Arabian Post Staff -Dubai
The Dubai Multi Commodities Centre (DMCC) has launched the DMCC Crypto Centre Metaverse, a digital twin of its physical Crypto Centre, developed in collaboration with Infinite Reality, a leader in immersive technologies. This initiative aims to enhance engagement within Dubai’s burgeoning Web3 ecosystem.
The metaverse platform offers users an interactive digital experience, featuring gamified zones and a trading game designed to educate participants about cryptocurrency markets. Belal Jassoma, Director of Ecosystems for DMCC, highlighted the significance of this development, noting that the global metaverse market is projected to exceed USD 3.1 trillion by 2030. He stated, “In launching the DMCC Crypto Centre Metaverse, we are not only providing a cutting-edge digital experience for our ecosystem members but also demonstrating a real pragmatic use case of next-gen technology at the intersection of blockchain and AI.”
This launch aligns with the UAE government’s Dubai Metaverse Strategy, which seeks to position the Emirate among the top 10 metaverse economies globally and establish Dubai as a leading hub for immersive technologies. The strategy underscores the government’s commitment to fostering innovation and integrating advanced technologies into various sectors.
The DMCC Crypto Centre, located in the Uptown Tower, serves as a hub for over 600 crypto firms, providing infrastructure and services to support the growth of startups and established companies in the crypto and blockchain sectors. The introduction of its metaverse counterpart is expected to further enhance collaboration and innovation within the community.
Dubai’s commitment to becoming a global leader in Web3 and blockchain technologies is evident through various initiatives. In October 2024, Sui, a prominent blockchain platform, launched ‘SuiHub Dubai,’ its first global hub aimed at driving Web3 innovation. SuiHub Dubai provides Web3 startup founders with access to workshops, technical support, community-driven events, resources, funding, and technical expertise, ensuring they have the support needed to launch and scale their projects using Sui’s blockchain infrastructure.
The Dubai International Financial Centre (DIFC) has been instrumental in fostering innovation within the financial sector. In January 2023, DIFC launched a metaverse platform as part of the Dubai Metaverse Strategy, providing startups with training, workshops, and networking opportunities. The platform focuses on policy development, legal frameworks, and digital identity, contributing to the broader adoption of metaverse technologies.
The UAE’s proactive approach to embracing advanced technologies has attracted global attention. The implementation of an Innovation Testing License provides a regulatory sandbox that allows companies to test new technologies and business models in a controlled environment. This initiative encourages innovation and enables regulatory bodies to better understand the risks associated with digital assets and new financial technologies.
The Dubai AI Campus, a dedicated ecosystem for AI and Web3 innovation, offers state-of-the-art physical and digital infrastructure to support the growth of these technologies. Located in the heart of Dubai, the campus provides an environment conducive to research, development, and collaboration among industry players.
The DMCC’s latest initiative is expected to play a pivotal role in attracting more businesses and talent to Dubai’s crypto and blockchain sectors. By providing a virtual environment that mirrors its physical counterpart, the DMCC Crypto Centre Metaverse offers companies the opportunity to engage with the ecosystem remotely, facilitating global collaboration and innovation.
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