Gulf Business Crypto - October 2022

ON

METAVERSE: THE NEXT-GEN

How the metaverse is becoming

our physical

2022

MOVING TO THE BEAT

Music streaming platform Pulse is using the power of blockchain to disrupt the music industry

Here are the top six emerging developments

Arte, the Web3 meta-community initiative by Crypto Oasis offers a platform for local and international communities and individuals to come together to collaborate, create and connect”

—RALF GLABISCHNIG Founder, Crypto Oasis

BLOCKCHAIN TRENDS

Blockchain advocates have long been excited about distributed ledger technology’s potential for cybersecurity, financial ser vices, internet-of-things (IoT), real estate and supply-chain management. As we look ahead to 2023, some other interesting markets are worth watching for the latest trends in block chain use. Here are four industries I believe will accelerate blockchain adoption to their great advantage.

CLOUD SERVICES

The worldwide public cloud services market, including infrastructure-as-a-service, plat form-as-a-service, and software-as-a-service, generated $408.6bn in 2021 revenues, accord ing to International Data Corporation. While the cloud services industry is still young, this tremendous growth drive innovation. For example, “cloud storage is another sector that blockchain can electrify and change. Traditionally, cloud storage companies allow users to purchase a certain amount of storage that is generally sold by the terabyte,” explains a recent article on InvestmentBank.com. It also stated that “blockchain technology provides users with a means to store information on a peer-to-peer network. A cloud storage platform could be run by the nodes that help facilitate transactions. The nodes would be giving up

BLOCKCHAIN TRENDS TO LOOK FOR IN 2023

FROM IT TO FINANCIAL SERVICES, GOVERNMENT, HEALTHCARE AND OTHER

HOW WE

storage on their computers to the consumer, but the node owners would be compensated by the consumers for storing their data”.

More broadly, for cloud services, blockchain brings greater privacy and security capabilities. When cloud computing is integrated with blockchain technology, the main problem, security and privacy get addressed. Data deletion from one computer does not erase data stored on other devices on a blockchain network. As a result, there is no danger of data loss or alteration. Data on a blockchain is irremovable.

Such elevated privacy, security and automation can quickly advance cloud computing – not only delivering greater benefits to consumers but potentially lowering costs and overhead for providers.

GOVERNMENT

Governments are likely to begin implementing distributed ledger technology (DLT) systems that will replace traditional paper-based systems. The migration to digital data systems has been going on for quite some time, but DLT has greater advantages that provide better trust, transparency and security via encryption and validation features.

Government organisations can readily improve constituent communications and administration with the innovative adoption of blockchains. For example, blockchain can improve:

• Form processing and chain-ofcustody tracking of government documents

• Identification and elimination of

errors in government documents, plus reduce tampering and detect forgery.

• Operational e ciency by eliminating paper-based records.

• Cost controls by reducing the expense of manually processing applications, forms and documentation of all kinds and instead implementing digital records stored on the blockchain.

LAW

As blockchain transforms government, so it will transform the law and legal services. There are many ways blockchain technology is already transforming legal services. Smart contracts, dispute resolution, IP rights...where the blockchain can support evidence of creation, first use and rights management, and can track distribution. This ultimately prevents copyright infringement and enforces mitigation via time-stamped copies of work, aiding plainti s if appearing before a court.

Meanwhile, contract lifecycle management solutions help attorneys to manage the complex and evolving nature of contracts – making them more e cient at producing, executing and upholding contractual agreements. As transactions and records

move to digital workflows, digital signing ceremonies and digital storage, blockchain will be a boon to law firms and legal department in 2023 and beyond.

IDENTITY

Finally, with the move to digital commerce and communications, our individual identity – as mapped to digital worlds – becomes increasingly important to control and authenticate.

Identity systems are currently flawed in a number of ways. They are porous, operate in isolation and are prone to error. Blockchain systems can solve these problems and provide a single source to verify identity and assets. Blockchain identity can also o er a type of ‘self-sovereignty’ that hasn’t existed before.

This desire for control over one’s personal information – and digital data across platforms – lies at the heart of Web3. While Web3 starts with blockchain, its ambition and scope will spread far across the Internet, metaverses and shared networks.

IDENTITY SYSTEMS ARE CURRENTLY FLAWED IN A NUMBER OF WAYS

From cloud services, cybersecurity, and IT to financial services, government, healthcare, legal services, real estate, supply chains and other industries, blockchain is changing how we do business, share information, and identify ourselves.

These trends are just the start, and the opportunities for blockchain to improve the privacy and security of our digital data will flourish in the years ahead.

Shamsh Hadi, CEO and co-founder, ZorroSign

Identification and credentials are easier for everyone to work with when they’re digital: vaccination cards, academic qualifications, occupational licences, employee ID and more. But this highly personal information must remain private and secure”

BOLD ERA

W

e live in an era of change where the Internet as we know is being entirely reshaped. In the next iteration of the Internet – Web3, users are not just viewers – they can engage in an immersive multi-dimensional experiences, the so called ‘metaverse’.

But what exactly is Web3 and metaverse? In simple words, we are moving towards an immersive web – instead of creating a website, businesses will have to create virtual expe riences to engage with their customers and provide an online immersive virtual workplace for their employees.

Web3 is the third generation of the Internet, and it’s built on the philosophy that the Internet should be a decentralised network of computers rather than a centralised one. This means that there is no single point of failure and no central authority controlling the flow of information.

The metaverse is not to be confused with Web3, which is the third stage of development of the World Wide Web. The metaverse refers to many three-dimensional, immersive virtual

worlds where people can create avatars to represent themselves, buy and sell virtual land, build them, create games and organise concerts and events or virtual stores to sell digital assets and interact with other users in real-time.

The open metaverse is a decentralised and interoperable multiverse, where users will be able to own and use their digital assets, identity and personal data in a frictionless way across multiple platforms.

The metaverse allows people to have real-time interactions and experiences across distance and is quickly becoming the next digital frontier that everyone want to conquer.

So far companies are exploring the metaverse to improve customer experience through the creating of interactive immersive experiences, and generate revenue growth by setting up virtual stores and selling digital assets tied to a physical one or any other utility.

For example Nikeland, which is the sporting goods brand’s micro metaverse built in Roblox, has attracted 6.7 million people from 224 countries since its launch in November. The space allows users to try on virtual products and buy them as NFTs.

STRENGTHENING ONLINE PRESENCE

To enter the metaverse first buisnesses must start by strengthening their online presence and then choose the right metaverse depending on their target audience.

The questions that brands should start with as they explore metaverse opportunities include: What is my purpose? Who are my customers, and what do they value?

If the brands are looking to target younger audiences for example, using platform like Roblox there are several aspects to keep in mind, namely if the brand is innovative, culturally relevant and aligned with the needs of these communities. It’s equally important to focus on entertainment, authenticity, and creativity as core selling points.

Businesses must do a thorough research of the top metaverses and have a deep understanding of the audiences they attract, the products or services that are most needed there and how their business can fit into the virtual world.

DUBAI METAVERSE STRATEGY

Companies are exploring Web3 and the metaverse to achieve revenue growth, competitive advantage, and improved customer experience. Governments are leveraging the metaverse to create virtual twin cities that will enhance their citizens well-being and help create eco friendly smart cities.

The Dubai Metaverse Strategy aims to turn Dubai into one the world’s top 10 metaverse economies as well as a global hub for the metaverse community. The strategy seeks to attract more

THE DUBAI METAVERSE STRATEGY AIMS TO TURN DUBAI INTO ONE THE WORLD’S

TOP 10 METAVERSE ECONOMIES

Leila Hurstel, chief metaverse officer, Verse Estate and founder, AllStarsWomen DAO

than 1,000 companies in the fields of blockchain and metaverse, to support more than 40,000 virtual jobs by 2030 and supports development of Web3 technology and its applications to create new governmental work models and growth in vital sectors including tourism, education, retail, remote work, healthcare, and the legal sector.

Governments can leverage the metaverse to upgrade the e ciency and quality of public services. The metaverse has the potential to make available seamless and frictionless citizen services and applications 24×7 anywhere and everywhere. Also, it can enable enhanced communication and engagement between the government and its people.

The metaverse o ers as well novel ways to generate employment, impart education, deliver healthcare and map urban planning.

THE WAY FORWARD

As the technology matures, the metaverse will become a seamless extention of our physical world and will allow us beyond gaming to find new and enhanced ways to do all our current activities, including commerce, entertainment and media, education and training, manufacturing and enterprise in general. Enterprise use cases of the metaverse in the coming years will likely include internal collaboration, client contact, events and conference, engineering and design, and workforce training.

Businesses must do a thorough research of the top metaverses and have a deep understanding of the audiences they attract, the products or services that are most needed there and how their business can fi t into the virtual world”

WHAT DO THEY DO ALL DAY?

esque digital avatar.

While Leon isn’t human, companies are increasingly hiring real people to help them navigate the so-called “meta-jungle.” Firms as varied as consumer-products giant Procter & Gamble Co., talent manager Creative Artists Agency, Spanish telecom carrier Telefonica, luxury-goods maker LVMH and wedding-registry retailer Crate & Barrel have all decided they need a chief metaverse officer.

Though a recent tech-sector downturn has hit metaverse stalwarts like Meta Platforms and Roblox particularly hard, it hasn’t stopped firms from doling out million-dollar pay days to new executives as a down payment to secure their digital future.

DIGITAL FOMO

Chief metaverse officers first appeared at video-game makers, where immer sion in a digital universe is central to the products. But the role has been popping up at more staid institutions dipping their toes into Web3.

Many big companies moved too slowly to embrace other technology, and history isn’t kind to latecomers. At Walmart in the late ’90s, e-commerce wasn’t taken seriously. Its website was initially set up under a stand-alone company. Store managers blanched at putting the site’s URL on shopping bags, for fear of sacrificing in-person sales. Such dismissal and delay opened a window that Amazon.com Inc. exploited to become a giant.

