Govern the unreal – The metaverse, a science fiction concept describing an interconnected virtual world, was still unreal for a few years. From now on, it becomes possible for us. Thanks to the advances in blockchain and web 3 technologies, our contemporary world is therefore building the foundations of a virtual universe whose potential, illustrated by numerous reportsit is no longer to be argued.
Economic future for companies, institutions and even governments, the metaverse intrigues as much as it fascinates. While theEurope through the voice of Emmanuel Macron evokes an institutionalized European metaverse, Dubai is already at the next level. At the forefront of technology, the desert city thus continues to follow the direction of the wind. Inspire a new era in these citizens: that of the metaverse.
A $ 4 billion treasure
In its press release, published on WAM – the official news agency that appreciates the state – the government of Dubai, in its representative Crown Prince Hamdan bin Mohammed, presented its project of ” metaverse strategy “This approach is unprecedented. In fact it is the first state reform which intends to create the infrastructures to – perhaps – govern a virtual space.
Furthermore, the government encourages the development of this sector. The latter then establishes a political strategy aimed at reviving the economy of the Web 3 sector at the local level. The main lines can be summarized in these few points quoted in the Dubai press release:
- Create 40,000 virtual jobs ;
- invest 4 billion dollars for the metaverse;
- multiply the number of by fiveblockchain company And metaverse (development accelerator and incubator for Web 3 startups);
- develop the use cases and metaverse applications in government;
- promote the creation of a 5G network in order to host the necessary blockchain infrastructures.
Therefore, it would be for the desert kingdom to become a oasis for companies and web developers 3 and lay the foundation foradoption of the metaverse in the country :
“The Dubai Metaverse therefore supports the development of Web 3 technology and its applications to create new models of government work and development in vital sectors including tourism, education, retail, remote work, health and the legal sector. The strategy also aims to develop global standards in building safe and secure platforms for users and to develop metaverse infrastructures and regulations to accelerate the adoption of these technologies. “
The metaverse thus takes on a political dimension and becomes a social question, very open to criticism. It will change the habits of Dubai society, create new infrastructures and change the habits of fellow citizens.
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The metaverse and blockchain industry already contributes $ 500 million to the national economy of Dubai. This announced reform is just a new measure aimed at weaving a policy of conquering the metaverse.
Dubai, for example, has been very open about the licensing agreement for cryptocurrency platforms. Binance, FTX… many exchanges have obtained their authorizations. A pioneer in adopting so-called Web 3 digital solutions, the government has even installed, in the metaverse of The Sandbox, the Regulatory authority of the Ministry of Virtual Goods (VARA). the future museum the city also offers its own collection of NFTs on the market Binance NFT. Economic opportunities, showcase of the world of the future: Dubai wants to remain at the forefront of technology.
Beyond the technological motivations, the government therefore intends develop a pro-metaverse policy very explicitly. The target. the goal? Prepare for growth its future economy. The country that wants to become one of the “top 10 cities in the world in terms of virtual economy”:
“His Highness added that the adoption of new technologies will be a stepping stone in Dubai’s vision to use future technologies to create new models of work in vital sectors and increase the impact of the metaverse on regional and global economies.”
Certainly a precursor, but not only. the metaverse seems to be taking over in recent months. Institutions and states are aware of the potential thriving Web economy 3. They want to adapt it to our society, thus defining their own metaverse. A vector of freedom and an interconnected world, for some, driven by philosophy that dictates the purpose of cryptocurrencies for others, the very idea of a government-backed metaverse raises questions as it includes the return of an intermediary … and not least: the state.
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