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Highlights
- The United Arab Emirates (UAE) Ministry of Economy opened its headquarters on the Metaverse.
- According to Future Markets Insights, the metaverse market is expected to reach US$500 billion by 2032.
- Earlier this year, the Dubai Virtual Asset Regulatory Authority (VARA) opened its headquarters in the Metaverse.
The Metaverse world is catching everyone thick and fast. The ever-growing sector has seen leading brands such as Nike, Samsung etc., queuing up to open up their stores on the platform. According to Future Markets Insights, the Metaverse market is expected to reach US$500 billion by 2032.
For those new to the concept of Metaverse, simply put, it is an integration of real and virtual worlds. This immersive technology is considered the future of the internet, involving the convergence of AR, VR, and physical worlds in a shared digital space.
Today, everyone is trying to take advantage of this emerging technology. Therefore, it's not surprising to see government agencies opening up to the Metaverse concept. In fact, Turkey's ruling party recently held its meeting on Metaverse, wherein it discussed crypto regulations. Similarly, Indian state Telegana held its first-ever meeting on the platform, showcasing that the interest in the space is well and truly there.
Now another country has joined the lineup by opening its headquarters on the Metaverse.
UAE Ministry of Economy Join Metaverse craze
The United Arab Emirates (UAE) Ministry of Economy on 28 September joined the metaverse bandwagon. The Ministry of Economy opened its headquarters on the metaverse platform on 28 September. UAE Minister of Economy Abdulla bin Touq Al Marri inaugurated the headquarters.
The announcement is instrumental, considering UAE has been pulling its weight in the crypto space with several announcements, including the Dubai Virtual Asset Regulation Law and the dedicated crypto centre creation. Besides, the country's regulatory body, the Dubai Virtual Asset Regulatory Authority (VARA), earlier this year had opened its headquarters in Metaverse.
The headquarters is expected to be a multi-story premise with departments on separate floors. The new headquarter is expected to add to the already existing offices in Abu Dhabi and Dubai.
Conclusion
All in all, this move further highlights Dubai's intent to be the crypto capital of the world. Leading exchanges such as FTX, Binance, etc., have further helped the country adopt crypto. Whether more departments in Dubai join the Metaverse bandwagon or not remains to be seen, but it has certainly made a start in the domain.
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