Munich-based metaverse company METAYO will participate in Dubai's "metaverse strategy," which is expected to bring 40,000 jobs and $4 billion to the economy within 5 years.
MUNICH, July 27, 2022 /PRNewswire/ -- The Crown Prince of Dubai has his eye on the digital world: This week, Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum announced a new "metaverse strategy" that he says will create 40,000 new virtual jobs and add $4 billion to the city's GDP within five years.
"The strategy focuses on nurturing talent and investing in future skills by providing the necessary Metaverse training support for developers, content creators and digital platform users in the Metaverse community," the UAE's official news agency, WAM, said in a statement.
As for the Metaverse, some of Dubai's largest companies have said they are increasingly incorporating the technology into their businesses. And that's where METAYO, the German Metaverse holding company, comes in: with patented and proprietary software solutions, METAYO will be a key player in this new ecosystem.
As Matthew Ball, the world's leading Metaverse expert, said, a central task in the development of Metaverse worlds is interoperability. Only when the different worlds can be connected in the core applications can the Metaverse business grow. Building bridges between digital worlds is one of METAYO's core competencies. The patented software solution behind the Holoswitch app plays a central role in this.
But building Web3 communities using NFT technologies is also expected to play an important role for METAYO in Dubai. Especially when it comes to digitizing luxury goods and making them accessible for the web3.
In April, global investment bank Citi said the potential size of the global metaverse market could be $30 trillion by 2030. However, other firms such as the Big Four accounting firm KPMG have said that these figures may be too conservative. As for the United Arab Emirates (UAE), augmented reality and virtual reality technologies could generate $4 billion in sales in the UAE alone by 2030, according to a 2020 report by management consulting firm PwC. METAYO will participate in this fast-growing business.