According to a new study, 65% of 1,450 Web3 companies are using native blockchain technology, while 35% are using non-native technology, according to the study.
Because of its government’s initiatives, the United Arab Emirates (UAE) has become one of the most popular destinations for Web3 project development.
The dominance of the UAE in Web3 economics was highlighted by a recent report published by the Web3 platform Crypto Oasis Ecosystem. It identified over 1,450 active Web3 organisations with almost 7,000 members.
The report separated Web3-based projects into two categories: native and not-native. Native blockchain projects are those that only use native decentralized technology. There are currently 950 organizations (65%), working towards this goal, and 500 organizations (35%) fall under the non-native category.
This report revealed that Dubai Multi Commodities Centre had registered more than 460 local organizations. This is more than half of all native blockchain organizations in Dubai.
The UAE government has taken a proactive approach to the adoption of blockchain technology. This includes the emerging markets for it such as the metaverse, non-fungible tokens, and Web3. Another initiative to promote global business opportunities for Web3 innovators is the Future Blockchain Summit, which takes place in Dubai.
In July, the Dubai government launched a metaverse strategy with the goal of making it one of 10 top metaverse economies in the world. Dubai announced its ambitions of supporting more than 40,000 virtual jobs in 2030. The UAE Ministry of Economy doubled its efforts in September to make the initiative a reality. It became the first government to establish a metaverse headquarters.
The UAE’s emphasis on Web3 technology has made it a hub for many of the world’s most prominent crypto platforms and companies. Binance , a global crypto exchange, made its mark with several licensed operations in Abu Dhabi and Dubai.