The Government of Ras Al Khaimah (RAK) will be launching the RAK Digital Assets Oasis free zone dedicated to digital and virtual asset companies for non regulated entities. So the UAE now has two crypto Blockchain Oases, one in DMCC for regulated blockchain and crypto entities and one in RAK for non regulated. The new oasis will be launched in Q2 of 2023.
Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, Chairman of RAK ICC and Chairman of RAK Digital Assets Oasis said, “We are proud to further the UAE’s position as a primary destination for innovation with the launch of RAK Digital Assets Oasis. We are building the free zone of the future for the companies of the future. As the world’s first free zone solely dedicated to digital and virtual asset companies, we look forward to supporting the ambitions of entrepreneurs from around the world with our progressive, supportive, and quick-to-adapt approach, and our innovation-enabling environment.”
Making the announcement, Dr. Sameer Al Ansari, CEO of RAK ICC and CEO of Digital Assets Oasis, said: “I am privileged to help implement the forward-thinking vision of the leadership of Ras Al Khaimah to enable, foster, and promote innovation in new and emerging sectors of the future. With the UAE’s established reputation as an innovation hub, RAK Digital Assets Oasis delivers a truly unique offering to global entrepreneurs bringing together an unmatched combination of accessibility and liveability, supported by Ras Al Khaimah’s business-friendly infrastructure, progressive policies, and an international lifestyle offering.”
RAK Digital Assets Oasis will be a purpose-built, true innovation-enabling free zone for non-regulated activities in the virtual assets sector. It is intended to be the only free zone in the world solely dedicated to digital and virtual assets service providers innovating in new and emerging sectors of the future including metaverse, blockchain, utility tokens, virtual asset wallets, NFTs, DAOs, DApp, and other Web3-related businesses. RAK Digital Assets Oasis will open for applications in the second quarter of 2023.
“We look forward to welcoming the world’s brightest Web3 minds with their most disruptive ideas that uncover new approaches to creating a better future. We are committed to empowering the next generation of global entrepreneurial talent to build transformative solutions and create impact, while shaping the future of businesses and economies,” added Dr. Al Ansari.
RAK Digital Assets Oasis’ unique lifestyle proposition will support companies with robust, innovation-enabling adoption frameworks, advisory and professional services, hybrid workspaces, accelerators and incubators, sandboxes, access to funding, and an environment that encourages entrepreneurs to imagine, create, and evolve.
The free zone aligns with the UAE’s position as a primary destination for innovation. RAK Digital Assets Oasis will be a remote-work friendly, globally connected destination for digital and virtual asset companies building innovative business models for the future that will be well positioned to tap into the region’s emerging markets.
Prior to this DMCC had embraced the Crypto Oasis ecosystem within its free zone in Dubai UAE. It has also incorporated the DMCC Crypto Center dedicated to crypto and Blockchain entities. So today RAS Al Khaimah is yet another blockchain and crypto oasis in the desert.
Food Metaverse, OneRare, the world’s first food metaverse, known as Foodverse has launched in the UAE. The Foodverse is bringing the Global F&B Industry to Web3 for the first time ever – allowing them to create virtual experiences, food NFTs and games, & interact with foodies from across the world built using the blockchain.
In UAE, partnerships with food brands such as Foodlink UAE, The Bhukkad Cafe, Cali Poke, Farzi Cafe, Papa John’s and more have been signed in only a few months.
Created while in lockdown, Supreet Raju, co-founder and CEO of OneRare states, “I have long said that food has a language of its own and makes the world a happier place. It is what connects us and the metaverse only brings us closer together in a unique way in which we can share our culture and our food. Now with the launch of the foodverse, there is no reason why brands and consumers can’t come together in this safe, virtual setting.”
