The Emirates airlines from the United Arab Emirates (UAE) has announced its entry into the metaverse and non-fungible token (NFT) sectors. Emirates will be bringing out services and series of digital collectibles that will enhance the metaverse experience of its flyers. The move comes after Abu Dhabi and Dubai legalised crypto-related activities and businesses in the UAE. Regions of the middle east intend to link their digital economies to the crypto industry.
In an official announcement shared by Emirates, it said that the first NFT and metaverse projects are already underway, with launch anticipated in the coming months.
“Emirates has always embraced advanced technologies to improve our business processes, enhance our customer offering, and enrich our employees' skills and experiences,” HH Sheikh Ahmed bin Saeed Al Maktoum, the chairman of Emirates said in a statement.
In addition, Emirates is also repurposing its Emirates Pavilion at the Expo 2020 site as a contact point for people that can contribute to the airline's future-focused projects including those relating to the metaverse, NFTs, and Web3.
“It is fitting that our future-themed Emirates Pavilion at Expo is being repurposed as a hub to develop cutting-edge future experiences aligned with the UAE's vision for the digital economy,” the Emirates chairman added.
Last month, UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum signed a new law for virtual assets, while also establishing an independent body to oversee the governance of the crypto space.
Global crypto firms like Binance are establishing strong bases in the UAE.
Meanwhile, the metaverse and NFT sectors are intriguing big brands looking to work with the younger generations.
Research reports expect the market opportunity for the metaverse to reach $800 billion (roughly Rs. 59,58,719 crore) by 2024.
The NFT belt is not behind. Last year, NFT sales reached some $25 billion (roughly Rs. 1,84,700 crore) as the speculative crypto asset exploded in popularity, data from market tracker DappRadar showed.
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