Insights from World Blockchain Summit in Dubai 1. The United Arab Emirates Web3 ecosystem has more than 1.5K active organizations. Almost 500 crypto projects are structured in DMCC (Dubai Multi Commodities Centre) and 1-2 startups are receiving approvals daily.
2. According to a
Chainalysis report, the Middle East and North Africa (MENA region) have shown the fastest crypto growth in 2022. It's a 48% increase from the previous year.
3. The Dubai government announced a metaverse strategy to become the world’s top 10 metaverse economies with more than 40,000 virtual jobs by 2030.
4. According to our observations, new Layer 1 and 2 Protocols have not enough sophisticated dApps (decentralized applications). Majority of L1 and L2 networks are now offering grant programs for developers. If you are developing smt - you should benefit from it now!
To sum up, Web3 ecosystem in UAE is growing exponentially and offers attractive conditions for startups. We at
3x Capital think that now is the best time to build teams, develop products, raise grants, learn about innovations in Web3 and build partnerships! We have to be prepared for the next bull run!
What do you think about the development of Web3 MENA region? #longreads