The Foodverse developed by OneRare will feature various zones where users can discover Celebrity Chefs, Food Brands and Virtual Restaurants. Designed like the real world, the foodverse features various geographical areas like the beach, forest and lakeside, and you can explore the open world at your will. There is also an exclusive Gaming zone, with activity areas for players to explore, earn, collect and battle. “The platform is incredibly unique and offers the end-user with so many opportunities to explore food,” adds Gaurav Gupta, co-founder of OneRare.
OneRare will also allow users to claim Dish NFTs from across the world, by collecting Ingredients and following Recipes to mint exclusive NFT artworks. Dishes include global cuisines, festive specials, keto and vegan-friendly recipes, as well as signature recipes from celebrity chefs and restaurants. Raju explained, “As we grow, users will also be able to swap these NFTs for real meals & deals – amalgamating our real & virtual lives.”
UAE-based F&B group Foodlink released NFTs for its award winning sustainable cloud kitchen brand, Art of Dum’s signature Dish’s Dum Handi ka Gosht’ & China Bistro’s Vegetable Crystal Dumplings in food verse, and the street food inspired cafe The Bhukkad Cafe in collaboration with OneRare is all pumped up to release three unique Vada Pav NFTs — Cheeseburst, Schezwan, and Classic on 19th February . The Vada Pav NFTs will be available to mint in the OneRare Kitchen.
Sanjay Vazirani, Founder and CEO of Foodlink Global restaurants & catering services, “My endeavor – Foodlink, operates a variety of verticals in the F&B industry. I’m thrilled to be a part of Web3’s transformational journey and am looking forward to seeing it in its full potential soon, complete with innovative functionalities, cutting-edge user experience, and ease of use that will make it easy for our expanding customer base to adopt. I wish OneRare the best as they work to revolutionize Web3 and raise awareness of and interest in what the future may hold for all of us.”
“We’re extremely excited to announce our collaboration with OneRare on developing the world’s FIRST EVER VADA PAV NFT! When OneRare reached out to us with the idea of developing our own series of NFTs, we were excited because we’re a very crypto friendly brand & have always supported our growing Bhukkad community with all things crypto, from hosting free crypto workshops to accepting payments in crypto. Our vision with this collaboration is to educate our followers & customers on use cases of crypto & ease them into adoption with fun, unique solutions & features. We look forward to engaging with our food community to create even more fun experiences in the Metaverse with the expert help of OneRare.” — Reshmi Mukherjee, co-founder, The Bhukkad Cafe
In a recent survey entitled “MENA Investor Survey 2022-2023 for crypto Blockchain sector” carried out by laraontheblock with 83 MENA venture capitalists, fund managers, and family offices, 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.
The findings of the “MENA Investor Survey 2022-2023 for crypto Blockchain sector” sheds light on the different areas of interest for MENA investors which will give startups and entities a better view on whom and where capital will be heading by investors in the MENA region.
This comes as cryptocurrency adoption has skyrocketed in the Middle East and North Africa (MENA) region. According to a survey by blockchain analytics platform Chainalysis, MENA countries have the fastest-growing cryptocurrency industry in the world, accounting for 9.2% of global digital currency transactions from July 2021 to June 2022.
Vast Majority of MENA VCs invested in crypto and Blockchain in 2022
75% of survey respondents confirmed that they invested in crypto and blockchain entities in 2022, while only 25% stated they hadn’t. The MENA region has become the center for crypto trading, investing and regulation. The UAE led crypto regulation in 2022 and was the first country in the region to launch a blockchain strategy back in 2017.
The stance taken by MENA investors in the survey is in line with global figures. In 2022, despite the slowdown in crypto VC funding, it exceeded the figure for 2021. Cointelegraph Research’s VC Database showed that a total of $36.1 billion was raised in 2022. This is in contrast to the $30.3 billion worth of funding in 2021.
Crypto projects globally attracted $19.9 billion in venture capital (VC) investments in the first nine months of 2022, 41% higher than a year ago, according to Pitchbook data.