Call it metaverse FOMO. Bosses feel it. Crate & Barrel Holdings CEO Janet Hayes said it’s “essential” that the com pany has “an impactful presence in the metaverse.” Walt Disney chief Bob Chapek said the metaverse will “create an entirely new paradigm for how audiences experience and engage with our stories.” At CAA, it will influence “shifts in content creation, distribution and community engagement that drive significant opportunity for our clients,” President Jim Burtson said.

Translating that talk into action is the job of executives like P&G’s Ioana Matei, whose title is head of emerg ing and immersive technologies, and LVMH’s Nelly Mensah, vice president of digital innovation and emerging solutions at the home of Fendi and Bul gari. Disney’s man in the metaverse,

Shifts in content creation, distribution and community engagement that drive significant opportunity for our clients”

Mike White, is senior vice president in charge of next-generation storytelling and consumer experiences. At Publicis, Leon the avatar acts as an “ambas sador and guide” in the metaverse, a spokeswoman said, while in real ity the company has more than 1,000 employees creating Web3 experiences for clients.

WINNING OVER METAVERSE SKEPTICS

The ideal metaverse chief can speak as fluently about AR and VR as she can about sales and marketing, according to Cathy Hackl, who helps compa nies set up their meta-business units and claims to be the “world’s first chief metaverse officer” — a title she bestowed upon herself.

Metaverse chiefs need to forge external partnerships and win over internal skeptics, adds Wendy Doul ton, managing partner at Katalyst Group, a consumer tech recruitment firm. Joanna Popper is one example: The newly minted chief metaverse officer at Creative Artists Agency hails from HP, where she ran its virtual-real ity efforts, working with studios like Disney and Paramount. Earlier, she held roles in marketing, consulting and investment banking. CAA, whose Hol lywood clients include actors Tom Hanks and Reese Wither spoon, also represents NFT artists like Micah Johnson and, through a separate partner ship, has invested in metaverse entities such as NFT market place OpenSea.

Popper said her role is to “build a metaverse strategy” by making invest ments, partnerships

and content on behalf of clients. Pop per’s unique skill set is the reason why chief metaverse officers can attract compensation packages upwards of $1.5m, say those with knowledge of their contracts.

Another approach is to simply tap someone internally who gives the organisation a bit of credibility in the metaverse, as Crate & Barrel did.

EARLY INNINGS OF THE METAVERSE

Meta, the tech giant formerly known as Facebook that rebranded to emphasise its pivot to what CEO Mark Zuckerberg calls “the next frontier,” is slowing the pace of long-term investments after the company’s first-ever quarterly rev enue decline.

Shares of computer-graphics chipmaker Nvidia, which wants its omniverse platform to undergird the metaverse, have fallen by more than half this year as demand for PCs declines. Roblox, the video-game platform that houses immersive expe riences for brands including Gucci, Chipotle and Ralph Lauren, also deliv ered disappointing results, with daily users falling short of expectations.

Crypto winter is upon us, purchases of NFTs have slowed, and increas ingly cost-conscious companies need to focus on what will actually make them money. CAA’s Popper said the down turn actually creates an “opportune time” to build. “This is early innings in a long extra-inning game.”

Whether these early evangelists will still be there in the later innings is unclear. Just because they got the role “does not mean they are prepared to lead it for the next 5 to 10 years,” said Nada Usina, an executive adviser and recruiter at Russell Reynolds Associ ates. In other words, Leon better watch his virtual back. It’s a jungle out there.

Bloomberg

IS THE CRYPTO CRISIS GOOD FOR THE SYSTEM?

W

ith digital assets, we are witnessing the rise of a new and nascent asset class built on a technology that has the potential to revolutionise the global financial system. This year, both topdown macroeconomic and bottom-up crypto-specific headwinds have been blowing strongly for digital assets resulting in the biggest ever drawdown in terms of the level of value destruction we have seen in the space.

CENTRAL BANKS

Since the initial announcement from the US Federal Reserve in November 2021 to taper their asset purchases and tighten monetary policy, risk assets have su ered from strong selling pressure. As a high volatility asset class, digital assets were not immune to this pivot away from risk assets, which ultimately saw the total market capitalisation fall by around two-thirds from the peak. Therefore, during the first few months of this year, top-down macroeconomic factors rather than token-specific factors were thus in the

Top-down macroeconomic and bottom-up crypto-specific headwinds have been blowing strongly for digital assets resulting in the biggest ever drawdown

driving seat for cryptos. As the crosscrypto correlation have remained elevated since the initial tapering announcement, there was no place to hide as almost all tokens moved lower in lockstep. Furthermore, we believe that these elevated correlations amongst the leading tokens suggests a currently low level of sophistication and di erentiation between the value propositions of di erent digital assets.

STABLECOIN SHAKEDOWN

Stablecoins initially attracted investors with the touted benefits of decentralisation and blockchain technology, while mitigating the infamous volatility of freefloating cryptos such as Bitcoin and Ethereum. While there are many di erent types of stablecoins, one of the increasingly popular methods of construction became algorithmic stablecoins. These instruments rely on complex automated mechanisms and incentive structures to maintain their 1:1 peg with the underlying fiat currency, without holding fiat-denominated cash or near cash securities.

THE DEFI LIQUIDITY CRISIS

a very big chunk of their TVL drop as investors were spooked by the TerraUSD collapse, driving them to exchange tokens held in lending pools into stablecoins, with the ultimate intention to cash out into more secure fiat currencies.

WALL STREET SPILLOVER

With digital assets becoming increasingly accepted as a new asset class, the last months and years have seen an increasing number of institutional investors warming up to digital assets. This push by institutional investors such as hedge funds and other asset managers into digital assets has not gone unnoticed by the Wall Street, with several high-profile banks rapidly building up their digital asset’s expertise and capabilities.

$3.5bn

The total value of crypto assets locked into DeFi protocols, so called TVL, is one of the main metrics that investors use to gauge the level of activity and overall value in the DeFi ecosystem. In this regard, we have seen a dramatic decline in values since the beginning of the year, with the overall TVL falling from over $250bn to well below the $100bn level at present. Lending protocols in particular saw

Three Arrows Capital was the first high-profile name to report significant losses from their crypto trading activities. In mid-June, with significant exposure to the Terra/Luna ecosystem and other leading crypto assets, reports started to emerge that the hedge fund had failed to meet a series of margin calls. As the fund filed for bankruptcy, records indicating creditor claims of $3.5bn, as well as estimated losses running into billions of US dollars over the 2021-22 period, marking one of the largest hedge fund trading losses of all time.

DOES IT MAKE SENSE TO HOLD CRYPTO IN A PORTFOLIO?

When considering the recent crypto crisis and its multiple episodes, the

question now arises: Is there still merit in holding cryptos and, if so, what proportion of a portfolio should be allocated to digital assets? Due to the nascent nature of the asset class, we have based our analysis on Bitcoin, which is the largest, most established, and most mature crypto coin.

CONCLUSION

All in all, we continue to see crypto primarily as a return enhancer in a portfolio. Historically, this assessment is backed by the fact that the addition of cryptos to a portfolio beyond a small weight of 1 per cent or less has caused an increase in realised returns as well as realised volatility. Allocations up to 5 per cent may be appropriate for risk seeking investors, while higher allocations would cause a significant change in the portfolio’s characteristics and may ultimately result in lower riskadjusted returns.

We thus maintain our view that cryptos are only suited for investors who have the ability and willingness to bear the related risks. However, these risks could be rewarded with very appealing returns due to the potential disruptive power that we see primarily in the world of decentralised finance. Risk seekers should also exercise caution, as digital assets are still a very unregulated area. Rising regulation should instill trust in the asset class and ultimately foster adoption. Due diligence is key: if something seems too good to be true, it probably is.

Sipho Arntzen, next generation research analyst, Julius Baer

AS THE FUND FILED FOR BANKRUPTCY, RECORDS INDICATING CREDITOR CLAIMS OF

As the cross-crypto correlation have remained elevated since the initial tapering announcement, there was no place to hide as almost all tokens moved lower in lockstep”

TO

The history of the music industry is inevitably also the story of the development of technology. From the player piano to the vinyl disc, from reelto-reel tape to the cassette, from the CD to the digital download, these formats and devices changed not only the way music was consumed, but the very way artists created it,” said American entrepreneur, Edgar Bronfman, Jr.

Truly, from vinyl to CDs to digital downloads and now to digital streaming, the music industry has seen substantial shi ts in the last two decades. Artists now use streaming services and social media to promote their tracks, changing the way people listen to music.

The surge in streaming contributed to a 20 per cent increase in global music industry revenues last year. This accounted for 65 per cent of industry revenues according to the annual IFPI Global Music report, the organisation that represents the recorded music industry worldwide.

Meanwhile, over 70 per cent of the revenue generated comes from the top five countries – the US, Japan, UK, Germany and France. These countries represent a little over 8 per cent of the global population.

It has also been estimated that the penetration rate for digital service providers in emerging markets is approximately 3 per cent, and it is expected that that figure will increase to 18 per cent by 2030, according to Goldman Sachs. This is primarily due to the paid subscription model.

As unbanked younger generations in emerging markets have limited or no access to online payments in most territories, they use unauthorised or illegal ways to access music. For instance, last year in India, it was estimated that 68 per cent of people used unlicenced services.

With the aim of di erentiating itself in the market and catering to the needs of its general consumers and content creators, Pulse Music, the Dubai-based music streaming platform, has implemented a “self-sovereign” identity, which allows all actors within the platform to manage and control their own data. Additionally, the platform integrates smart contracts to simplify the licensing of content and intellectual property.

“The emerging markets are where we want to focus our e orts. We strongly believe that we can o er a solution to the issues that these markets are facing. Examples of key challenges are the lack of bank fiat accounts for payments for subscription models, the inability of music collecting societies to e ectively and transparently collect rightful income to musicians, di culties in accessing otherwise available global content due to localised copyright legislation and regional economy limitations,” explains Mehdi Cherif, co-founder and CEO at Pulse Music.

