September 24, 2022

Dubai Aims To Become The Capital For Metaverse

In the past 20 years, the world of tech investments has grown rapidly and advanced. The technology breakthrough that became the reason behind such advancements was the Dotcom boom.

Change in Investment Orientation

There was a time when investors preferred making investments in the microchip manufacturing sector. They targeted companies such as Dell, Microsoft, and many other microchip developers/manufacturers.

Now, the preference of the investors has shifted to a different space, where the e-commerce sector is top of the list. The major companies within the particular space are Amazon, Alibaba, eBay, and many more.

Investors are Still Hesitant in Investing in Crypto-Blockchain Sector

Although the investors have grown very used to investing in tech companies, they are still very hesitant to invest in the cryptocurrency and blockchain space.

The majority of the investors prefer staying on a back foot when it comes to investing in the metaverse and Web3 sectors.

This is because the world of metaverse and Web3 did not have enough well-known or mainstream institutions participating in the particular space.

Mark Zuckerberg Enters the Space

However, it seems that the stage has been set for the metaverse to gain huge success in the future very close by. Mark Zuckerberg has become part of the metaverse and he has even changed the orientation of his company towards the particular space.

Mark Zuckerberg’s company, Meta is in the process of completing its own metaverse. Meta has a huge advantage due to the strong user base it has built in over a decade through Facebook.

The social media platform (Facebook) currently has a user base of over 4 billion. Metaverse is the technology that has helped people recognize the importance of Web3 so people can actually say goodbye to Web2 one day.

With major institutions exploring the metaverse and Web3 technologies, it has become obvious that these technologies will be the next big thing.

Therefore, it has become much easier for people to adopt Web3 and metaverse, tremendously increasing the sectors’ growth rate.

Dubai to becoming Metaverse Capital

In recent months, Dubai has made several developments in this particular sector. Dubai has announced that in the upcoming years, it aims to create many jobs within the metaverse.

Their target is to create 40,000 jobs within the metaverse sector and that is going to happen in the next five years. This way, Dubai aims to add $4 billion annually to its state economy.

MetaVSummit

To achieve this goal, Dubai has even organized a MetaVSummit, which exists for the promotion of the metaverse and Web3.

The purpose of MetaVSummit is to find talented candidates and resources with skills and knowledge to share in the metaverse and Web3 sectors.

This is a great leap for the metaverse and Web3 sectors as the adoption level for these technologies will grow tremendously. Over time, more people will be joining the sectors and gaining from them.

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