Metaverse: the Dubai government to enter the digital world
Dubai, which is most certainly one of the fastest-growing cities in the world, continues to embrace the metaverse.
Following a two-day Web3.0 summit held in Dubai’s Museum of the Future by MetaDecrypt, a new metaverse initiative was unveiled. Within the new metaverse framework, people will be able to access governmental institutions and departments in the virtual world. According to Khaleej Times, Shared Agarwal, who is the chief metaverse officer of Cybegrear noted that not only will people have access to these departments, but they will also be able to complete transactions in the metaverse.
We have started getting a lot of inquiries from government departments and ministries to make them Metaverse-enabled. It is just a matter of time before Dubai becomes the crypto and Metaverse hub of the world – not only the region. Initial steps have already been taken, so it is a matter of time before there will be a mandate for all government departments to start the onboarding process.Agarwal said at the event.
Source: https://metadecrypt.co
In terms of the government’s presence in the digital space, Dubai’s Virtual Assets Regulatory Authority (VARA) has already set up an ‘office’ in the metaverse, which makes it the first regulator to operate in the digital world.
Agarwal continued:
Dubai has a huge real estate market. In the future, people will be able to fly like superman to a community, look at the villas and view the villas and also configure the interior decoration to their liking. Once they’re satisfied, they can pay digitally. It is possible today as some developed countries have taken the lead in this field.
Indeed, such real-estate developers like Damac have already invested around $100 million to work on a metaverse that could potentially allow their clients to browse properties online. The metaverse platform is called D-Labs and will offer clients to book a meeting with a Damac Properties sales agent who will further give them a tour through digital replicas of properties with the option to purchase NFT properties during checkout.
Also, as part of the Dubai Metaverse Strategy that was announced by Sheikh Mohammed bin Rashid Al Maktoum in May, the emirate estimates a $4 billion contribution to the country’s economy by 2030. The key objectives of the strategy is to lead Dubai into the future by implementing future technologies, developing legislation, and generating business opportunities beyond the physical realm. The project also intends to create up to 42,000 virtual jobs with highly qualifying professionals .
Metaverse and blockchain proponents strongly believe that those businesses and companies who fail to jump on the future technology wagon will significantly lose in terms of revenue and potentially will become outcasts. Although the road to a metaverse reality is only starting to get paved and it will require a lot of time, effort and money, the market capitalization is indeed promising. A recent report “Value Creation in the Metaverse: The Real Business of the Virtual World” conducted by a global consultancy firm McKinsey & Company estimates that in 8 years the metaverse may be valued at $5 trillion.
