Multiverse Labs, an artificial intelligence ecosystem, has launched a new metaverse city in the United Arab Emirates (UAE), a development that the emirate believes would boost the tourism sector in the region.
Multiverse Labs defined Sharjahverse, the new metaverse metropolis, as a “photorealistic, physics-accurate” metaverse that covers the emirate’s 1,000 square-mile surface area. The virtual city will boost the local tourism economy and may generate new employment opportunities in the metaverse, which fits with initiatives launched by the neighboring emirate Dubai this year.
The principal government organization in charge of fostering the emirate’s tourism business, the Sharjah Commerce and Tourism Development Authority, or SCTDA, is backing the metaverse city.
Khalid Jasim Al Midfa, the SCTDA chairman, noted:
“Transforming the mass market tourism industry towards next-generation, sustainable practices requires a new way of thinking. Virtual tourism in Sharjahverse will provide unprecedented access to almost any location, personalized guest experiences and enhanced entertainment. Multiverse’s groundbreaking and AI-driven approach will help push the limits of imagination and promote Sharjah as a destination of excellence.”
Although not as well recognized as Dubai, Sharjah is the UAE’s second most populous emirate, with over 1.8 million residents. The entirety of the emirate will be accessible to the public through Sharjahverse.
In addition to increased crypto and blockchain acceptance at the emirate level, there are indications that the UAE’s federal government is preparing supportive regulatory catalysts for the nation. As earlier reported by crypto.news, the UAE’s Securities and Commodities Authority is drafting crypto licensing legislation that would allow digital asset enterprises to establish operations in the country.
In addition to the UAE, several countries have also recognized the metaverse as a potential economic driver. In August, the municipal government of Beijing presented a proposal to coordinate the efforts of all of the city’s districts to create Web3 technology through the use of a two-year metaverse innovation plan.
Earlier last month, Shanghai officials made a similar pledge to establish a fund worth more than ten billion yuan for metaverse development. By 2025, the city hopes to establish a metaverse economy worth more than 350 billion yuan ($ 48.8 million).
Local governments are flocking to the metaverse in response to China’s effort to foster digitization and technological innovation. In January, the country’s Ministry of Industry and Information Technology pledged to foster various blockchain and metaverse-driven small and medium-sized businesses.
Meanwhile, several different metaverse projects have been funded to the tune of millions of dollars by the South Korean government. On the other side, Japan’s prime minister has declared that metaverse technology will be employed in the country’s digital transformation.
Multiverse Labs will develop new opportunities available for an evolving world, as the nation-scale metaverse for simulation has the potential to cut down on energy use and increase facility optimization. Today, the most common applications for it are in commercial and tourist settings. However, at some point in the future, it will be extended such that it also covers the fields of public services, foreign direct investment, real estate, industrial production zones, and the energy sector.
Source: https://crypto.news/multiverse-labs-unveils-government-backed-metaverse-city-in-uae/