According to a new report, 65% of the 1,450 Web3 businesses are based on native blockchain technology, while 35% are based on non-native technology.
A recent report published by a Web3 platform emphasized the UAE's supremacy in the Web3 economy. The report identifies more than 1,450 active Web3 firms employing approximately 7k individuals.
The report classified Web3-based projects into two types: native blockchain projects and non-native blockchain initiatives. Native blockchain projects are those that are fully based on native decentralized technology, and there are currently 950 companies (65%) working on them, whereas 35% or 500 companies are non-native.
The report highlighted that the Dubai Multi Commodities Centre (DMCC) has registered over 460 native businesses, accounting for more than half of all native Blockchain firms in Dubai.
The UAE government has been quite proactive in its acceptance of blockchain technology and the associated fledgling markets, whether it be metaverse, NFT, or Web3. Another project promoting worldwide commercial prospects for Web3 inventors is the current Future Blockchain Summit in Dubai.
In July, the Dubai government unveiled a metaverse plan with the goal of making the city-state one of the top ten metaverse economies in the world. The project pushed Dubai's aim to support more than 40,000 virtual employees by 2030. The UAE Ministry of Economy doubled down on the idea at the end of September, becoming one of the first governments to establish a presence in the metaverse.
The UAE's focus on Web3 technology has also made the country a magnet for some of the world's best crypto platforms and enterprises. Binance, a global cryptocurrency exchange, established a foothold among Middle Eastern investors by operating multiple licensed operations in Abu Dhabi, Dubai, and other locations.