The United Arab Emirates (UAE) has become one of the locations for Web3 projects that are expanding the fastest, as reported by Cryptoslate.
The Web3 platform Crypto Oasis Ecosystem recently released a research report that demonstrated the dominance of the UAE in the Web3 economy by identifying more than 1,450 active Web3 firms with close to 7,000 people.
Cointelegraph noted that native blockchain projects and non-native blockchain projects were segregated into separate categories in the report for Web3-based projects. There are presently 950 organisations working on native blockchain projects, which are those that are exclusively based on native decentralised technology. By contrast, 350 organisations, or 35%, work on non-native blockchain initiatives.
The report noted that more than 460 native firms, or more than 50% of all local Blockchain organisations in Dubai, had registered with the Dubai Multi Commodities Centre (DMCC).
The UAE government has been very proactive in promoting the use of blockchain technology and the emerging industries connected to it, including Web3, nonfungible tokens (NFT), and the metaverse. Another endeavour to encourage international commercial opportunities for Web3 innovators is the current Future Blockchain Summit in Dubai.
To become one of the top 10 metaverse economies in the world, the Dubai government unveiled a metaverse strategy in July. By 2030, Dubai wants to support more than 40,000 virtual employment, according to the project. In the conclusion, the UAE Ministry of Economy strengthened the strategy, Cointelegraph stated.
(With insights from Cointelegraph)
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