Dubai — the capital of the Metaverse.

Before our eyes, the centralized world of Web 2.0 is turning into a decentralized world of Web 3.0.

The imagination of investors is additionally fueled by the action of governments around the world, as in many countries funding for research on the development of Metaverse and Web 3.0 has been announced. Finally, you can also see how cryptocurrencies really work. It is not only watching the drops and increases in their prices, but also a real application in virtual reality.

Dubai is the leader in the world of futuristic technologies. It is a city where over a thousand companies are working on new technologies. They bring the budget of the United Arab Emirates around $ 500 million a year. Companies from the VR and AR industries have created about 7,000 jobs so far. This September, the METAVSUMMIT summit is scheduled to take place in Dubai. It aims to bring the best companies from the industry and will also be an opportunity to meet investors and strategic partners from over 20 countries. It will also be an opportunity to present the latest innovations. Planned discussion panels and meetings will be held periodically. The Crypto Expo is also held here every year.

Recently, Prince Hamdan bin Mohammed presented the Dubai Metaverse Strategy — 40,000 virtual jobs, a five-fold increase in the number of blockchain and metaverse companies, and an additional $ 4 billion budget impact. According to estimates, the metaverse will account for 1% of the UAE’s GDP by 2030. The prince hopes Dubai will become the virtual capital of cryptocurrencies, blockchain and Web 3.0 by 2027. It does not end with the imaginations themselves. Dubai is already very active in the metaverse. The first hospital for patients with mobility problems was opened there. Patients using 3D and VR technologies have the opportunity to take part in various sports activities or walks. This solution is to contribute to the improvement of the well-being of patients and assist in rehabilitation. It is also planned to transfer some public institutions to the virtual reality.

The legislative side is also an important issue. Prince bin Mohammed said, `` The regulations will be changed so that for any blockchain company investing in the Emirate is an obvious choice with many benefits for both parties.

And this year, the Dubai Virtual Assets Regulatory Authority (VARA) has granted or extended licenses for virtual assets for platforms trading cryptocurrencies, among others. Huobi, OKX or Crypto.com.

The great advantage of the United Arab Emirates is undoubtedly its wealth. Thus, the country can afford to make mistakes or experiment. And as you know, it’s best to learn from someone else’s mistakes. Therefore, each next country that will introduce cryptocurrencies or develop metaverse will have ready solutions. So it is not surprising that Dubai would become the capital of the virtual world.