The crypto-friendly regulations have turned Dubai and the United Arab Emirates (UAE) into a hotspot for Web3 technologies. Since Dubai set a clear regulatory framework for crypto welcomed by most industry players, it has become a second home for many global Web3 projects, including those dealing in the decentralized finance (DeFi) and NFT scenes.
Research by Recap shows that Dubai is a top crypto hub in the world, only second to London, based on the crypto-based events, companies, crypto ATMs and crypto job opportunities in the city. Cutting-edge Web3 technologies like NFTs found new uses for daily life thanks to the friendly environment in the region — from event ticketing to scientific research. The innovation spurred across the Emirates also brought life to a number of global events, with one of them being the AIBC Dubai.
Deemed a pioneering blockchain and AI event, the AIBC Eurasia opened its doors on March 13 in Dubai, welcoming a wide variety of Web3 heavyweights, including VaynerMedia CEO Gary Vaynerchuck. The annual gathering brings together leading minds in the blockchain, cryptocurrency and AI industries. It provides a platform for sharing knowledge and ideas as well as networking opportunities for industry players.
Taking a peek at the future of Web3
Visitors had many chances to get first-hand experience with innovations within the space. Event attendees got an opportunity to witness the future of the interaction between the physical and digital worlds when Fastex unveiled its first “phygital” NFT store in Dubai Mall as a vital part of the expanding Fastex Web3 ecosystem.
Named ftNFT, the shop hosts a wide range of activities to help Web3 enthusiasts and newcomers explore the latest NFT space developments. Visitors can physically experience the NFT gallery as part of the ftNFT marketplace, create their avatars in the Metaverse with the in-store 3D scanner and get their custom rooms in the Fastexverse.
Web3 entrepreneurs who want to start their own business in the NFT space can utilize the merchandise area found in ftNFT shops, creating physical goods to accompany new NFT collections as well as producing them. To celebrate the opening, prominent artist Tigran Tsitoghdzyan launched his unique NFT collection in collaboration with AKNEYE.
The ftNFT shop in Dubai Mall was launched following the success of the first ftNFT shop located in the Mall of the Emirates, which MAF awarded the Best Phygital Implementation award due to its ability to converge physical and digital arts.
The Oscars of the NFT space
The fast growth of the NFT space saw the birth of its own Oscars at the AIBC. Organized by Fastex, the International NFT Awards aims to recognize and celebrate the best creators, platforms and other stakeholders in the NFT industry. With categories like Best International NFT Artist, Best Metaverse Experience, Best Phygital NFT and Best NFT Celebrity, the awards welcome both global and local contributors to the NFT ecosystem.
The AIBC event proved that the Web3 industry is ripe with innovation and ready to tackle new challenges no matter which way the crypto market goes. Industry players keep building the future of money, blockchain, gaming and NFTs without getting impacted by price movements. As one of the top crypto hub cities in the world and the home to major Web3 ecosystems like Fastex, Dubai seeks to make a profound impact on the future of phygital transformation.
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