The first NFT and metaverse projects, according to Emirates, are already in the works, with a launch expected in the coming months.
Emirates Airlines, based in the United Arab Emirates (UAE), has announced its foray into the metaverse and non-fungible token (NFT) industries. Emirates will introduce services and a variety of digital treasures to enhance its flyers’ metaverse experience. The action follows the legalization of crypto-related activities and businesses in Abu Dhabi and Dubai. Middle Eastern countries want to integrate their digital economies to the crypto business.
Emirates claimed in an official statement that the first NFT and metaverse initiatives are already in the works, with a launch expected in the coming months.
HH Sheikh Ahmed bin Saeed Al Maktoum, the chairman of Emirates, stated in a statement, “Emirates has always embraced innovative technologies to better our business processes, increase our customer offering, and expand our workers’ talents and experiences.”
Furthermore, Emirates is repurposing its Emirates Pavilion at Expo 2020 as a point of contact for those interested in contributing to the airline’s future-focused projects, such as those involving the metaverse, NFTs, and Web3.
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“It’s natural that our Expo-themed Emirates Pavilion is being repurposed as a hub to develop cutting-edge future experiences aligned with the UAE’s ambition for the digital economy,” the Emirates chairman continued.
Sheikh Mohammed bin Rashid Al Maktoum, the UAE Prime Minister, signed a new law regulating virtual assets last month, as well as establishing an independent organization to supervise the crypto space’s governance.
Binance, a global cryptocurrency exchange, is establishing a strong presence in the UAE.
Meanwhile, huge brands wishing to work with younger generations are interested in the metaverse and NFT industries.
According to projections, the metaverse business will be around $800 billion (approximately Rs. 59,58,719 crore) by 2024.
The NFT belt is not in the rearview mirror. According to data from industry tracker DappRadar, NFT sales hit $25 billion (approximately Rs. 1,84,700 crore) last year as the speculative crypto currency skyrocketed in popularity.
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