South Korean gaming giant creator of Intella X establishes its Blockchain entity in the UAE

South Korean gaming giant creator of Intella X establishes its Blockchain entity in the UAE

According to the Korean news site Newsis, Neowiz Holdings one of South Korea’s leading game giants, the creator of Web3 gaming platform Intella X which recently raised $12M because of its upcoming launch on Polygon, has established its Blockchain entity Neofly in the UAE.

As per the Korean News site, Oh Seung-heon, CEO of Neowiz Holdings, is visiting Abu Dhabi as part of Korea-UAE economic delegation to seek cooperation with local government agencies and companies in the blockchain business.

Neofly the subsidiary of Neowiz has developed a public blockchain platform called NEOPIN.

Neofly issued its own virtual asset Neopin (NPT) which connects to its ecosystem of games, metaverses, services, non-fungible tokens (NFT), etc., centering on DeFi (Decentralized Finance) services.

An official at Blockchain entity Neofly also headed by Seung Heon, stated that they had established a local presence in UAE.

“We have been seeking to enter the global blockchain market based on the UAE, and after completing the establishment of a corporation in Abu Dhabi, there is a part of close consultation with UAE-related organizations. Visible results will come soon.”

UAE NFT market to reach $4.7 billion USD by 2028 up from $1 billion in 2022

UAE NFT market to reach $4.7 billion USD by 2028 up from $1 billion in 2022

According to a report by ResearchAndMarkets, the NFT industry in the UAE is  expected to grow steadily, recording a CAGR of 32.1% during 2022-2028. The NFT Spend Value in the country will increase from US$982.1 million in 2022 to reach US$ 4.746.3 million by 2028.

As per the report the non-fungible token (NFT) scene is growing as more and more entrepreneurs, businesses, and celebrities enter the fast-growing industry. Like the rest of the world, the UAE market is also rapidly adopting NFTs.

The report notes that over the last 12 months, several innovative NFT marketplaces have also emerged in the country, which has made it relatively simpler for the general public to buy, sell, and trade in NFTs. From NFT-based startups to cryptocurrency exchanges, several players are entering the UAE NFT market; the presence of several NFT marketplaces has also supported the rise in NFT trading transaction value and volume, the trend expected to gain further momentum over the next three to four years in the UAE.

Already the NFT market is witnessing a resurgence in 2023. Digital ownership continues in 2023 with $256.69 million in non-fungible token (NFT) sales over the last seven days up to January 22nd 2023,  according to statistics from cryptoslam.io. This represents a 16.39% increase from the previous week’s NFT sales and includes 1,355,376 NFT transactions. A total of 320,580 buyers participated in the market activity, a 43.48% increase from the prior week.

The rise of blockchain-based gaming is expected to drive NFT market growth in the UAE. With blockchain-based gaming, people are frequently awarded cryptocurrencies or NFTs for participating in gaming tournaments. This explains why the Abu Dhabi government-backed AD Gaming program has entered into a strategic collaboration with local crypto platforms such as Attarius Network, which attempts to increase the chances of blockchain-based gaming. The collaboration aims to create a participatory and collaborative NFT ecosystem for gamers.

For example GLEAC, an Abu Dhabi Hub71 entity announced the launch of the world’s first utility NFT, called Lovely Humans that allows users one-on-one time with global industry experts for five hours. The winning bidder can use the time with the industry expert to gain work-related knowledge and advice, solve problems or even try to co-create a new project that can be monetised. The knowledge gained from the discussion can also be minted into a utility NFT that could be co-owned by the buyer and the industry expert. The first round of bidding will include a group of 25 experts from industries including Fintech, Metaverse, Sustainability, Data, and others.

In addition UAE based Farming Online launched its NFT marketplace on UAE’s 51st National Day at Gracia Farm under the theme you farm on the internet we farm on the ground. Gracia Group is an innovative model of future farming, created by an Emirati entrepreneur Hamed Al Hamed to influence and change the agricultural sector. 

Rolls-Royce has unveiled its latest Bespoke Series Phantom ‘The Six Elements’ as NFTs in UAE. This unique project features six one-of-a-kind Phantom Extended Series II cars, each featuring a commissioned hand-painted artwork by world-renowned British artist Sacha Jafri. The cars were designed and crafted by the Bespoke Collective at the Home of Rolls-Royce at Goodwood in collaboration with the resident Bespoke designer in the Rolls-Royce Private Office in Dubai.

The project has raised over $1 million for charity. The project, initiated by Rolls-Royce Motor Cars Dubai and Rolls-Royce Motor Cars Abu Dhabi, began in late 2020 and has taken two years to complete.

