Artificial intelligence ecosystem company Multiverse Labs has launched a new Metaverse city in the United Arab Emirates, which the emirate says could boost the region’s tourism industry.

Multiverse Labs described the new Metaverse city, dubbed “Chargers”, as a “realistic and accurate physical image” covering an area of ​​1,000 square kilometers in the emirate. The virtual city will support the local tourism industry and potentially create new jobs in the metaverse, in line with efforts announced earlier this year by neighboring Dubai.

Metaverse City is supported by the Sharjah Trade and Tourism Development Authority, or SCTDA, which is the main government body tasked with promoting the emirate’s tourism industry. The new initiative aims to transform “the mass tourism industry towards sustainable next-generation practices,” said body chairman Khaled Jassim Al-Midfa. As such, the Sharjahverse website is said to provide “unparalleled access to almost every website” in the emirate.

Although Sharjah is not as well known as Dubai, it is the second most populous emirate in the United Arab Emirates with around 1.8 million people. Through Sharjahverse, the entire emirate will be visible to the public.

Aside from the growing use of crypto and blockchain at the emirate level, there are signs that the UAE federal government is a positive regulatory catalyst for the state. As Cointelegraph reported in February, the UAE Securities and Commodities Authority is drafting a cryptocurrency licensing law that will allow digital asset companies to open operations in the country.

Related Topics: UAE Ministry of Economy Opens New Metaverse Headquarters

In addition to the UAE, several other jurisdictions around the world have identified Metaverse as a potential economic catalyst. In August, the Beijing Municipal Government announced a two-year Metaverse Innovation Plan that will bring together efforts to develop Web3 for all local counties. The South Korean government has invested hundreds of millions of dollars in various metaverse projects, and the Japanese prime minister confirmed that metaverse technology will be part of the country’s digital transformation.

Source: CoinTelegraph