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– Dubai Multi Commodities Centre recently partnered with South Korean companies to expand the Web3 and metaverse business.
– This partnership will leverage the expertise of South Korean companies interested in blockchain and metaverse development to create a new stream of wealth.
The Dubai Multi Commodities Centre has planned to establish a new center for Web3 and metaverse development in Dubai in collaboration with MetaverseSociety. South Korea has entered the Metaverse with Dubai’s Free Trade Zone. South Korea’s booming gaming industry and cultural popularity have made the country a major player in the crypto community. The partnership is also expected to create new VR, AR, and MR jobs opportunities.
How are South Koreans expanding Web3 technology?
The Dubai Multi Commodities Centre has signed partnership agreements with South Korean companies. The country has decided to fund companies that provide services related to Web3 products and Metaverse. South Korea is known for its technological advancement in gaming, VR, and Web3.
South Korea and Dubai could become a hub for international businesses by working together. Other countries like Japan have also invested in Web3 technology.
South Korea is reportedly set to launch Metavere Seoul, a virtual game based on Seoul city in the Metaverse. The project is expected to be completed by 2026. Metaverse Seoul will upgrade public services allowing players to play games, visit tourist attractions, and read eBooks. One of the key features of this game is that it allows citizens in the Metaverse Seoul game to clear any queries related to municipal taxes in the city.
Dubai’s and Metaverse
Dubai is promoting innovation in technology with the creation of Free Trade Zones for businesses in this sector. Technology upgrades and development are aimed at benefiting businesses – streamlining transactions, total ownership, and lesser taxes. For example, Dubai Future Foundation partnered with OpenSea in 2021 to promote the adoption of cryptocurrency and NFTs in the UAE.
Dubai has become a platform for companies looking to collaborate on developing new Web3 products. Dubai’s investment is seen as a support to the emerging Web3 technology and the Metaverse business. These partnerships will accelerate the growth of Metaverse business as more and more companies enter the digital space. The Dubai Metaverse strategy seeks to build new projects on Web3 technology.
The partnership is expected to have a significant impact on Dubai’s economy. Dubai is becoming a technological hub for Web3 businesses by providing a supportive environment.
In conclusion, Dubai and South Korea have partnered up to support businesses in Web3 technology and Metaverse. South Korea’s virtual game Metaverse Seoul allows citizens to explore a virtual blueprint of their city. Dubai supports Web3 technology and the Metaverse business and has expanded help to companies looking to be built on Web3 technology entirely.
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.
