Monday, January 30, 2023

UAE Web3 Ecosystem Houses Nearly 1.5K Active Associations: Report

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The latest report shows that 65% of the 1,450 Web3 associations are established on native blockchain technology. While 35% of the associations are based on non-native technology.

The United Arab Emirates has emerged as one of the fastest-growing destinations for Web3 projects.

The latest research report was published by the Web3 platform. Crypto Oasis Ecosystem underlined the dominance of UAE in the Web3 economy. As it identified more than 1,450 active Web3 organizations with nearly 7,000 individuals.

The report divided Web3-based projects into two categories. The first is native blockchain projects and the second one is non-native. The native blockchain projects are those which are solely based on the native decentralized technology. Currently, there are 950 organizations (65%) working towards it. While 35% or 500 organizations fall under the non-native category.

The report highlighted that the Dubai Multi Commodities Centre has registered more than 460 native organizations. Which are more than 50% of all native Blockchain organizations in Dubai.

The UAE government has been quite proactive toward the adoption of blockchain technology. They are nascent markets associated with it, be it metaverse, nonfungible tokens (NFT), or Web3.

The ongoing Prospective Blockchain Summit in Dubai is another initiative to encourage global business opportunities for Web3 innovators.
The Dubai government announced a metaverse strategy in July planning to rotate it into one of the world’s top 10 metaverse economies.

The initiative advertised Dubai’s ambitions to support more than 40,000 virtual jobs by 2030. The UAE Ministry of Economy doubled down on the plan by the end of September as it became one of the first governments to open a headquarter in the metaverse.

UAE’s focus on Web3 technology has also made the country a hotspot for some of the leading global crypto platforms and companies.

Global crypto exchange Binance marked its presence among Middle Eastern investors by running various licensed operations in Abu Dhabi, Dubai, and other regions.

Check Out: New EU MiCA Regulations Could Unleash Stablecoin Innovation: Moody’s Executives

Jessica Baker
Jessica Baker
I am Jessica Baker, a content writer for blockchain and crypto. With journalism and English degree, I produce accurate and informative content. I am objective and thorough in my writing and research. My goal is to deliver the best content to readers and share my knowledge of the industry.

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