What is Dubai’s metaverse strategy and how will it boost its digital economy? | News Bharat

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai’s Higher Committee for Future Technological Development and Digital Economy has recently approved the new phase of Dubai’s Metaverse Strategy to boost the digital economy and take action to facilitate its use. the metaverse and new technologies in the future. The Dubai Metaverse Strategy was launched in July 2022.

Hamdan Bin Mohammed the first meeting of the Higher Committee of Future Technological Development and Digital Economy

“Through this Committee, we seek to develop a new model for the development of futuristic technology and sciences with a special focus on digital technologies and the metaverse as part of our broader strategy to promote growth and innovation digital and achieve the goals of the Dubai Metaverse Strategy,” said Sheikh Hamdan.

The term “metaverse” was first used by science fiction author Neal Stephenson in 1992, and video game companies commonly used the concept. It’s the next version of the Internet focused on social connection. The Metaverse is a futuristic digital world where people can use their digital avatars to immerse themselves in virtual and augmented versions of reality.

Unsplash/Representative image

Metaverse is a digital simulation of the real world that creates spaces for rich user interaction by incorporating concepts from social media, augmented reality (AR), virtual reality (VR), and blockchain.

It is possible to imagine it as a 3D virtual world with constantly changing aspects shared by all its inhabitants, a virtual world with real-time events and an online infrastructure. Understanding it theoretically, it encapsulates everything that happens in the real world and will provide updates and future events in real time. The user exists in a virtual world without borders.

Dubai’s metaverse strategy aims to establish the Emirate as a global hub for the metaverse community and one of the world’s top ten metaverse economies. It is focused on building on Dubai’s success in attracting over 1,000 blockchain and metaverse companies.

It is introduced to support the development of Web3 technology and its applications for the creation of new models of government work and development in vital sectors such as tourism, education, retail, remote work, health etc. In addition, the strategy aims to develop a metaverse infrastructure and regulations to accelerate the adoption of these technologies, as well as global standards to create safe and secure platforms for users.

Dubai metaverse strategy

Creation of more than 40,000 virtual jobs by 2030

The strategy supports Dubai’s vision to generate more than 40,000 virtual jobs by 2030. This is expected to support the UAE government’s goal of five times the current number of businesses blockchain and further boost Dubai’s economy.

During the launch in July, Sheikh Hamdan stated: “The Dubai Metaverse strategy aims to foster innovation in new technologies. Dubai is home to more than 1,000 companies operating in the metaverse and blockchain sector, contributing $500 million to our national economy.”

What are the main pillars of the strategy?

Extended reality (VR), augmented reality (AR), virtual reality (VR), mixed reality and digital twins (a virtual representation of an object or system) are key pillars of the strategy. It focuses on improving human thought processes using real-time data, machine learning, IoT, AI simulation and blockchain.

The technological pillars of the metaverse strategy are data, network, cloud, and edge computing, all of which focus on the acquisition, validation, storage, processing, and management of real-world data. Different support points incorporate advancement of 5G organizations’ complete provision to boost cutting-edge processing and offer on-demand PC framework assets. Instead of sending data to the cloud, data can be collected, stored and processed locally using smart devices and local networks.

Dubai Metaverse Strategy
AFP/Representative image

Is it the next stage in the evolution of social connection?

It’s an open platform and no one owns it. Facebook claims that the metaverse is the next stage in the evolution of social connection. Within the virtual world, numerous people and companies will operate their own spaces. A metaverse is a type of mixed reality that combines virtual and augmented reality. Digital elements will be brought into the real world in Metaverse and will support virtual 3D spaces.

The metaverse concept has been successfully implemented in numerous gaming platforms as of now. For example, Ariana Grande recently performed a concert in the Fortnite game created by Epic Games.

Another successfully realized aspect of a virtual universe is a cryptocurrency, which will be incorporated into the new world order of the metaverse in exchange for all services.

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