment to make it the global capital of Web 3.0 with the path-breaking metaverse and blockchain. The Dubai Metaverse Strategy was revealed at the Dubai Metaverse Assembly on September 28, to be one of the top economies and a major global metaverse hub. Metaverse and Blockchain has immense potential to transform the digital space with a combined experience of augmented reality (AR), virtual reality (VR), spatial computing and sensorial technology. According to a forecast, the global market size of metaverse is expected to cross $1.6 trillion by 2030. However, companies such Meta (Facebook), Microsoft, Google, Mubadala, and Nvidia are just a few organizations with substantial investments in the metaverse. UAE is already on a mission to create a build a unique space for metaverse with over 1000 companies headquartered in the country. Dubai metaverse strategy is expecting to target $4billion of the country’s GDP in the upcoming five years and will generate over 40,000 virtual jobs in the metaverse and blockchain sectors by 2030. Metaverse, a path-breaking innovation of the blockchain development world though being in its initial stages expects to deliver a revolutionary experience for millions of users worldwide and shake the world’s economy. Presently, the sector generates around 500 million dollars for the UAE’s national economy. Dubai World Trade Center (DWTC) is a dedicated zone for virtual assets. The city is already setting firm foundations for the metaverse to thrive, by exploring opportunities around infrastructure, education, technology, and more.

Metaverse: Future of Digital Business
Blogs

What is Metaverse and How it can Transform the Future of Digital Business?

What is Metaverse and How it can Transform the Future of Digital Business? Metaverse is the latest buzzword that is supposed to transform the future of digital businesses. It is basically a virtual space where users meet, network, play games, work and shop. It is related to blockchain, NFTs, virtual and augmented reality. NFTs are digital collectibles that can be stored on the blockchain. They can be used as characters, consumables, or other tradeable items in games. Metaverse is a part of the Web3 vision for the future of the Internet which promises a more decentralized and democratic internet in which users own their digital content. One can buy and sell plots in the Metaverse. If a plot becomes popular, owners can benefit from selling advertising space or even engage in event sponsorships. Many big brands and companies are also becoming owners of NFT lands. Few examples of such lands are Meta’s (formerly Facebook), Horizon Worlds, Workrooms, Fortnite, Decentraland, Cryptovoxels, and The Sandbox. Just like investing in stocks of cryptocurrency, there are certain risks associated with Metaverse land too. Therefore, never invest if you are unable to take the associated risks. There are mainly two main ways to buy the land: through an initial land offering (ILO) and on the open market. In an ILO, the developers of a project offer the option to purchase plots directly through an auction. This usually happens before or right after the project goes live. The price is determined based on location and expected future value. Users can choose whether to buy the plots or not at the initial price. If the demand goes high, the plot of land will go to the highest bidder. If you are planning to buy from the open market, always buy metaverse land from reputed and reliable sources as there are scammers out there. It is better to buy directly from platforms such as OpenSea, Binance NFT marketplace. If you have already purchased an NFT before, you already know how to buy land. If not, you will need a cryptocurrency wallet and some cryptocurrency in that. Crypto currency wallets such as Metamask or similar tokens (Ether, MANA, etc.) which can be purchased on exchanges such as Kraken, Binance, etc can be used for buying the land. Never buy land by making direct transfers to someone’s wallet. Metaverse License is mandatory for all who wish to develop and host virtual environments or businesses in the UAE. If you are someone who wish to obtain such a license in Dubai, Corpin Consultants can assist you in the entire process right from planning to execution of your business flawlessly. Get in touch with us for enjoying a smooth transition of your business into a popular metaverse.[/vc_column_text][/vc_column][/vc_row]

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