Dubai is all set to develop the metaverse and blockchain sector and GroveToken is set to build its metaverse first under the Dubai Metaverse Strategy.
Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, on Monday announced the launch of the Dubai Metaverse Strategy.
“We launched the Dubai Metaverse Strategy today, which aims to foster innovation in new technology. Dubai is home to over 1,000 companies operating in the metaverse and blockchain sector, which contributes $500 million to our national economy,” he tweeted.
The tweet further said that the objective of the metaverse strategy was to support 40,000 virtual jobs and add $4 billion to Dubai’s economy in five years.
We launched the Dubai Metaverse Strategy today, which aims to foster innovation in new technology. Dubai is home to over 1,000 companies operating in the metaverse and blockchain sector, which contributes $500 million to our national economy. pic.twitter.com/J1XRmd2ub3— Hamdan bin Mohammed (@HamdanMohammed) July 18, 2022
Crypto company GroveToken CEO Yahya 'John' Ghemrawi will be taking on the additional title of managing director of the forthcoming metaverse business in Dubai, owned by Sheikh Dubai Al Maktoum. "This is the first of its kind in Dubai, and GroveToken will be the first business to build its metaverse under this new banner. For the global GroveToken community, current holders and future investors, this partnership means: Any trade done in the Emirate of Dubai in the crypto or metaverse space will reap financial rewards," said the press release.
Globally, venture capital and private equity finance in the metaverse will be worth US$13 billion in 2021, and US$500 million in real estate was sold there last year, according to Gulf Today. In 2021, Second Life, a virtual environment where users can create and explore their own fantasy landscapes, made a contribution to the global GDP of more than $650 million. The Warner Music Group was introduced as a music-themed virtual world in the metaverse, and Sandbox, a decentralised gaming virtual world, also helped the metaverse acquire 200 strategic alliances.
In March 2022, Dubai introduced its first virtual asset regulations. With this, Dubai has joined the list of regions such as Singapore, the US, the UK, and El Salvador, where regulations on cryptocurrencies have been rolled out. Sheikh Mohammed Bin Rashid, the ruler of Dubai, announced on Twitter that the emirate has enacted its first law governing virtual assets and has also formed an independent regulator to regulate the cryptocurrency sector, Outlook Money reported.