According to the Crypto Oasis Ecosystem Report there are more than 1,400 active Web3 organisations now operating in the UAE, with a total of over 23,000 Metaverse projects.
In the recently published Crypto Oasis Ecosystem Report the study encompasses all of crypto, blockchain, metaverse and web3-related organizations and activities in UAE.
According to the report the Ecosystem of Blockchain-related organisations called Crypto Oasis, is growing faster than anticipated (the goal was 1,000 Blockchain organisations by the end of 2022). By end of September 2022, the number of organisations were over 1,400 with over 7,000 individuals working in the industry. 64% of these organisations are native and 36% are non- native . Native are those that started out in the Blockchain space and non-native are organisations from other industries that have adopted Blockchain or ventured into Blockchain to improve their processes and profits. Multinational heavyweights like Amazon, Meta, Visa and Mastercard are among non-native and according to the study they have assisted the rise of the local Crypto industry.
Crypto Oasis also surveyed sentiment around digital items in 2022. According to the report 42% of consumers surveyed buy, sell or trade digital items. Furthermore, over half (54%) of consumers surveyed who purchase digital goods agree that they would prefer to receive a digital item as a gift rather than a physical one. This data shows a significant interest in the Metaverse and proves that the region has great potential for development.
UAE’s supportive regulation and government initiatives are also reviewed in the report and are stated as one of the main pillars for growth in the industry.
The report is more than comprehensive and includes multiple aspects. We will have a deeper dive and will share our findings with you ASAP.