Crypto and Blockchain entities are the Future
54% of respondents replied that they invested in crypto and Blockchain entities because it is the future, while 42% stated it was because these technologies solve real business problems. Only 18% believed that it was because while risky the return on investment was high. ( note that more than one response for some respondents
The MENA region witnessed sizable investments in crypto and Blockchain entities in 2022. For example crypto exchange RAIN received $110 million in investments and included investors from MENA such as MEVP. BitOasis also raised $30 million with UAE based Wamda Capital and others.
Significant developments in the UAE such as the launch of Dubai’s Virtual Assets Regulatory Authority (VARA), and the announcement of the Dubai metaverse strategy, which aims to attract more than 1,000 blockchain and metaverse companies as well as support more than 40,000 virtual jobs by 2030 has also played a role in enticing investors towards blockchain, crypto and metaverse as did the launch of Crypto Oasis ecosystem and the DMCC crypto center bringing in 1400 crypto and Blockchain entities to the
19% of surveyed spent over 50% of their capital on Blockchain and crypto entities
Interestingly when asked what percentage of capital or funds available in 2022 was invested in crypto and blockchain, a whopping 19 percent stated that they had invested more than 50 percent of funds into crypto and Blockchain entities. While the majority 33% invested between 5-15% of their capital into crypto and blockchain entities.
27% invested between 1-5 percent of their capital into crypto and Blockchain, while 21% invested less than 1%.
While the percentages maybe small compared to other areas, Nickel Digital Asset Management noted that UAE institutional investors, family offices, and wealth managers plan to increase their exposure to crypto dramatically by 2023. And while sovereign funds do not yet see digital assets as investable with just 7% of global sovereign investors have any exposure to digital assets through investments in blockchain companies, this is changing.
In May 2022, J.P. Morgan’s global investment strategy outlook elevated digital assets as the preferred alternative asset class alongside hedge funds for 2022. For the first time in history digital assets displaced other alternative strategies. In the report it is noted that digital assets are expected to offer the greatest potential for generating alpha and hedge funds expect as much as 10 percent of their strategy to include crypto.
A PWC Global Crypto Hedge Fund report in August 2022, found that more than a third of traditional hedge funds now invest in digital assets, this was double the figure of 2021
Global crypto leader at PWC left his role to set up a $75 million digital assets fund Nine Blocks Capital in Dubai UAE. Henri Arsalanian, founder noted that it was Dubai’s crypto openness that influenced his decision.
Majority of MENA Investors invested in Blockchain infrastructure
MENA investors surveyed were asked where they allocated funds in 2022. 64% of respondents stated that capital was invested in Blockchain infrastructure projects. Following Blockchain infrastructure was DeFi. 38% of respondents stated they allocated funds to DeFi projects. Equally 33-36% invested in metaverse and crypto assets.
In addition 22% replied they invested in Non-Fungible tokens or NFT projects, while 17-18% of respondents stated investments went into e-gaming, tokenization projects, crypto mining and blockchain crypto payments.
Only 8% stated they invested in decentralized messaging and social media platforms.
The findings of the survey fall much in line with Cointelegraph’ s recent blockchain funding VC report which found that blockchain Infrastructure projects took half the pot of investments in November 2022. While the Web3 sector saw the most deals closed. The global blockchain infrastructure sector secured $483.9 million in venture capital in 2022.
According to Galaxy Ventures, Crypto and Blockchain sector saw $5.5 billion of venture capital invested in Q3 2022 through 518 deals. Despite the QoQ (quarter on quarter) decrease, the $5.5 billion invested in Q3 is $2 billion greater than the 7-year average of $3.1 billion and more than $2 billion higher than the 2020 peak.
MENA investors will invest more in 2023
51% of those surveyed stated they would allocate more funds to blockchain and crypto entities in 2023. Only 15% replied they would not. In addition 33% were unsure. This means that potentially 84% of those surveyed could be investing more in blockchain and crypto in 2023.
Already investment companies such as TradeDog Group, the parent company of TD VC, have launched new funds. TradeDg Group launched their $100 Million Web3 blockchain special situation fund. The fund will re-structure and invest in projects with good products and businesses but struggling token markets.
