Dubai Blockchain Center to support metaverse and Web3 Initiatives in the UAE

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Updated 30 June 2022

Dubai Blockchain Center to support metaverse and Web3 Initiatives in the UAE

Dubai Blockchain Center to support metaverse and Web3 Initiatives in the UAE

DUBAI: The Dubai Blockchain Center, a leading blockchain advocate and strategic partner to Dubai Future Foundation, will provide support to the metaverse initiative launched by Dubai government's task force for digital economy development and policies.

Speaking on the sidelines of the DIFC Fintech Week in Dubai, DBCC CEO Marwan Alzarouni told Arab News that it plans to partner with upcoming events and support them to achieve their goals and position Dubai as a global hub for blockchain and the digital economy. 

“Dubai is creating a task force for the digital economy, and one of its first priorities is to create a metaverse strategy for Dubai,” said Alzarouni.

DBCC CEO Marwan Al-Zarouni

The company has also set off an educational drive to inform and acquaint potential investors about the opportunities around the metaverse, NFT and blockchain ecosystem in the region.

“We are offering a freemium model in our center to the public and our foundational classes are always free. The advanced classes, however, have to be paid for,” said Alzarouni.

He added: “We also educate government departments that want to invest in this space. The basic advice for government departments is again free.” “But professional consultancy engagements are done through our consultancy company Accelliance,” he continued.

Alzarouni also signed up as an adviser with the Rare Antiquities Project, a platform that aims to bring cryptocurrency into the museum, galleries, and heritage sector.

Its currency, also known as Rare Antiquities Token, allows its holder to purchase fractional digital artifacts of antiques using non-fungible tokens.

Dubai is creating a task force for the digital economy.

DBCC CEO Marwan Al-Zarouni

RAT holders can enter museums, and their admission cost will be automatically restored to their RAT wallet, making the admission free.

The company has been investing outside the UAE in multiple crypto funds through token allocations.

“We have worked with the Future Blockchain Summit and conducted several virtual summits during the pandemic. In addition to Dubai, we have worked with our other partner countries such as Italy, Australia and Gibraltar in conducting in person and virtual events where we identified areas of mutual benefit and potential partnerships in the Web3 space,” added Alzarouni.

The UAE has been the destination of choice for cryptocurrency, with several top companies based in Singapore, Hong Kong, South Korea and Turkey relocating their businesses to Dubai or opening their regional headquarters here.

According to Alzarouni, some of the emerging sectors in the region include game development, 3D building and e-sports.

“Dubai is becoming a melting pot for these crypto and blockchain projects and a haven for investors who want to invest in this space.”

In addition to locating their businesses in Dubai, the DBCC offers investors the opportunity to partner with like-minded individuals globally, he said.

One of the companies that DBCC provided services for was Biconomy, which is now listed on many exchanges, including Binance, he said.  

Speaking on the market and its downfall, Alzarouni said that the market downturn is healthy because it is cyclical. However, it is hard to raise funds during such a period. “But it is the perfect time to build,” he added.