A lot of people became aware of the metaverse lately when Mark Zuckerberg renamed the company that runs Facebook and Instagram to Meta and made extensive public remarks about how the metaverse has the potential to revolutionise practically every aspect of life.
The promise of the metaverse is generating interest outside of Silicon Valley. The Dubai administration has acknowledged its potential and unveiled bold development plans for the ensuing years.
The world is about to undergo a significant transformation, and if the metaverse spreads as widely as social media, it will offer corporations virtually limitless potential.
What is the metaverse?
Although the idea of the metaverse may be novel to many, the concepts it contains are not. In essence, it is a virtual environment that is eternal, meaning it keeps existing even after a user logs off. While it resides in virtual reality, it also incorporates aspects of augmented reality, which allows users to perceive virtual items in the actual world.
It was originally mostly connected to the world of online gaming, like Fortnite, but it is now acknowledged that its application is much broader than that. There are plans to use it to help people access healthcare and educational services as well as to build digital representations of cities.
Dubai’s expansive metaverse plans
The Dubai administration has embraced the idea of the metaverse and has made big plans to build it over the coming years.
For instance, the government released its Dubai Metaverse Strategy in May, outlining goals for the metaverse industry to sustain 42,000 virtual jobs and contribute $4 billion annually to the emirate’s economy by 2030.
In the metaverse, there are also plans to establish a virtual Dubai. One Human Reality will incorporate components of social media, augmented reality, virtual reality, video games, cryptocurrency, and other cutting-edge technology into its digital doppelganger.
The Dubai Virtual Assets Regulatory Authority (VARA), a regulator already in place, has declared ambitions to create a main office in the metaverse. To regulate virtual asset transactions, VARA will create and put into place rules and restrictions.
Metaverse business opportunities
The metaverse can open a new universe of opportunity for entrepreneurs by allowing them to digitally sell goods and services, which is most significant for our readers.
Selling virtual assets like non-fungible coins and virtual properties is one of the more obvious opportunities. Similar to trading in the real world, these assets may be bought and sold using virtual money that can be converted to cash. Meydan Free Zone gives you better advice regarding these topics.