The Dubai Museum of the Future will debut its first collection of non-fungible tokens (NFTs) titled “The Most Beautiful NFTs in the Metaverse.”
The collection will be developed in collaboration with Binance NFT, the NFT marketplace of Binance, the largest cryptocurrency exchange in the world.
Under the terms of the collaboration agreement, the Museum aims to increase its foothold in the decentralised space to generate digital assets in the areas of cryptocurrencies and NFTs.
Meanwhile, Binance has been growing its footprint in the Middle East, having gained licences to operate in Bahrain and Dubai and preliminary clearance from the Abu Dhabi Global Market.
Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, said that the Museum’s collaboration with Binance will help Dubai establish a new global digital asset ecosystem. He also believes that these initiatives will boost the economy’s long-term growth.
Meanwhile, the head of Binance NFT, Helen Hai, believes that collaborating with the Museum to build industry-leading digital assets would encourage and accelerate blockchain adoption in the region.
Is Dubai turning into a blockchain powerhouse?
Several crypto businesses have established offices in Dubai, indicating that the city-state is vying to become the global cryptocurrency powerhouse.
Bybit, a cryptocurrency exchange, recently announced that its headquarters would be relocating from Singapore to Dubai. In addition, Crypto.com revealed intentions to establish a regional office in the city. Previously, international cryptocurrency exchanges such as FTX and Binance were granted permission to operate in the region.
As regional economic rivalry intensifies, Dubai has fostered the expansion of the cryptocurrency industry. By providing a robust infrastructure and tax-free perks, Dubai has established a favourable regulatory climate to attract crypto enterprises and talent to the city.
Could blockchain be a game-changer in Dubai’s development?
The government of Dubai unveiled the Smart Dubai Strategy in 2021, which includes several smart projects and services to be completed by 2028. These projects include the digitalisation and automation of police stations, the injection of funds into renewable energy, sustainable transportation, and the improvement of public infrastructure, among other things.
Intriguingly, these smart ventures will use blockchain technology. It will be fascinating to see how blockchain development expands and how far it propels Dubai’s economy in a couple of years.
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