UAE Web 3.0 Ecosystem is Growing
Because of government incentives, the United Arab Emirates (UAE) has emerged as one of the fastest-growing destinations for Web3 projects. A recent study report issued by the Web3 platform Crypto Oasis Ecosystem emphasized the UAE's supremacy in the Web3 economy, identifying over 1,450 active Web3 firms employing approximately 7,000 people. The research classified Web3-based blockchain initiatives into two types: native and non-native blockchain projects. Native blockchain initiatives are ones that rely entirely on native decentralized technology. Currently, 950 organizations (65%) are striving toward it, whereas 35%, or 500 organizations, are non-native. According to the research, the Dubai Multi Commodities Centre (DMCC) has registered over 460 native firms, accounting for more than half of all native blockchain organizations in Dubai.
The UAE government has been very aggressive in its adoption of blockchain technology and the accompanying emergent markets, such as the Metaverse, nonfungible tokens (NFTs), and Web3. Another endeavour that promotes worldwide commercial prospects for Web3 inventors is the ongoing Future Blockchain Summit in Dubai. In July, the Dubai administration unveiled a Metaverse plan with the goal of making the city-state one of the top ten Metaverse economies in the world. The project emphasized Dubai's goal of supporting over 40,000 virtual employments by 2030. By the end of September, the UAE Ministry of Economy had doubled down on the idea, becoming one of the first governments to establish a presence in the Metaverse.
Sources:
https://www.khaleejtimes.com/tech/why-the-uae-could-be-the-hub-of-the-metaverse
https://cointelegraph.com/news/uae-web3-ecosystem-houses-almost-1-5k-active-organizations-report
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