THE IDEA BEHIND PULSE

Pulse uses the power of blockchain to disrupt how brands use music to engage with supporters. “The idea of Pulse was a long process that has taken a few years, with many hours of research, study and peer-to-peer review to validate what we wanted to build as a product,” states Cherif.

Having spent the last decade managing and operating diverse end-to-end streaming services, Cherif has been involved in various operational aspects — from managing Virgin MENA’s music buying operations to founding and managing a music streaming service of his own. He explains that the experiences he has gained has given him a great deal of insight into not only the obstacles which the industry needs to overcome, but also opportunities where those challenges can be addressed.

Music industry growth has been hindered by five main challenges that are preventing it from progressing, Cherif notes. “To begin with, the complexity of IP (intellectual property) makes it di cult for any party to deal with the music industry. Additionally, there is an excess of existing supply chains and intermediaries. These increase the time of the process. Thirdly, current business models that favour intermediaries in terms of revenue and royalty splits. This means that artists take home an average of only 12 to 15 per cent of their generated revenue. Fourthly, artists wait between three months to nine months to get paid. And finally, the inherent lack of transparency and traceability limiting the access and control of data.”

By tackling these challenges, Cherif hopes to change the status quo within the music industry. In order to simplify content licencing, Pulse uses a proprietary digital right management system and a copyright ontology based on semantic data

THE PENETRATION RATE FOR DIGITAL SERVICE PROVIDERS IN EMERGING MARKETS IS APPROXIMATELY

PER CENT, AND IT IS EXPECTED THAT

FIGURE WILL INCREASE TO

PER CENT

modelling. It empowers artists with a “do it yourself” model and simplifies their IP to allow a fairer royalty split. Furthermore, by using a micropayment system, it allows for instant payment as opposed to the traditional and inconvenient elongated waiting period. And finally, the blockchain being a fully decentralised database brings transparency and highly accurate reporting.

Furthermore, the company is also constantly trying to enhance all aspects of the business from internal processes to its products. “Everything we do is with our end users in mind. Not rushing our product launches while systematically reviewing and learning all the time will put us in good shape for the future,” comments Cherif.

REVOLUTIONISING MUSIC

Pulse has an ambitious plan to revolutionise the way they do business with the use of blockchain technology. The new modules that have been added to the platform make all of the metadata associated with the content accessible to everyone at any given point in time. Thereby, artists and copyright owners are assured they get a fair share of the profits.

Pulse is a social music platform that leverages decentralised technology such as self-sovereign identity, smart contracts and micro payments to tackle major challenges that we see within today’s music industry along with the challenges of current social media platforms”

“Pulse is an ad-supported service that doesn’t have any subscriptions. There are four main services Pulse offers are our own metaverse, music streaming, social engagement and the NFT marketplace.

“Pulse is a social music platform that leverages decentralised technology such as self-sovereign identity, smart contracts and micro payments to tackle major challenges that we see within today’s music industry along with the challenges of current social media platforms. Our platform allows artists to manage, control and monetise their data. Fans can discover new artists and engage with them via a unique user experience. It also offers brands to connect with artists, create meaningful engagement and generate return on investment from a unique revenue source.”

Meanwhile, the social aspect of the platform is interesting. Through the use of messages and video chat, users will be able

to communicate with their friends. It is also possible for them to upload photos and videos, share interests and hobbies, connect with brands they like, and earn tokens in the process.

At the NFT marketplace, Pulse users can find rare and exclusive items. It is also possible for these users to launch their own NFT and showcase their collections to the Pulse community and get rewarded for it in exchange.

Pulse also helps brand reach their target audience. “We try to understand not only our existing community, but also our potential new audience by listening to what

they have to say. We also have to understand the brands that we work with, making sure they are matched with the audiences.

“We further put a lot of effort into understanding and analysing the regional, and local market landscape, market trends, economic shi ts and user motivations.”

BUILDING ON BLOCKCHAIN

The UAE has embraced blockchain technology and is working to position itself as a global leader in the space. The country has launched several initiatives to promote blockchain adoption, including a blockchain strategy, a blockchain academy, and a multi-billion blockchain investment fund Dubai is becoming a major hub for companies, startups and key players within the

space. Having aligned its vision with that of the UAE, Cherif states: “I believe that blockchain has the potential to transform the way we interact with the world around us. “We are aware there are plenty of social media platforms that one can choose to use and approximately over 150 digital services platforms in the market where you can stream your music. However, no platform available either social or music combines them both and addresses the challenges of today’s music industry. This is why Pulse is unique and we believe the future is bright for all.”

He adds: “We are focused on emerging markets where penetration rates for digital service providers are low due to limitations in accessing payment and connectivity. Young people who can’t a ord subscriptions struggle with finding accommodation, food or transportation so they turn towards social media which provides an easy platform that doesn’t require any investment of time/money from them - this has been our target demographic up until now.

“As technology becomes increasingly sophisticated, there will come another shi t as these same users become more demanding; we aim to capitalise by providing quality content across all platforms while maintaining enthusiasm through constant innovation.”

Our platform allows artists to manage, control and monetise their data. Fans can discover new artists and engage with them via a unique user experience. It also offers brands to connect with artists, create meaningful engagement and generate return on investment from a unique revenue source”

The term “Web3”, which describes the idea of a new version of the web made up of blockchainbased platforms and services fuelled by cryptocurrency, is being touted as the future of the Internet.

The Middle East has witnessed tremendous growth in the adoption of Web3 technologies, with UAE recently launching the Dubai Metaverse Strategy. The move consolidates Dubai’s status as a global capital of advanced technologies such as Web3. The city is already home to over 1,000 companies in the metaverse and the blockchain sectors. As the city attracts new players, the metaverse’ current contribution of $500m to the UAE’s economy is estimated to increase significantly.

In line with the country’s growth and vision, the region’s leading media house, Motivate Media Group and GB Tech Talk (a Gulf Business brand), in collaboration with Arte by Crypto Oasis, launched the GB Tech Web3 Awards 2022.

The ceremony was held on Friday, September 23, at Social Distrikt, The Pointe at The Palm Jumeirah in Dubai to celebrate the influential and trailblazing leaders, companies and startups of the region’s Web3

ecosystem. The event attracted over 100 key decision makers and organisations within the Web3 and blockchain space.

Ian Fairservice, managing partner and group editor-in-chief of Motivate Media Group, said: “The future of technology is Web3, and we are privileged to host the first edition of the GB Tech Web3 Awards that aim to celebrate the success and achievements of the leaders across the Web3 landscape.”

HOW TO SUCCEED IN THE WEB3 SPACE

At the awards, an engaging panel discussion on how to succeed in Web3 was held. The debate featured Amrita Sethi, a UAE-based NFT artist, Saqr Ereiqat, co-founder and CCO at Crypto Oasis, Mehdi Cherif, co-founder and CEO at Pulse Music, and Gaurav Dubey, CEO at TDefi.

Saed Ereiqat, ecosystem manager at Crypto Oasis, moderated the discussion. The experts spoke about how organisations and startups are on the cusp of transformation, as the world continues to adopt Web3.

Dubey shed light on how they are incubating Web3 startups. “We are precisely looking at the ground level value. In the crypto communities, most of

them are solving problems created by crypto. It goes well with six months, a one-year curve and all that is great. People make money and lose money. I’ve been there for both equities and inventory since 2015. As Peter Schi says, ‘you are wrong the moment you think it’s di erent this time.’ The markets and patterns are always the same. The philosophies will always be the same. And the core philosophy is value. So, to sum it up, we look for the value they’re creating in the long term at a ground level.”

Ereiqat explained what has driven the UAE to be at the forefront of the revolution of Web3 today. “It breaks down to three elements, plus an X Factor. The elements are capital, talent and infrastructure – the base of any ecosystem. The X Factor is what gave us the extra edge.”

Meanwhile, Sethi shed light on the measures of success for an artist to be able to enter the Web3 space and be successful. “I think it’s three things –innovation, authenticity and bravery.” Explaining innovation, she said, “One of the most amazing things about what the Web3, metaverse and NFTs has done is it’s unlocked, like an unlimited amount of possibilities. The only thing that stops you in the metaverse and in

Panellists receive a token of appreciation

Saqr Ereiqat

A full house at the event

AN IN-DEPTH INSIGHT

The inaugural edition of the Crypto Oasis Ecosystem Report 2022 highlights the confluence of blockchain activities in the UAE and the progress of its key players

Crypto Oasis, the region’s leading blockchain ecosystem, has been expanding at an unprecedented rate over the past year.  Crypto Oasis, which was named to stand out against the likes of Silicon Valley and Crypto Valley, was launched in Dubai, in April 2021.

Today, it is home to more than 1,300 organisations in the UAE alone. The forecast is to identify over 1,500 established organisations across the region by the end of 2022. The ecosystem is a collaborative platform for investors and collectors, startups and projects, corporates, science and research institutions, service providers and government entities and associations who recognise blockchain as

a potentially transformative technology with the ability to improve returns and disrupt existing business models.

Crypto Oasis — in partnership with Roland Berger — recently launched a comprehensive report to share valuable insights into some of the notable blockchain initiatives in UAE, and highlights its key pillars, including talent, capital and infrastructure. The inaugural Crypto Oasis Ecosystem Report highlights the confluence of blockchain activities in the UAE, underpinning Crypto Oasis’ role as a regional and key hub for blockchain and fintech innovation.

The Crypto Oasis Ecosystem Report is a periodic report, which will be published bi-annually, focusing on market

development and emerging technologies such as blockchain, IoT (internet-ofthings), AI, Web3, the metaverse and many more.

This report established the first quantitative and qualitative ecosystem study of the Crypto Oasis blockchain ecosystem and identifies its various stakeholders.  It incorporates articles from major players in the industry like State Street, Securrency, Phoenix, Virtua, DIFC, DMCC, Ripple, Simmons and Simmons, Crypto 1, Tokengate, TDEFI and many more.

