South Korean blockchain developer WEMIX and Hub71, Abu Dhabi’s global tech ecosystem, have signed a memorandum of understanding (MoU) to create and accelerate growth opportunities for their respective portfolio companies and Web3 startups.

WEMIX startups will have the opportunity to join Hub71’s community of over 200 startups and gain access to its range of value-add programs and incentives. Select startups will also benefit from the ability to scale globally through Hub71’s web3 and digital assets specialist ecosystem, Hub71+ Digital Assets, to unlock access to a host of programs, initiatives, and wide network of corporate, government and investment partners in the UAE and global markets.

 At the same time, startups within Hub71+ Digital Assets will be able to leverage the deep technical knowledge and expertise of WEMIX and its parent, Wemade, in different areas of blockchain technology including GameFi and DeFi.

“Developing strong partnerships with key stakeholders like Hub71 is an important part of our commitment to growing the blockchain ecosystem in the MENA region,” said Shane Kim, CEO of WEMIX Pte Ltd. “We are confident that this partnership will accelerate the creation of more opportunities for blockchain startups from across the world looking to expand into the Middle East and help realize our vision of developing a global blockchain economy powered by a wide spectrum of innovative applications that evolve past traditional technology barriers to drive sustainable future innovation.”

Elodie Robin Guillerm, Head of Growth and Strategy at Hub71, said: “The addition of WEMIX to our Hub71+ Digital Assets ecosystem is testament to the growth potential there is to be seized from Abu Dhabi. Hub71 truly values partnership and collaboration and by joining forces with leading blockchain companies like WEMIX, we can work together towards developing industry leading blockchain technologies to give rise to more opportunities for Web3 startups.” 

The WEMIX and Hub71 partnership will offer key advantages including  WEMIX ability to join Hub71+ Digital Assets and its ecosystem of leading regional and global partners of digital asset exchanges and service providers, technology providers, venture studios, venture capital funds, and blockchain platforms.

It also includes fast tracking of applications by WEMIX startups to join the Hub71 Incentive Program, designed to alleviate the cost and processes of setting up in Abu Dhabi, and dedicated resources for mentorship and technical support will be provided by WEMIX to Hub71 GameFi and DeFi startups

Finally the partnership will allow  Hub71 startups to access WEMIX’s global Web3 community and blockchain companies within the WEMIX ecosystem will also gain access to Hub71+ Digital Assets. 

This is the second MOU signed by WeMADE in the region. Prior to this WEMADE signed a Memorandum of Understanding (MOU) with KSA based Nine66, a Savvy Games Group (“Savvy”) company, to drive the development of the gaming industry in Saudi Arabia.

Earlier this year WEMIX expanded its presence into MENA with the opening of its office in UAE.

UAE based Web3 Launchpad and consultancy firm has become the Launchpad partner for Boba network to bolster the gaming industry. Together both entities will leverage the strengths and expertise of both organizations. EnjinStarter’ s renowned reputation for providing robust Launchpad services combined with Boba Network’s cutting-edge blockchain technology promises to usher in a new era of innovation and growth.

Announced during 6th Scale event in UAE, EnjinStarter and Boba network shed light on the transformative potential of decentralized gaming. The panelists shared their insights and perspectives on how blockchain technology can drive sustainability, interoperability, and immersive experiences within the metaverse.

Both entities also announced the launch of a new Blockchain gaming project.

EnjinStarter has already supported 70 projects since inception raising a total of $10 million. Since then they have expanded into the MENA region because of its good regulatory environment and innovative infrastructure. EnjinStarter has already received initial approval from Dubai’s Virtual Asset Regulatory Authority (VARA) and are now in the process of obtaining a full license to operate.

The engine that will ignite a sustainable future starts with Web3, its associated technologies, and UAE based Enjinstarter. Enjinstarter, launched in 2021 is a Launchpad, incubator, crowd funding, and advisory platform for Web3 metaverse, gaming, entertainment and impact and sustainable projects.

