Abu Dhabi’s Yas Island will launch a metaverse in the first quarter of 2023, according to an Arabian Business source.
According to the source, the project will be led by real estate developer and investment firm Aldar Properties, and Yas Island’s new metaverse will allow users to buy property in the always-on virtual space. The announcement comes as the UAE establishes itself as a hub for Web3 technologies. The metaverse is one aspect of Web3, and it is expected to provide users with new virtual worlds and experiences. Authorities in Dubai alone have already developed plans to significantly increase the metaverse’s contribution to the economy, up to $4 billion by 2030. The metaverse’s real estate has piqued the interest of investors, with virtual real estate being sold in the form of non-fungible tokens (NFTs).