The United Arab Emirate is leading the race to become the top blockchain technology hub in the Middle East following huge infrastructure investment and friendly policies toward attracting decentralized blockchain firms to the region.
UAE is now becoming the focal point for interested individuals and companies to venture into new territories to expand their cryptocurrency portfolios. And the NFT and Metaverse projects are the center of attraction to investors toward the Gulf nation.
UAE Attracting NFT And Metaverse Projects
According to multiple reports covering the NFT and Metaverse ecosystem in the Middle East, the UAE is taking center stage in NFT and metaverse projects. The momentum seems to have increased like never before.
A real estate company based in the UAE, DAMAC Properties is pushing the UAE’s drive toward becoming a destination globally with its plan to launch a gigantic metaverse project in the coming days of the month. The company has also been at the forefront of developing the luxury real estate ecosystem in the region since 2002.
Cryptopolitan has previously reported about the plans of the UAE administrators to issue federal licenses to service providers who are into virtual assets. The Gulf country recently began shifting its next economic focus toward cryptocurrency and decentralized finance.
Last year, the Dubai World Trade Center established a specialized comprehensive zone for advancing digital currency assets and set up a cryptocurrency regulating body with a framework to oversee the activities of crypto businesses.
March 7 is a significant date for the cryptocurrency business. The “MetaWeek” is set aside to discuss the decentralized industry with notable industry experts invited to share ideas about the industry’s future for a week.
DAMAC Journey Into The Metaverse
According to the Managing Director of the leading properties company in the UAE, Ali Sajwani, DAMAC is looking for new ways of incorporating NFTs and Metaverse into its luxury estate projects. The firm is a registered company on the London Stock Exchange (LSE). A Twitter poll revealed that the company would be the first to use NFTs in its products.
The real estate firm has already purchased an asset in the NFT gaming place, Sandbox metaverse, with another NFT art relic, another NFT named House of Wisdom. The House of Wisdom is designed to allow international artists to perform in the cryptocurrency and virtual art world. Not only can they work in the metaverse, but they can also pursue other endeavors in the decentralized space.
Sajwani also added that DAMAC is into property development and a stakeholder in top brands like Roberto Cavalli. The firm may have been all about the metaverse in its drive, but the main aim of the real estate company is to provide a solution to close the gap between physical and digital assets.
The UAE is without a doubt ready to become a hub for blockchain technology and innovation, not just in the Middle East alone, as the massive investment is toward making it a global player.