According to Arabian Business, Abu Dhabi’s Yas Island is all set to launch a metaverse in the first quarter of 2023. Sources indicate the possibility of this project being led by real estate developer and investment firm Aldar Properties. The Virtual Real Estate will be on Sale earlier in 2023. According to the sources, the new metaverse of Yas Island will permit users to purchase property in the always-on virtual space.
The announcement comes as no shock as the UAE has already grown massively as a hub for Web3 technologies. The metaverse is one aspect of Web3, which is ready to deliver new virtual worlds and new experiences to the users. In Dubai, alone authorities have already made up plans to drastically increase the metaverse’s contribution to the economy, up to $4 billion by 2030.
Real estate in the metaverse has been able to successfully attract notable investor attention with virtual real estate being traded in the form of non-fungible tokens (NFTs). Real estate properties in the metaverse can be utilized for a wide variety of purposes including party gatherings, NFT shows, or even concerts.
Beyond real estate, metaverse technology has been in the talks as the future for other industries as well. If we talk about education, the metaverse and virtual reality technology could drastically improve the entire teaching process and methods. Similarly, in fashion, digital-only clothing is not only already on sale but some influencers are also spending thousands of dollars on virtual reality clothing.
Yas Island, the tourist destination project under development in Abu Dhabi, is already home to several attractions. This includes Ferrari World, Yas Waterworld, and the Yas Marina circuit, which is home to the Formula 1 Abu Dhabi Grand Prix.
Aldar first launched the $313 million Yas Park Gate project in August. This residential development includes 508 new homes over 255,000 sqm. Earlier this year, real estate developer Miral also announced plans to bring SeaWorld to Yas Island.