ultiverse Labs, an artificial intelligence ecosystem, has launched a brand-new metaverse city in the United Arab Emirates (UAE), which the emirate claims will boost the region's tourism sector.

The platform characterized Sharjahverse, the new metaverse city, as a "photorealistic, physics-accurate" metaverse that embodies the emirate's 1,000 square-mile surface area. The digital city will benefit the local tourism industry and may create new metaverse jobs, aligning with efforts revealed earlier this year by the adjacent emirate Dubai.

The Sharjah Commerce and Tourism Development Authority, or SCTDA, is the primary government agency in charge of promoting the emirate's tourism industry. 

The SCTDA's chairman, Khalid Jasim Al Midfa, stated that the new initiative is intended to transform the mass market tourism industry towards next-generation, sustainable practices and that Sharjahverse will provide unprecedented access to almost any location in the emirate.

Even though not as well known as Dubai, Sharjah is the second-most populated emirate in the UAE, with approximately 1.8 million people. The whole emirate will be available for viewing via Sharjahverse.

In addition to increasing emirate-level crypto and blockchain adoption, there are indications that the UAE's federal government is preparing positive regulatory catalysts for the region. The UAE's Securities and Commodities Authority is working to develop crypto licensing legislation that would permit digital asset companies to set up shops in the country.

Many other jurisdictions worldwide, including the UAE, have recognized the metaverse as a possible financial launching point. Beijing's municipal government declared a two-year metaverse development plan to coordinate all local districts' Web3 development efforts in August. 

The South Korean government has placed hundreds of millions of dollars into various metaverse initiatives. Japan's prime minister has affirmed that metaverse technology will be included in the country's digital transformation process.

Is there potential for this technology to be used in other parts of the world? Drop your comments by sharing this article on social media.

Oct 11, 2022
Crypto News

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