- September 25, 2022
- Posted by: DBS
- Category: Business Setup in UAE
According to the metaverse’s current scenario and developmental growth, it is predicted that the metaverse will mark up to $800 billion in 2024. Based on these facts, it would not be wrong if we say that metaverse will persuade every industry in the coming years.
Moreover, the metaverse services has created an opportunity for the commercial sector to be worth more than $1 trillion. Also, it is set to create more opportunities for modern businesses since the internet’s establishment.
Do you also look forward to the opportunities that metaverse has to offer? But unsure whether this opportunity is valuable for your business or how much value it can add to your company?
Many businesses are striving to adopt the metaverse for their business in Dubai. Are you willing to transform your business? This article will focus on explaining the metaverse, its benefits, and how you can start a metaverse business in Dubai.
Without any further ado, let’s get started.
Table of Contents
Metaverse – A Quick Introduction
Technically, the metaverse is an online three-dimensional persistent environment that integrates several virtual spaces. It can also be compared to the future version of the internet.
It consolidates the virtual and physical worlds to benefit all the business’s requirements. Some properties of the metaverse can already be observed in social networking sites, online retail stores, video games, and many more.
When metaverse enters into the picture of the business leveraging, specifically about Metaverse Services license in Dubai, it has proven to be a game changer as it offers impressive operational mediums that can be more effective in boosting revenues.
Regardless of the type, nature, and size of the business, it has the potential to mutate the world of business concerning the way it works and operates.
Adaption of Metaverse Business in Dubai
Dubai is the first one to open the metaverse government customer service center. The authorities revealed the organization’s establishment at the international expo Arab Health and Medlab East 2022. Since Dubai’s economy is very promising, the investors and traders gave a very impressive response to the operation of the metaverse services.
Well, the demand for virtual solutions has also increased the interests of several companies. A shared virtual world allows users to play, explore, socialize, and engage in the same way as they do in the real world.
Many businesses have developed their metaverse presence and grown more with time. For example, Facebook converted into Meta in late 2021, indicating the trajectory of the future metaverse.
With these factors in mind, the Dubai Metaverse strategy is intended to boost the city’s economy with the help of the metaverse sector’s contribution. It has planned to increase it by $4 billion by 2030 with a GDP contribution of 1%.
The metaverse business concept has already gained much traction in Dubai. Every other business is ambitious to get a metaverse license in Dubai to become a player in the virtual world. They are working to prove the industry’s legislative and regulatory framework.
What is the Price for Obtaining a Metaverse License in Dubai?
The total price for obtaining a metaverse license in Dubai range between 15,000 – 27,000 AED. This includes the expense incurred for foreign trade, local agent costs, and Tasheel preapproval, among others.
Besides, it is a new concept, and people around the globe are still wrapping their heads to cope with the changes with the idea; it is expected that the prices are subject to change with the new rules and regulations.
Significant Advantages of Metaverse Services in Dubai
With the growth of technology and telecommuting trends, more people count on the digital modes and virtual spaces of communications like web and video conferencing to interact and socialize online.
Majorly, the metaverse contributes to taking the existing digital experience to the next level. Have a look at the major benefits that the metaverse brings to us.
1. Explore Innovative Ways to Engage Users
Metaverse is a whole new world for immersive experiences and entertainment possibilities. As far as businesses are concerned, it can help you draw your consumers’ attention with innovative gaming adventures, AR/VR showrooms, and virtual goods. You can utilize these ways to represent and promote your brand.
2. Discover the Opportunities for Creating Virtual Events
Arranging a conference or live show for virtual and physical audiences is not new. Since everyone cannot travel to attend a show, viewing it on a Zoom call or Google Meet doesn’t give the same experience.
Alternatively, with a full-fledged VR experience with amazing participation and networking opportunities, you can find opportunities for the global audience. Integrating the metaverse and VR can improve the experience and help you connect with more customers.
