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The Middle East’s first metaverse incubator creates space for blockchain-based startups to evolve

The Metaincubator will cover sectors including gaming and VR/AR, along with software development for web3 ecosystems.

[Source photo: Venkat Reddy/Fast Company Middle East]

Beyond e-commerce websites, the metaverse is now promising full-fledged shopfronts in virtual marketplaces. Locations such as the meta-terrace in Dubai allow people to enter different worlds using VR headsets, and share meals as avatars. As mixed realities evolve, entire businesses are set up in the metaverse.

Dubai World Trade Centre has opened doors to the region’s first metaverse incubator to unlock more possibilities. The Metaincubator will support software development and marketing for ventures related to metaverse and web3. Besides VR and AR, it’ll facilitate gaming environments, blockchain development, and tokenomics.

Tokenomics will include further insight into the incentives of creating cryptocurrencies and NFTs. The incubator will also act as a platform where engineers, investors, and consumers will be able to connect. Entrepreneurs and professionals in the web3 ecosystem will be able to meet and collaborate on blockchain-based projects in the Metaincubator.

It has been set up in the Dubai World Trade Centre, a zone where crypto assets, exchanges, and operators are regulated. The metaverse incubator has started off in Dubai but plans to expand into other parts of the GCC soon.

Multiple metaverses are expected to emerge across the Middle East, with architects and interior designers getting involved. Saudi Arabia is creating a digital replica of its $500 billion project NEOM. Digital renditions of parts of Dubai’s real estate are being used to sell property in the form of NFTs in the metaverse.

Major brands have also opened metaverse stores, while others like Nike make virtual sneakers for avatars. Everything is expected to be organized in the metaverse, from business meetings to weddings and concerts. Digital plots are being sold to create virtual stores in metaverses such as Decentraland.

Startups in the virtual realm have already benefited from the support of ventures such as the Sandbox. Now, entrepreneurs will be able to pitch digital products to investors more quickly than ever before in metaverse incubators.

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