Metaverse

Multiverse Labs and UAE launch Metaverse

Published

2 years ago

October 12, 2022

Multiverse Labs has teamed up with the Sharjah Culture and Tourism Development Authority (SCTDA) to launch Sharjahverse, the world’s first government-backed public metaverse.

The metaverse covers all of the Emirate of Sharjah, which measures about 1,000 square miles, about 2,5580 square kilometers. This initiative opened up the emirates to the global limelight and created job opportunities for natives and indigenous. The metaverse has been described as a “photorealistic”, physics-accurate metaverse” that offers commerce, innovation, and imagination opportunities.

Announcing the launch of the metaverse, His Excellency Khalid Jasim Al Midfa, Chairman of Sharjah Commerce and Tourism Development Authority (SCTDA), described it as a leap into “virtual tourism,” saying the metaverse will provide unrestricted access to any location, alongside personalized experiences and enhanced entertainment.

Sharjah is the second most populated emirate in the UAE, with about 1.8 million people. Cliff Szu, the CEO of Multiverse Labs, praised the Sharjah Commerce and Tourism Development Authority (SCTDA for their partnership, collaboration, and support towards the project, heralding it the first-ever government-backed Metaverse project that is fully viewable to the public, calling it ““the world’s most realistic metaverse.”

This is another sign that shows the UAE’s growing adoption of Web3 and Crypto innovations, as the country is seeking positive regulatory measures for the industry in its territory. In February 2022, the UAE also announced that the country’s securities and commodities authority was developing crypto licensing legislation that would allow digital asset bodies to establish operations.