The United Arab Emirates (UAE) has accelerated the adoption of Web3 and blockchain technology. The UAE Ministry of Economy has recently declared plans to open a headquarters in the metaverse. In his speech to the Dubai Metaverse Assembly earlier this week, UAE Economy Minister Abdulla bin Touq Al Marri made the news. The government has dubbed its metaverse the nation's "third address" after Abu Dhabi and Dubai. The ministry is looking into ways to increase the use cases for Web3 technology with this launch.
Marri demonstrated how magnificent while lobbies with opulent décor had been made for the Ministry of Economy's office during a live tour of the virtual workplace. A decorated virtual theater appeared equipped to accommodate meetings and festivities. Signatories won't need to travel to one of their physical locations only to sign documents because they will be able to visit the metaverse office as avatars and sign documents that are enforceable.
"The entire ministry building is represented by our digital address. There may be distinct uses for each storey. In order to enter our office in the metaverse, a visitor will receive a virtual ticket or token and a notification from our customer happiness center, according to Khalifa Al Jaziri, the avatar that represents the ministry there.
According to a Nasdaq research, by 2024 the metaverse business opportunity will be worth $800 billion (approximately Rs. 59,58,719 crore).
UAE has a number of exciting projects in the works that are prepared to appear in the metaverse.
Emirates Airlines of the United Arab Emirates declared its entry into the metaverse and non-fungible token (NFT) sectors in April.
The recently established Virtual Assets Regulatory Authority (VARA) in Dubai began developing its metaverse presence in May. The Sandbox, a participant in the metaverse, and VARA have cooperated. VARA has revealed plans to establish a virtual headquarters in the virtual world. MetaHQ is the name of this VARA office in The Sandbox.
The UAE had previously declared ambitions to open the first hospital in the metaverse, where patients may go for virtual consultations with avatars, back in July.
