Quick take:
- The plan to launch Dubaiverse was revealed at the 62nd True Global Ventures Conference on Thursday.
- Dubaiverse will be built in partnership with local companies.
- Local partners include digital brokerage firm GCEX, Khaleej Times, and Dubai crypto regulator VARA.
Animoca Brands’ subsidiary The Sandbox is launching a Dubai-themed metaverse named “Dubaiverse.” The plan to launch Dubaiverse was revealed at the 62nd True Global Ventures Conference on Thursday.
Dubaiverse will be similar to the model of Hong Kong “Mega City” in The Sandbox, which announced its expansion into phase two in April with a series of partnerships include Hong Kong’s iconic Ocean Park, Regal Hotels Group, luxury media group Tatler Asia, VC firm Brinc, Web3 venture MADWorld and others from the industries of tourism, hospitality, culture, media, education, banking, investment, music, and entertainment.
The Dubai-themed metaverse will also be built through a series of local partnerships with firms in the film, music, entertainment, acting, finance, real estate, and gaming industries. Animoca Brands said that Dubai crypto regulator Virtual Assets Regulatory Authority (VARA) was the first buyer of a plot of land in Dubaiverse.
Mehtap Onder, Managing Director of Dubai at GCEX, said the digital brokerage firm will also enter Dubaiverse to offer virtual asset education.
Dubai’s daily English newspaper, Khaleej Times, will be the local news partner of Dubaiverse, following a similar partnership between Hong Kong “Mega City” and South China Morning Post.
“As publishers, business models are being challenged all over the world, and new business models come into this space, it’s a really important strategic move for us,” said Sohail Nawaz, Chief Digital Officer of Khaleej Times.
Sebastien Borget, co-founder and chief operating officer (COO) of The Sandbox said that other city-themed metaverses are planned for Singapore, Korea, and Turkey.
Last week, Singapore baking giant DBS launched its metaverse experience in The Sandbox. The bank will also join The Sandbox in creating SingaporeVerse, a virtual neighbourhood that will bring the culture of Singapore to life in the metaverse. Additionally, DBS will work with partners and collaborators from the government, community, business, and technology sectors.
At the conference, True Global Ventures also revealed that it has invested a total of $38 million in Animoca Brands so far. On Tuesday, the venture capital firm announced a $17.2 million convertible note investment from its TGV 4 Plus Follow On Fund into Animoca Brands out of a total raise of $110 million that was announced on Sep 8.
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