The United Arab Emirates (UAE) announced the creation of a new Metaverse city by the artificial intelligence ecosystem Multiverse Labs, a move that might boost the region's tourism sector.
With almost 1.8 million residents, Sharjah is the second most populous emirate in the UAE. The entire emirate will be accessible to the general public via Sharjahverse.
With a total area of 2,590 square kilometres (1,000 square miles), Sharjahverse promotes the emirate to a wider audience and helps the local tourism industry. It also allows locals to work in the Metaverse at some of Sharjah's most well-known attractions.
It is a photorealistic, physically correct metaverse that fosters large-scale innovation, business, and creativity while elevating the emirate as a premier travel destination.
The Honorable Sharjah Commerce and Tourism Development Authority (SCTDA) Chairman Khalid Jasim Al Midfa said, "Transforming the mass market tourism industry towards next-generation, sustainable practices requires a new way of thinking. Virtual tourism in Sharjahverse will provide unprecedented access to almost any location, personalised guest experiences and enhanced entertainment. Multiverse's groundbreaking and AI-driven approach will help push the limits of imagination and promote Sharjah as a destination of excellence."
In addition to increasing the use of crypto and blockchain technology, there are indications that the federal government of the UAE is preparing supportive regulatory catalysts for the nation.
The Securities and Commodities Authority of the United Arab Emirates is creating regulations for cryptolicensing that will allow businesses dealing in digital assets to set up shop there.
To solidify Sharjah's position as the ideal environment for businesses and to induce foreign direct investment into the nation, the Authority is focused on adopting ambitious strategic plans to develop the tourism sector and actively participate in local, regional, and international exhibitions.
Numerous other nations have recognised the Metaverse as a potential economic driver in addition to the UAE. Earlier in August this year, Beijing's municipal administration unveiled a two-year metaverse innovation plan. The plan is reportedly aimed at coordinating all local districts' efforts to develop Web3 technology.
While the prime minister of Japan has acknowledged that Metaverse technology will be a component of his nation's digital transformation process. The South Korean government has committed hundreds of millions of dollars to several different Metaverse projects.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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