November 28, 2022

LandVault CEO: Dubai Precedes US in Terms of Global Metaverse Investments

Sam Heuber

Sam Heuber

LandVault CEO Sam Huber said Dubai comes first ahead of the United States regarding regional and global investments in the metaverse, as it is seen as the main hub for blockchain and metaverse.

In an interview with Khaleej Times Newspaper, Huber noted that despite lots of activities related to metaverse and blockchain in the US, Dubai remains at the top when it comes to making it a government priority and developing a state-wide Metaverse offering.

Huber pointed out that Dubai would be the torchbearer of the next stage of the internet (Web 3.0). He referred to the massive interest of the Gulf Cooperation Council (GCC) countries and Dubai in creating digital twins of their real estate and enabling actual utility for residents in addition to launching a new wave of digital tourism.

He also mentioned his company’s partnership with regional companies like Aldar Properties and Yas Marina circuit in Abu Dhabi to bring them into the metaverse.

According to him, companies, shops, and retailers should prepare themselves for the metaverse to benefit from the coming phase of interest.

LandVault is considered the largest Metaverse real estate company and has finalized 100 million square feet of virtual real estate (worth 1,300 football pitches) across platforms such as Sandbox and Decentraland. It helps global brands to establish their metaverses.

It worked with brands like Heineken, Mastercard, Standard Chartered Bank, and L’Oreal, as well as Web 3.0 projects like World of Women, MAYC, and AlienBoy.

According to a report, issued by McKinsey & Company, over $120 billion had been invested in the metaverse in the first five months of 2022, compared to $57 billion invested last year. The report also showed that 59% of consumers are excited to enjoy the metaverse in their daily activities, highlighting the necessity of brands to promote their presence in this virtual world.

The Emirati government, in July, launched the Dubai Metaverse Strategy, which aims to contribute $4 billion to the emirate’s economy. The strategy targets increasing the number of blockchain and metaverse companies fivefold within five years as well as offering 40,000 virtual jobs to be one of the top 10 global metaverse economies.

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