The metaverse aims to innovate the way people interact with one another, interacting in a way that was previously only thought to exist through face-to-face interactions. In its simplest form, the metaverse is a massive, interconnected network of virtual worlds. These immersive worlds allow users to interact though customizable 3D avatars in real time, in unique worlds with carefully curated experiences. As the metaverse continues to develop, many countries around the world are actively investing to bring the potential and reach of the metaverse to the masses. In this article, we’ll look at the most active countries for metaverse development.
Across the UAE private companies and government entities are hedging their bets on the future success of the metaverse as a social and economical mainstay. In September 2022, UAE’s Ministry of Economy (MOE) launched their 3rd address on HoloFair Metaverse to replicate their physical services through an immersive experience. MOE sought to introduce its services to its community through a technology-driven solution such as the metaverse. Customers can explore this space, get information on Ministry’s Eservices and book appointments.
Following suit, the Sharjah Commerce and Tourism Development Authority launched its “Virtual Transaction Centre — Metaverse” in October 2022. Featuring audio and video information about government services provided by Sharjah’s Department of Town Planning and Survey, this innovative digital platform connects users to customer service agents who can process documents. Furthermore, the Dubai metaverse strategy strives to turn Dubai into a global hub for the metaverse. Through fostering innovation, fostering talent, and developing Web3 technology, the UAE aims to become one of the world’s top 10 metaverse economies.
The idea of the metaverse originated in the USA. Since its inception, companies such as Roblox, Microsoft, Apple, and others continue to invest in the development of the metaverse. In fact, Roblox, a metaverse gaming platform, landed on the New York Stock Exchange, bringing the idea of the metaverse to the mainstream. Currently, the U.S. government has not made a public stance about the metaverse. However, their current concerns pertaining to data collection and privacy indicate the government will raise privacy concerns surrounding the advancement of the metaverse.
The Chinese government is going all in when it comes to the development of their metaverse. Current trends indicate the Chinese metaverse will be worth an estimated AED 183.65 billion by 2025 (USD 50 billion). The China Mobile and Communications Association (CMCA) has created the Metaverse Industry Committee to encourage and fast track the growth of their digital economy. Furthermore, the government believes the metaverse can be harnessed beyond social interactions to support public services, manufacturing, and entertainment, serving as a bridge between virtual and real worlds. Additionally, Beijing, the capital of China, will establish a communist training college in the metaverse. Here, the educational institution will host conferences, lectures, meetings, and other course offerings.
The South Korean government sees the future and is all in when it comes to their metaverse. In November 2021, the South Korean government released the “Five-Year Plan for the Metaverse City,” announcing they would invest AED 12.2 million to establish a Korean Metaverse platform (USD 3.3 million). Their plan is to create a fully immersive metaverse called “Metaverse Seoul.” Additionally, as of December 2021, four metaverse ETFs have been listed on the Korean Exchange.
As the second most populated country in the world, India strives to build a citizen-centric metaverse focused on e-governance. India’s Ministry of Electronics and Information Technology (MeitY) deployed a blockchain strategy in late 2021 and the government plans to launch the Central Bank Digital Currency (CBDC) later this year. The idea is to ensure the financial security and efficient establishment of secure payment systems. The digital rupee is poised to create a tough challenge for private cryptocurrencies.
The Rising Potential of the Metaverse
Despite consistent debate surrounding centralization and decentralization, countries around the world are advancing towards the potential of the metaverse to help humans break the current limits of time and space, presenting advantageous opportunities for private citizens and government entities alike. However, some countries, in particular the UAE and China, have been especially forward-looking when it comes to this innovative technology. Innovative metaverse platforms, such as HoloFair, allow private citizens, corporations, and government entities to effortlessly build and access their metaverse. HoloFair empowers users to create any virtual environment tailored to their specific needs. If you’re interested in harnessing the power and reach of the metaverse for your business, book your demo today, and we will show you around!