How to Apply for a Metaverse Service License in Dubai?

Metaverse Service License in Dubai is currently one of the most anticipated business license categories. With all the advancements in virtual reality, artificial intelligence, and other software technology, Metaverse has become a reality.

More companies are getting actively involved in developing applications for the Metaverse by making Dubai their headquarters. Metaverse Service License in Dubai is expected to witness a surge In demand to the enormous business prospects it offers to investors.

What is a Metaverse?

Metaverse is a new world of technology and the evolution of the internet. It is a mix of both worlds, the real and the virtual world. Metaverse can be accessed through a virtual reality headset and also through mobile phones using Artificial Reality Applications.

The business community is expected to benefit significantly from Metaverse as there is a host of new applications that will have a digital currency exchange. Dubai is one of the active adopters of blockchain technology and the Metaverse.

Also, to manage the businesses in the Metaverse space it already has a solid regulatory framework in place. Metaverse has applications across various fields.

It has an indefinite potential and business opportunities. The blended experience of augmented reality, virtual reality, spatial computing, etc., make up the Metaverse space.

Dubai is planning to host over 1000 companies in the blockchain and metaverse sectors. It is expected to significantly contribute to the business revenue. Metaverse will be a booming hub for business growth and conducting business seminars, programs, etc.

How to obtain a Metaverse Service License in Dubai?

Metaverse Service License in Dubai is obtained presently from the Dubai Multi Commodities Center (DMCC). Also, the Dubai Economy is offering the Metaverse Services License to investors under certain regulations.

There are various business opportunities in the Metaverse for investors in UAE. Various Free Trade Zones in UAE will soon offer a specialized business license for Metaverse Applications, BlockChain coding, NFTs, and more.

The Metaverse is an interesting area that is receiving great traction in Dubai. There are various applications in the Metaverse that investors are looking out for. The Non-fungible tokens or the digital currency of the Metaverse is becoming mainstream among investors in Dubai.

Metaverse Service License in Dubai – Regulatory Authorities

Metaverse Service License in Dubai allows investors to conduct only the set of permitted activities as per the authorities. The Metaverse company has to comply with the strict regulatory rules to obtain the Metaverse Services License in Dubai and operate legally.

Metaverse currencies are heavily regulated by the Dubai Virtual Assets Regulatory Authority (VARA) and the respective Free Zone offering the Metaverse Service License.

Also, the Central Bank of UAE and the Securities and Commodities Authority (SCA) will oversee and track the digital currencies in circulation. There is a strong regulatory framework in place for monitoring virtual assets.

Presently, a Metaverse service provider license is available from the Dubai Multi-Commodities Center (DMCC). It falls under the professional services license category.

The Metaverse Service Provider License does not cover the creation and issuance of exchanges and tradable NFTs or Cryptocurrency coins. Nor, it allows any kind of Crypto trading or mining of crypto assets.

What is the Cost of obtaining a Metaverse Service License in Dubai?

The cost of obtaining a Metaverse Services License is dependent on many factors. The basic business package for Metaverse Service License in Dubai ranges from AED 35,484 with up to 3 business activities from the same group.

The Company package is inclusive of an Application form, registration, Article of Association, Metverse Service License for 1 year, Establishment Card, Company Stamp, and access to a Flexi-Desk.

Hence, to obtain a Metaverse Service License in Dubai, the option is to open a company in DMCC and take the trade license by paying the amount.

DMCC is the ideal Free Trade Zone to start a Metaverse Services Company. The guidelines and policies of DMCC Free Zone comply with the government authorities, It enables the smooth functioning of the investor’s businesses.

So, overall, the demand for Metaverse Services License is expected to rise. As there are a host of new applications across various industry sectors.  Metaverse is expected to expand significantly with more players entering the market. The large and the small will have their share of the new space.

Business Opportunities in Dubai for Metaverse

With technology such as Virtual Reality, Augmented Reality, spatial computing, etc., there are immense business opportunities in the field of Metaverse. New software applications, hardware support, app interface design, etc., will have immense demand.

Businesses can transform their current software development to incorporate the requirements to meet the Metaverse specifications and enter a new space.

Here is a list of some of the most profitable business opportunities in Metaverse in Dubai.

1. Immersive Learning Experiences

The learning curriculum in schools and colleges will transform to accommodate the Metaverse enabling learning. The ability to create virtual avatars and online classes in Metverse will change traditional schooling.

Businesses can introduce new applications for schools, training centers, etc., and charge subscription amounts based on usage.

2. Virtual Events

The ability to conduct virtual events more immersive way is an advantage of Metaverse. Large concerts and shows can be aired via the Metaverse. Fans from all over the world can watch their favorite shows.

Thus, there is immense business potential in creating applications that can host virtual events in Metaverse. Metaverse Services License in Dubai will enable investors to create Metaverse Applications that can host virtual events and use NFTs as a payment option in their application.

3. NFTs & Block Chain Application

Creating content that can be sold using NFTs is going to be the next wave. Artists, music creators, etc., are launching their work through Metaverse in exchange for NFTs or digital currencies.

Businesses are aiming to create blockchain applications to track the NFT exchange and record the authenticity of digital work ownership.

4. Transformation of Retail Space

The immersive shopping experience has a huge business opportunity and it will transform the retail and shopping culture.

Businesses can develop retail applications such as digital catalogs, virtual try-on, etc., in the metaverse. Fashion brands can showcase their new collections innovatively.

Having a Metaverse Services License in Dubai will help entrepreneurs to legally market their Metaverse Retail Platform to companies and customers in Dubai.

5. Social Media Interactions

The way users interact in the metaverse will be very different from the present one. Social Media applications and software will offer a more immersive social experience almost similar to real-world meetings.

Businesses have a lot of areas to explore and bring out engaging products to the market through Metaverse.

6. Gaming Experience

The gaming industry is growing at a significant pace and with the Metaverse and virtual reality technology, the gaming experience is going to be at a different level.

Gamers will be connected in the Metaverse and they can interact with each other through their avatars. Also, NFTs can be made used to purchase in-game experiences, and more.

Hence, in a nutshell, the business opportunities from Metaverse are limitless. Many industrial sectors will benefit significantly from Metaverse and its applications.

So, obtaining a Metaverse Service License in Dubai is a good opportunity for investors to set up their base strong and early. The technology infrastructure in Dubai is perfect for supporting the Metaverse application requirements.

Hence, a Metaverse Service License in Dubai from DMCC or Dubai Economy will help the investor to legally start their Metaverse application development and launch their product when ready.

To know more about the ways to obtain a Metaverse Service License in Dubai or a Gaming license in UAE, give us a call!

Contact Us: Aurion Business Consultants