Cryptocurrency exchange OKX has announced a major sponsorship deal with English Premier League football club Manchester City.
Dubai is looking to create one of the world’s first metaverses, and the implications are huge. Not only could this create 40,000 jobs for the city, but it could also inject $4 billion into Dubai’s blockchain economy. This is thanks to the blockchain technology that will be used to power the metaverse.
The Dubai Crown Prince has launched a Dubai metaverse plan to develop global standards for building safe and secure platforms, as well as infrastructure that will support these blockchain technologies. The initiative aims at increasing the number of companies in this industry by five times over the next five years, with an economic contribution valued at $500 million dollars per year!
“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 $500 million to our national economy,” The Dubai Crown Prince Sheikh Hamdan bin Mohammed wrote.
Dubai, A World Leader in Blockchain
Dubai is already a world leader in blockchain and crypto, and this move will only solidify its position. There are many applications for the Dubai metaverse, including education, healthcare, and even tourism. The possibilities are endless, and Dubai is poised to become a major player in the metaverse economy.
The Dubai-based Virtual Assets Regulatory Authority (VARA) has been a major player in the crypto space as it brings regulations for digital currency firms operating within its borders.
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