Well-Known Egyptian actor Ahmed El Sakka became the first Egyptian and Arab actor who released his first NFT collection exclusively on UPYO, marking his first presence in the Web3 world.
The NFT collection will be released on the UPYO NFT marketplace, the largest of its kind in the Middle East, in cooperation with Arab Utopia Institution in a move to document Egyptian and Arab art with the latest technologies like metaverse and NFTs.
Named Al-Fares, the NFT collection consists of 5,555 digital collectibles, which are divided into four tiers (Bronze, Silver, Gold, and Diamond).
The NFT tickets work as a membership card for Sakka’s virtual world and grant access to exclusive features, which include, meeting Sakka virtually and in real life, experiencing interactive comics and games with the consumers’ avatars, and attending movie premieres.
Sakka’s first NFT collection comes within a framework of his keenness to document Egyptian and Arab art with the latest technologies like metaverse and NFTs.
Through this partnership, Sakka will attempt to document his art career through several activities in the virtual space, topped by releasing his first NFT collection, which was released on Tuesday.
The Egyptian actor will release more than five Arab action virtual games in which his cinematic characters will be shown, in addition to a virtual museum that will include his history in cinema and television, his personal belongings, and interviews in addition to belongings that appeared in his movies and series. His fans will be able to take part in his virtual games with their avatars to play with him in the metaverse.
In this regard, Sakka expressed his enthusiasm to join the Web3 world, looking forward that his fans would actively participate in the virtual games with him.
The move aims to document and turn Sakka’s long art history, which started in the 90s, into digital art. Through all these activities, El Gezira star will be the first Egyptian and Arab actor to join the metaverse and NFT worlds.
To mint an NFT or more of Al-Fares collection: https://upyo.com/en/nft/collection/al-fares/drop
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The Group of Seven is expected to address imposing tougher regulations on cryptocurrencies, officials familiar with the plan were quoted by Kyodo News Agency as saying.
Leaders from the United States, Italy, Japan, the United Kingdom, Canada, France, and Germany will outline a collaborative strategy for crypto to promote business transparency and consumer protections and address related potential risks to the global financial system. The G7 summit is scheduled to be held in Hiroshima in May.
The officials pointed out that the leaders of G7 look forward to declaring their cooperative efforts. They will speed up the pace of related discussions toward a meeting of finance ministers and central bankers in mid-May.
The plan comes following the collapse of FTX cryptocurrency in November last year and the instability in the banking sector in the US after the closure of Silicon Valley Bank and Signature Bank, which served Web3 startups and crypto clients.
Although the regulations of virtual and digital assets could vary from one country to another, the G7 leaders seek to formulate global standards.
Earlier this month, the International Monetary Fund (IMF) warned the G20 countries of the risks posed by the growing adaption of cryptocurrencies by their citizens.
The warning came in a report titled “Macrofinancial Implications of Crypto Assets,” in which the IMF presented countless risks to the G20 countries’ economies of the impacts of crypto adaption on their external and internal stability.
The report showed the IMF’s concern about the people’s shift from fiat to digital currencies denominated in foreign currencies, saying this could challenge the effectiveness of the monetary policies. It also pointed out that the growing adaption may affect the Global Financial Safety Net (GFSN) and capital flow stability, which badly affects the efficiency of the payment system.
“A widespread proliferation of crypto assets comes with substantial risks to the effectiveness of the monetary policy. Moreover, changes may be required to central bank reserve holdings and the global financial safety net, yielding potential instability,” the report noted.
The NFT sales over the past week witnessed a decline compared to the week prior, as they went down by 17.12% at the time of writing.
Over the past seven days, the NFT sales amounted to more than $177.140 million, over $93.854 million of which were from the Ethereum blockchain, around 28.44% down from the previous week. Out of the top 20 blockchains, Ethereum had the lion’s share of the NFT sales seven days ago, accounting for more than 52.9% of the total sales.
While Solana came in second place in terms of NFT sales, accounting for about 19.07% of the total sales ($17.537 million). Blockchains of Polygon, Cardano, Flow, and BNB Chain followed Solana regarding the total sales over the past week, respectively, according to data from CryptoSlam.
