UAE is planning big in metaverse space, says The Sandbox

The Sandbox — a decentralised community-driven gaming ecosystem where creators can share and monetise voxel assets and gaming experiences on the Ethereum blockchain — is extremely bullish about the UAE goverment’s robust plans to adopt Web3.0 technology.

Bertrand Levy, senior vice-president global partnerships, The Sandbox, attended Khaleej Times’ one-day event Metavision on Wednesday.

“We are a global brand with around 350 offices and have seen that luxury brands were among first to make their presence in metaverse. The key to success in Web3.0 is all about what experiences are you trying to create. The Web3.0 will open opportunities for creators and creativity,” said Levy.

Animoca’s brand, The Sandbox’s ‘Dubaiverse’ will be launched through local partners that include a UAE media group. Animoca Brand’s Dubai-themed metaverse will mirror the Sandbox’s Hong Kong ‘Mega City,’ a gaming metaverse and virtual cultural hub based on the Asian financial hub of Hong Kong. The Dubaiverse will reportedly be built through local partnerships, including firms in the film, music, entertainment, acting, finance, real estate, and gaming industries.

“Currently we are busy developing Dubaiverse and in close interaction with other stake holders,” said Levy.

The Dubai Metaverse Strategy aims to turn Dubai into one the world’s top 10 metaverse economies as well as a global hub for the metaverse community. The metaverse achieved 200 strategic partnerships with Sandbox, which includes the launch of the Warner Music Group as a music-themed virtual world in the metaverse.

Analysts estimate that the metaverse will contribute up to $5 trillion to the global economy by 2030. The market value of NFTs is expected to reach $80 billion, while consumer spending on in-game purchases is reckoned to reach $75 billion by 2025.

— sandhya@khaleejtimes.com

• Dubai