The news is characterized by the major digital players’ interest in the meta-verse. New players are popping up, like Decentraland. The major traditional actors, the GAFAMs, are looking at the subject. For example, Facebook has become Meta, and Amazon is starting to recruit to develop a virtual reality headset. Faced with this hub of some private companies towards the metaverse, the public sector is also starting to take an interest in it. In France, Valérie has Pécresse “lost in the metaverse”. Conversely, Dubai is positioned as the most advanced city in its adoption. It’s actually the first city to invest in The SandBox metaverse. Why is a city like Dubai interested in Web3?
Dubai is making history
This is the first time a city has invested in the meta-verse. On Twitter, Crown Prince Hamdan Bin Mohammed said:Today, the Virtual Assets Regulatory Authority (VARA) in Dubai made its debut in the meta-verse 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 public operations. »
The Dubai Virtual Assets Regulatory Authority has announced that it has entered Metaverse with the establishment of its Metaverse HQ. This makes it the first regulatory authority to be present in the new digital space. MetaHQ Dubai will use The Sandbox (SAND) platform. The latter, supported by the Japanese investment conglomerate SoftBank, is an application based on the Ethereum blockchain. It allows users to create, sell and buy digital assets. Specifically thislandin The Sandbox will serve Dubai, which will be able to promote it to Web3 companies there. It can help “facilitate” collaboration with digital service providers.
Why such an investment?
It is legitimate to ask what the benefit is for a country to invest in the meta-verse. Expanding the resources of the Virtual Assets Regulatory Authority (VARA) 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 available to government and industry leaders, other authorities and virtual asset providers to help shape the future digital economy. This initiative therefore symbolizes the beginning of a new era that will see the Dubai government rely on modern innovations to develop the country and prepare its post-hydrocarbon economy. By investing in the meta-verse, Dubai is positioning itself as a leading city in the field of technological transformation and Web 3.0.
This ambition on the part of Dubai is reflected in the adoption of a law in March last year, which establishes a legal framework for cryptocurrencies. This law aims to protect investors, but also to attract crypto companies.
Recently, Three Arrows Capital, a venture capital fund specializing in investing in cryptocurrency-related companies, decided to move its headquarters from Singapore to Dubai. Also the long awaited match between Floyd Mayweather and Don Moore will take place in Dubai. The tickets will be in the form of NFTs. Very encouraging news for the crypto ecosystem and 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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Students who are 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 presenting unprecedented opportunities.