Even UAE Cypher Capital VC announced in December 2022 the launch of a new $200 million fund which will focus on infrastructure and middleware investments in Web3. At the time they had invested in Rekt Studios and Fenix Games, while UAE Shorooq Partners also announced in March 2022 that they would be investing $150 million in Web3 startups. Many other investors across the MENA region have been following suite including Mubadala and G42 both based out of UAE.
Global players such as Goldman Sachs plans to spend tens of millions of dollars to buy or invest in crypto companies after the collapse of the FTX exchange hit valuations and dampened investor interest. Goldman has invested in 11 digital asset companies that provide services such as compliance, cryptocurrency data and blockchain management.
MENA investors view Blockchain infrastructure as biggest growth sector in 2023
According to 29% of survey respondents, Blockchain infrastructure projects will witness the biggest growth in 2023. Data gathered by BuyShares.co.nz, found that the global spending on blockchain solutions is expected to surge by 235% and reach $14.4bn by 2023.
Following, 21% view metaverse projects as high growth sector technology. This is in line with findings from Grand View Research, which states the global metaverse market is forecast to grow at a compound annual growth rate (CAGR) of 39.4% from 2022 to 2030.
Meanwhile 18% of those surveyed think DeFi will witness strong growth. DeFi has been the largest market cap activity within Web3, with a peak total value locked (TVL) of over $175 billion in 2021 shrinking to $39 billion in 2022. Yet Digital asset research firm Reflexivity Research in its recently published 2022 Annual Year in Review / Forward Outlook 2023 believes that given the blow to trust in CEXs, investors will be drawn to decentralized alternatives. The report believes DeFi TVL could make its way back to $75 billion or $100 billion.
12% of those surveyed view blockchain and crypto payments as one of the growth sectors for 2023. Cross-border payments and settlements are considered the most prominent blockchain use case. According to the IDC Worldwide Blockchain Spending Guide, Blockchain enabled cross border payments accounted for 15.9% of the $4.67-billion blockchain market in 2021. Juniper Research estimates that B2B cross-border payments on blockchain will account for 11% of the total B2B international payments by 2024.
When it comes to investment in tokenization projects 8% of those surveyed believe that tokenization sector will be a growth sector in 2023. 5% of those surveyed believe NFT sector will grow in 2023, only 3% of those surveyed believe crypto mining will be a growth sector.
Conclusion
In conclusion from the responses of 83 VCs, investment funds, across the MENA region that included names such as Oman Investment Authority, Equinox, Synaptech Capital, CypherCapital, Helion Ventures, Carter Capital, AlIImtiaz Investment Group, True Global Ventures, Roshan Investments, Crypto Oasis, Ghaf Capital Investments, Vault Investments, and many more, the reflection is a positive outlook when it comes to crypto and Blockchain and a growing interest in investing in projects. So while 2022 might have been one of the toughest years on crypto and Blockchain, it has not killed the appetite of investors in MENA!
UAE based MEmob+, a Blockchain data intelligence and mining platform has partnered with Artifact Labs, a premier provider of 360-degree support for brands and creators in the Metaverse, creating a metaverse fashion house, and digital art platform.
Together, the two companies will leverage the expertise of leading projects under the Artifact Labs umbrella, such as the Metaverse fashion house Ninzoou and the digital fine art platform Materia, delivering cutting-edge projects and services to brands and organizations in the MENA region.
MEmob+, along with Artifact labs, will be offering brands and companies strategic advisory for the Metaverse, utilizing Artifact’s NFT & Metaverse focused products in addition to MEmob+’s blockchain consulting for clients.
Artifact Lab’s advanced NFT platform has all the essential components; user-friendly processes without the need for external wallets, trading tools, royalties for content creators, integration with play-to-earn games, and fiat and crypto payment processing. Having their own PoS blockchain (FBA, BFT) that complies with Eco-NFT and Clean-NFT trends to provide extra control over the system, the Artifact NFT platform allows creators the benefit of zero fees while enabling them to mint NFTs on any public blockchain such as Ethereum, Flow, and Solana.
