Metaverse technology continues to develop and grow at full speed. Finally, it came from the popular metaverse platform The Sandbox. Sandbox, a subsidiary of Hong Kong-based game software company Animoca Brands, has announced that it will continue its Hong Kong metaverse plans in Dubai.

Making a statement at the True Global Ventures Conference held on Thursday, The Sandbox announced that they will establish Dubaiverse, their new metaverse marketplace in Dubai. “Dubaiverse” will follow the blueprint of Mega City, a gaming metaverse and virtual cultural hub in Hong Kong.

The Dubaiverse will be built through local partnerships, a strategy similar to that adopted in Hong Kong. In this context, partnerships will be established with companies in the film, music, entertainment, acting, finance, real estate and gaming sectors.

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Sandbox's co-founder and COO, Sebastien Borget, stated that there are other metaverse projects to be implemented in the future and these will be implemented in Singapore, South Korea and Turkey.

Stating that the first partnership in the Dubaiverse project was established with the Dubai crypto regulator Virtual Assets Regulatory Authority, Borget said that this company is the first institution to buy virtual land in Dubaiverse. “It was a pivotal moment and we were able to attract other major local partners and brands from Dubai,” Borget said. said.

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European Union to Launch Global Metaverse Regulation Initiative in 2023

Many countries around the world are in the process of integrating and adapting their regulatory frameworks and infrastructure to support the activities already taking place on the Metaverse. The European Union bloc is in the process and has recently announced a union-wide initiative to allow Europe to "develop the Metaverse".

Described as a “key” by European Union President Ursula von der Leyen, this initiative is part of what she calls “a Europe fit for the digital age” in her State of the Union letter of intent. Von der Leyen stated that they will "continue to look at new digital opportunities and trends like Metaverse" as part of their digital editing strategy.

The Commission aims to implement this initiative in 2023, taking into account the different activities that are already taking place on the Metaverse base. Currently, the most popular Metaverse projects include Decentraland, The Sandbox, and Axie Infinity, respectively.