The Crown Prince of Dubai and Chairman of Dubai Future Foundation, Hamdan bin Mohammed bin Rashid Al Maktoum has announced a $1 billion “Dubai Metaverse Strategy” in 5 years. The new initiative aims to build an AR-VR ecosystem that enables the creation, experiences, and monetization of AR-VR digital assets in a decentralized environment. Read on to learn more about this project and its ambitious goals for blockchain-based virtual reality.

What is the Dubai Metaverse Strategy Project?

The Dubai Crown Prince has announced a $1 billion project called the “Dubai Metaverse Strategy” as part of its goal to become a fully digital city creating 40,000 jobs in the next five years. The initiative's goals are to build an AR/VR ecosystem that will enable the creation, experiences, and monetization of AR/VR digital assets in a decentralized environment. The project will fund start-ups, create educational programs, and offer grants to developers in both AR and VR. The Dubai Metaverse Project aims to create a fully immersive mixed-reality experience that combines the best of augmented and virtual reality technologies. The initiative also aims to build an online marketplace for AR/VR digital assets. These digital assets can be created and shared by developers, businesses, educators, and individuals.

“We launched the Dubai Metaverse Strategy today, which aims to foster innovation in new technology. Dubai is home to over 1,000 companies operating in the metaverse and blockchain sector, which contributes $500m to our national economy,” he said. “With the early adoption of metaverse technology, Dubai seeks to become one of the top 10 metaverse economies and a global frontrunner in adopting digital solutions.”

Dubai's Vision for Blockchain-Based VR

Dubai’s vision for blockchain-based VR is to create a fully immersive mixed-reality experience that combines the best of AR and VR technologies. This new form of VR will be accessible through a variety of different VR hardware devices and will be designed to allow users to remain in full control of their privacy and data at all times. In addition to creating a new form of VR, Dubai also intends to develop a sort of virtual economic zone as well as a center for research and development. This zone will be designed to integrate blockchain technology into every aspect of daily life, including education, healthcare, commerce, transportation, and more.

Sheikh Hamdan and Sheikh Maktoum bin Mohammed bin Rashid Al-Maktoum, the deputy ruler of Dubai, deputy prime minister, and minister of finance, issued the directives to set up the task force.