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Many initiatives introduced by the government have led to the United Arab Emirates (UAE) becoming one of the fastest-growing destinations for Web3 projects. In a recent study report released by the Web3 platform Crypto Oasis Ecosystem, it was observed that the UAE dominated the Web3 economy, with more than 1,450 active Web3 firms employing close to 7,000 people.
Types Of Web3 Projects
The analysis classified Web3-based projects into two types - native blockchain projects and non-native blockchain initiatives. There are 950 companies (65%) working on native blockchain projects exclusively based on native decentralized technology, whereas 35%, or 500 businesses, fall into the non-native category.
Emphasis On Emerging Markets
The UAE government has taken a very proactive approach to blockchain technology's acceptance and the emerging markets connected to it, such as Web3, NFTs, and metaverse. The other programs aim to promote international economic prospects for Web3 inventors. One such program is the Future Blockchain Summit, which is now taking place in Dubai. The UAE's emphasis on Web3 technology has also turned it into a hub for some of the top worldwide crypto platforms and businesses. Binance, a global cryptocurrency exchange, established its footprint among investors in the Middle East by operating many authorized operations in Abu Dhabi, Dubai, and other areas.
UAE Economy Ministry Opens Office In Metaverse
Recently, the United Arab Emirates Ministry of Economy joined the public and private organizations that hold real estate in the metaverse. At the Dubai Metaverse Assembly, the Minister of Economy revealed the site of the Ministry's metaverse headquarters. According to Al Marri, the metaverse transforms important businesses like real estate and logistics, creating an economic equalizer.