Dubai's Metaverse HQ could drive the next wave 
of innovation 
on the Web

Dubai is immersing itself in the metaverse and the government is keen to guide the development and growth of businesses and people on the medium that may be still in its infancy but has enormous potential.

The global metaverse market is already worth $100 billion and is expected to hit $1,500 billion by the turn of the decade. The city’s private and government companies are buying up space on the medium and the government wants to make the experience worth the money and time for users.

In March, the Dubai government spelt out major plans for its foray into Web 3.0 and set up the Virtual Assets Regulatory Authority (VARA). This oversight body will now mark its presence on the metaverse which will give the city more heft and credibility in a space that is increasingly being embraced by people or their avatars.

VARA is the world’s first metaverse regulator and shows the sincerity of the government in ensuring fair play in the space as people embrace their digital selves to work, shop, play, attend concerts and conferences, and travel in the next phase of the new virtual.