Emirates said in a statement on Thursday that it intends to increase its use of the metaverse and introduce NFTs in order to boost revenue and improve customer experience.
The NFTs are intended to be both collectible and useful, and the first projects are already in the works, with a launch expected in the coming months, according to the company. The Emirates Pavilion at the Dubai Expo 2020 site will be transformed into a hub for innovation and future-focused projects involving the metaverse, NFTs, and web3, according to Emirates.
“Dubai and the UAE are blazing the way in the digital economy, with a clear vision supported by practical policies and regulatory frameworks in areas such as virtual assets, artificial intelligence, and data protection,” said CEO and chair Saeed Al Maktoum.
He went on to say that the company is “committing a significant investment in financial and resourcing terms, to develop products and services using advanced technologies that will deliver on revenue, brand experience, and business efficiencies.”
Earlier in the news, after FTX, Binance was the next company to be awarded a virtual asset license in Dubai.
Also in China, three main government associations under the People’s Bank of China (PBOC) have started an initiative to minimize financial risks associated with the non-fungible token (NFT), according to Shanghai Securities News.
NFT is suspected of being used for speculating, money laundering, and other criminal financial operations, in addition to promoting the digitized art sector. As a result, the trade associations have proposed some stringent restrictions to keep the NFT sector in check and protect customers.
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