The Crypto Oasis Ecosystem Report will help set the baseline from which growth can be identified in the following years as the Crypto Oasis looks to become a centre of blockchain excellence.

In a strategic partnership with the Dubai Multi Commodities Centre (DMCC), Crypto Oasis has helped numerous blockchain organisations get licences to operate in the UAE. The DMCC has a long history as a global hotspot for

INVESTING IN CRYPTO OASIS

Dubai is known for its thirst for innovation and continues pushing the limits of new technologies to engineer a competitive economy. In the couple of years that followed, major banks and companies in Dubai and the whole UAE can be seen to have started exploring the capabilities of the technology. For instance, UAE’s Rakbank teamed up with top crypto platform Kraken to o er dirham-based digital asset trading. Kraken was the first global crypto exchange platform to get a licence by UAE regulator Abu Dhabi Global Market.

Moreover, the zeal for cryptocurrency trading globally amid the health crisis also permeated the UAE. According to a PwC report, the country’s share in the global crypto market is around $25bn in transactions, which increased by 500 per

REGION’S TOP

cent between July 2020 and June 2021. By the second half of 2021, cryptocurrency trading appears to be one step closer to legitimacy within the Dubai World Trade Centre Authority (DWTCA) free zone. The DWTCA and UAE’s Securities and Commodities Authority reached an agreement that establishes a framework, allowing the regulation, o ering, issuance, listing, and trading of crypto

assets within the free zone. This has led to the number of well-known crypto exchanges setting up shop in the emirate.

In Dubai, the number of visitors increased by 183 per cent to 7.1 million in the first half of 2022 compared to the same period last year. Notably, Henley & Partners forecast the UAE to lead the world in attracting a uent people by the end of 2022, with a 4,000 projected net inflow of high-net-worth individuals.

The flow of capital in the country has noticeably increased as well. This is evidenced by its 46 per cent share of the total venture capital received in the MENA region and the over 26 per cent share of the total transactions in 2021. According to the Ministry of Economy, venture capital investments in the UAE actually increased by 12 per cent in 2021 compared to 2020.

The Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, announced its framework to control operations involving spot crypto assets in 2018, including those carried out by exchanges, custodians and other intermediaries in ADGM. Meanwhile, with the launch of Virtual Assets Regulatory Authority this year, Dubai has strengthened its commitment to blockchain and cryptocurrencies.

Then, there are also venture capitalists that have shown interest in Dubai’s Blockchain climate in 2022, such as Draper Goren Holm, Woodstock Capital, and True Global Ventures. Some UAEbased venture firms have also committed significant funds to blockchain startups. One such example is the launch of Cypher Capital’s $100m blockchain-focused fund in March 2022.

“Crypto Oasis Sentio, Crypto Oasis’s investment arm is also helping to cultivate a robust blockchain ecosystem in the Middle East. It aims to invest in early-stage startups that come from the Crypto Oasis ecosystem and currently has a growing portfolio, with projects such as Grizzlyfi, UFO Gaming, MetaMall, Ex-Sports, Safle and others,” states Saqr Ereiqat co-founder and managing partner at Crypto Oasis Sentio.

MAKING A MARK

SAQR EREIQAT, CO-FOUNDER CRYPTO OASIS

Q:

TELL US ABOUT THE GROWTH OF BLOCKCHAIN OVER THE LAST DECADE.

The concept of blockchain was considered a hype in the early days, but it has now become a reality. Back in 2015, we were writing strategies, giving presentations and discussing the ways in which we could implement them. The inception of this technology has only been a few years ago, but now we’ve seen it evolve into a valuebased conversation. It is still a long way to go before we join the mainstream, but I believe that any innovation passes through di erent stages along the way.

DO YOU SEE ANY MYTHS AROUND BLOCKCHAIN?

Of course! As a matter of fact, one of the biggest concerns is that blockchain, Bitcoin and other cryptocurrencies use massive electricity. Factually, it is correct. They use electricity but then what doesn’t use electricity? There are certain networks that use electricity, for example, the banking and the telecommunication network. There are many things we need in our lives that depend on electricity. However, it is estimated that Bitcoin consumes less energy than both banking and gold, according to a study by Galaxy Digital. There is an estimate that the annual electricity consumption of Bitcoin is 113.89TWh/year, which is less than the consumption of gold (240.TWh/ year) and banking (238.92TWh/year), respectively.

The other misconception is that everything is going to be on the blockchain. People think that in the future, everything that has value attached to it, will be on blockchain. So, we call this the Internet of values. Since they think everything has value, they assume everything needs to be put in blockchain and convert it into Bitcoins which will replace dollar as a means of payment. Although, Bitcoin and cryptocurrencies allow us to create a new financial system, I firmly believe banks will not fade away.

HOW READY IS THE REGION TO ADOPT BLOCKCHAIN AND WEB3?

We are much more advanced than other countries around the world, with UAE being the most futuristic in the region. The country has taken significant steps to promote and adopt blockchain and digital assets. Earlier this year, UAE issued a Dubai Virtual Asset Regulation Law to establish a legal framework to protect investors and implement international standards for virtual assets industry governance.

The Dubai Virtual Asset Regulatory Authority is responsible for licencing and regulating the sector across Dubai mainland and free zone authorities. As early as 2018, Abu Dhabi Global Market, the International Financial Centre in Abu Dhabi, launched its framework to regulate spot crypto asset activities. Last but not least, freezones are working towards creating a vibrant ecosystem for non-regulated Web3 activities.

HOW IS CRYPTO OASIS MAKING ITS MARK IN THE REGION?

The Crypto Oasis is a Middle East focused blockchain ecosystem that is supported by thought leaders in the space. We have identified over 1,300 organisations in the UAE alone. These are entities active in the blockchain, NFT, metaverse or Web3 space. We have defined two categories for these entities: native – meaning entities that are incepted to capture the new business model, this emerging technology presents, and nonnative – meaning entities that would exist with, or without this technology, but are active in that area. The forecast is to identify over 1,500 established firms across the region by the end of this year.

The significance of blockchain lies in its inherent transparency, trust and immutability. In order to achieve these characteristics, we have built an ecosystem that o ers unique value to our partners.

In order to achieve inherent transparency, trust and immutability, Crypto Oasis has built an ecosystem that offers unique value to its partners

RALF GLABISCHNIG

FOUNDER,

FOSTERING BLOCKCHAIN ADOPTION

Oasis estimates

will identify over

established organisations across the region by

of

HOW IS CRYPTO OASIS LOOKING TO BOOST BLOCKCHAIN DEVELOPMENT IN THE MIDDLE EAST?

Crypto Oasis is fully focusing on connecting crypto enthusiasts to our ecosystem and growing the wider Inacta Group with Venture Capital and Venture Building structures in the UAE. Inacta is also one of the founding members of the Crypto Valley Association and believes the time is ripe for this collaboration to bring the two regions closer together and bridge the geographic distance. Crypto Oasis is building the ecosystem for organisations in the Web3, non-fungible token and metaverse space.

Arte is the Web3 meta-community initiative by Crypto Oasis. It brings together Web3 communities and individuals worldwide to create an environment that enables them in the art and technology worlds. It o ers a foundation and platform for local and international communities and individuals to come together to collaborate, create and connect.

WHAT VALUE DOES CRYPTO OASIS OFFER TO ITS PARTNERS?

Crypto Oasis catalyses the growth of organisations in

the crypto space and like the Crypto Valley Association, it brings together investors, startups, corporates, researchers and government entities. The Crypto Oasis is growing at such a fast pace that it has outgrown Switzerland in just two years.

EXPLAIN IN BRIEF THE ROLES OF BOTH ENTITIES. HOW DO YOU SEE THE GROWTH OF YOUR ECOSYSTEM BY THE END OF THE YEAR?

The Crypto Valley Association is based out of Zug. The association was founded to benefit from Switzerland’s strengths to connect startups and established enterprises and foster blockchain and cryptographic tech innovation and adoption. Crypto Oasis will lead the Crypto Valley Association chapter for the Middle East as we are connecting two of the most active areas in the crypto industry.

The two entities will play complementary roles and expedite our mutual aim to establish a global blockchain ecosystem. This alliance will connect a fragmented blockchain world with the Middle East which already has become the new hub for crypto and blockchain.

The Crypto Oasis is a Middle East focused blockchain ecosystem that is the fastest growing, with more than 1,000 organisations in the UAE alone. The forecast is to identify over 1,500 established organisations across the region by the end of 2022.

WHAT ARE YOUR PLANS FOR THE NEXT TWO YEARS FOR SWITZERLAND AND THE MIDDLE EAST?

The collaboration between Crypto Valley Association and Crypto Oasis will enable knowledge share and the exchange between crypto-passionate in Switzerland and in the Middle East. Crypto Oasis has launched directory that cements our position as thought leaders in the industry.

We will host several events which will bring everyone together through events and roundtable discussions where ideas can be exchanged and put into action. We are excited about the future and look forward to fostering blockchain adoption on a global scale.

TRENDS THAT WILL DRIVE THE IMPACT OF THE METAVERSE ON THE VIRTUAL AND REAL WORLD

The metaverse is still in its infancy and despite the revolutionary concept, it is a turning point with limitless opportunities for making money, networking and brand growth

T

he world was first introduced to the notion of the metaverse in American writer Neal Stephenson’s 1992 book, Snow Crash. A speculative fiction writer, Stephenson wrote about a virtual world that had the potential to extend the physical world. Actions in the virtual world could possibly impact the physical world. The technology in the book was imaginary but based on the technological advancements of the 20th century which brings us to the hyped metaverse of today.

