UAE Now Touts Itself as the Largest Web 3.0 Hub in the World
The world is changing with more innovative approaches and techniques for all processes in the future, and Web 3.0 is the new movement in which the future of the internet will be based on the data of the users. New infrastructures and platforms are emerging in Web 3.0 with the future in mind. They intend to drastically alter users’ internet experiences. They provide smarter, more private applications with enhanced decentralization. According to new reports, UAE has become one of the largest Web 3.0 hubs in the world.
A new study highlights the UAE’s dominance in the Web 3 economy
A Web 3 firm, Crypto Oasis Ecosystem, recently researched Web 3 projects and organizations. According to the report, the United Arab Emirates (UAE) dominates the Web 3 economy. UAE Web 3.0 ecosystem has more than 1,450 active Web 3 organizations with nearly 7,000 participants. According to the report, the UAE is the fastest-growing location for most Web 3 projects. This transition is made possible by the government’s strong support for the Web 3 ecosystem. The report includes two categories for Web 3 projects to help with the research’s foundation. There are two types of blockchain projects: native blockchain projects and non-native blockchain projects.
Native blockchain projects rely solely on native decentralized technology. According to the report, approximately 950 organizations are actively working in this category. This accounts for 65% of all available organizations. In contrast, the non-native blockchain category includes approximately 500 companies, or 35% of all. According to the report, the Dubai Multi Commodities Centre (DMCC) has obtained a small number of registrations. It has over 460 registered native businesses, accounting for more than half of the country’s blockchain organizations.
The UAE’s Position on Metaverse and Web 3 Technology
The United Arab Emirates (UAE) has expressed a keen interest in Web 3.0 and related technological advancements. As a result, the country has emerged as a growing hotspot for leading global crypto platforms and firms. The UAE government has taken a notable approach to embrace innovative moves. It is taking a proactive approach to blockchain technology and the associated nascent markets. These include its involvement with Web3, the Metaverse, and non-fungible tokens (NFTs). In addition, the ongoing Future Blockchain Summit in Dubai exemplifies the country’s aggressive initiative moves. The goal is for Web3 innovators to have seamless access to global business opportunities.
With its numerous license approvals, Binance, the leading global crypto exchange, has etched its presence among Middle Eastern investors. It is currently licensed to operate in Dubai, Abu Dhabi, and other areas. Remember that the Dubai government announced a Metaverse strategy in July? It aimed to make it one of the top ten Metaverse economies in the world. The initiative has given Dubai a boost in its goal of supporting over 40,000 virtual jobs by 2030. In addition, the UAE Ministry of Economy has expanded its plan by the end of September. It was one of the first governments to establish a presence in the Metaverse.