The use of NFTs in the “The Six Elements” series allows each car to have its own unique digital token, which can be sold independently to raise funds for charity. This represents a new way for luxury car manufacturers to use blockchain technology for philanthropy and could potentially open up new opportunities for collaboration between artists, car manufacturers, and collectors.

Blockchain gaming platform WEMIX expands to MENA with UAE presence

Blockchain gaming platform WEMIX expands to MENA with UAE presence

WEMIX a South Korean blockchain gaming platform part of WEMADE blockchain firm, is developing and delivering various games and has launched its MENA presence with its foothold out of UAE, Abu Dhabi in specific.

Wemade’s blockbuster Legend of Mir IP boasts its 500 million accumulated users in China. Wemade has over 10 subsidiaries, including Joymax (developer of Wind runner) and Flero Games(developer of Every Town) and shares in some of Korea’s most promising game developing companies, including 4:33 Creative Lab, IMC Games, XL Games, Hound 13, Raidmob, and Pulsar Creative.

According to the announcement, WEMIX MENA will also open another branch in the region as well possibly KSA and other areas of UAE.

The announcement states, “The UAE with its pro-blockchain policies, governments are focusing on digital innovation business. The region is proactively supporting blockchain-based business ecosystems and digital assets services. Launching of WEMIX MENA means WEMIX will actively seek to expand its ecosystem in the MENA.”

It adds, “Abu Dhabi, the capital of the United Arab Emirates, has been actively focusing on expanding global blockchain business by implementing digital asset regulations in 2018 and introducing Abu Dhabi Global Market (ADGM). The rapid growth in the game industry and positivity from the government toward blockchain business has made the city the base for many global IT companies to begin business in the MENA region.

UAE Based Creta develops blockchain game for Web3

UAE Based Creta develops blockchain game for Web3

UAE based Creta, a Web3 entertainment company developing and publishing video games and a suite of solutions for Web3 gaming, with offices in Dubai, Armenia and Japan has unveiled the gameplay of the upcoming blockchain game Kingdom Under Fire: The Rise and showcases the progress achieved in building its ecosystem of Web3 products, comprised of a one-stop-shop gaming platform, the metaverse, and blockchain gaming community service Super Club.

The announcement took place at Creta Summit 2022 in Tokyo, Japan, attended by video games and blockchain aficionados from Japan and overseas, heralding a significant step forward in bringing advancements in Web3 to the realm of video games.

Gameplay footage of the upcoming Kingdom Under Fire: The Rise set the engine of the Summit humming, unraveling the look and feel of the title with a sneak peek into the NFT avatars system, one of the numerous applications of the non-fungible tokens in the game.

Ray Nakazato, Chief Creative Officer at Creta provided an insight into how blockchain will be leveraged in KUF, ”Some characters and items acquired during gameplay will be turned into NFTs and can be traded or bought. But to protect the game economy from devaluation and maintain a subtle balance, regular in-game item classes will be exempt from such transactions. The game will be playable in seasons, and data will reset at the end of each season with an opportunity to transfer player NFTs to a new season”.

The announcement of other blockchain games that have been in active development by Creta comes as an extra frosting on top. Not much is known about their genres or specs except for the names of the upcoming titles: Tokyo War Hana and Sakura, Fortress, and Warhands.

Advancements in the development of the gaming platform, the metaverse, and Super Club, a blockchain community service, were also disclosed at the event. KUF and other gaming juggernauts developed by Creta will be launched and played via the tailor-made gaming platform, similar to how games are played on prominent Web2 platforms now.

 The metaverse layer will offer extended social and economic features for users craving extra fun and extended NFTs utilization. Super Club will propel the community-building behavior of players looking for familiarization with the benefits of blockchain gaming as well as a hub to relax and share gameplay experiences.

U.S based Blockchain services provider expands to MENA region with UAE as its base

U.S based Blockchain services provider expands to MENA region with UAE as its base

SmartLedger a  U.S. blockchain services company providing advanced solutions to clients through a combination of consultancy, partnership, and internal development has announced that it has entered the MENA region through its subsidiary Blockchain Smart Technologies in Dubai UAE.

As per the press release, Dubai has emerged as a global leader in the adoption and implementation of innovative technologies such as blockchain. The city has made significant investments in the development and implementation of blockchain-based solutions across various sectors, including finance, transportation, and government services.

Blockchain Smart Technologies will work to improve manufacturing and supply-chain efficiencies, airport safety, identity management, nano-technologies, I-gaming, ESG initiatives, and Sharia compliant blockchain services.

Launched in 2016, the Dubai Industrial Strategy outlines the government’s vision for the city’s future development and is based on four key pillars: economic, infrastructure, and social development, as well as environmental sustainability.

