As the world slowly comes to realize the incredible potential of NFTs and the technology associated with it, Dubai is already making major moves in establishing itself as a hub of everything in NFTs. If we try to forecast the illustrious future of NFTs, we can safely put Dubai in the forefront of adopting and promoting this technology on a massive scale. Being an artist who has branched out into creating NFT art in the past 2 years, I have experienced first-hand the massive strides that have been made by this city in safeguarding the future of NFT art.
An example of this would be the announcement of Dubai’s new Virtual Asset’s Laws and the creation of the Dubai Virtual Assets Regulatory Authority (VARA). I am incredibly excited and look forward to all the changes that this announcement will bring to the local Crypto space. Dubai is already considered to be a hotspot within the global crypto sphere, due to its growing community of enthusiastic NFT buyers and Crypto investors, as well as the Dubai World Trade Centre being officially recognized as a “Crypto Zone”. This news of VARA and all the regulations that it will enforce will only solidify Dubai’s reputation of being a visionary, key player in the future of virtual assets.
As an artist and entrepreneur who deals extensively in NFTs, I find this recent development to be crucial for the growth of my art business and the region’s NFT artwork industry. VARA will be essential in establishing a trusted framework of rules and regulations that will attract new investors and creators to the market, who are currently apprehensive about the validity and potential of virtual assets. These regulations will also provide an extra layer of protection for NFT creators like myself, who rely on the blockchain for keeping an immutable record of their transactions. With VARA also supervising the trade of virtual assets, I believe my assets and business interests will always be protected.
There is no precedent for the Crypto market which had been operating without a regulatory framework since its inception, therefore VARA will be bringing a much-needed structure to the market. It will be challenging in the beginning to understand and adapt your business according to all the new VARA regulations that will be put into place, however once we are out of this transitionary phase, we will be looking at a more active and secure crypto-trading market for everyone. For now, all of us, the NFT creators and Crypto traders, have to follow these developments closely to ensure that our businesses our equipped and prepared to follow all the regulations that VARA will be bringing to the market.
Additionally, we have amazing NFT collectives forming in the region that are focussed in spreading awareness and promoting NFTs and their potential in democratizing wealth. I have been fortunate enough to be one of the main contributors of a Dubai-based NFT collective called Arts DAO and have created a generative series called Ethereal Gates in collaboration with them. There are many artistic elements at play in The Ethernal Gates collection. It is a generative art series which will produce over 2000 unique NFT artworks, with each artwork featuring different gates, props and backgrounds in completely randomized order generated through the algorithm. The gates are my recreations of iconic gates and doorways from fiction and history, while the props in black and white are visual representations of various terms from the crypto world such as “moon” and “whale”. It is incredible how this sophisticated system is automated to produce art pieces that capture my visual style and essence perfectly.
Working with Arts DAO has been an incredibly rewarding experience, as we conceived of this art series to not only push my creative vision forward but also represent the spirit of the community of NFT creators/collectors that Arts DAO and I have formed. This community has been providing invaluable support to the region’s growing NFT art market and NFT art in Dubai.
The series’ title “Ethereal Gates” sums up the spirit of this collaboration perfectly. As the word ethereal by definition is used to describe an invaluable connection between a group of like-minded people very much like the Arts DAO community. The gates in the title and in all the artworks represent the entryway of the Arts DAO metaverse and also the doors that NFT technology is opening for arts and culture.
The future of NFTs is bright in Dubai and we will only see as time passes by, how much of a key player this city would be in taking the NFT movement to the next level.
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