TOP SIX TRENDS

The socio-economic impact of a fully functional persistent cross platform metaverse is still being studied. Research and consultancy company, Gartner, has found that the following six trends will drive wide scale adoption of metaverse technologies over the next three to five years:

GAMING

Games are the most popular and perhaps the oldest application in the metaverse. More immersive gaming and fantasy worlds that are complex will be easier to develop using metaverse technologies. Using game theory, storytelling, training simulation, the applications of gaming will move beyond just entertainment. This ‘serious games’ market will grow by 25 per cent because of the impact of the metaverse.

DIGITAL HUMANS

Our virtual selves in the metaverse will interact with AI-driven digital characters that will have the personality, knowledge and mindset similar to us. Our digital twins, or humanoid robots will be able to interpret speech, gestures and images and use that information to generate their own speech, tone and reaction. This will help create a conversational experience. As we move towards the metaverse, digital humans will be brand-embodied avatars, virtual influencers or digitised celebrities.

VIRTUAL SPACE

The virtual world will soon be populated with more people than ever before and not just gamers. Gartner predicts that by 2025, 10 per cent of workers will use virtual spaces for activities such as sales, customer engagement, remote teams collaboration and onboarding.

possibility to change the perception of physical spaces. Spatial computing that is broadly synonymous with extended reality, creates the power of place, of physicality with digital together. Spatial computing is an important part of the coming economic change and it will use physical space as a computer interface. By 2026, spatial computing glasses will be in their second or third iteration and help create a more pervasive metaverse experience.

MAKING THE METAVERSE MAINSTREAM

SHARED EXPERIENCES

Virtual environments can be used in silos for your individual fashion or gaming experience, but it’s true potential will be realised with public events that will o er participation in the metaverse. By 2028, 10 per cent of public events in sports or the performing arts will allow people to have a shared experience virtually and create more opportunities to commercialise the metaverse and also create immersive experiences.

TOKENISED ASSETS

The token economy has created an asset class that is transforming capital markets and creating new economic models. The metaverse will allow people to own tokenised assets which will mostly be NFTs. Creators of the NFTs will be able to retain most of their revenue and by 2027, it is predicted that 25 per cent of e-commerce retail organisations will have at least one proof of concept for tokenised assets in the metaverse.

SPATIAL COMPUTING

When a virtual world exists in parallel to the physical world, there is also the

As fascinating as the future of the metaverse looks, mainstream adoption requires forging utility for the common man. The main barrier today is that gaming is central to metaverse technologies. Most investments and technological breakthroughs are in the gaming universe. Other challenges for mass adoption start with form. State-ofthe-art hardware that is cumbersome and is extremely expensive creates a clunky experience. These have generally been prohibitive for wider VR adoption and could be a roadblock for the metaverse. Once the barrier for flowing in and out of the metaverse becomes invisible, the adoption rates will naturally soar.

THE METAVERSE IS HERE TO STAY

Despite the concerns of substantiality, the metaverse is the future we’re living through. To truly recognise its potential, we have to redefine our vision for the world and sell that to make it mainstream. We need a metaverse that is ethical, safe and inclusive. Stakeholders need to ensure their metaverse roadmaps do not just acknowledge and tackle the barrier listed above but also ensure data privacy and security.

The metaverse is still in its infancy and despite the revolutionary concept, it is a turning point with limitless opportunities for networking and brand growth. This is not a technology that will fade out, the hype is real and demands earnest attention. The revolution is here and it brings possibilities to develop communities in ways we could not fathom before.

As we move towards the metaverse, digital humans will be brand-embodied avatars, virtual infl uencers or digitised celebrities”

Faisal Zaidi, co-founder and CMO, Crypto Oasis

NFTS BEYOND ART

When people think of NFTs, they associate them with art both physical and digital, but there’s more to them

I

n early 2021, I heard the acronym NFT (non-fungible token) for the first time and asked myself, what is an NFT? As it turns out, I quickly found, I wasn’t the only one asking that question. The truth is, it is not mainstream. Not yet, anway. And if they have heard of an NFT, they o ten have trouble defining what it is. So, to help frame this conversation it is worth defining what an NFT is.

An NFT is a record on a blockchain that is associated with and/or represents ownership rights to a digital or physical asset. To break that down, the non-fungible part means that it is unique and cannot be replaced with something else. In other words, it’s theoretically one-of-one and the NFT proves it. The token part comes in because the record of production, transaction and ownership has been recorded on a blockchain. In industry terms it is called ‘tokenisation’.

Many people when they think of NFTs, associate it with art, both physical and digital. This is driven by several factors. Art provides the perfect use case for NFTs – it is an industry that has long needed a way to truly identify the production, authenticity and ownership of pieces of artwork. Estimates vary but on an annual basis fraudulent or illicit art transactions run about $6bn. The other factors are the media and marketing coverage surrounding NFTs for art. But in this writer’s opinion the biggest fanning of the flame came from the sheer economics of it. The exponential increase in both the number of transactions and prices of NFTs during the crypto boom, headlined by Beeple and Bored Ape Yacht Club (BAYC), understandably grabbed people’s attention.

But art is just one use case for NFTs. It is important, even critical, to understand that NFT

use cases exist beyond art. We are still very early in the technology life cycle of NFTs and related blockchain technolo gies, but the reality is they will have a significant impact on many industries.

The following is a non-exhaustive list of current use cases that are being imple mented by companies across multiple industries – supply chain management, real estate, digital and self-sovereign identification, event ticketing, fractional ownership rights, membership cards, collectibles trading, food production and digital twinning of fashion items.

The actual application of NFTs across the various industries will be differ ent. But some of the common core challenges that are trying to be solved include traceability, transparency, clear chain of custody and ownership rights. At Metamall Group, the use case for NFTs, through our metaverse retail marketplace, is the twinning of fashion items. This breaks out into NFTs get ting created for specific items that are purchased and traded through our plat form; and being able to provide relevant data insights to our partners that can have a real impact on how they operate their business.

There will be other use cases that will emerge as the adoption rate of NFT utilisation increases. There are too many problems it can help solve for it not to. And when there are many problems to solve it means there are

massive opportunities to capture. But for NFTs to realise their full potential and impact it needs a strong ecosystem to support its evolution and growth. At a minimum, the ecosys tem includes future forward thinking founders and their companies, the investment community, educators and government organisations.

This is where some cities in the Gulf region, specifically Dubai, are at the forefront. Dubai has made it clear they plan to be one of the major hubs, if not the epicentre of the metaverse, NFT and blockchain ecosystem. A key driver of this has not just been the government’s endorsement, but its support through investments, enacting business friendly legislation and infrastructure and the creation of organisations such as the Dubai Blockchain Center and Dubai Future Foundation. The signalling is, we see the sizable opportunity and we are all in on building the future through blockchain related technologies and cre ating a truly digital economy.

This has helped to create the perfect storm of conditions to accelerate the growth of the blockchain technologies ecosystem in the region. It is shown in massive capital flowing into the region, major companies – both blockchain and non-blockchain related – either setting up a regional office or relocating their headquarters, global talent inflow and accelerators that are helping companies get launched. Even amidst concerns about the global economy and the impact of the correction in the crypto market, the expectation is that the future is extremely bright and it is being built here in the region.

Keo Sar, co-founder and CRO, Metamall Group

But for NFTs to realise their full potential and impact it needs a strong ecosystem to support its evolution and growth. At a minimum, the ecosystem includes future forward thinking founders and their companies, the investment community, educators and government organisations”

HARNESS THE POWER OF AI IN WEB3

Artificial intelligence brings value to organisations to better understand their customers, and monetise interactions in the virtual world

VALERIE HAWLEY,

AFFILIATE FOUNDING PARTNER, TRUE GLOBAL VENTURES

HOW DO YOU SEE THE GROWTH OF ARTIFICIAL INTELLIGENCE IN THE MIDDLE EAST?

The Middle East region has always delivered on ambitious visions. This region has realised that artificial intelligence (AI) will be ubiquitous in every part of life in the next five to 10 years, will bring huge cost savings and/or e ciency gains and the governments are looking at harnessing the power of AI as quickly as possible.

WHAT ARE THE NEW TRENDS THAT YOU HAVE SEEN?

We have seen the following trends:

Upskilling

Industry wide upskilling programmes to have the basic mathematical skills of data science to understand AI. Government wide programmes are rolled out to make sure every civil servant understands what AI is, the potential and the limitations of the technology.

Developing innovation

The innovation ecosystem has grown massively in the last five years with the development of innovation hubs everywhere. To support the growth of this ecosystem Abu Dhabi Global Market, Dubai International Financial Centre have eased the process of doing business for startups and have attracted many venture capitals funds. The region

is attracting talents externally as well as developing their internal capabilities through education and various innovation programmes.

Enhancing regulations

There is a large e ort to understand and regulate the nascent technologies and the regulator in Abu Dhabi and in Dubai are already working closely with the tech and innovation eco system. They have set up sandboxes to support and observe the development of startups. VARA, the Virtual Assets Regulatory Authority is a good example with about 50 Web3 companies in their sandbox.

TELL US ABOUT THE ROLE OF AI AND BLOCKCHAIN IN WEB3.

AI and especially computer vision is the underlying technology that enables virtual reality and augmented reality. Meanwhile, blockchain is the technology that enables smart contracts and records to be kept and traced immutably and in full transparency. The technology is a big leap in terms of data collection and data quality. Therefore, these blockchain enabled datasets are prime input for AI algorithms.

Blockchain also enables fast and scalable transactions, providing reliable real time data.

AI is the only tool able to analyse this data, detects fraud in large number of crypto transactions. As more people and organisations move into the metaverse, AI enabled toolkits will bring value to organisations to better understand their customers, derive value for NFTs and monetise interactions in the virtual world.