The NFT collections which saw high sales over the past week were Bored Ape Yacht Club (BAYC), Otherdeed, CryptoPunks, y00ts, DeGods, MG Land, HV-MTL, the Mutant Ape Yacht Club (MAYC), and Nakamigos respectively.
The top-selling NFT collection was BAYC recording $8.803 million. All the following NFT collections reported various ups and downs in their tradings over the past week. But the most significant NFT collection was y00ts which saw a 141.09% increase.
Bored Ape Yacht Club had the highest floor value at $112,235 ETH, followed by CryptoPunks, whose floor was just $110.107 ETH, according to data from nftpricefloor.com.
The most expensive NFT sold last week was BAYC #2062, which sold for more than $557.94 million. This sale was followed by Otherdeed #2118, which sold for $375.97 million, Otherdeed #2118 sold for $373.07, and CryptoPunks #6036 sold for $365.508.
As for the NFT marketplaces, Blur is still the leading NFT marketplace followed by Opensea, however, both suffered a decline in trading volume over the past week by 15.87% and 28.11%.
The volume of NFT trading has skyrocketed over the first quarter of this year, a report issued by DappRadar showed, reaching $311 million so far.
DappRadar pointed out that $417.5 million was invested into blockchain gaming and metaverse projects in Q1 2023 in light of the increasing popularity of virtual worlds and NFTs, according to Coindesk.
Virtual land trading reached record levels in the past quarter, hitting 147,000 trades. This increase occurred because of the growing virtual land trading on platforms such as Yuga Labs’ Otherside and MG Land.
As for the NFTs, Otherdeed NFTs, which are linked to the Otherside metaverse, saw an unprecedented boom in trading volume as they went up 237% compared to the previous quarter, recording $222 million. An Otherdeed NFT was the highest recorded sale for virtual land in the last quarter as it was sold for 186 ETH (about $2.85 million at the time).
Yuga Labs’s announcement of details for the second test of its gamified Otherside metaverse platform could be a reason for this hike, Sara Gherghelas, a blockchain analyst at DappRadar, suggested. Gherghelas pointed out that NFT marketplace Blur’s “airdrop seasons and farming” could be another reason for this increase in the trading volume.
Other virtual worlds, such as The Sandbox, Decentraland, and Axie Infinity, were also among the top decentralized apps (dapps) last quarter. However, outlandish Createra Genesis Land became one of the top virtual world dapp in terms of trading volume that hit $14 million. In January 2023, Createra Genesis Land raised $10 million in funding and focuses on enabling user-generated metaverse creations.
Moreover, the number of unique active wallets on Decentraland grew over the last week due to Decentraland’s upcoming Metaverse Fashion Week. The expected event also bolstered the trading volume on the platform by 63%.
It is worth mentioning that NFT sales in 2022 hit 101 million last year, an increase of 67.57% from the year before.
NFT
View allThe NFT sales over the past week witnessed a decline compared to the week prior, as they went down by 17.12% at the time of writing.
Over the past seven days, the NFT sales amounted to more than $177.140 million, over $93.854 million of which were from the Ethereum blockchain, around 28.44% down from the previous week. Out of the top 20 blockchains, Ethereum had the lion’s share of the NFT sales seven days ago, accounting for more than 52.9% of the total sales.
While Solana came in second place in terms of NFT sales, accounting for about 19.07% of the total sales ($17.537 million). Blockchains of Polygon, Cardano, Flow, and BNB Chain followed Solana regarding the total sales over the past week, respectively, according to data from CryptoSlam.
The NFT collections which saw high sales over the past week were Bored Ape Yacht Club (BAYC), Otherdeed, CryptoPunks, y00ts, DeGods, MG Land, HV-MTL, the Mutant Ape Yacht Club (MAYC), and Nakamigos respectively.
The top-selling NFT collection was BAYC recording $8.803 million. All the following NFT collections reported various ups and downs in their tradings over the past week. But the most significant NFT collection was y00ts which saw a 141.09% increase.
Bored Ape Yacht Club had the highest floor value at $112,235 ETH, followed by CryptoPunks, whose floor was just $110.107 ETH, according to data from nftpricefloor.com.
The most expensive NFT sold last week was BAYC #2062, which sold for more than $557.94 million. This sale was followed by Otherdeed #2118, which sold for $375.97 million, Otherdeed #2118 sold for $373.07, and CryptoPunks #6036 sold for $365.508.
