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.