At the beginning of 2023, Enjinstarter appointed Vasseh Ahmed as the new Managing Director to lead the Web3 efforts in the MENA region. Vasseh spoke with LaraontheBlock to discuss Enjinstarter’s plans to help companies reach their Web3 ambitions while positioning Enjinstarter as the go to provider for impact and sustainability projects.

Ahmed, speaking with Lara on the Block, stated, “Before I joined Enjinstarter I was working in the UAE for four years on a digital bank project. I had been in the blockchain and crypto space for over 6 years, so when I met Prakash Somosundram, [Enjinstarter’s] CEO and Co-Founder, and we discussed the launch of an impact and sustainability track, I was all in.”

Enjinstarter in MENA

According to Ahmed, “We have supported 70 projects since inception, helping them raise a total of $10 million. Since the middle of 2022 we have focused on investing in founders who can demonstrate clear utility in their projects. This has worked really well so far, and we continue to onboard more projects each month.”

As for the MENA region, Ahmed believes that UAE has its allure not just because of the investments and capital being deployed in Web3, but also because of its very good regulatory environment and its strategy to build an innovative infrastructure. He explains, “The UAE has become a hotbed for Web3 projects. We are seeing an increasing number of start-ups and companies moving to the region. Enjinstarter is one of them, and we are the first Launchpad globally to apply for the appropriate license in Dubai. We have already received initial approval from Dubai’s Virtual Asset Regulatory Authority (VARA) and are now in the process of obtaining a full license to operate.”

He explains, “We appreciate VARA’s progressive approach to regulation. It has been instrumental in helping us at every step of the licensing process. We have a few more steps to complete in order to obtain the full license, then we can begin operations. Singapore has not shown the same commitment to virtual asset regulation, whichis one of the reasons we chose to expand to MENA and run Enjinstarter in a regulated manner.”

Enjinstarter and a Sustainable Future

The climate emergency is becoming a pressing issue. Temperatures are expected to rise 1.5 degrees Celsius by 2050 which will raise sea levels and lead to huge climate changes and extinctions of many animals, and plants.

Yet to date nothing has seemed to incentivize people to do something about it even with the creation of carbon credits. The challenge with carbon credits is that they are only available to corporations and governments. Individuals don’t have much access other than through carbon offset schemes.

For this reason, Enjinstarter is looking to add more projects that focus on impact and sustainability replicating the success of their existing launchpad while complementing it with UAE’s outlook towards building a sustainable future.

Ahmed states, “Web3 has a major role to play in addressing the climate crisis. Carbon credits, in particular, can benefit from Web3’s underlying technology to increase transparency and accessibility. We want to support projects that are looking for ways to shift incentives away from exploitation and toward preservation and regeneration.”

He adds, “Corporate demand for emission reduction strategies is clear. Microsoft, for example, has taken the lead in offsetting its carbon footprint by buying carbon credits. The UAE government has also signalled its desire to be the first carbon-neutral country in MENA. What we need are more initiatives looking to fulfill this demand. Our climate launchpad is designed to scale these initiatives and, ultimately, climate impact.”

Enjinstarter is already working with large scale projects that will be announced in due time, but also wants to focus on grassroots projects. Ahmed explains, “Major projects aren’t the only way to effectively combat climate change. If there is a project making demonstrable climate impact, we want to incubate, accelerate, and match them with interested investors.” 

Ahmed also believes AI (Artificial Intelligence) will be part of Web3 climate solutions. He explains, “As a scuba diver I have seen firsthand how ocean species are either extinct or very close to extinction. Putting these species in the metaverse and allowing users to interact with them can help us build awareness around the importance of preserving them. We can work directly with marine conservations to build the kind of metaverse experiences that maximize engagement with people. Today’s youth, for example, already spend a lot of time gaming. Why not give them the opportunity to play for a good cause?”

Web3 is changing Business models

Enjinstarter has been working with corporations to help them transition seamlessly from their Web2 past  to a Web3 future. Web3 is changing business models and inevitable outcome of digitization and the metaverse sits at the center of it all.

