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UAE thinks big, unveils plan to make it a hub of Metaverse, NFTs and blockchain

UAE thinks big, unveils plan to make it a hub of Metaverse, NFTs and blockchain

UAE thinks big, unveils plan to make it a hub of Metaverse, NFTs and blockchain
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By CNBCTV18.com Jul 27, 2022 4:45:26 PM IST (Published)

Prime Minister and Crown Prince of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum unveiled the Dubai Metaverse Strategy on July 18 

The United Arab Emirates has an oil-based economy. But the middle-eastern nation is now undertaking a transformation to make itself a hub of new-age digital technologies like the Metaverse, blockchain and NFTs. The second-largest emirate in the country, Dubai, recently unveiled its new strategy to use the Metaverse to boost its economy by $4 billion in the next 5 years.

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Prime Minister and Crown Prince of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum unveiled the Dubai Metaverse Strategy on July 18, with the goal of turning the eponymous city and emirate into a global hub for Web 3.0 technologies like Metaverse, blockchain and NFTs.
As part of the plan, Thumbay Group will set up digital facilities in education, healthcare and fitness using augmented reality technologies. Users will soon be able to set up digital avatars and get the services of The Gulf Medical University and its labs, a “full-fledged” virtual hospital, and The Body and Soul Wellness Studio through the Metaverse.
 
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But health and education will not the only services on offer in the Metaverse.
The ‘Magnati-MetaV’ is the region's first Metaverse marketplace where users can have the experience of walking into the store, interacting with products but still get the convenience of e-commerce using the Metaverse and augmented reality technology.
“This shopping beyond space and time will enable complete accessibility, allowing shoppers to wander through virtual stores, try on clothes online through a 3D fitting room and even get a 360-degree view of what outfits look like,” Ramana Kumar, CEO of Magnati, a payment solutions corporation, said during the launch of the Metaverse platform in Abu Dhabi, reported the Khaleej Times.
The Dubai Racing Club (DRC) recently announced its plan to launch a one-of-a-kind NFT artwork collection. The collection will be centred around the horse racing industry.
“The Non-Fungible Tokens (NFTs) that we are issuing can be utilised both in the real world and online,” said Sheikh Rashid bin Dalmook Al Maktoum, Chairman of Dubai Racing Club, reported the Khaleej Times.
 
 
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