Metaverse is a term that may be new in the field of technology. You might have heard it from friends or come across a post about it on social media. The hype around the metaverse is growing daily among business people and for good reason.
This innovation is considered one of the best platforms for running digital businesses, with the potential to generate over $1 trillion in profit every year. Experts believe it will become the biggest industry in the near future, creating unlimited commercial opportunities for businessmen, entrepreneurs, and investors worldwide.
Some Necessary Information About the Metaverse
Before seeking a Metaverse Service Provider license in Dubai, UAE, it helps to understand the basics.
- Definition: The metaverse is a persistent, shared digital space that exists in real time, emerging from the fusion of virtually enhanced physical reality and virtual reality (VR).
- Device Independence: The virtual environment is independent of the device used to access it. No single entity controls the metaverse.
- Economy: It features an independent digital economy driven by digital currencies and NFTs (non-fungible tokens), making it an ideal platform for modern virtual-world business ideas.
- History: Although the concept isn’t new (Neal Stephenson first coined “metaverse” in his 1992 novel Snow Crash), it’s only now gaining traction as companies build online communities under one virtual roof.
- Enabling Technologies: Head-mounted displays, AR (Augmented Reality), spatial computing, the AR cloud, and IoT (Internet of Things) all combine to form the metaverse’s technical foundation.
Technology experts hail the metaverse as the next evolution of the internet much as Web 2.0 enabled e-commerce, the metaverse will unlock new business benefits.
Benefits of Starting Metaverse Services in Dubai
Firms and startups in Dubai are preparing to offer cutting-edge digital services in the metaverse. Advantages include:
- Global Scale, No Franchises: Scale your business worldwide without physical branches.
- B2C and B2B Potential: Supports both consumer-facing and business-to-business models.
- Clear Governance: Reduces operational risk with defined virtual-space regulations.
- Low‐Cost Experimentation: Test products and services virtually at minimal expense.
- Expanded Reach: Access customers and products previously out of reach.
- Cost Reduction & Revenue Growth: Early adopters can lower manufacturing costs and boost income.
- Remote Career Opportunities: Work for UAE companies without relocating.
Metaverse Service Provider License
The Metaverse Service Provider license introduced by DMCC in 2024 caters to businesses that develop and host virtual environments.
- Scope: Allows development, hosting, and operation of metaverse platforms.
- Exclusions: Does not permit issuance or trading of crypto assets; limited NFT trading is available via DMCC’s dedicated e-marketplace.
How the License Works
With this license, your company can:
- Develop virtual spaces where users interact via digital avatars
- Offer gaming, decentralized hosting, entertainment, virtual products (NFTs), and social-media-style platforms
- Enable global collaboration and community building
Without it, you cannot legally provide metaverse services in Dubai.
How to Obtain a Metaverse Service Provider License
- Engage a Consultancy: The process is complex, so partner with an experienced firm (e.g., Smart Business Creation).
- Plan & Document: Draft your business plan, outlining your virtual environments, target users, and revenue model.
- Submit Application: Through DMCC’s portal or via your consultancy, providing all required documents and paying fees.
- Pay Fees & Await Approval: Costs vary by jurisdiction and service scope; approval typically takes several weeks.
NFT and Metaverse Business in Dubai
- Integration: Blockchain enables NFTs and cryptocurrencies in the metaverse, letting users buy, sell, and own digital assets.
- Use Cases: Digital clothing, virtual real estate, avatars, gaming items, and more can be minted, listed, and traded.
How to Start a Metaverse Business in Dubai
- Design Your 3D Environment: Create a branded virtual universe compatible with multiple metaverse platforms.
- Go Live on Your Website: Integrate interactive shopping for physical goods and NFTs (e.g., via platforms like Obsess).
- Publish on Popular Platforms: Adapt your virtual store for high-traffic metaverse applications.
- Register for Your License: Calculate launch costs and obtain your license before going live.
Smart Business Creation will streamline each step, from planning to licensing.
How to List an NFT in the Metaverse
- Create Your NFT: Artwork, music, videos, or any digital asset.
- Choose a Marketplace: Popular options include OpenSea.
- Mint & List: Upload your NFT, set pricing, and list it for sale.
- Promote: Market within NFT communities to attract buyers.
VARA and the Dubai Metaverse Strategy
- VARA (Virtual Assets Regulatory Authority):
- World’s first metaverse regulator, operational since March 2022.
- Established a Metaverse HQ in The Sandbox platform.
- Regulates VASPs and oversees digital-asset frameworks across the Emirates.
- Dubai Metaverse Strategy:
- Aims to contribute 1% of Dubai’s GDP (≈ $4 billion) by 2030.
- Targets creation of 42,000 new jobs, a 30% productivity boost for resident engineers, and a 230% improvement in surgeons’ performance.
- Foresees metaverse revenues growing from $180 billion (2025) to $400 billion.
- Will establish a higher committee to monitor digital-economy advancements.
How Smart Business Creation Can Help
Smart Business Creation Consultancy offers end-to-end support for metaverse ventures in Dubai:
- Market analysis and niche identification
- Business-plan development and licensing
- Technical guidance on VR/AR and NFT integration
- Regulatory liaison with DMCC and VARA
- Ongoing compliance updates
