- The United Arab Emirates sees a growing interest in metaverse and NFT projects.
- The UAE is establishing itself as a global crypto center.
- DAMAC, one of the most prominent real estate property developers in UAE, plans to launch a project in the Metaverse.
The United Arab Emirates is fast becoming a cryptocurrency hotspot in the Middle East. Since its founding in 1971, the UAE has snowballed. It’s known for its modern infrastructure, international events, and trade and transport center position. It’s no surprise that the global economic domain is interested in decentralized finance.
UAE takes center stage with NFT and metaverse projects
According to reports, the metaverse and NFT projects in the UAE are gaining momentum. DAMAC Properties led its most recent economic trend, which intends to launch a metaverse project in March 2022. The business has been developing the luxury real estate market in the Middle East since 2002.
Earlier, according to Cryptopolitan, the United Arab Emirates has announced plans to award federal licenses to virtual asset service providers (VASPs). The UAE’s financial shift toward cryptocurrencies is beneficial for the cryptocurrency community.
In December 1971, the United Arab Emirates came up as a confederation of six emirates – Abu Dhabi, Dubai, Sharjah, Ajman, Umm al-Quwain, and Fujairah. Ras Al Khaimah joined in 1972 to bring the number to seven. Due to its modernized economy, the UAE has established itself economically on international charts. The United Arab Emirates has switched its attention to the newest economic development: cryptocurrencies to further develop its economy.
In December 2021, the Dubai World Trade Centre (DWTC) set up a comprehensive zone and cryptocurrency regulator. The crypto business, particularly NFTs and the metaverse, has March of 2022 as a significant month.
According to Cryptopolitan reports, the MetaWeek will take place at the Le Meridien Dubai Hotel & Conference Centre in Dubai, United Arab Emirates, from March 7th to March 10th, 2022. The DeFi industry will come together for a week-long event in the UAE with a full-scale networking experience.
DAMAC ventures into the metaverse
Ali Sajwani, Managing Director of DAMAC properties, recently stated that his firm is searching for new methods to incorporate NFTs and metaverse projects. DAMAC is a member of the London Stock Exchange. According to a Twitter poll, the real estate company would be the first industry to utilize NFTs.
Furthermore, DAMAC’s manager has already acquired a plot of property in the NFT gaming platform, the Sandbox metaverse. There’s also the first NFT art exhibit at the House of Wisdom. The exhibition dubbed “Gateway to Metaverse” debuted on Tuesday. It exhibited the work of 15 local and 60 international artists working in the crypto and digital art world while pursuing their careers in the decentralized field.
Furthermore, the event aims to span the gap between traditional and digital art by uniting creative NFT artwork from various genres.
Sajwani also revealed investing 10% of the CryptoBear Watch Club token supply in addition to DAMAC’s entry into the Metaverse. Sajwani, a technology-savvy entrepreneur, purchased 10% of the CryptoBear Watch Club token supply. The art collection has 10,000 NFTs with 450+ distinct characteristics.
During the Crypto Bear Watch Club AMA session, Sajwani explained why DAMAC was examining the Metaverse, saying:
“At DAMAC, we are looking into different ways to include NFTs and the Metaverse. As you know, DAMAC is not only a multi-billion dollar property developer but also holds brands such as Roberto Cavalli. So, while most use the term Metaverse loosely, we think it is much more, and we have come up with a solution where we bridge the physical and digital assets to allow for cross-utilization.”