Dubai is getting ready to grow its metaverse and blockchain industries. As part of the Dubai Metaverse Strategy, GroveToken will be the first company to build its own metaverse.
The Dubai Metaverse Strategy was announced on Monday by Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of the Dubai Executive Council.
“We launched the Dubai Metaverse Strategy today, which aims to foster innovation in new technology. Dubai is home to over 1,000 companies operating in the metaverse and blockchain sector, which contributes $500 million to our national economy,” he said in a tweet.
In the next part of the tweet, it said that the goal of the metaverse strategy was to create 40,000 virtual jobs and add $4 billion to Dubai’s GDP in five years.
Yahya “John” Ghemrawi, the CEO of GroveToken, will also be the managing director of the new Dubai company that will be in charge of the metaverse. This company is run by Sheikh Dubai Al Maktoum. “GroveToken will be the first company in Dubai to build its metaverse under this new umbrella. This is the first of its kind in Dubai. This means that every crypto or metaverse deal made in the Emirate of Dubai will make money for the GroveToken community around the world, current holders, and people who might invest in the future “from what the press release says
Gulf Today says that venture capital and private equity financing in the metaverse will be worth US$13 billion in 2021, and that US$500 million worth of real estate was sold there last year. In 2021, Second Life, a virtual world where people can build and explore their own dream worlds, added more than $650 million to the global GDP. The Warner Music Group was a music-themed virtual world in the metaverse. Sandbox, a decentralized gaming virtual world, also helped the metaverse get 200 key relationships.
In March 2022, Dubai will pass its first law about virtual assets. Singapore, the US, the UK, and El Salvador are among the other countries that have made rules about cryptocurrency. According to Outlook Money, Dubai’s ruler, Sheikh Mohammed Bin Rashid, said on Twitter that the emirate has passed its first law regulating virtual assets and hired an independent regulator to watch over the cryptocurrency business.
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