“We are thrilled to be a part of the blockchain ecosystem in Dubai. This expansion represents a significant milestone for our company as we continue to grow and expand our presence in the Middle East and beyond.” said Eva Porras, PhD, CEO of Blockchain Smart Technologies.

“Technological advancement is a key priority for Dubai 2030, and Blockchain Smart Technologies can play a key, innovative role in this area. For example, blockchain can be used to improve the efficiency and transparency of infrastructure projects, by enabling secure and transparent record-keeping and data sharing. It can also be used to automate and streamline the process of procurement and contracting for government and the private sector, saving both time and money.” continued Porras.

 “Blockchain Smart Technologies is proud to bring its suite of transformative technologies to support and achieve the strategic visions of UAE 2071 and Dubai 2030, launched by H. H. Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai” said George Ginil, Head of Business Development for Blockchain Smart Technologies.

“Dubai is a hub for innovation, investment and technology, making it the perfect location in the region for our new company. We believe this expansion will allow us to better serve our clients in the region and provide them with the solutions they need to thrive sustainably in the fast-changing times.” continued Ginil.

“We are grateful for the opportunity to serve the dynamic and growing community in Dubai and look forward to contributing to its thriving technology ecosystem.” said Porras.

UAE DMCC Blockchain members of new gaming Centre to benefit from VC fund

UAE DMCC Blockchain members of new gaming Centre to benefit from VC fund

UAE DMCC, Dubai Multi Commodities Centre, has launched the DMCC Gaming Centre in support of the increasingly growing global and regional video games industry. Members of the center who are developing blockchain games will be able to access $150 million funding from VC firm Brinc. Currently standing at USD 1.8 billion, revenues generated by the gaming industry in the MENA region are expected to reach USD 5 billion by 2025.

Launched during the Dubai Esports Festival, the DMCC Gaming Centre formalizes DMCC’s efforts in the gaming and esports space, creating a supportive environment in which all gaming and esports companies can thrive. DMCC is currently home to over 50 gaming companies, from game developers and producers to esports teams and tournament organizers.

The DMCC Gaming Centre will be based in DMCC’s free zone, providingaccess to a vibrant community of gaming industry peers to unlock new opportunities for collaboration. Gaming companies looking to expand their global reach and connect with audiences across the world will also benefit from DMCC’s fully digital setup process, world-class infrastructure, and commitment to increasing the ease of doing business.

 Under the DMCC Gaming Centre, members will have access to the wider esports community through regular events and esports tournaments and industry support from DMCC’s ecosystem partner YaLLa Esports, a leading esports organization in the UAE. Furthermore, members will have the opportunity to join gaming specific acceleration and market entry programs through our ecosystem partner, AstroLabs, a leading tech ecosystem builder in the MENA region. 

Earlier this year, DMCC partnered with the global VC firm Brinc to provide members with access to USD 150 million in funding through their accelerator programs ZK Advancer and The Sandbox Metaverse. Those programs will also be open to DMCC Gaming Centre members developing games on blockchain and web3 technologies.  

 “Gaming is one of the fastest growing industries in the world, with nearly 3.2 billion people playing and spending a combined total of USD 196.8 billion in 2022. The size and growth of the industry today is staggering compared to when video games first appeared in the 1970s,” said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC. “These passionate communities are constantly looking for greater immersion and storytelling in their chosen form of entertainment. As our roster of gaming companies expands rapidly and as we see more of our DMCC Crypto Centre members enter the blockchain gaming space, there is no better time to formalize our efforts by opening the DMCC Gaming Centre. Through this facility, we will solidify Dubai’s position as a global hub for all forms of gaming and esports.”

Prior to this announcement UAE Cypher Capital and Phoenix Group  invested with others into the new blockchain Web3 gaming platform, Fenix Games. Led by a group of industry veterans from gaming, blockchain, and financial markets, Fenix Games plans to acquire, invest, and publish both existing games and blockchain games of the future. Cypher Capital also invested $1.5 million in Rekt Studios which is also taking Web3 gaming to a new direction.

Fenix Games is a next-generation games publisher facilitating the transition of the next billion gamers into a blockchain-integrated future. Whereas traditional, “Web 2.0” games have mature distribution platforms and markets that bring billions of players and developers together, Web 3.0 lacks the infrastructure, tools and support to facilitate mass adoption. As more and more quality developers embrace blockchain technology and design principles, we see an opportunity for the role of Publishing to elevate its value in the design, go-to-market and operations of games.

At the time Munaf Ali, CEO at Phoenix stated, “Despite the recent challenges in crypto, Cypher Capital Group remains optimistic and bullish about the future of web3 and blockchain projects.”