As for the NFT marketplaces, Blur is still the leading NFT marketplace followed by Opensea, however, both suffered a decline in trading volume over the past week by 15.87% and 28.11%.
The volume of NFT trading has skyrocketed over the first quarter of this year, a report issued by DappRadar showed, reaching $311 million so far.
DappRadar pointed out that $417.5 million was invested into blockchain gaming and metaverse projects in Q1 2023 in light of the increasing popularity of virtual worlds and NFTs, according to Coindesk.
Virtual land trading reached record levels in the past quarter, hitting 147,000 trades. This increase occurred because of the growing virtual land trading on platforms such as Yuga Labs’ Otherside and MG Land.
As for the NFTs, Otherdeed NFTs, which are linked to the Otherside metaverse, saw an unprecedented boom in trading volume as they went up 237% compared to the previous quarter, recording $222 million. An Otherdeed NFT was the highest recorded sale for virtual land in the last quarter as it was sold for 186 ETH (about $2.85 million at the time).
Yuga Labs’s announcement of details for the second test of its gamified Otherside metaverse platform could be a reason for this hike, Sara Gherghelas, a blockchain analyst at DappRadar, suggested. Gherghelas pointed out that NFT marketplace Blur’s “airdrop seasons and farming” could be another reason for this increase in the trading volume.
Other virtual worlds, such as The Sandbox, Decentraland, and Axie Infinity, were also among the top decentralized apps (dapps) last quarter. However, outlandish Createra Genesis Land became one of the top virtual world dapp in terms of trading volume that hit $14 million. In January 2023, Createra Genesis Land raised $10 million in funding and focuses on enabling user-generated metaverse creations.
Moreover, the number of unique active wallets on Decentraland grew over the last week due to Decentraland’s upcoming Metaverse Fashion Week. The expected event also bolstered the trading volume on the platform by 63%.
It is worth mentioning that NFT sales in 2022 hit 101 million last year, an increase of 67.57% from the year before.
Well-Known Egyptian actor Ahmed El Sakka became the first Egyptian and Arab actor who released his first NFT collection exclusively on UPYO, marking his first presence in the Web3 world.
The NFT collection will be released on the UPYO NFT marketplace, the largest of its kind in the Middle East, in cooperation with Arab Utopia Institution in a move to document Egyptian and Arab art with the latest technologies like metaverse and NFTs.
Named Al-Fares, the NFT collection consists of 5,555 digital collectibles, which are divided into four tiers (Bronze, Silver, Gold, and Diamond).
The NFT tickets work as a membership card for Sakka’s virtual world and grant access to exclusive features, which include, meeting Sakka virtually and in real life, experiencing interactive comics and games with the consumers’ avatars, and attending movie premieres.
Sakka’s first NFT collection comes within a framework of his keenness to document Egyptian and Arab art with the latest technologies like metaverse and NFTs.
Through this partnership, Sakka will attempt to document his art career through several activities in the virtual space, topped by releasing his first NFT collection, which was released on Tuesday.
The Egyptian actor will release more than five Arab action virtual games in which his cinematic characters will be shown, in addition to a virtual museum that will include his history in cinema and television, his personal belongings, and interviews in addition to belongings that appeared in his movies and series. His fans will be able to take part in his virtual games with their avatars to play with him in the metaverse.
In this regard, Sakka expressed his enthusiasm to join the Web3 world, looking forward that his fans would actively participate in the virtual games with him.
The move aims to document and turn Sakka’s long art history, which started in the 90s, into digital art. Through all these activities, El Gezira star will be the first Egyptian and Arab actor to join the metaverse and NFT worlds.
To mint an NFT or more of Al-Fares collection: https://upyo.com/en/nft/collection/al-fares/drop
Moroccan digital content creator Youness Kasmi is the first one who established an NFT cafe that combines famous Moroccan flavors and NFTs.
Named “Private Foxes,” the NFT cafe, the first of its kind in the world., is located in Turley’s Istanbul. This cafe crowns Kasmi’s efforts exerted over the past ten years in digital content to educate his followers. He started in 2021 to present videos on what he knew about NFTs.
