The United Arab Emirates has occupied a place among the rapidly expanding places for projects related to the Web3 world because of the adequate measures taken by the government. Recently, research has been carried out on the behalf of Crypto Oasis Ecosystem (a Web3 venue), highlighting UAE’s dominance in the economy related to the Web3 sector.
Report Says Web3 Sector of UAE Turns It a Prominent Metaverse-Focused Government
It identified that the Web3 sector of the UAE takes into account up to 1,450 institutions are actively working while the individuals’ number is around 7,000. Two classes of Web3 projects were made in the respective report, including non-native and native blockchain projects. In the case of native projects, the basis is provided by the local decentralized technology. At present, around 950 entities (denoting 65%) operate in this category.
While on the other hand, approximately 500 organizations (representing 35%) come within the non-native class. As highlighted by the report, almost 460 native entities have been registered with the Dubai Multi Commodities, counting up to half of the entirety of the local blockchain-based organizations working across Dubai.
Also read:The authorities of the UAE have been taking quite proactive measures to gear up blockchain technology’s adoption on a broad level along with the burgeoning markets linked to this space, such as Web3, non-fungible tokens (NFTs), or the Metaverse. The current Future Blockchain Summit (that is taking place in Dubai) is known as another endeavor to promote the worldwide business opportunities offered to Web3 innovators.
UAE Allures Top Crypto Venues by Offering Exclusive Metaverse Projects
The government of Dubai declared a strategy for the Metaverse world in July this year. The target of the respective plan was to categorize the region as one of the ten top Metaverse economies across the globe. The respective endeavor supported the ambitions of Dubai to assist in providing 40,000 jobs within the virtual space by the year 2030.
The strategy was enthusiastically promoted by the UAE Ministry of Economy by the previous month’s end. This was so as the country has taken a place among the earliest governments having the plan to initiate their headquarters within the virtual world of the Metaverse. The attention of UAE on Web3 has additionally turned it into a preferred place in the eyes of a few well-known crypto firms and venues around the world.
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