Falling under the umbrella of Artifact, Materia, one of the company’s contemporary art NFT platforms created by art collectors, art professionals, and blockchain experts, will also be collaborating with MEmob+ to provide opportunities for brands to develop art projects in the Metaverse in conjunction with leading artists, curators, and institutions.
Materia also drives Campus Art Dubai (CAD) 9.0 Blockchain 2022 Edition, which is part of Art Dubai’s fair program catering to changing needs of the UAE’s creative community and is aimed at providing artists with an in-depth overview of the NFT world, and blockchain applications pertaining to art and cryptocurrencies.
“There should be no doubt in today’s times that the Metaverse is here to stay. Brand marketing has become more consumer-led and thus it is essential to understand and utilize the growing adoption of blockchain and Web3 technologies. Consumer behaviors are changing, and brands now need to create robust Metaverse strategies to reach their audiences. We have witnessed demands for more engaging and innovative experiences and we feel technology can be used for enriching virtual capabilities. We are very excited about our collaboration with Artifact which will enable us to help companies develop their digitized products, assisting them from start to finish in building and marketing their assets,” commented Ihab El Yaman, CEO, and Founder of MEmob+.
“We want to ensure that we help our clients easily navigate the virtual world to future-proof their assets. Artifact was founded to provide advanced NFT and Metaverse content Launchpad and ensure 360-degree support for companies. We look forward to working with MEmob+ and mutually helping brands with their Web3 content development, as well as easing the creation and execution of digital assets for clients. MEmob+ as a pioneering data intelligence and marketing platform will further help us reach potential clients,” said CMO of Artifact Labs Bobo Delice.
As Abu Dhabi strives to become a global gaming hub through the AD Gaming government led initiative it is accelerating the growth of the region’s gaming industry with its recent partnership with AA Meta a local Metaverse and Web3 Development Company. The company will deliver cutting-edge Web3 solutions to the emirate’s game development eco-system.
Fostering an environment of innovation and knowledge, AD Gaming provides a support system for the next generation of game developers and players, businesses, and fans alike. AD Gaming is powered by the collaboration of multiple Abu Dhabi-based government and commercial organizations, as well as content creators and gamers, all with the shared passion to see locally produced content on the world’s gaming stage.
AD Gaming has signed a partnership agreement with AA Meta which provides metaverse infrastructure and Web3 technology solutions that enable next-generation gaming.
Alongside using this technology for its own projects, AA Meta provides its offering to other gaming businesses as well. Metaverses and blockchain gaming allow gamers to interact in new, community-driven worlds, whilst providing businesses with new payment solutions to power new in-game economic models and innovative ways to deliver immersive experiences to audiences across the world.
Based in Abu Dhabi’s purpose-built creative industries campus, Yas Creative Hub, AA Meta is part of a booming community of businesses that span all forms of interactive media and entertainment, including gaming. By partnering with AD Gaming to offer Web3 solutions to Abu Dhabi’s gaming ecosystem, AA Meta is empowering metaverse users as the global gaming industry capitalizes on the advanced capabilities of a Web3-based environment.
In partnership with AD Gaming, AA Meta aims to grow the local metaverse industry, providing job opportunities for UAE residents looking to forge careers in this expanding sector. The global metaverse industry, of which the MENA region is a leading investor, is expected to generate revenues of USD 966 billion (AED 3.55 trillion) worldwide by 2030.
“By providing expert solutions for gaming businesses looking to leverage Web3 technologies, AA Meta is able to fully support the development of a blockchain gaming community in Abu Dhabi. This new avenue of interactive media presents an exciting career path for aspiring gaming industry talent, and for gamers across the world, it offers a new way to play-to-earn in the metaverse,” said Hussain Al Omaeirah, AA Meta Co-founder, Chairman & Managing Director.
