Sharjahverse, the new metaverse city, encompasses the entire 1,000 square mile surface area of the emirate and is touted by Multiverse Labs engineers as photorealistic and physics-accurate.
A new metaverse city in Sharjah (Sharjahverse) in an effort to boost tourism in the United Arab Emirates (UAE).
Sharjahverse, the new metaverse city, covers the whole 1,000 square mile surface area of the emirate and is described as photorealistic and physics-accurate by Multiverse Labs engineers. The new metaverse city is supported by the Sharjah Commerce and Tourist Department Authority (SCTDA).
The SCTDA was founded in 1996 and is the key government organisation in charge of regulating and developing the tourism industry in the Emirate of Sharjah. The organisation anticipates that the new virtual city will enhance metaverse employment opportunities and draw more visitors to the area.
According to SCTDA Chief Khalid Jasim Al Midfa, the new project will shift the mass market tourism industry toward next-generation, sustainable practises. As a result, Sharjahverse is marketed as providing unmatched access to almost every site in the UAE.
Apart from increasing emirate-level crypto and blockchain adoption, there are indications that the UAE's federal government is working on excellent regulatory catalysts for the country.
According to a report published earlier this year, the UAE Securities and Commodities Authority is close to finalizing legislation that would make the country a viable place for the development of digital asset firms.
The announcement comes just weeks after similar developments in the neighbouring Emirate of Dubai. On September 28, the UAE Ministry of Economy presented a new Metaverse headquarters that would serve as the official "third address."
The UAE is not the only country that sees economic opportunities in Metaverse technology. The prime minister of Japan has stated that metaverse technology would be a component of the country's digital transformation process, while the South Korean government has committed hundreds of millions of dollars to several metaverse initiatives.
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