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- Sharjahverse will enable the entire emirate to be viewed publicly
- Sharjah now joins Dubai in broadening its Web3 goals
- Sharjah is the second most populous emirate
The United Arab Emirates (UAE) believes that the launch of a new metaverse city by Artificial Intelligence Ecosystem Multiverse Labs could benefit the region’s tourism industry.
Multiverse Labs called the new city in the metaverse, Sharjahverse, a photorealistic, physics-accurate metaverse that covers the 1,000 square miles of the emirate’s surface.
The virtual city will support the local tourism industry and potentially create new metaverse jobs
In accordance with initiatives announced earlier this year by the neighboring emirate Dubai, the virtual city will support the local tourism industry and possibly create new metaverse jobs.
The main government agency charged with promoting the emirate’s tourism industry is the Sharjah Commerce and Tourism Development Authority or SCTDA.
The metaverse city has its support from the SCTDA. Khalid Jasim Al Midfa, chairman of the SCTDA, stated that the new initiative aims to shift the mass market tourism industry toward next-generation, sustainable practices. Sharjahverse is said to offer unprecedented access to almost any location within the emirate as a result.
Sharjah is the second most populous emirate in the United Arab Emirates, with approximately 1.8 million people, but it is not as well-known as Dubai. The entire emirate will be accessible to the general public through Sharjahverse.
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South Korean government has invested millions of dollars in metaverse projects
There are indications that the federal government of the United Arab Emirates is preparing positive regulatory catalysts for the nation, in addition to the growing adoption of crypto and blockchain at the emirate level.
In February the Securities and Commodities Authority of the United Arab Emirates is working on crypto licensing legislation that would make it possible for digital asset companies to establish operations there.
The Metaverse has been identified as a potential economic catalyst by several other jurisdictions worldwide, including the United Arab Emirates.
A two-year metaverse innovation plan that would align the Web3 development efforts of all local districts was announced in August by the Beijing municipal government.
The government of South Korea has put hundreds of millions of dollars into a number of metaverse projects, and the prime minister of Japan has said that metaverse technology will be used in the country’s digital transformation.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