James Hartt, Director of Strategic Initiatives and Business Development at AD Gaming, added: “Abu Dhabi offers a comprehensive ecosystem for the gaming industry, with AA Meta adding yet another string to our bow. The increased immersion and focus on community-building provided by Web3 technologies makes this an incredibly exciting area for gamers and game developers alike, so we’re proud to be pioneering it in Abu Dhabi.”
AA Meta’s platform recently saw the launch of the highly anticipated MMORPG (massively multiplayer online role-playing game) Thunder Lands. Available on both on PC and Android, Thunder Lands allows gamers to be rewarded for the time they spend playing the game by earning cryptocurrencies through in-game activities.
Following the success of Thunder Lands, AA Meta plans to us its expertise in the areas of Game Fi technology and decentralised apps (DApps) to grow its active user base to over 50,000 by Q2 2023. It will achieve this by building out its portfolio through the addition of new, immersive games.
In what seems to be a great start for Blockchain and Web3 ecosystem in the MENA region, the first $1 billion fund was announced by UAE based Venom Foundation and Iceberg Capital under Venom Ventures Fund.
As per the press release, Venom Ventures Fund is allocating $1 billion to invest in Web3, blockchain and cryptocurrency projects and services. This is the first $1 billion fund for Web3 and Blockchain to originate from the MENA region. Prior to this UAE Cypher Capital had announced its allocation of $200 million for Blockchain, Web3 and Crypto at the end of 2022 and Shurooq Partners had allocated $150 million for the same.
Venom Foundation is the first Layer-1 blockchain licensed and regulated by the Abu Dhabi Global Market (ADGM). In October 2022, Venom Foundation added a regulated virtual asset exchange to its roster. The UAE based exchange formerly known as Yoshi Markets was re-names to Venomex. Venomex had received financial services permission from FSRA at ADGM allowing it to operate as a multilateral trading facility and custodian for virtual assets.
As for the blockchain-agnostic fund, it will invest in innovative protocols and Web3 dApps, focusing on long-term trends such as payments, asset management, DeFi, banking services, and GameFi. It aims to become the leading supporter of the next-generation digital technologies and entrepreneurs.
Venom Ventures Fund (VVF) will leverage Iceberg Capital’s network, expertise, and capabilities to offer incubation programs and access to an extensive industry network. Furthermore, it will assist the investee projects with marketing, exchange listing, technical, legal, and regulatory support.
The fund’s leadership team consists of experienced traditional finance and blockchain professionals; including Peter Knez, ex-CIO at BlackRock and Mustafa Kheriba, a seasoned and well-known investment professional with an impressive track record in the MENA region. Mustafa has served on the Board of Directors of several financial services and insurance companies in the Middle-east and Europe.
As per the announcement, the fund operated by Iceberg Capital, will be investing in projects and teams from pre-seed to Series A rounds. It will strive to accelerate the adoption of blockchain, DeFi, and Web3 while generating long-term value for investors.
Mustafa Kheriba, the Executive Chairman of Iceberg Capital, stated, “We are thrilled to partner with Venom Foundation, launching their new $1 billion fund. Even though the blockchain industry is witnessing a steep correction in prices, we believe that builders will continue to build and innovate. With Venom Ventures, we will be providing financial, technical, and marketing support to the most promising teams and projects in Web3 space to help them bring their visions to life.”
Peter Knez, Chairman of Venom Ventures, added, “I am delighted to be a part of the launch of our new Venture Capital fund here in Abu Dhabi. I am excited to work with a team of experienced investment professionals and talented people from the crypto industry, and we are ready to allocate strategic investments in the most innovative web3 start-ups that are poised for mass adoption. Our mission is to transform digital asset management and make a lasting impact on the industry. Venom is the ideal platform for us to achieve this goal.”
