Dubai's DIFC's 'Metaverse Platform' for Regulations
The government of Dubai is all set to make Dubai the world leader in digitisation. The Dubai International Financial Centre (DIFC) has launched the 'DIFC Metaverse Platform', a dedicated physical centre for metaverse technology to promote and accelerate the development of the Metaverse, which is still evolving.
The Metaverse, part of Web3, is the next-generation internet realm where individuals can interact in virtual environments. The fundamental elements include blockchain, decentralisation, openness, and increased user usefulness.
The Metaverse Platform, aligned with the Dubai Metaverse Strategy, will be a focal point. It aims to boost Dubai's economy by $4 billion by 2030, create 40,000 virtual jobs through technology and attract 1,000 companies specialised in blockchain and the Metaverse.
The key goals of the initiative are:
1. Development of the Metaverse and Metaverse community- With the launch of a dedicated physical centre for metaverse technology, the initiative is looking to promote and accelerate the development of the Metaverse, which is still developing. The centre will be a focal point where ideas can develop and technology can advance.
2. Policy Development and Legislative Framework - The advent of any initiative requires policymakers' backing and regulations that ensure freedom and equality and safeguard the interests of all stakeholders. Keeping this in mind, the DIFC Metaverse platform would address the need for policy and legislation on open data, digital identity, the law relating to companies and corporations, etc.
3. Enhancing Metaverse Experience for the Customers- The ultimate aim of the centre is to enhance user experience and explore ways in which the Metaverse can be made accessible and more exciting for the top consumers.
Metaverse Accelerator Programme
One stand-out feature of the launch of this platform is the 6-month extended Accelerator Program which was built to draw top entrepreneurs from around the world to focus on working on the Metaverse, the next stage of blockchain technology, which has countless opportunities for innovation and cooperation.
The training will assist prominent government and private sector organisations address the challenges they may face while adopting this cutting-edge technology. This Accelerator program aligns with the UAE's plan to lead the way in the Metaverse economy. It charts the course for the future of the region and the world! Dubai, the leading city in the UAE, plans to bring in 1,000 companies specialising in blockchain and the Metaverse technologies. This will provide 40,000 virtual employment by 2030, and add $4 billion to the city's GDP. The platform will also help Dubai Economic Agenda D33's goal of generating Dh100 billion in economic value annually through digital transformation.
Metaverse Accelerator Program features:
1. Upskilling and reskilling opportunities for startups
2. Facilitate partnerships between startups and corporates to bring new and improved Metaverse Solutions.
3. Collaborative opportunities with leading institutions
4. Investment opportunities to expand
5. Co-working space in the DIFC
6. Workshops and support services from the partners
7. Marketing and PR opportunities and networking with the well-established Fintech community in Dubai
8. Opportunity to build proofs-of-concept for government and non-governmental organisations
9. Testing metaverse technology in a physical studio.
Eligibility for Accelerator Programme
1. Applicants will be required to present a Minimum Viable Product
2. The program will accept only 1-2 representatives who are Senior Members of the organisation, like the Founder or CEO.
3. The applicants must also explain how government access and non-government executives will significantly affect their chances of growing.
4. Also, they will have to showcase their abilities by making exceptional pitch presentations to potential partners.
Conclusion
Launching a Metaverse Platform for the development of technology is a significant milestone in advancing our digital world. It will provide an exciting opportunity for developers to explore new possibilities and bring their ideas to reality. With its innovation potential, it is clear that this platform will be an essential part of our future.
How can Ascent Partners help?
Ascent Partners is a boutique consultancy providing bespoke, end-to-end corporate services ranging from company formation to accounting, bookkeeping, and compliance services for entrepreneurs looking to set up their next venture in the UAE. We work alongside to strategise, startup, and scale businesses in the UAE and the broader region.