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In 2022, the United Arab Emirates (UAE) announced the Dubai Metaverse Strategy. The aim of the strategy is to attract 1,000 firms by offering a metaverse-friendly environment and adding another US$4 billion to Dubai's gross domestic product by 2030. Currently, government entities are taking forward the metaverse ambitions in the Emirates. Last year, the Ministry of Economy developed a metaverse department.
Several other entities have also announced and launched projects in the metaverse. In the Emirate of Ajman, an innovative project has been launched by the law enforcement authorities. This virtual realm allows individuals to approach digital representations of law enforcement officials to inquire about various matters. The expanding metaverse ecosystem in the Emirates, largely because of government policies, is attracting innovative projects in 2023.
Auralink's visionary mission revolves around transforming the area of sensory technologies by leveraging smell-detecting advancements. The aim is to redefine the very nature of human interaction with digital environments, enabling users to engage in fully immersive sensory experiences that include the entire spectrum of aromatic sensations.
With Dubai having the vision and the fact that Emirates is betting on the growth potential of the metaverse, Pernigo is seeking to grow Auralink's research and development capabilities in Dubai. By July 2023, Pernigo plans to move the startup to Dubai and demonstrate its potential. The firm is also exploring the wearable technology space, with a primary focus on developing a device capable of transmitting digital fragrances directly to the human brain.
The smell-detecting technology is still in its early stages of development. Furthermore, it also has its limitations. The smells, for instance, communicated by Meta-nose are limited and inconsistent. However, the technology has a lot of growth potential and can be used across different industries, including in food supply chains and healthcare.
Going forward, Dubai is expected to attract more such innovative projects to its shore in 2023. Presently, the Emirates stands out as one of the select nations actively venturing into the Web3 domain, fostering an environment that nurtures the expansion of the market with minimal constraints. In March 2022, Virtual Assets and Regulatory Agency were established in the Emirates. The agency created rules, guidelines, and incentives for firms operating in the metaverse sector. Furthermore, it is also responsible for providing licenses to firms operating with virtual assets.
While the metaverse ecosystem is expanding at a rapid pace in the Emirati nation, the full realization of the technology is still far away. Startups and big giants have continued to struggle in the sector and have largely failed to achieve their short-term objectives. However, new technologies such as the digital nose and its varied use cases can emerge as an accelerant for the metaverse market, just like what ChatGPT did for the AI industry.
Even though new startups with innovative products are entering the market, TechInsight360 believes that it will take many years before immersive technology gains widespread adoption. The technology is still quite expensive and the majority of the masses do not have the resources to get involved with the metaverse. It might take the likes of tech giants like Apple or Meta to develop a device that can accelerate the adoption of metaverse among the masses, globally.
To know more and gain a deeper understanding of the metaverse industry in the UAE, click here.
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