With regards to investments, already Venom Ventures Fund (VVF) has led a $20 million funding in Nümi Metaverse. Nümi Metaverse is a universal platform for creators, innovators, and followers. Nümi will launch its ‘Visual Novel’ in 2023, a mini-game experience with a range of special prizes for players.
Nümi will also launch VR metaverse by the end of this year, followed by a PC and mobile version in 2024. The Nümi investment showcases the fund’s investment strategy. Developers and builders working on innovative Web3 projects are invited to apply for funding through the Venom Ventures Fund website.
In an interview with Cointelegraph, Venom Ventures chairman Peter Knez noted that the Venom Foundation, its founders and regional institutional and private investors had seeded capital for the fund. The fund will support companies and projects with a global footprint and is not limited to Abu Dhabi-based firms.
The investment fund will look to attract startups and technology firms to use Venom’s scalable, proof-of-stake-based blockchain solution. Knez highlighted key services that could operate on top of its ADGM-regulated blockchain:
“Payment systems, central bank digital currencies (CBDC), stablecoins and remittance are core services that Venom can provide a solution for due to our unique blend of technology and enterprise.”Knez also believes that the platform could power a multitude of use cases, highlighting the potential for micropayment solutions driving Web3 business models and financial inclusion.
Swiss MO:ME:NT a solution provider that instantly turns moments of public interest into Non-Fungible Tokens (NFTs) through a fully automated API trigger has announced that UAE based Crypto Oasis Ventures has both invested and partnered with the project.
This strategic partnership will combine the Crypto Oasis Venture’s talent and capital with MO:ME:NT’s innovative ecosystem approach to the Sports and Marketing industry.
As per the release, Crypto Oasis Ventures has partnered and invested in MO:ME:NT and will be introducing it to the local Web3 ecosystem. MO:ME:NT will expand its horizons in the UAE with its NFTs of exciting moments that the world celebrates.
Ralf Glabischnig, Founder of the Crypto Oasis will join MO:ME:NT as an advisory board member. He states, “We are delighted to have MO:ME:NT onboard to help them embrace opportunities that can transform the local Web3 space. We have always been early movers and believe Web 3.0 models like NFT, and Metaverse are going to be the key players in the next iteration of online business. MO:ME:NTs will be revolutionary as brands can harness their power to create meaningful connections with their audiences and drive value. As access keys to relevant real-life experiences, they offer an easy connection to the Metaverse using the limitless possibilities of virtual reality while complimenting the offering of our own venture Tokengate. These are exciting times and we are humbled and privileged to be a market driver in the region’s accelerating startup ecosystem.”
Precious moments from as an example sporting events are endorsed by the heroes behind the MO:ME:NTs, creating a one-of-a-kind collectible item. With MO:ME:NTs, users have the opportunity to buy, own, collect, and trade these special NFTs. This enables a new level of interactivity, ownership, collectability and utility. MO:ME:NTs not only serve as unique collectibles but they can also be easily enriched by the brands or individuals who were involved in creating the moment.
By using MO:ME:NTs, these brands can build engaging communities and provide various relevant utilities to their followers, ultimately increasing the value of the MO:ME:NT to its holder. Brands can open up a world of new opportunities for their followers and create meaningful, immersive experiences in the real and virtual world driving engagement and value.
“We are excited to welcome Ralf to our advisory board,” said Rudy Banholzer, Co-Founder and COO of MO:ME:NT. “We are looking forward to working with the Crypto Oasis Ventures team as we continue to grow and innovate. This partnership represents a new chapter for both of us, and we are excited to see what the future holds. We are committed to helping brands provide their audiences with better, more relevant, and exciting experiences by seamlessly bridging the real and virtual worlds. By joining the Crypto Oasis Ecosystem, we hope to leapfrog ahead by expanding our prospects, creating value, and connecting with the broader Web3 community.”
UAE Dubai Multi Commodities Center (DMCC) announced that it had added 3,049 new businesses in DMCC in 2022, and the crypto center is now home to 500 crypto and blockchain entities an increase of 231 percent compared to 2021 when there were 151 crypto blockchain entities by end of year. The growth increase is 23% year-on-year, breaking previous record set in 2021 when DMCC registered 2,485 new members.
