- According to a recent survey, more than 1,450 active Web3 organizations were operating in the UAE by the end of Q3 2022.
- The research for Web3-based projects divided native blockchain projects and non-native blockchain projects into several categories.
- The companies active in the blockchain industry are split into native and non-native companies based on how heavily they rely on technology.
Thanks to the steps taken by its government, the United Arab Emirates (UAE) has become one of the locations for Web3 projects that are expanding the fastest.
The Web3 platform Crypto Oasis Ecosystem recently released a research report that demonstrated the dominance of the UAE in the Web3 economy by identifying more than 1,450 active Web3 firms with close to 7,000 people.
Native blockchain projects and non-native blockchain projects were segregated into separate categories in the report for Web3-based projects. There are presently 950 organizations working on native blockchain projects, which are those that are exclusively based on native decentralized technology. By contrast, 350 organizations, or 35%, work on non-native blockchain initiatives.
The Crypto Oasis Ecosystem Report, which was published by the UAE-based Crypto Oasis in collaboration with Roland Berger, noted that the Web3 sector employs more than 7,000 people. The study concentrated on market development and cutting-edge technologies like Web3, blockchain, cryptocurrency, and other new ones.
According to their reliance on technology, the organizations that were involved in the blockchain field are divided into native and non-native companies. Native organizations that are solely dependent on technology made up 65% of the total.
The UAE government has been very proactive in promoting the use of blockchain technology and the emerging industries connected to it, including Web3, NFT, and the metaverse. Another endeavor to encourage international commercial opportunities for Web3 innovators is the current Future Blockchain Summit in Dubai.
By bringing together investors, entrepreneurs, corporations, researchers, service providers, and governmental organizations, the Web3 ecosystem known as Crypto Oasis in the UAE promotes the growth of firms in the cryptocurrency industry.
The UAE has developed into a global hub for some of the leading cryptocurrency platforms and businesses as a result of its concentration on Web3 technology. The international cryptocurrency exchange Binance gained traction with Middle Eastern investors by running many authorized operations in Abu Dhabi, Dubai, and other cities.