THE INNOVATION ECOSYSTEM HAS GROWN MASSIVELY IN THE LAST FIVE YEARS WITH THE DEVELOPMENT OF INNOVATION HUBS EVERYWHERE

YIFAN HE, CEO, RED DATE TECHNOLOGY

BLOCKCHAIN: POWERING TECHNOLOGICAL TRANSFORMATION

Increasing digitisation, the global pandemic and decline in cash usage have contributed to the growing interest in central bank digital currencies

Q:

ELABORATE ON THE GROWTH OF BLOCKCHAIN TECHNOLOGY IN THE REGION AND ITS TRENDS

Middle Eastern countries are, in many areas are leading the way in adopting blockchain technology. In recent years, the blockchain industry in the region has seen rapid growth, which is also a result of the government support.

Regarding trends, we see Central bank digital currencies (CBDCs) as a major trend. The number of countries researching CBDCs is more than double of what we saw in 2021. Major countries like China, Australia, France, Japan and Malaysia, are currently conducting pilot projects. Increasing digitisation, the global pandemic and decline in cash usage have all contributed to the growing interest in CBDCs.

Another trend we are seeing is interest from traditional businesses in public blockchain technology, although they are still wary of public blockchains because they force businesses to be involved with cryptocurrencies. Many traditional IT companies are investing heavily in the blockchain industry but are skeptical about adopting it on large-scale. Public blockchains are popular with large enterprises but heavy and di cult to scale. In contrast, public blockchains o er open, transparent and decentralised solutions, but cryptocurrencies are expensive and volatile. Non-cryptocurrency public blockchains can be the solution that includes all the advantages of public blockchain technologies while removing the constraints imposed by cryptocurrencies.

WHAT DOES BSN DO?

The blockchain-based service network (BSN) aims to build a ‘one-stop shop’ for businesses to deploy blockchain applications easily and cost-e ectively. It provides decentralised infrastructure for all IT systems to build the next generation of the Internet together.

WHAT ARE THE CHALLENGES YOU AIM TO RESOLVE IN THE LARGER BLOCKCHAIN ECOSYSTEM?

The majority of IT systems today are private back-end systems, which are controlled by a single organisation. However, since businesses and individuals have become more demanding of systems that provide easy connectivity, data ownership control and transparency, private systems can no longer meet their needs. This is where public IT Systems are needed. With blockchain technology, we are building public IT systems that can be managed and controlled by a group of users instead of a single entity. Users will be able to control their own data and decide if and when they want to share personal information with third parties.

REDEFINING THE CRYPTO LANDSCAPE

Here’s how the future of Web3 continues to play out, especially with the world constantly moving towards a more decentralised mode of operation

There’s no denying that the crypto market has grown from strength to strength over the last few years. This is best made evident because, by Q4 2021, the total capitalisation of this yet nascent sector had risen to a staggering $3tn. And while bears have been in control of the sector over the last eight odd months, prominent venture capital (VC) funds have continued to pour money into this space. To this point, studies suggest that over $1tn could make its way into this rapidly evolving ecosystem over the next five years. That said, TDeFi is a Web3-focused incubation platform aiming to spur the development of promising projects operating within this space by assisting them in many di erent ways.

TO THE MOON…

In addition to helping raise funds for its clients, the company o ers the community of backers access to a pool of experienced entrepreneurs, advisors, developers and investors. It also provides mentorship to startups, with experts from di erent crypto domains assisting projects during the various phases of the incubation period.

Expounding his views on the importance of crypto launchpads, Gaurav Dubey, CEO of TDeFi, recently noted in an interview:

“Mentoring comes in varied forms. Apart from ideation, incubators assist in designing utility-based, growth-oriented tokenomics, which is necessary for attracting investors. A well-networked incubator always finds strategic investors for startups even in a bear market.”

THE METAVERSE AND TDEFI

The idea underlying the metaverse has gained a lot of ground over the last few years, especially with the growth of domains such as augmented and virtual reality.

Companies like TDeFi have been actively working within the metaverse, having incubated several prominent projects over the last couple of years. Some of the firm’s success stories include MYTH, an alliance consisting of various metaverse-style ecosystems, blockchain games, global publishing houses, and artists; Metamazonia, a 3D, real-time, gamified crowdfunding platform that allows users to purchase a 1:1 virtual replica of the Amazonian forest land and Vulcan Forged, an NFT gaming studio that comes with its very own dApp platform, allowing developers to bring their ideas to life.

HERE’S WHY CRYPTO ACCELERATORS MATTER

In recent years, accelerators/incubators have become one-stop shops for

quality crypto projects since they come with the backing of entrepreneurs, venture capitalists, marketing experts, and tech advisors who are well equipped to chart out a clear success route for their clients. To elaborate, incubators provide clients with assistance in regard to strategy, tech development, marketing, funding and community building.

Also, it bears mentioning that fundraising can be a big challenge for emerging businesses, especially those operating within the realm of blockchain and crypto tech. Incubatorbacked projects have a proven track record of accruing funds easily from venture capitalists and angel investors. Lastly, crypto incubators come backed by a community of supporters that allow incubates to foster their respective client bases seamlessly.

LOOKING AHEAD

There’s no denying the fact that the blockchain and crypto industry is currently at a crossroads in its evolution, one that stands to define its future for the long haul. While in years past, most individuals associated with this space were interested in short-term gains, the landscape seems to have changed quite drastically .

Global accelerators are tasked with the critical duty of not only recognising businesses with potential but also a ording them various on-ramp solutions to ensure their continued future success. It will be interesting to see how the future of Web3 continues to play out from here on end, especially with the world continuously moving towards a more decentralised mode of operation.

Gaurav Dubey, CEO, TDeFi

ARTIFICIAL INTELLIGENCE IN THE METAVERSE

The correct use of AI and its adoption is pivotal to maintaining the best practice and stepping into the future with metaverse

It is widely accepted that the “metaverse” is the future of our interactivity on the web. Thanks to the significant rationalisation occurring in the decentralised finance and blockchain space, we can now talk about it as an ecosystem of commer cial potential driven by creators and occupied by all of us.

We have seen metaverses before, from Sony Playstation home to Secon dLife. However, something is different now. We have a decentralisation occurring – a way to change the typical Web2-centric approach to ownership on the web. This change of owner ship structure means that more people have more power over what they see, what they do and what they buy online. Understanding this power and

Dr Eva-Marie Muller-Stuler, partner – Data and AI, Ernst & Young

its potential has become a hotbed of political, philosophical and technical jargon, lending itself to raised eye brows more often than not.

What we need to do, is to under stand what is necessary to lift the project “metaverse” to reach its lofty potential. So, to this end, let’s try to break down a use-case for the metaverse. It is a ‘Web3,’ multi-tenant

Andrew Schumer, director –Technology Advisory, Grant Thornton

platform allowing curated content, e-commerce, interactive gaming and social-fi. We envision it working by selling virtual land with specific tools to build content or e-commerce. This is all connected through a massive interactive space, where your avatar can engage other avatars while shop ping, gaming or just hanging out.

So how can this all come together?

Well, it turns out that we not only need hardware, developers and blockchain to enable this ‘Web3’ masterpieces, but we will also need artificial intel ligence (AI). Imagine going from a game to an NFT marketplace to an interactive store without curating your preferences. It would be like navigat ing multiple significant cities without a map. With each ‘content creator’ need ing to provide services, offer payment solutions, drive e-commerce or engage with a broader social audience, various levels of AI will need to be involved.

AI will ensure a smooth operation connecting all the decentralised ser vices to their respective nodes to work correctly. This multi-service-enabled metaverse must use transparent AI by design as financial services, and complex decisions will be based on its output. The tokenisation of these services would impossible to manage without the AI working in the back ground to balance supply and demand.

We don’t have to look far ahead to see how these technologies are suited for each other. Fundamentally, we need to realise that as the metaverse becomes a cross-border phenomenon, the need for compliances is imperative.

AI is essential to ensure these technol ogies are interoperable and secure. The correct use of AI and its adoption is pivotal to maintaining the best practice and stepping into the metaverse.

AI CRYPTO RATINGS VS THE BEAR MARKET

of the US which have been compounded by the high-profile headaches caused by $LUNA and Celsius Network. Traders have been le t searching for ways to navigate the economic headwinds, but more on that shortly.

As crypto adoption begins its journey towards one billion users, lessons from the traditional financial sector have inspired the development of a new decentralised approach to financial ratings that embraces the predictive power of artificial intelligence (AI) and machine learning (ML).

Based at the DMCC crypto centre in Dubai, Evai has embraced the bear market and used it as a proving ground for a crypto ratings model that combines world leading academic and economic research with industry-leading

technology. The outcome is a platform that is built to tackle the toughest market conditions that will help users build crypto portfolios, minimise risk and inform profit making trading decisions.

In the investment world, information is power and the Evai Ratings model has passed the empirical test, identifying value in the bear market which has seen the price of Bitcoin (BTC) fall from $69,000 to below $20,000 for the first time since December 2020.

Like a bear with a sore head, the crypto market has been su ering a hangover from recent announcements coming out

The Fed’s decision to raise interest rates stems from the high inflation figures plaguing the US and other countries around the globe. Reports coming out of the US reflect a rise of 8.6 per cent in the Consumer Price Index. With the 1 per cent increase since April, the annual rate of inflation is now running at the highest level since December 1981 prompting a sharp reaction from the FED implementing a third 75 basis point increase in a row.

ECONOMIC STAGFLATION?

The causes may vary but in general, market turmoil, such as the dot com bubble in 2000, the global meltdown in

Evai’s founder and CEO, Matt Dixon examines the unprecedented market conditions and lifts the lid on the predictive technology that is powering and protecting profits

2008 and Covid-19, bring policy responses to restore equilibrium and maintain stable growth and inflation. However, we need to go back many years to witness the economic landscape we find ourselves facing in 2022. The specter of stagflation is upon us, and policy makers will need to walk a tightrope to avoid catastrophe. What a conundrum the market now faces, while inflation will come down sooner than expected and the US Federal Reserve will eventually reverse their decisions and bring interest rates back down, the damage to long term growth will already have been inflicted.

