JAKARTA - The artificial intelligence ecosystem Multiverse Labs has launched a new metaverse city in the United Arab Emirates (UAE). This is a step that according to this economy can improve the tourism industry in the region.
The new metaverse city, dubbed Sharjahverse, is described by Multiverse Labs as a "photorealistic, physics-accuracy" metaverse that covers the emirate's 1,000-square-mile surface area. Virtual cities will support the local tourism industry and have the potential to create new metaverse jobs, which are in line with efforts announced by neighboring emirate Dubai earlier this year.
The metaverse city is backed by the Sharjah Trade and Tourism Development Authority, or SCTDA, which is the main government agency tasked with promoting the emirate tourism industry.
Khalid Jasim Al Midfa, chairman of SCTDA, said the new initiative was intended to change mass market tourism industry towards the next generation, sustainable practices. Thus, Sharjahverse is said to provide unprecedented access to almost any location in the emirate.
Although not as famous as Dubai, Sharjah is the second most populous emirate in the UAE with about 1.8 million residents. Through the Sharjahverse, all emirates will be visible to the public.
In addition to growing crypto adoption and blockchain at the emirate level, there are signs that the UAE federal government is preparing a positive regulatory catalyst for the country.
As Cointelegraph reported in February, the UAE Securities and Commodities Authority is developing a crypto licensing law that would allow digital asset companies to build operations in the country.
Along with the UAE, several other jurisdictions around the world have identified the metaverse as a potential catalyst for the economy. In August, the Beijing city government announced plans for a two-year metaverse innovation that would align Web3 development efforts from all local districts.
The South Korean government has also invested hundreds of millions of dollars in various metaverse projects. Meanwhile, Japan's prime minister has confirmed that the metaverse technology will be part of the country's digital transformation process.
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