Metaverse License – a New Step Towards Virtual Business Setup in Dubai?

Why Is Everyone Talking About MetaVerse?

To begin with, the metaverse is a network of virtual worlds where individuals can engage in social engagement, gaming, networking, and trade. The metaverse is a perpetual, tri-dimensional online ecosystem encompassing various virtual spaces where people can work, communicate with others, do business, create, and even have fun. However, in order to start operations as a company working with metaverse, you will need to acquire a metaverse license. Read on as we discuss it below.

Experts at Business Link forecast that the metaverse is the internet’s tomorrow and it will gain hype more quickly than expected. Using cutting-edge virtualization and technology, it completely immerses the user in the virtual environment. This suggests that users can interact with an environment that is always present and can access it whenever they choose.

The Benefits of the Metaverse Business in Dubai

The metaverse service, which has a ton of novelties and perks, is undoubtedly going to be the next big thing in business:

  • Can do the virtual business setup in Dubai
  • Can develop novel advertising mediums
  • Improved teamwork and process growth
  • New options can easily be found
  • New techniques for customer engagement
  • Easy to sell and display items
  • Easily adaptable technology that will reduce manufacturing costs and increase profits exceptionally
  • Assistance in finding better career opportunities
  • Using e-wallets and cryptocurrencies promotes faster and easier transactions

Metaverse License

Getting a Metaverse License

There is a massive spectrum of Metaverse-related economic opportunities. Still, the success factor lies in choosing the one that is the most beneficial for your business. From virtual property investment and development to creating exceptional customer experiences, the metaverse offers an intriguing platform for businesses.

The Dubai Virtual Assets Regulatory Authority (VARA) oversees the trading of virtual assets in Dubai. It enforces a set of policies and guidelines. It is responsible for planning and setting the parameters for virtual asset-related operations. These operations include administration, clearance, settlement services, and classifying and defining the various types of virtual assets.

Among VARA’s duties are the following:

  • Regulating the creation of virtual assets and virtual tokens and their trade
  • Supervising and certifying virtual asset network operators
  • Ensuring the most significant levels of data protection for beneficiaries
  • Supervising and certifying virtual asset network operators
  • Operating platforms and portfolios for virtual assets

The virtual assets known as NFTs (non-fungible tokens) may be required to function under financial regulatory systems. It is worth noting that this license does not facilitate the creation or issuance of exchange-tradable tokens or the trade of crypto assets.

A metaverse license is mandatory to carry out business operations in the digital space. You must note that you cannot conduct business activities in the metaverse without a certified license.

Metaverse License

The Future of Metaverse

Many individuals who are part of Generation Z still struggle with financial management, according to Luca Lamberti, CEO of 99starz. Thus, educating them in the right direction is of the essence. “Feedback from the community and users is key to success because the metaverse is fast and more demographic. It will take time for firms to adopt, but the fashion industry is embracing it faster,” he said.

According to a recent analysis from one of the most prominent financial organizations in the world, Citi, the significant share market for the metaverse economy could reach between $8 trillion and $13 trillion by 2030, with five billion users globally.

Metaverse License Cost

 As the world slowly understands the metaverse concept and gradually increases its usage in work life, new rules are expected to come in. Thus, a rough estimate for the metaverse license in Dubai can be between 15,000 and 27,000 AED, with costs subject to varying per government updates. This includes, among other things, the expense incurred for Tasheel pre-approval, overseas commerce, and local agency charges.

Your metaverse license can be set up immediately with the assistance of Business Link, a top business setup consultant in the United Arab Emirates. Get in touch with our expert professionals to discuss your metaverse concepts or if you need any assistance understanding the upcoming market of the metaverse.