Governing 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. Enabled by advances in blockchain and web 3 technologies, our contemporary world is therefore building the foundations of a virtual universe whose potential, illustrated by numerous reportsis 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 on the next level. At the cutting edge of technology, the desert city thus continues to follow the direction of the wind. It breathes a new era into these citizens: that of the metaverse.
A treasure of 4 billion dollars
In its press release, published on W.A.M. – 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. Indeed, it is the first state reform which intends to create the infrastructures to – perhaps – govern a virtual space.
Also, the government encourages the development of this sector. The latter then establishes a political strategy aimed at boosting the economy of the Web 3 sector locally. The main lines can be summed up in these few points mentioned in the Dubai press release:
- Create 40,000 virtual jobs ;
- invest $4 billion for the metaverse;
- multiply by five the number ofblockchain companies and metaverse (development accelerator and incubator for Web 3 startups);
- develop the metaverse use cases and applications in government;
- promote the deployment of a 5G network in order to accommodate the necessary blockchain infrastructures.
Therefore, it would be for the kingdom of the desert to become a oasis for businesses and web developers 3 and lay the foundations foradoption of the metaverse in the country :
“The Dubai Metaverse then 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 infrastructure and regulations to accelerate the adoption of these technologies. »
The metaverse then takes on a political dimension and becomes a societal issue – very open to criticism. It will change the habits of Dubai society, create new infrastructure and change the habits of fellow citizens.
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The metaverse and blockchain industry already contributes $500 million to Dubai’s national economy. This announced reform is only a new measure aimed at weaving a policy of conquest of 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 the adoption of so-called Web 3 digital solutions, the government has even installed, in the metaverse of The Sandbox, the Ministry of Virtual Assets Regulatory Authority (VARA). the future museum of the city also offers its own collection of NFTs on the marketplace Binance NFTs. Economic opportunities, showcase of the world of the future: Dubai wishes to remain at the forefront of technology.
Beyond technological motivations, the government therefore intends very explicitly develop a pro-metaverse policy. The goal? Preparing for growth its future economy. The country wishing 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. . »
Precursor certainly, but not the only ones. the metaverse seems to be taken over in recent months. Institutions and States are aware of the potential flourishing economy of Web 3. They want to adapt it to our society, thus defining their own metaverse. 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 metaverse supported by a government raises questions in that it includes the return of an intermediary… and not least: the state.
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