Dubai has become a crypto hotspot thanks to Web3 businesses, events, and employment opportunities, and people are following.
The United Arab Emirates (UAE) and Dubai have become hubs for Web3 technologies as a result of the crypto-friendly policies. Many international Web3 projects, particularly those involved in the decentralized finance (DeFi) and NFT scenes, have made Dubai their second home because the city established a clear legislative framework for cryptocurrencies that was well received by most industry participants.
Based on events, businesses, crypto ATMs, and job prospects in the city, research by Recap reveals that Dubai is a top crypto hotspot in the globe, second only to London. Modern Web3 technologies, such NFTs, have found new applications in daily life because of the welcoming climate in the area, including scientific research and event tickets. The AIBC Dubai was one of many international events that were given life as a result of the creativity that was sparked throughout the Emirates.
The AIBC Eurasia, hailed as a groundbreaking blockchain and AI event, kicked off on March 13 in Dubai and welcomed a wide range of Web3 heavyweights, including VaynerMedia CEO Gary Vaynerchuck. Leading brains from the blockchain, cryptocurrency, and AI industries come together annually. It offers a forum for the exchange of information and concepts as well as chances for industry participants to network.
Taking a look at Web3’s future
There were numerous opportunities for visitors to see the advances in the area firsthand. The future of the interaction between the physical and digital worlds was made visible to guests of the event when Fastex opened its first “phygital” NFT store in the Dubai Mall as an essential component of the growing Fastex Web3 ecosystem.
The store, ftNFT, offers a variety of events to assist Web3 experts and newbies explore the most recent advancements in the NFT field. Visitors can use the in-store 3D scanner to build their own avatars in the Metaverse, order custom rooms in the Fastexverse, and interact physically with the NFT gallery as part of the ftNFT marketplace.
The merchandise area featured in ftNFT shops can be used by Web3 entrepreneurs who want to launch their own business in the NFT sector, generating actual things to go along with fresh NFT collections in addition to doing so. Tigran Tsitoghdzyan, a well-known artist, collaborated with AKNEYE to launch his distinctive NFT collection to commemorate the opening.
The first ftNFT shop, which was established in the Mall of the Emirates and won the Best Phygital Implementation award from MAF for its ability to combine physical and digital arts, served as the inspiration for the opening of the second location in Dubai Mall.
The Grammys of the NFT industry
The AIBC’s own Oscars were created as a result of the NFT industry’s rapid expansion. The International NFT Awards, which are run by Fastex, are intended to honor and celebrate the best platforms, artists, and other NFT industry participants. The awards recognize both local and international contributors to the NFT ecosystem with categories like Best International NFT Artist, Best Metaverse Experience, Best Phygital NFT, and Best NFT Celebrity.
The AIBC event demonstrated that regardless of how the crypto market develops, the Web3 sector is ripe for innovation and prepared to take on new challenges. Players in the industry continue to develop the blockchain, gaming, and NFTs of the future without being affected by price changes. Dubai aims to have a significant influence on the future of physical transformation as one of the top crypto hub cities in the world and the location of significant Web3 ecosystems like Fastex.
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