The world is changing with more innovative approaches and techniques for all processes in the future, Web 3 is the new movement where the future of the internet will be based on the users’ data.
With the future in mind, new infrastructures and platforms are emerging into Web 3. They aim to change the users’ experience over the internet dramatically. They offer applications that are smarter, more private, and enhanced decentralization.
Research Highlights UAE’s Dominance In Web 3 Economy
Crypto Oasis Ecosystem, a Web 3 firm, recently researched Web 3 projects and organizations. The report pointed United Arab Emirates (UAE) dominating the Web 3 economy. UAE Web 3 has over 1,450 active Web 3 organizations comprising almost 7,000 participants.
The report considers the UAE the fastest-growing house for most Web 3 projects. This move is possible through its government’s support with strong initiatives for the Web 3 ecosystem.
To facilitate the basis of the research, there are two categories for Web 3 projects in the report. These are native blockchain projects and non-native blockchain projects.
Native blockchain projects are those that solely depend on native decentralized technology. According to the report, this category has about 950 organizations actively working towards it. This represents 65% of all the available organizations. Conversely, the non-native blockchain category comprises about 500 organizations or 35% of all.
According to the report, Dubai Multi Commodities Centre (DMCC) has grabbed a handful of registrations. It has over 460 registered native organizations representing more than 50% of all blockchain organizations in the country.
UAE’s Stance On Metaverse And Web 3 Technology
The United Arab Emirates (UAE) has shown a strong interest in Web 3 and its related technological development. This has distinguished the country as the growing hotspot for leading global crypto platforms and firms.
Cryptocurrency market trades sideways on the chart | Source: Crypto Total Market Cap on TradingView.com
The government of UAE has displayed a notable approach to embracing innovative moves. It is proactive in adopting blockchain technology and the associated nascent markets. These include its participation in Web3, the Metaverse, and non-fungible tokens (NFTs).
Also, the ongoing Future Blockchain Summit in Dubai depicts the country’s intense initiative moves. The aim is for Web3 innovators to access global business opportunities seamlessly.
Binance, the leading global crypto exchange, has imprinted its presence among Middle Eastern investors with its numerous license approvals. It currently has a license for operation in Dubai, Abu Dhabi, and other regions.
Recall that in July, the government of Dubai announced a Metaverse strategy. It aimed to transform that into a global top 10 Metaverse economy. Through the initiative, Dubai now has a boost in its ambition to support over 40,000 virtual jobs by 2030.
Also, the UAE Ministry of Economy has an expansion on its plan by the end of September. It emerged among the first governments to open a headquarters in the Metaverse.
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