3. Better Showcase to Boost the Sales
Currently, many brands are using AR technology to let their customer try the glasses or clothes, see how the furniture will look at their houses, or get a makeover with a new hairstyle or makeup.
With the opportunity of the metaverse, you can set up showrooms and stores where customers can try the products as they would in the real world.
4. Introduce New and Innovative Advertising Forms
With the metaverse approach, businesses can expect to experiment and explore innovative ideas for brand storytelling and marketing.
Storytelling is one of the most attractive and compelling ideas to spread brand awareness and build its reputation. With the help of storytelling, people will no longer remain ‘viewers’ of your brand; they will be your active participants and become an influencing part of your events.
5. Quick Transactions with Cryptocurrency and e-wallets
Cryptocurrency and metaverse walk hand in hand. One can easily predict that without the crypto wallet, it will be difficult to enjoy the digital world’s perks to the fullest. Though some entrepreneurs are overwhelmed with the idea, cryptocurrency and blockchain have done much more good than bad.
Similar to an amusement park where you must have a ‘Disney Currency’ to ride, the digital world requires a ‘Digital Money’ to make transactions. With the adoption of transactions in cryptocurrency, it will be easy to connect users and businesses and make transactions online quickly. You do not have to link your bank accounts in the virtual world; you are done with the transfer with a few clicks. All the transactions are transparent.
Moreover, the transparency of the transactions will help you in the metaverse world, where you would prefer to keep proof of all your transactions.
6. Establishment of Better Team Collaboration and Process Building
After the pandemic hit globally, we all adopted the habit of remote teamwork and online meetings. Besides being exerted on us, these approaches are still less appealing than visiting physically and discussing a topic in a meeting face-to-face.
With the help of the metaverse services, you can arrange your business meetings virtually with an enhanced workforce. Zoom calls or Google Meetings will no longer feel like isolation but rather like a group of colleagues sitting in a conference room and having a healthy discussion about the growth of the business.
Since Meta has already launched VR meeting workrooms, it is expected that more developments are yet to come.
How to Get Registered for Metaverse Business in Dubai?
If you are willing to register your metaverse business in Dubai, you need to follow the steps mentioned below:
Step 1: Explain Your Virtual Settings
With the assistance of the creative direction, develop a 3D image of your brand first. This brand image must be accessible through various metaverse platforms.
Step 2: Stream Live on Your Channel
Initiate your metaverse from your website, where you already have existing first-party customer information. In the virtual environment, the obsess platform offers integrated e-commerce shopping facilities for NFTs and real objects.
Step 3: Publish Yourself on Other Metaverse Applications
Carefully analyze which metaverse platform has more of your brand reviews and viewers. Afterward, prepare your brand presence according to that platform by transforming and developing it accordingly.
Step 4: Apply for the Registration of Metaverse License
The final step is to secure a metaverse license in Dubai. Once you have decided when and how to initiate a business in Dubai and identified the cost of the metaverse license, you can apply for the metaverse license.
As a trusted business setup company, we can help you streamline the process from early planning to receiving a license from the authorities so that you can launch your metaverse firm quickly and easily.
How Can We Help to Register a Metaverse Firm?
We understand how challenging and full obstacles are the way to exploring the opportunities in starting a metaverse business in Dubai. We own an active business consultant group in Dubai, assisting several companies and startups in proceeding towards expansion smoothly.
As one of the leading and successful business formations in Dubai, we offer 360-degree consultancy and assistance in Dubai business registration. Our team strives to prioritize and serve the technical demands of your business needs and demands.
With the growth and development of technology, every industry is struggling to shift towards a metaverse to ensure the sustainable growth of their business.
To conclude the thoughts, the metaverse is a new technology that is supposedly assumed to be an active part of every industry in the future. While early prototypes are already testing the credibility and reliability of the metaverse, many more businesses are still planning to register themselves to get a metaverse license.
Is metaverse technology something you are interested in? Want to register your business and promote your brand in the virtual world? If that is so, you must contact our team for guaranteed service. We are always open to new projects.