UAE-based Metarverse Technology Holdings, developing the World’s first virtual world to replicate real-life experiences and spaces in the metaverse, has announced that it will invest $54.5 million in its utility-based metaverse cities, offering users the chance to experience Dubai and Abu Dhabi’s greatest attractions and city life from the comfort of their own homes.
Dubai and Abu Dhabi will be the first cities developed within Metarverse holdings. The platform is a complete Metaverse that is not just desktop compatible like other Metaverse platforms but available with VR Compatibility for Oculus, HTC Vive, as well as various other VR Headsets and mobile devices.
Metarverse Technology holdings are reconstructing cities with actual landmarks, attractions, companies, universities and more categories of valuable real estate. Users can find synergy between their needs and the platform encompassing NFTs and blockchain. It also offers functionality to shop and view products in the biggest retail stores, buy advertising space in the virtual city, attend simulated lectures, register for licenses and government-issued documentation and more.
This is in line with Dubai’s metaverse strategy announced in 2022.
The Beta version is due to go live by October 2022 and available globally by the end of the year. Per their website, the project is in the final stages of Phase One of the Dubai metaverse. In 120 days, they will pilot their Beta version of Dubai metaverse, with Phase One being the Down Town area. After this, they will release the Marina and JBR area as Phase Two.
So far, 1000 man hours have been spent on building the metaverse.
Priven Reddy, CEO of Dubai-based Metarverse Technology Holdings, commented, “After evaluating other territories, the decision was made easily with the UAE as global leaders in disruptive technologies, and driven by the mission and vision of His Highness Sheikh Hamdan bin Mohammed and the Dubai Government as a whole. This vision consolidates the Emirates as leaders in adopting innovative new concepts and disruptive economic and technological models, so for us, there was only one place we could launch. More so than Europe or the United States, people worldwide are fascinated by the rise of the UAE’s attractions.”