As per the press release, the record growth was driven by growing demand from blockchain and Web3 businesses for space at DMCC crypto center representing the largest concentration of crypto and blockchain companies in the region.
In 2021, UAE DMCC Free Zone and Government of Dubai had added 151 crypto and Blockchain entities out of the 2,485 companies who registered in 2021. With 500 entities now in DMCC crypto center, this is an increase of 231 percent YOY making DMCC have the biggest concentration of blockchain and crypto entities in the region.
DMCC attributed the growth to the expansion of its commodities centers and the launch of the DMCC Crypto Centre. In September 2021 DMCC had licensed 50 Crypto blockchain entities just a few months after the launch of its crypto Centre. By the end of November early December, Ahmed Bin Sulayem had mentioned that DMCC had licensed 130 companies, by the end of 2021 it had reached 151 companies.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, stated, “Backed by a strong regional macroeconomic landscape, DMCC has been efficiently accelerating its growth strategy throughout 2022, focusing on supporting its member companies in high-impact sectors such as web3 and blockchain technologies, commodities and global trade. The unprecedented performance this year reflects this growth acceleration and highlights the significant value that DMCC adds to each of its members.”
DMCC Crypto Centre partnered with global VC firm Brinc to provide its members with access to their USD 150 million accelerator fund. Brinc is a portfolio company of Animoca Brands, a global leader in web3 and blockchain investment. This major partnership supports the long-term and rapid growth of the companies that develop web3 and blockchain technologies and associated value-added services at the DMCC Crypto Centre.
Reflecting DMCC’s drive to add value at the intersection of technology and commodities, DMCC partnered with SafeGold and Comtech Gold to tokenize gold bars based in UAE facilities. Each gold bar will be backed by a DMCC Tradeflow warrant, meaning that the increased ease of trading a tokenized asset is combined with the additional security, transparency and real-asset allocation provided by the Tradeflow warrant.
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.
UAE’s Emirates Health Services (EHS) has launched a Metaverse-based Virtual Telemedicine Solution using 3D virtual reality technology which utilizes technologies such as AI ( Artificial Intelligence), IoT (internet of Things) and Blockchain technology.
As per the press release, the launch is part of transformative projects which leverage advanced technology and promote smart services such as remote health solutions and telemedicine.
Through the project, EHS aims to deliver virtual medical consultation services supported by advanced technologies. This first-of-its-kind technology enables members of society to access e-services via smart devices, thus scaling up service to reach broader segments of individuals and enhance the customer experience. Through the new virtual channel, patients can effortlessly access psychiatric consultation services, family health promotion clinics, and customer happiness centers.
Dr. Yousif Mohammed Al-Serkal, EHS Director-General, states, “ It is the first global healthcare provider to apply Metaverse technology to provide advanced services and promote sustainable health development goals by adopting best practices that leverage AI, IoT and Blockchain technologies. This aims to strengthen governance, clinical review services, and research, promote global ethical standards and best practices, and enhance the sector’s competitiveness to world-class levels. The above aligns with our strategy of future-proofing our services against emerging challenges.”
He added, “Our transformative projects aimed at promoting innovation, investing in national healthcare capacities, and continuing to keep abreast of the rapid global developments and changes in the sector by using the latest global medical devices and AI-based treatments and service automation.”
The project will provide psychiatric consultation services for different age groups in addition to accessing the Customer Happiness Centre and family-centered health promotion services. The project complements the goal of EHS to be at the forefront in applying Metaverse technology and equipment-free services.
Metaverse provides a 3D interactive space that allows customers to engage with healthcare professionals through a secure link using their devices equipped with a camera, microphone, and speakers. This way, patients need not purchase equipment such as headphones or controllers. Doctors can assess conditions, discuss treatment plans, and provide treatment and other clinical services.
