The United Arab Emirates' Web 3.0 ecosystem is home to nearly 1,500 active organizations
A new report shows that 65% of the 1,450 Web 3.0 organizations are based on native blockchain technology, while 35% of organizations are based on non-native technology.
The United Arab Emirates (UAE) has become one of the fastest growing destinations for Web 3.0 projects, thanks to initiatives taken by its government.
A recent research report published by the Web 3.0 platform, Crypto Oasis Ecosystem, highlighted the UAE's dominance in the Web 3.0 economy, identifying more than 1,450 active Web 3.0 organizations with nearly 7,000 individuals.
The report divides Web 3.0-based projects into two categories, namely blockchain-native and non-native projects. The native blockchain projects are the ones that are based solely on the native decentralized technology and currently there are 950 organizations (65%) working on it while 35% i.e. 500 organizations fall into the category of the non-natives.
The report highlighted that the Dubai Multi Commodities Center (DMCC) has registered more than 460 native organizations which is more than 50% of all the native organizations in the blockchain space in Dubai.
The UAE government has been quite proactive towards adopting Blockchain technology and the nascent markets associated with it, be it the metaverse, non-fungible tokens (NFTs), or Web 3.0. The Future Blockchain Summit taking place in Dubai is another initiative to promote global business opportunities for Web 3.0 innovators.
The Dubai government announced in July a metaverse strategy with the goal of becoming one of the top 10 metaverse economies in the world. The initiative furthered Dubai's ambition to maintain more than 40,000 virtual jobs by 2030. The UAE Ministry of Economy doubled down on the plan in late September by becoming one of the first governments to open a headquarters in the metaverse.
The UAE's focus on Web3 technology has also made the country a hub for some of the world's leading cryptocurrency-focused platforms and companies. Global cryptocurrency exchange Binance has marked its presence among Middle Eastern investors by running several licensed operations in Abu Dhabi, Dubai and other regions.