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Yas Island is Set to Launch a Metaverse in 2023
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Eagle Hills launches a new phase of the luxury project - Ramhan Island
Yas Island, the entertainment hub of Abu Dhabi and a desirable destination for tourists and expats wishing to relax and have fun, plans to launch a metaverse in Q1 2023. Aldar Properties, the leading developer of the Emirati capital, will lead this project.
The UAE becomes a hub for Web3 technologies. Being one facet of Web3, the metaverse offers new virtual words and experiences. The new metaverse of Yas Island will also allow users to purchase property in the virtual space.
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For instance, the authorities in Dubai, where a new Metaverse Strategy to be headed by the emirate’s Crown Prince Hamdan bin Mohammed Al Maktoum, has already drawn up plans to increase the contribution of the metaverse into the emirate’s economy bye up to USD 4B by 2030.
Investors have shown interest in real estate in the metaverse, which is sold in the form of non-fungible tokens (NFTs). A property in the metaverse can be used for NFT shows, gatherings with other users, and concerts.
Metaverse technology has an influence on other industries too. For example, several users are ready to spend thousands of dollars on fashion virtual reality clothing. Moreover, the metaverse can evolve teaching processes.
Yas Island is a fast-growing tourist destination in the UAE capital and it is already home to world-famous attractions such as Yas Mall, theme parks including Ferrari World Abu Dhabi and Warner Bros. World Abu Dhabi, Yas Waterworld Abu Dhabi which attracts those wanting to experience rip-roaring waterslides, and Yas Marina Circuit which hosts motorsport events and offers visitors a chance to experience karting and driving.
Recently Aldar Properties has launched Yas Park Gate on Yas Island. The residential project which is next door to Yas Park has 508 homes, including 2–3 bedroom townhouses and 4-bedroom villas, with a starting price of AED 1.74M (USD 474K). The development has already attracted investors and people wishing to experience a luxurious lifestyle with access to sports facilities and other amenities right within the territory of the community.