THE CRYSTAL BALL OF CRYPTO

During an unprecedented year for crypto and the global economy, Evai Crypto Ratings have proven their ability to outperform the market on a risk adjusted basis. Traders now have a system at their disposal which embraces the latest cutting-edge technology, employing AI, coupled with ML to provide unbiased crypto ratings. Every crypto asset rated by our technology undergoes a rigorous evaluation that scrutinises the asset’s current data against six power factors and over 20 KPIs, before awarding an unbiased rating.

Given the number of crypto assets out there, over 20,000 at last count, an unbiased and automated system is an absolute necessity.

Over the past three years, Evai has pioneered data management techniques that have only recently been made possible due to advances in AI and ML. Fuelled by the success of the ratings, the research team and AI experts at Evai are not standing still in the bear market and are in pursuit of constant upgrades to

maximise the performance and predictive power of the ratings.

As the TradFi and crypto markets continue to bubble with uncertainty and emotion, users of the Evai platform will shortly have two proven technologies to help guide them. For crypto portfolio builders, the Evai Market Index updates weekly and ranks crypto assets from A1 down to D and provides an indication of the underlying value.

Launching soon on the platform, the Evai Trading Score will provide actionable insights for users providing four hourly trading updates that can be used to inform short term trading activity. Users can increase potential returns and minimise risk by using the predictive power of crypto ratings to empower smart investment decisions.

Plus (+) and (–) symbols will indicate the likelihood of a positive or negative price direction, while the numbers 1–3 indicate the strength of a cryptoassets market moves. The trading score is calculated using a multi-factor model coupled with AI and ML to compare the daily performance of each coin with its historical data.

Picking out winners and losers in advance of price moves, o ten hours in advance, Evai platform and Evai PRO monthly subscription (Q4 launch) have been designed to help users navigate today’s challenging bear market conditions, where traders are looking to protect funds.

THE POWER OF PREDICTION

Recently, Evai team revealed how our crypto ratings are able to show predictive value by identifying rises and falls before they happen. This gives crypto traders the ability to invest or divest from assets to make gains and take profits, even in the current bear market.  For example, Kambria token gained 531 per cent following an upgrade (B2 from C2) while Viberate pumped 455 per cent, a ter an upgrade from B3 to B2. Similar upgrade success stories include OAX which saw its rating move from B3 to B2, shortly followed by a significant pump in price of 463 per cent in less than 12 hours.

The high profile rise and fall of $LUNA provided the ultimate proving ground for the Evai Ratings technology with $LUNA experiencing a 248 per cent gain following its rating upgrade last November, followed by significant downgrades in advance of its collapse.

Sounding the alarm on May 6, the predictive capability of the Evai Ratings downgraded $LUNA from B3 to C1 (8.05 per cent price decrease). This was followed by a further downgrade from C1 to C3 on May 10, prior to the 82.23 per cent price collapse. Even large-cap tokens such as XRP, Binance Coin, Litecoin and BTC showcased the power of Evai when recent price declines were signalled ahead of time by rating downgrades, enabling traders and investors alike to close positions or even short sell for profit.

BEARS BEWARE…

THE FUTURE IS BRIGHT

Far from having to hibernate during a bear market, investors are now able to build and protect wealth. Evai deploys the latest AI and ML technology to deliver actionable data, empowering investors in any market conditions. In a world which is rapidly digitising all assets, the time has come for a next generation ratings model.

The Evai PRO subscription service is coming soon on evai.io and available for $9.99 for a limited period.

FASHION GOES PHYGITAL

are embracing phygital fashion to bring added value and create a better retail

for

WORDS

If we stop and think about the sectors which have rapidly changed over time, fashion and tech are sure to come to your mind. Rightly so, these are among the most dynamic of all fields, with one defined by changing trends of the public, whereas the other simply keeps on growing with the latest advancements. Phygital fashion is something that brings us a bit of both, while also defining the expected future of the fashion industry.

The term ‘phygital’ might sound confus ing, especially to those who haven’t heard of it much. It is actually not as complex, as it simply defines a mix of physical and digital approaches. This concept, however, might not be identified as such but has been present for a long time, as we can see digital services helping us get through the physical work in a more convenient manner in industries like banking, international trade, real estate, shopping, automotive and certainly, fashion.

FASHION, WEB3 AND THE METAVERSE

The advent of blockchain technology has brought drastic changes in almost every industry. After getting stormed by the rapid rise of cryptocurrencies, non-fungible tokens (NFTs), then became the talk of the town with top companies, brands and celebrities diving into it, further enhancing its impact. The fashion world was not to be left behind, as it embraced the new trends, bringing a new dynamic of the industry.

A further progression in digital fashion was seen with the conception of the metaverse. As the virtual world allows you to pick your own avatars and appearances, this opened up yet another avenue for fashion designers and enthusiasts to test their imaginations. Users can find the best outfits, gears and accessories that can be donned in the virtual world, creat ing an image which was never possible earlier.

This leads us to phygital fashion, as all the outfits and accessories you purchase in the virtual arena, are now also available physi cally, in the real world. There have been several fashion brands and designers working toward phygital fashion, where you can bring your imaginary self to the real world. Among these, some are worth mentioning for their futuristic method and approach to fashion.

RISKS AND VOLATILITIES CRYPTOCURRENCIES

Cryptocurrency has rewarded early investors with life changing returns as Bitcoin had its meteoric rise from mere cents to over $69,000 in the last decade

financial losses over a specific time frame. For example, if a portfolio of cryptocurrencies has a one-day 95 per cent VaR of $100,000 than that means, there is only a five per cent probability of one-day losses exceeding $100,000. Although one can reasonably expect that in 95 per cent of the times, one-day losses will be less than $100,000. VaR does not give an indication of how large in excess of $100,000 losses might be.

MAXIMUM DRAWDOWN

Domenik Maier CEO, IBloxx

The current bear market provided a painful reminder that investing in crypto currencies does not come without risk.

On-chain data suggests that over 50 per cent of bitcoin holders are currently under water with most market participants holding on to significant losses. This article analyses the risk of cryptocurrencies and will look at common industry metrics such as volatility, value-at-risk and maximum drawdown.

Investing in cryptocurrencies has rewarded early investors with sometimes life changing returns as Bitcoin had its meteoric rise from mere cents to over $69,000 in the last decade, making it the most profitable asset of that period. However exceptional returns also come with above average risks but how are these best quantified? Financial literature will likely cite volatility as the most o ten used metric to analyse risk.

VOLATILITY

Volatility describes the standard deviation of its returns compared to its mean. Or in simple terms, how large do returns deviate from its average? Although volatility allows for a relatively easy comparison of risk from one asset to another, it can paint a wrong picture of the real risk of an investment. For example, certain option trading strategies that sell options which are far out-of-the-money o ten earn consistent returns. They therefore have rather low volatility but are certainly not low risk as a single large market move might lead to a significant loss.

VALUE-AT-RISK (VAR)

VaR is a statistic that quantifies the extent of possible

Maximum Drawdown is the largest observed loss of a period before a new peak is achieved. It basically looks for the largest movement from a high point to a low point in the performance of an asset or portfolio before a new high is achieved again. The cryptocurrency market is currently experiencing the largest absolute maximum drawdown ever, as Bitcoin tumbled from $69,000 to just over $17,000, a drawdown of over $50,000 and is yet to recover to new highs.

While investment risks should never be analysed in isolation, retail investors might quickly be overwhelmed. Investors are better o using risk metrics they fully understand and then allocate capital accordingly. Maximum drawdown is a relatively straight forward approach. Analysing past drawdowns makes one point very evident: the current drawdown, albeit being the largest in absolute USD terms, in percentage terms it is within the norm. In the last 10 years, Bitcoin had experienced 15 drawdowns of 30 per cent or more and seven drawdowns of 50 per cent or more.

ALTHOUGH VOLATILITY ALLOWS FOR A RELATIVELY EASY COMPARISON OF RISK FROM ONE ASSET TO ANOTHER, IT CAN PAINT A WRONG PICTURE OF THE REAL RISK OF AN INVESTMENT”

“BITCOIN IS DEAD – LONG LIVE BITCOIN!”

Bitcoin has been labelled ‘dead’ multiple times, to then rally to unprecedented highs. Will this time be any di erent? We doubt it as Bitcoin’s value proposition is as strong as ever and when would you rather invest? At all-time highs or when cryptocurrencies are trading at a significant discount?

The choice is yours!

GOOD USE CASES OF NFTS

NFTs are to stay and its cutting-edge technology could change our lives and solve some of the biggest problems

Sallyann Della Casa Chief identity hacker and founder, Lovely Humans

When thinking about non-fungible tokens (NFTs), most people think about artwork. But here’s the thing about art – it leads the way in all great revolutions. It has done the same for NFTs. But make no mistake, we will look back at this time and laugh at ourselves for thinking NFTs were all about some “Bored Apes”.

So, let’s get started as to how we define an NFT. An NFT is just a code, like JavaScript or C++, that attaches anything to blockchain. Just like your documents when saved has dot Excel or Word,

help us make smarter decisions to become carbon neutral. And have you ever considered autonomous driving and tra c management through a NFT marketplace? What that means is that, if my autonomous vehicle needs to get somewhere faster, my vehicle could easily communicate with the vehicle in front of me and could o er to pay the toll in exchange for that autonomous vehicle moving on the other lane. All of this could be done through the means of NFTs.

AUTHENTICATION CONCERNS

Did you know that it is estimated that as much as 50 per cent of the world art in some of the most well-known museums are frauds? Authentication has always been a concern in certain industries such as art, titles of real-estate, money, diplomas, luxury goods etc. Many of the current products, services and records are at risk of fraud due to the lack of verifiability and transparency of the technology used so far.

An NFT in the real-estate would contain all of the information about the property, all modifications made to it, the market value changes would be tracked, and it could even provide proof of previous and current ownership. Same principle can be applied to the supply chain and the art industry. NFTs can be attached to products giving the companies and art suppliers the benefit of tracking their products throughout all of the stages: manufacturing, shipping, delivery and any other in-between stages; and it gives the clients proof of authenticity and transparency with regards to the handling processes.

