Multiverse Labs Launches Government-Backed Metaverse City In UAE
Table of contents
Metaverse City In UAE
With a total area of 2,590 square kilometers (1,000 square miles), Sharjahverse not only promotes the Emirate to a broader audience and strengthens the tourism industry, but it also provides locals employment opportunities in the metaverse at some of Sharjah's most well-known attractions. The cultural and historical center of the UAE is commonly recognized as Sharjah.
In addition to increasing "emirate-level" use of cryptocurrencies and blockchain technology, there are indications that the federal government of the UAE is preparing supportive regulatory catalysts for the nation. As previously reported, the Securities and Commodities Authority of the United Arab Emirates is creating legislation for crypto licensing that would allow companies that deal in digital assets to open up shop there.
Nations Exploring Metaverse Potential
Numerous other nations have recognized the metaverse as a potential economic driver in addition to the UAE. Beijing's municipal administration unveiled a two-year metaverse innovation plan in August to coordinate all local districts' efforts to develop Web3 technology. Several metaverse projects have received millions of dollars from the South Korean government. On the other hand, the prime minister of Japan has stated that the nation's digital transformation will include the use of metaverse technology.
As the nation-scale metaverse for simulation can lower energy usage and boost facility optimization, Multiverse Labs will also open up new possibilities for a changing globe. Today, it is mainly used in business and tourism. Still, it will eventually be expanded to cover public services, foreign direct investment, real estate, industrial production zones, and the energy sector.