What is Dubai's Metaverse strategy and how will it boost its digital economy?

What is Dubai’s Metaverse strategy and how will it boost its digital economy?

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai’s Higher Committee for Future Technology Development and Digital Economy, recently approved the new phase of Dubai’s metaverse strategy to boost the economy digital and take steps to make it easier to use. the metaverse and the new technologies of the future. The Dubai Metaverse strategy was launched in July 2022.

Hamdan Bin Mohammed the first meeting of the Higher Committee for Future Technology Development and Digital Economy

“Through this committee, we seek to develop a new model for the development of futuristic technology and science with a particular focus on digital technologies and the metaverse as part of our broader strategy to promote growth and digital innovation and achieve the goals of the Dubai Metaverse Strategy,” said Sheikh Hamdan.

The term “metaverse” was first used by science fiction author Neal Stephenson in 1992, and video game companies have commonly used the concept. It’s the next version of the internet focused on social connection. The Metaverse is a futuristic digital world where people can use their digital avatars to immerse themselves in virtual and augmented versions of reality.

Unsplash/Representative Image

Metaverse is a real-world digital simulation that creates spaces for rich user interaction by incorporating concepts from social media, augmented reality (AR), virtual reality (VR), and blockchain.

It is possible to imagine it as a 3D virtual world with constantly changing aspects that all its inhabitants share, a virtual world with real-time events and an online infrastructure. By understanding it theoretically, it summarizes everything that happens in the real world and will provide future updates and events in real time. The user exists in a virtual world without borders.

Dubai’s metaverse strategy aims to make the emirate a global hub for the metaverse community and one of the top ten metaverse economies in the world. It is focused on building on Dubai’s success by attracting over 1,000 blockchain and metaverse companies.

It is introduced to support the development of Web3 technology and its applications for the creation of new models of government work and development in vital sectors like tourism, education, retail, remote work, health , etc. Additionally, the strategy aims to develop metaverse infrastructure and regulations to accelerate the adoption of these technologies as well as global standards for building safe and secure platforms for users.

Dubai Metaverse Strategy

Creation of more than 40,000 virtual jobs by 2030

The strategy supports Dubai’s vision of generating more than 40,000 virtual jobs by 2030. This is expected to support the UAE government’s goal of five times the current number of blockchain companies and further boost the economy of Dubai.

At the launch in July, Sheikh Hamdan said, “Dubai’s metaverse strategy aims to foster innovation in new technologies. Dubai is home to over 1,000 companies operating in the metaverse and blockchain industry, which contribute $500 million to our national economy.

What are the main pillars of the strategy?

Extended reality (VR), augmented reality (AR), virtual reality (VR), mixed reality and digital twins (a virtual representation of an object or system) are the main pillars of the strategy. It focuses on improving human thought processes using real-time data, machine learning, IoT, AI simulation, and blockchain.

The technology pillars of the metaverse strategy are data, network, cloud, and edge computing, all of which focus on real-world data acquisition, validation, storage, processing, and management. Various support points incorporate the advancement of the complete arrangement of 5G organizations to enable edge processing and deliver PC fabric assets on demand. Instead of sending data to the cloud, data can be collected, stored and processed locally using smart devices and local networks.

Dubai Metaverse Strategy
AFP/Representative image

Is this the next stage in the evolution of the social bond?

It’s an open platform and nobody owns it. Facebook says the metaverse is the next step in the evolution of social connection. In the virtual world, many individuals and businesses will operate their own spaces. A metaverse is a type of mixed reality that combines virtual reality and augmented reality. Digital elements will be brought to the real world in Metaverse and will support 3D virtual spaces.

The metaverse concept has been successfully implemented on many gaming platforms to date. For example, Ariana Grande recently gave a concert in the game Fortnite created by Epic Games.

Another successfully realized aspect of a virtual universe is a cryptocurrency, which will be incorporated into the new metaverse world order in exchange for all services.

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