The United Arab Emirates (UAE) Crypto Oasis is rapidly growing to become one of the locations for Web3 projects as reports show that 65% of 1,450 Web3 organizations are based on its native blockchain technology.
The Web3 platform Crypto Oasis Ecosystem recently released a research report that demonstrated the dominance of the UAE in the Web3 economy by listing more than 1,450 active Web3 firms with about 7,000 people.
Native and non-native blockchain initiatives were separated into categories in the report for Web3-based projects. The only blockchain initiatives that use native decentralized technology are those. 500 organizations (or 35% of the total) are non-native, while 950 organizations (or 65%) are now striving toward this.
According to the research, more than 460 native businesses—or more than 50% of all native blockchain organizations in Dubai—have registered with the Dubai Multi Commodities Centre.
The government of the United Arab Emirates has been fairly proactive in embracing blockchain technology and the emerging markets connected to it, including the metaverse, nonfungible tokens (NFTs), and Web 3. Another endeavor promoting international commercial opportunities for Web3 innovators is the ongoing Future Blockchain Summit in Dubai.
To become one of the top 10 metaverse economies in the world, the Dubai government unveiled a metaverse strategy in July. By 2030, Dubai wants to support more than 40,000 virtual employees, according to the project. By the end of September, the UAE Ministry of Economy, one of the first governments to establish an office in the metaverse, had increased its commitment to the strategy.
Due to its emphasis on Web3 technology, the UAE has become a hub for some top crypto platforms and businesses worldwide. Binance, a global cryptocurrency exchange, established its footprint among investors in the Middle East by operating several authorized operations in Abu Dhabi, Dubai, and other areas.