PRESERVING HUMAN IDENTITY

you can save with a ‘dot NFT’ hypothetically to the blockchain. Now, the next big question is why do you want to save anything to blockchain? It’s like the perfect notebook in many ways. You cannot erase or change anything once on a page nor can you rip anything out. This makes blockchain very secure, immutable and verifiable.

Now put the two together and let’s discuss the three big use cases of NFTs:

MACHINE TO MACHINE COMMUNICATION

Imagine each appliance, like your refrigerator and washing machine, communicating on which one is powering up and down to ensure regulated energy consumption through NFTs. This is how NFTs can

How do we capture and preserve human identity and ingenuity in an age of automation? Human identity and ingenuity are not your degree or birth certificate. We are talking about the unique way you think and act, o ten using human skills such as creativity, judgment and decision making, leadership etc. It is a dynamic phenomenon that cannot be encapsulated in a psychometric, static profile or resume. It is shaped by the conversations we have with people, the way we handle situations, the people we surround ourselves with and the projects and ideas we tackle and NFTs can capture all of this in a very simple way. This is what we have been working on with Lovely Humans by Gleac. It’s the world’s first utility NFT of an industry expert’s time dropping on October 15, 2022.

The next drop of 100 NFTs will take place in the first quarter of 2023.

UNLEASH THE METAVERSE

Where in the world of global business are we seeing the first main growth within metaverse technologies?

Andreas Baand Larsen chief executive officer, MeetinVR

Metaverse! We have all heard the word and seen the exponential growth within this technology. However, to fully understand what lies within the metaverse, it is crucial to understand the fundamentals, but even more important to understand why the world is evolving in this direction.

CREATIVITY AND GROWTH

As children, we are born with an urge to be curious and creative. We develop our senses and skills through constantly using our imagination and creativity. Take a step back and try to remember how you used your creative skills when you were a child – coming up with new ideas, games and discoveries. Children interact with each other socially from a very young age in person and form bonds and friendships.

So, why do I mention creativity and children? You see, in our modern digital world where a lot of meetings and human interactions are happening through video calls, we are not growing our creativity which in the end leads to innovation. The world needs the metaverse to allow the younger generation to continuously become creative. Many studies have shown that the metaverse technologies create a higher level of understanding, faster learning and deeper personal relations. With metaverse comes also the opportunity to virtually become anyone that you like. Things such as nationality, race and looks will have a new meaning and it will bring down borders.

INVESTING IN WEB3

More and more businesses and entities globally are starting to invest into Web3 technologies. This is

for a good reason. With the current race for talent, organisations need to adapt to the younger generation who are entering the workplaces. The new generation has a di erent set of expectations. They grow up with games which allow them to enter metaverselike worlds. In these specific worlds, they generate a digital identity which, whether we like it or not, is of high importance to them. Secondly, the younger generation are facing digitalisation much more than the generations before them. Therefore, the workplace has to adapt with this in mind.

Within the world of metaverse, your mind is the limit. Everything that can be imagined can be built. The metaverse is not the future, it is already here. Though in a somewhat early stage, the technology is growing at an extremely fast pace and continues to evolve day by day.

GROWTH IN SPECIFIC INDUSTRIES

Where in the world of global business are we seeing the first main growth within metaverse technologies?

Education is one of the first big movers. This is where the younger generation are evolving and spending a high amount of their time. The education sector needs innovation to be able to adapt to the changing generation of students. But how can the metaverse help the education sector evolve? Think about it, the way a classroom is set up and the way we teach, has not been evolving over the last many decades. This is for a good reason but to drive creativity among the students, educators will need to move towards the metaverse.

Government entities and public services have also started moving into the metaverse. The use cases di er from entity to entity, but the overall goal is to change the way they serve public. With the technology, these entities will be able to train sta much more e ciently than before and cut costs when it comes to travel and facilities.

Lastly, industries such as retail and hospitality have been some of the fast-growing metaverse users. Shopping and travelling will change immensely over the next few years where consumer patterns will follow according to the technology itself.

WITHIN THE WORLD OF METAVERSE, YOUR MIND IS THE LIMIT. EVERYTHING THAT CAN BE IMAGINED CAN BE BUILT. THE METAVERSE IS NOT THE FUTURE, IT IS ALREADY HERE”

THE ORIGINS OF THE VIRTUA METAVERSE

How Virtua is poised to take a giant leap into the metaverse

When Virtua chairman Gary Bracey and I first discussed the concept of Virtua, it was in a co ee shop in 2017. We were there to discuss potentially working together, combining our skill-sets and backgrounds in technology, gaming, licencing and interactive entertainment.

My background is in creating, building gaming and technology businesses. Bracey was part of Ocean So tware, the gaming company that pioneered movie and game licencing crossovers from RoboCop to Batman and Jurassic Park

The convergence of these di erent elements met in an ambition to create a pioneering business that would be a significant player in the metaverse. Bracey was hoping to provide some consultation on a project, but I’d convinced him to join me and Virtua was born.

Fast forward to 2018, we launched Virtua at a Screening of Ready Player One. We introduced the film as a two-hour trailer, showcasing the company’s ambitions in the metaverse. We were joined by peers and colleagues from various industries who shared our interest in the space, including Epic Games.

Later that year, we were prepared to launch our fully interactive virtual environments, a precursor to the metaverse. But industry’s enthusiasm for expansive virtual worlds had diminished, and the hardware had not been adopted nor developed at the same pace as the so tware.

We focused on digital collectables, the items that would become the building blocks and objects audiences would take into the metaverse. Our long-term vision to build a metaverse remained the same. We made sure to build premium 3D assets with

credible partners and original IPs, poised to enter the metaverse at a later stage.

Virtua o cially entered the business in 2020, and we collaborated with partners, including Paramount Pictures and Legendary Entertainment – successfully launching projects in art, entertainment and sport.

In 2021, when Mark Zuckerberg rebranded Facebook as Meta, the world suddenly realised the potential of the metaverse. The technology had been developing for some time, but expectations had also become more realistic regarding what the metaverse would be in its initial stages.

We’d also grown to understand that the wider audience is not as interested in a decentralised metaverse and hardcore industry enthusiasts believe this is the only way forward. However, we believe that the metaverse needs to be a controlled and regulated space for mass adoption.

We also believe that a safe environment will ensure that people are protected, a place where brands are happy to do business, encourage interoperability, create community and give NFTs utility.

At Virtua, we’ve continued working on our digital collectables and items while developing virtual environments. We’ve also been developing games designed for the metaverse, where digital items retain value through NFTs.

As of 2022, we’ve completed the first deed sale for our metaverse. Cardano Island is launched, and we’re poised to meet the deed claim event in the coming days.

We’ve also entered into several new partnerships, notably Williams Racing, as their o cial metaverse partner and collaborated with Kevin Hart. These elements will come together as part of Virtua Prime, our home planet in the Virtua metaverse, which is due to launch in the coming months.

From the humble beginnings of the co ee shop in 2017, Virtua is now poised to take another giant leap into the metaverse.

Jawad Ashraf CEO, Virtua

COOL CRYPTO TOYS

Awesome accessories for crypto aficionados

LEDGER NANO X

Price: Dhs570

The Ledger Nano X wallet enables you to handle your cryptocurrency and nonfungible tokens (NFTs) on the go, with storage for up to 100 crypto assets. Whether you’re checking between business meetings or at the airport lounge, the wallet allows remote accessibility using its mobile-friendly Ledger Live app, enabling you to easily manage and grow your assets. You can sleep well knowing your assets are safe in a cold wallet and encrypted, which is a must in the current economic challenges. Available in three colours for personalisation, this is a must-have gadget for the crypto enthusiast.

02 D’CENT BIOMETRIC WALLET

Price: Dhs510

Allowing you to track several cryptocurrencies, such as Bitcoin, Cash, XRP, Litecoin, and others, makes the D’CENT Biometric a leader in the saturated crypto wallet market. The key selling point of this device is the built-in biometric fingerprint scanner providing additional security, taking the worry out of managing your digital wealth. Once set up, it o ers stress-free transaction signing. A large 128×128 OLED pixel display allows a clear, streamlined view of transaction details and accounts.

03

TOKENFRAME NFT DISPLAY 21.5–INCH

Price: Dhs2,860

Bring your NFTs to life by casting them directly onto the Tokenframe, creating a state-of-the-art digital display of your prized collection. Available in wood frames with custom anti-glare screens specifically designed to display digital art. A 2k resolution is designed to impress with built-in stereo speakers, allowing admirers to immerse in the NFT collection fully. Moreover, you can connect multiple Tokenframes throughout your home to create your own personal gallery. A super-fast set-up is easy with the unique app, which allows QR code access to project NFTs via a Metamask.

05

OPOLO HARDWARE WALLET

Price: Dhs728

The Opolo Hardware Wallet features a sleek design and is packed in a high security certified chip with an EAL6+ rating. It can also be used o ine. The wallet has a sleek 3.2-inch large touchscreen display and is compatible with over 120 coins and 200,000 tokens, making sending and receiving super easy. The snazzy gadget also acts as a password manager, making it a reliable piece of tech.

04 ASUS ZENBOOK PRO DUO 15 OLED LAPTOP

Price: Dhs8,000

If you’re an NFT creator or collector, then read on. Enter the ASUS Zenbook Pro Duo 15 OLED laptop. The device features a dual touch screen and stylus designed to aid the creation of NFTs. It features a 4k display and 1TB of memory. The OLED displays an organic light-emitting compound that can reduce harmful blue light by up to 70 per cent, which is kinder to the eyes than traditional LCD screens. If all that wasn’t enough, the laptop is the perfect sidekick for crypto and business.

Photograph by Jorge Ferrari

Photograph by Anthony Lamb

Ana Laserna Villa