The company is a strong partner with Web3 giant Animoca Brands, the holding company of The Sandbox metaverse. Enjinstarter and Animoca not only have in common their belief in the metaverse but they also have common investors. True Global Ventures 4 Plus has invested both entities. Enjinstarter raised US$5 million in their Series-A round from True Global Ventures 4 Plus.

According to Ahmed, ”True Global Ventures is a very hands-on VC and we love having them as our only VC investor so far. They were instrumental in developing our UAE expansion strategy.”

Both Enjinstarter and Animoca Brands believe that the future of the metaverse hinges on interoperability. The two partnered together for OMA3™, a collaboration of Web3 metaverse platform creators whose goal is to ensure virtual land, digital assets, ideas, and services are highly interoperable between platforms and transparent to all communities. OMA3™ is open to all Web3 metaverse builders.

With this in mind Enjinstarter has developed its Web3 Innovation consulting practice that works with brands, large corporations, and Web2 companies to help them develop Web3 strategies.

Ahmed explains, “In the UAE and GCC there is a lot of excitement towards and experimentation with Web3.. Part of our mission is to help clients jump into Web3 and the metaverse. We’ve developed a playbook for success comprising 30 core skills and actvities. The most important is to take a community-first approach, meaning that you build your community first, then your product. ”

Utilizing a holistic multi-disciplinary approach and a portfolio of partners, Enjinstarter has been able to help replicate its successes with previous projects and build loyalty based metaverse experiences, NFTs, and more.

This is just the beginning; Ahmed believes that there is a lot happening in the region on a government and corporate level and that the future will see AI and Web3 come together as the masses adopt Web3 and metaverse experiences.

In a recent announcement, UAE’s DMCC (Dubai Multi Commodities Center), partnered with USA based ANKR, an enterprise blockchain infrastructure and services provider. As per the partnership, they will provide support for over 550 Web3 member businesses in DMCC crypto center through development of innovative products, infrastructure and advisory incubation.

 

Ankr’s solutions will be made available to businesses within the DMCC Crypto Center, empowering them with access to a wide variety of products and services, such as application-specific blockchain engineering, node infrastructure, Web3 gaming solutions, NFT marketplace solutions, staking, and decentralized finance products. These offerings will enable businesses to fast-track their development and go to market with every resource they need to thrive in emerging Web3 ecosystems.

 

“The partnership with the Dubai Multi Commodities Center is a testament to our commitment to drive the global proliferation of blockchain technology,” said Chandler Song, Ankr’s CEO. “Dubai is a critical hub for Web3 innovation, and by providing DMCC Crypto Center member businesses with industry-leading solutions, we can cultivate the next generation of Web3 businesses, applications, and experiences that have the capacity to take industry adoption to the next billion users.”

 

DMCC Executive Chairman and CEO, Ahmed Bin Sulayem, added, “By offering a comprehensive ecosystem that enables Web3 businesses to scale efficiently and with confidence, the DMCC Crypto Centre has become home to the highest concentration of crypto and Web3 firms in the MENA region. In expanding our platform through this key collaboration with Ankr, we are further enhancing our capabilities and the value we add to Web3 entrepreneurs and multinationals alike. We look forward to working with Ankr and activating their expertise and suite of services to continue to reinforce Dubai’s status as a global Web3 hub.”

UAE based EnjinStarter MENA, a web3 Launchpad and incubator, has become the first launchpad globally to receive initial approval by Dubai’s virtual asset regulatory authority.

According to the unilateral announcement, EnjinStarter will continue to undertake the in-depth process of applying for a licence, in accordance with VARA requirements.

With the Middle East and North Africa considered to be a booming Web3 market, Enjinstarter is seeking a foothold in the region as it aims to be the premier Launchpad and incubator for Web3 metaverse, gaming, and entertainment experiences.

Enjinstarter has ambitious plans to be the go-to provider for Web3 adoption in the region, including the addition of more portfolio projects focusing on impact and sustainability initiatives that complement the UAE’s commitment to climate action.

