Dubai’s Crown Prince Sheikh Hamdan approved the next phase of Dubai’s Metaverse strategy at the first meeting of the High Commission.
A few months ago, Sheikh Hamdan, Crown Prince of Dubai and chairman of Dubai’s High Commission for Future Technology Development and Digital Economy, launched Dubai’s Metaverse Strategy. In a recent announcement, he endorsed the next phase of the project’s development. According to project details released via his Twitter on Monday, July 18, 2022, Metaverse his project accomplishes several objectives. This will increase the number of Metaverse companies to his 5,000, creating 40,000 virtual jobs and generating $4 billion for him over the next five years. Also, according to the Metaverse Economic Rankings, Dubai is one of the top 10 cities.
At the first meeting of the Appellate Body for Future Technology Development and the Digital Economy, the Crown Prince endorsed four key strategies aimed at fostering innovation and digital growth. The new model focuses exclusively on the metaverse. It will be used to study government services and the social benefits of the metaverse. The new strategy will create a large network of investors, creators, users, start-ups and metaverse companies within Dubai’s metaverse community. One of his strategies for Dubai’s metaverse is to partner with private companies to transform Dubai into a global metaverse event hub.
Dubai’s Web3 Experience: The Journey So Far
The announcement comes after Dubai hosted an NFT boxing match between Floyd Mayweather and Don Moore. Global Titans Fight Series NFT owners received live streaming of the match, an exclusive 3D collection, footage, Mayweather’s autograph, and more. Dubai’s Metaverse is also partnering with Binance NFT. With this partnership, the museum hopes to become a pioneer in the crypto and Web3 space and include a range of digital assets and metaverse products.
The Metaverse strategy will drive the growth of Web3 technologies in key areas such as retail, tourism, education and healthcare. The city of the United Arab Emirates has become a leading country in the Web3 space with his recent Web3 plans.
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