Metaverse Holdings selects Dubai, Abu Dhabi as first cities in global metaverse launch

UAE-based Metarverse Holdings has chosen Dubai and Abu Dhabi as the first cities to be released as part of its global metaverse rollout. Their virtual environment will match authentic real-life events and locations, with a Beta version expected to go live in the fourth quarter of 2022 and become available globally shortly thereafter.

Users globally will be able to experience both cities’ attractions and landmarks alongside real-world utilities from the comfort of their homes – merging the physical and digital worlds.

The new platform is introducing a comprehensive real-world utility-based metaverse with full multi-device interoperability and is meant to stream swiftly, in contrast to current virtual reality applications that build small-scale, digital fantasy worlds. Users can find synergy between their needs and the platform that encompasses NFT’s blockchain technology. This will include functionality to browse and shop from the biggest retail brands and stores, buy advertising space in the virtual city, attend simulated lectures, along with the ability to apply for residency visas, business licenses and more.

“After carefully examining other leading regions, the decision was made for Dubai and Abu Dhabi to be the very first simulated cities within our new metaverse”, stated Priven Reddy, CEO of Metarverse Holdings who is based in Dubai.

Meanwhile, Metarverse Holdings is committing Dhs200m to the project with the new platform.

Karyn Naidoo from Zengary, strategic consultant to Metarverse Holdings said: “Following the upcoming launch of the Beta version, we will release more key locations across the emirates with a focus on creating virtual spaces that are visually, topographically, and geometrically scaled to recreate the most realistic feeling in the Dubai and Abu Dhabi metaverse, with space for endless, interconnected virtual communities using virtual reality headsets, augmented reality glasses, smartphone apps and other devices. We may investigate Qatar and the Saudi Arabia as potential candidates for our next virtual nations after the UAE launch.”

As the UAE government is also going all out to advance the adoption of blockchain technology, digital assets, and the metaverse across the region, Afdal Baig, strategy partner at Metarverse Holdings believes that this platform will link the mission of the government with the opportunity to utilise the key focus areas of real estate, education, tourist attractions, retail, government services healthcare and professional services.

“We believe that this new platform will help the anticipated $4bn market in the emirates expand since it is at the cutting-edge of technology and embraces the true possibilities of Web 3.0 as a benefit for not just economic progress but also that of society as a whole. We can help launch a movement that will revolutionise how we live today by creating this world first and exhibiting Dubai and Abu Dhabi at their finest,” commented Afdal.

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