DUBAI: Dubai Blockchain Center, a leading blockchain advocate and strategic partner to government agency Dubai Future Foundation, is planning to create a metaverse for the government task force impaneled to develop and oversee the digital economy policies in the region.
Speaking on the sidelines of the DIFC Fintech Week in Dubai, DBCC CEO Marwan Al-Zarouni told Arab News that it plans to create a virtual platform that will host all upcoming events of the task force related to supervising technological developments in the digital economy.
“Dubai is creating a task force for the digital economy, and one of its priorities is to create a metaverse for that task force,” said Al-Zarouni.
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 blockchain ecosystem in the region.
“We are offering freemium content to schools and universities. The advance classes will, however, have to be paid for,” said Al-Zarouni.
He added: “We also educate government departments that want to invest in this space. The basic advice for government departments is free.”
Al-Zarouni 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 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. In addition to Dubai, we have worked with other countries such as Italy, Australia and Gibraltar,” added Al-Zarouni.
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.
According to Al-Zarouni, 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, Al-Zarouni 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 okay to build,” he added.