Metaverse: Dubai passes the second!

The news is characterized by the interest of major digital players in the metaverse. New players appear, such as Decentraland. The big traditional players, the GAFAMs, are investigating the subject. Thus, Facebook has become Meta and Amazon is starting to recruit to develop a virtual reality headset. Faced with this pivot of some private sector companies to the metaverse, the public sector is also starting to take an interest in it. In France, Valérie Pécresse . has “lost in the metaverse”† Conversely, Dubai is positioned as the most advanced city in its adoption. It is indeed the first city to invest in The SandBox metaverse. Why is a city like Dubai interested in Web3?

Dubai makes history

This is the first time a city has invested in the metaverse. On Twitter, Crown Prince Hamdan Bin Mohammed said:Today, Dubai’s Virtual Assets Regulatory Authority (VARA) made its debut in the metaverse with the installation of its headquarters in the dynamic virtual world of “The Sandbox”. This initiative creates a new model for the management and development of Dubai’s government activities† †

The Dubai Virtual Assets Regulatory Authority has announced that it has entered Metaverse with the establishment of its Metaverse headquarters. This makes it the first regulatory body to have a presence in the emerging digital space. MetaHQ Dubai will use the Sandbox platform (SAND). The latter, backed by Japanese investment conglomerate SoftBank, is an application based on the Ethereum blockchain. It allows users to create, sell and buy digital assets. Concretely, thisland-in The Sandbox will serve Dubai, which it can promote to Web3 companies there. It can help to ‘facilitate’ collaboration with digital service providers.

Why such an investment?

It is legitimate to ask what is the point of a country investing in the metavers. Expanding the Virtual Assets Regulatory Authority (VARA) resources to a limitless audience is part of Dubai’s strategy. This strategy aims to create a prototype of a decentralized regulator model. It also aims to make it accessible to government and industry leaders, other authorities and virtual asset service providers to shape the future digital economy. This initiative therefore symbolizes the beginning of a new era in which the government of Dubai will rely on modern innovations to develop the country and prepare its post-hydrocarbon economy. By investing in the metaverse, Dubai is positioning itself as a leading city in technological transformation and Web 3.0.

This ambition of Dubai is materialized by the passage of a law last March, which sets a legal framework for crypto assets. This law is intended to protect investors, but also to attract crypto companies.

Recently, Three Arrows Capital, a Venture Capital fund that specializes in investing in cryptocurrency-related companies, has decided to move its headquarters from Singapore to Dubai. Also, the much anticipated fight between Floyd Mayweather and Don Moore will take place in Dubai. The tickets are in the form of NFTs. Very encouraging news for the crypto ecosystem and its growing adoption!

Dubai wants to become a real capital of blockchain, cryptocurrency and Web 3.0. This investment in the metaverse is part of the government’s strategic perspective to make Dubai a hub for the cryptosphere.

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Gregory Morat

Student passionate about entrepreneurship and fascinated by the technologies behind cryptos! And yes, I am convinced that the two are closely linked: blockchain and NFTs are revolutionizing many sectors and offering unprecedented opportunities.

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