“This is an important step for Enjinstarter. Getting initial approval and continuing with our license application makes clear our commitment to achieving the highest standards of accountability and transparency in the Web3 space. We are committed to   conforming to VARA’s high standards and know this will only accelerate our growth in the Middle East and beyond,” said Prakash Somosundram, co-founder and CEO of Enjinstarter.

“Dubai has been laser-focused on establishing itself as a global hub for Web3. It continues to provide much-needed leadership in terms of regulation and innovation, especially with initiatives such as VARA’s own foray into The Sandbox. We are looking forward to getting started here and contributing to Dubai’s growing Web3 ecosystem,” added Vasseh Ahmed, Enjinstarter MENA’s managing director.

Once again UAE’s DMCC, the free zone for commodities trading has partnered to offer Web3, Blockchain businesses with a $5 million growth platform. This is not the first partnership in this regards and it seems it won’t be the last. Millions of dollars are being poured in for crypto, blockchain and Web entities in DMCC. 

Digital Wave Finance Labs, a multi stage web3 investment firm will work with DMCC will establish the DWF Ventures Studio, which will support nascent web3 and blockchain businesses using the DMCC Crypto Centre and Dubai as a hub from which they can scale their operations locally, regionally and globally.

The partnership was announced during the “Sunset Meet and Greet” event organized by DWF Labs on 24 February 2023 in Dubai.

The DWF Venture Studio will provide multiple benefits for early-stage startups based in DMCC, including consultancy services, increased connection to global venture capital, market making services on tier one and two exchanges, a range of workshops and direct capital investments and aim to invest in 50 startups operating in the web3 space, with multiple additional investments for best performing companies, and a USD 500,000 investment for the cohort’s most prominent business.

 Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, stated “Dubai’s leading position as a hub for web3 technologies is known the world over. The DMCC Crypto Centre has been a fundamental part of the emirate’s successful crypto journey, housing the largest concentration of web3 and blockchain businesses in the region. Partnering with one of the top names in the global industry further exemplifies the maturity of the crypto business community that we have built, as well as the significant commercial opportunities that Dubai presents.”

DWF Labs is part of the broader Digital Wave Finance (DWF) platform, which is one of the world’s largest high-frequency cryptocurrency trading entities. By trading volume, DWF is one of the top five trading entities that trade on the top 40 exchanges, trading over 2000 different types of the digital asset.

Andrei Grachev, Managing Partner, and DWF Labs, added: “DWF Labs’ core goal is to invest in and support innovative entrepreneurs within the web3 space. For this reason, partnering with DMCC and its Crypto Centre is the right step as we expand our footprint both in Dubai and globally. The ecosystem that DMCC has built offers a strong pool of crypto talent that we are looking forward to being part of, building upon, and ultimately further facilitating its success.”

Previously DMCC announced the launch of the DMCC gaming Center to support the gaming industry through a partnership with YaLLa Esports a leading esports organization in the UAE. Furthermore, members were offered the opportunity to join gaming specific acceleration and market entry programs through DMCC’s ecosystem partner, AstroLabs, a leading tech ecosystem builder in the MENA region.

DMCC also partnered 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. 

DMCC, also announced its partnership with global Web3 incubator TDEFi to launch an accelerator program for Web3 and Blockchain companies in DMCC crypto center. The accelerator program will offer mentorship and sessions on crypto and scaling businesses. The program will be over a month long and will run for a minimum of two editions over the next 12 months.

At the end of each cohort, TDeFi will also select a handful of start-ups to be part of its in-depth incubation program, providing them with access to additional TDeFi advisory services and its growing ecosystem.

The investment in Blockchain, Web3 and crypto is growing in the MENA region. According to LaraontheBlock MENA 2023 investor survey revealed that 50% of those surveyed stated they will be allocating more funds to blockchain and crypto projects and entities in 2023. 19% of those surveyed stated in 2022 they had invested more than 50% of allocated capital and funds into crypto and Blockchain projects.

As it looks now DMCC which already houses 36% of UAE’s blockchain and crypto entities might one day house blockchain and crypto unicorns!

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.”

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.

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, 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.