Metaverse News

Multiverse Introduced as State Supported Metaverse City in UAE

Multiverse Labs, an artificial intelligence ecosystem, has recently unveiled a new Metaverse city in the United Arab Emirates.

This project is being heralded as a significant development that the UAE anticipates will enhance the tourism sector in the region.

UAE Multiverse City

Multiverse Introduced as State Supported Metaverse City in UAE

Multiverse Labs has unveiled their latest project, Sharjahverse, describing it as a photorealistic, physics-sensitive Metaverse spanning over the emirate’s 1,000 square miles.

This virtual city aims to bolster the local tourism economy and create new employment opportunities in the Metaverse, paralleling initiatives launched by Dubai earlier this year.

The Sharjah Trade and Tourism Development Authority (SCTDA), a major government agency focused on developing the Emirate’s tourism sector, has expressed strong support for this Metaverse city.

Khalid Jasim Al Midfa, head of SCTDA, commented on the initiative, stating, “It requires innovative thinking to transform the mass market tourism industry into the next generation of sustainable practices. Virtual tourism in Sharjahverse will offer unparalleled access to almost anywhere and is expected to provide personalized guest experiences and enhanced entertainment. Multiverse’s AI-driven approach is set to push the boundaries of imagination and showcase the wonders of the Metaverse.”

While not as large as Dubai, Sharjah is the UAE’s second most populous emirate, with over 1.8 million residents. The entire emirate will be accessible to the public through Sharjahverse. The increasing adoption of crypto and blockchain technology at the Emirate level is drawing significant attention.

Additionally, there are signs that the UAE federal government is gearing up to introduce supportive regulations for the sector. The UAE’s Securities and Commodities Authority is currently drafting cryptocurrency licensing legislation that will enable digital asset businesses to operate within the country.

The Potential of the Metaverse is Discovered Nationwide!

Multiverse Introduced as State Supported Metaverse City in UAE

In addition to the UAE, various countries have acknowledged the Metaverse as a potential catalyst for economic growth.

In August, the municipal government of Beijing submitted a proposal aiming to unify the efforts across all its districts. This proposal is part of a two-year Metaverse innovation plan focusing on the development of Web3 technology.

Last month, officials in Shanghai announced the establishment of a fund worth ten billion yuan dedicated to Metaverse development. Furthermore, by 2025, Shanghai aims to cultivate a Metaverse economy valued at 350 billion yuan (approximately $48.8 million).

This surge in local government interest in the Metaverse is a response to China’s push for digitalization and technological innovation.

Additionally, in January, China’s Ministry of Industry and Information Technology brought encouraging news for the Blockchain and Metaverse sectors. According to their statements, small and medium-sized enterprises specializing in these areas will receive support and encouragement.

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