The Metaverse is making a significant impact and people are taking a great interest in its potential. Crypto has already disrupted the current global business and trading landscape, but it’s not finished yet. General interest in metaverse cryptocurrencies is a hot topic of discussion, and Dubai is one of the regions in the Middle East that is in a position to benefit from it.
The region is already attractive to businesses because of its status as a tax haven, but things are getting more interesting. Organizations like the Dubai Airport Free Zone Authority have been open to the support of crypto assets, as well as the use of the metaverse and NFTs.
Want to learn more about how metaverse crypto is going to impact Dubai and the rest of the world? Continue reading and take a deep look into the evolving world of metaverse crypto.
What is The Metaverse Exactly?
The metaverse is a scaled network of real-time rendered digital worlds that can be experienced by an unlimited amount of people. Within this network, people can exchange communications, entitlements, and payments.
There is a lot of potentials for businesses to interact with consumers. People will be able to pay for services or goods through crypto technologies, as well as invest in new projects or businesses. This happens through the use of cryptocurrencies.
Metaverse Crypto and What It Can Do
Cryptocurrency has become incredibly popular since people see it as money of the future. While there are different kinds of crypto, they are used for the same purpose: goods and services. The most popular are BitCoin, LiteCoin, and Ethereum.
The value of metaverse crypto comes from organizations embracing and using it for their respective businesses. In June 2021, Dubai opened a blockchain-based exchange for sugar trading.
This will entice others to do business within the region as more cryptocurrency is exchanged. Dubai is a place where the enthusiasm for innovation continues to fuel the desire of more investors and companies to get involved with the metaverse.
NFTs Becoming Incredibly Popular
For those unfamiliar, NFTs are non-fungible tokens. These are digital items that can be anything, like an image or GIF, sold between people. Within crypto, these items are part of a blockchain that keeps a record of transactions to show an item’s authenticity and scarcity.
Digital images are among the most popular NFTs, which usually showcase work done by artists or special one-of-a-kind items. In October 2021, Dubai-based company ColossalBit Management Consultancies placed a winning bid for an NFT of the world’s first augmented reality NFT mural by artist Amrita Sethi. The NFT sold for a history-making bid of $56,000.
As the Dubai government continues to accept the use of crypto technologies, more stories like this will continue to pop up in the news.
Metaverse Crypto for the Future
The metaverse and crypto technologies might seem confusing at first, but it has a clear potential that many are willing to invest in. Dubai is looking to be the center of economic change poised to impact the global economy in a significant way.
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