Animoca Brands subsidiary The Sandbox will launch a Dubai-themed metaverse called “Dubaiverse”. The plan to launch Dubaiverse was revealed at the 62nd True Global Ventures Conference on Thursday.
Dubaiverse will be similar to The Sandbox’s Hong Kong “Mega City” model, which announced its second-phase expansion in April with a series of partnerships including Hong Kong’s flagship Ocean Park, Regal Hotels Group, luxury media group Tatler Asia, venture capital firm Brinc, Web3 venture MADWorld and others from the tourism, hospitality, culture, media, education, banking, investment, music and entertainment industries.
Dubai’s themed metaverse will also be built through a series of local partnerships with companies in the film, music, entertainment, acting, finance, real estate and gaming industries.
Animoca Brands said Dubai’s cryptocurrency regulator, Virtual Assets Regulatory Authority (VARA), was the first buyer of a plot in Dubaiverse.
“Mehtap Onder, Dubai managing director of GCEX, said the digital brokerage firm will also enter Dubaiverse to offer education on virtual assets. “
Dubai’s English daily Khaleej Times will be Dubaiverse’s local news partner, following a similar partnership between Hong Kong’s “Mega City” and the South China Morning Post.
“As publishers, business models are being challenged around the world, and new business models are entering this space, it’s a really important strategic move for us,” said Sohail Nawaz, digital director at Khaleej Times.
“Sebastien Borget, co-founder and chief operating officer (COO) of The Sandbox, said other urban-themed metaverses are planned in Singapore, Korea and Turkey. “
Last week, DBS launched its metaverse experience on The Sandbox. The bank will also team up with The Sandbox to create SingaporeVerse, a virtual neighborhood that will bring Singapore culture to life in the metaverse.
In addition, 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 so far invested a total of $38 million in Animoca Brands.
On Tuesday, the venture capital firm announced a $17.2 million investment from its TGV 4 Plus Follow On fund in Animoca Brands, out of a total of $110 million that was announced on September 8.
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