Dubai International Financial Centre launches new metaverse platform

February 3, 2023

By Anjali Kochhar

As per the statement, the platform will include the creation of an accelerator programme with a dedicated physical studio for metaverse technology that will promote the development of a creator community and venture building.

It will also address policy development and legislation on open data, digital identity and company law frameworks in the metaverse.

The initiative also aims to foster the development of a metaverse community that will explore ways to enhance the experience for customers, the statement said.

“The development of the integrated DIFC Metaverse Platform will accelerate the achievements of Dubai’s aspirations in this sector,” Arif Amiri, chief executive of DIFC Authority, said.

“The initiative is a natural extension of our Innovation Hub proposition.”

The metaverse is the emerging space where people, represented by avatars or three-dimensional representations, can interact in virtual worlds. It is part of Web3, the next evolutionary step of the internet, with blockchain, decentralisation, openness and greater user utility among its core components.

DIFC’s new metaverse platform is the first in a series of initiatives that aim to strengthen Dubai’s position as a global platform for the latest digital trends and accelerate the pace to achieve the objectives of the Dubai Metaverse Strategy, said Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, chairman of the Dubai Chamber of Digital Economy, and vice chairman of the Dubai Higher Committee for Future Technology and Digital Economy.

The platform also supports the recently launched Dubai Economic Agenda D33 to generate economic value worth Dh100 billion ($27.2 billion) from digital transformation annually.

The metaverse accelerator programme, the first initiative to be launched under the platform, will start accepting applications this month, the statement said.

The programme seeks to attract more than 500 applications, identify 50 of the most promising graduates from the programme and stimulate investment opportunities that will help the sector grow.

It will run over a period of six months, during which the cohort of start-ups will be introduced to training and workshops to upskill and reskill themselves in both technical and intrapersonal aspects of the metaverse.

The programme also aims to facilitate partnerships between start-ups and corporates to create proofs-of-concept and new metaverse solutions.

About the author

Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.

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