SOL - Why Dubai's New Metaverse Strategy Could Be a Huge Catalyst for This Crypto
Finance has New York. The internet has Silicon Valley. And now the metaverse has Dubai. The largest city in the UAE just announced a jaw-dropping new metaverse strategy that envisions Dubai as one of the leading cities in the world for everything related to crypto, blockchain, online gaming, and non-fungible tokens. By 2030, Dubai hopes to create 40,000 new jobs and attract more than 1,000 companies actively working to create the metaverse. This is huge news for metaverse cryptos and especially for a Layer 1 blockchain like Solana (CRYPTO: SOL) that has already created a thriving ecosystem around NFTs and blockchain gaming.
After all, it wasn't some obscure tech guru making the big Dubai metaverse announcement -- it was the Crown Prince of Dubai himself. There is going to be some serious money poured into metaverse projects in the near term, given that Dubai expects to add $4 billion to its gross domestic product within five years. This could absolutely be a huge catalyst for any crypto actively involved in the metaverse, and it makes sense that Solana could be one of the biggest beneficiaries for two key reasons: It already has an active presence in the metaverse, and it already has a boots-on-the-ground presence in Dubai.
Most importantly, Solana has been on a roll of late when it comes to the metaverse. The blockchain has a thriving non-fungible (NFT) token ecosystem and has successfully branched out into NFT gaming with innovations such as "move-to-earn" games. At the same time, developers are building virtual worlds such as Portals and Star Atlas that rival anything being built on the Ethereum blockchain.
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Why Dubai's New Metaverse Strategy Could Be a Huge Catalyst for This Crypto