Metaverse Business and Dubai Markets

In the year 1838, Sir Charles Wheatstone who was a physicist, scientist and inventor of many scientific breakthroughs outlined the concept of binocular vision, wherein a combination of two images, one for each eye, make a single 3D image. This eventually led to the development of stereoscopes, a technology where one can use the illusion of depth to create an image. This is the same concept used today in modern VR headsets. Fast-forward to 1935 when Stanley Weinbaum, an American science fiction writer, published the book named Pygmalion’s Spectacles, in which the main character explores a fictional world using a pair of goggles that provided sight, sound, taste, smell, and touch etc., but all credit goes to Snow Crash a science fiction novelist who coined the actual word as a portmanteau of “Meta” and “Universe”.

Metaverse is actually a term used to explain an online virtual space where users can interact with each other and objects in a way that mimics the real world. Elaborately, Metaverse can be defined as a spatial computing platform that provides digital experiences as an alternative to or a replica of the real world, along with key civilizational aspects like social interactions, currency, trade, economy, and property ownership based on the foundations of blockchain technology. It is an interconnected virtual world, which often hosts virtual programs, events and activities as well.

The concept of a Metaverse is closely associated with the idea of a virtual reality, and is often used to describe a shared, persistent, and interactive virtual world. Metaverse is often envisioned as a 3D platform where users can create, share and explore content. It is a concept that has been increasingly popularized in recent years due to its potential to revolutionize the way people interact, collaborate, and create in virtual worlds. The importance of the Metaverse developed wherein there was need of a platform that can provide a virtual space where people come together from all over the big blue marble and interact in a shared space, enabling them to firstly explore, then collaborate to gain and understand everything about various verticals they want to create and eventually develop things in a way that is not possible in the real world. Metaverse also provides an opportunity for businesses to create virtual worlds for their targeted clients to explore, and have a more immersive and engaging experience with products and services.

The development of blockchain technology and its applications in the Dubai have been swiftly increasing over the past decade. The Dubai authorities have been actively engaged in the development of blockchain technology and its applications. The Dubai Multi Commodities Centre (DMCC) has established the Global Blockchain Council (GBC) and a Dubai Blockchain Strategy to explore new potentials of blockchain technology in the GCC & MENA region. The GBC is focused on promoting the development of blockchain technology and its applications in Dubai and its neighboring countries. Dubai Blockchain Strategy is expected to help the region become a global leader in the adoption and implementation of blockchain technology. In addition to this, the Dubai International Financial Centre (DIFC) has launched the Dubai Blockchain Centre to provide a platform for developers, creators and innovators to collaborate on blockchain-related projects. The DIFC has also developed a regulatory framework for blockchain businesses in the region. These initiatives are expected to enhance the Dubai market become a major player in the global blockchain market.

One can open a firm and become a Metaverse Services Provider in Dubai and one can engage in the development and hosting of digital virtual environments, which enable simulated interactions between individuals & groups. Currently, such firms are not permitted to issue tokens which are traded on exchanges or trade in crypto commodities.

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