In a tweet, Kasmi said: “After months of hard work and dedication, I’m happy to share with you the world’s first NFT cafe! I’ve been dreaming of creating a space where people can connect, relax, and innovate. And that’s exactly what we’ve built at @PrivateFoxes cafe. Join us today and see for yourself.”
By opening this cafe, the Moroccan has a specific vision, which is represented in offering information and knowledge for those who are interested in blockchain and crypto mixed with popular Moroccan food and drinks.
At his cafe, Kasmi attempted to present new technologies related to Web3, at the same time, he preserved the Moroccan culture and traditions by offering a variety of traditional Moroccan drinks and sweets. He tried to mix the real world with the digital one by offering a type of drink, called “NFT Latte” for coffee enthusiasts, which includes putting an NFT for consumers on their coffee.
In a short period, the coffee shop succeeded in gaining wide popularity among customers in Istanbul, attracting pioneers from all over the world to try coffee and other drinks integrated with digital assets.
In addition, he also launched his digital platform to showcase the Moroccan culture in form of NFTs and be an open space for innovators and artists to present their digital artworks.
He faced many challenges and difficulties, including branding and finding the ideal location for the opening of the café, but Kasmi’s keenness to launch the project was the decisive factor.
Following the collapse of the Silicon Valley Bank (SVB) and being shut down by the California Department of Financial Protection and Innovation earlier this month, the banking industry witnessed a systematic crisis, which also affected the NFT industry.
According to a recent report by Dappradar, the NFT trading volume has declined by 51% from the beginning of the month, with the sales count going down by 15.88%, despite the industry took an upwards trajectory most of 2023. For example, Saturday, March 12, witnessed the least traders (12,000) since November 2021.
In spite of the shrinking NFT trader activity and the overall decline in the NFT industry, the floor prices of the top-tier NFT collections were not badly affected, including BAYC and CryptoPunks, whose floor prices recovered quickly after a slight dip. Moonbirds and the PROOF ecosystem were hit hard due to their exposure to the collapsed bank, but Moonbirds recovered a little bit.
The Decentralized Finance (DeFi) sector was also affected as the DeFi market witnessed a decrease in the total value of all assets locked into DeFi protocols (TVL), dropping from $79.28 billion to $71.61 billion in one day. But in the following days, TVL spiked again by 13% reaching $81.15 billion.
As for the cryptocurrencies, Bitcoin achieved tremendous gains over the past few days, it was traded at more than $27,000 at the time of writing. This is an increase of over 35 percent since March 10 when Silicon Valley Bank (SVB) was shut down and Ethereum as well.
Microsoft is reportedly working on integrating an NFT and crypto-friendly Web3 wallet into its web browser, Edge.
According to Cointelegraph, Albacore, a software documenter and occasional leaker, shared in a Twitter thread a series of screenshots showing Edge user interface (UI) that included early phases of Microsoft’s new Web3 wallet.
Newest in the gauntlet of questionable upcoming Microsoft Edge features, a crypto wallet 💸
— Albacore (@thebookisclosed) March 17, 2023
Not really sure how to feel about this kind of thing being baked into the default browser, what are your thoughts?
More screenshots of the UI in the next tweet ➡️ pic.twitter.com/GAUPiZGLIY
“Newest in the gauntlet of questionable upcoming Microsoft Edge features, a crypto wallet not really sure how to feel about this kind of thing being baked into the default browser,” Albacore noted.
The first screenshot is an introductory page to the Edge wallet, which shows a message from Microsoft, saying: “We encourage you to test our first Web3 wallet and provide candid feedback along the journey.”
For the NFTs, the wallet welcomes its users to browse different marketplaces to find their first NFT. Web3 wallets offer users a secure solution to store and manage their digital assets, in addition to the ability to purchase and trade them on various markets.
As for crypto, the expected wallet seems to be non-custodial, a matter which allows the users to hold their wallet keys to securely manage their digital assets. It will also be embedded in the Edge browser instead of being just a browser extension in addition to having features that interact with decentralized apps.
Using Microsoft’s web3 wallet, users can buy, send, and swap crypto assets, with crypto exchange Coinbase and Web3 infrastructure firm MoonPay. Albacore said that Microsoft can test new features in the browsers without announcing them publically, however, the web3 wallet is performing successfully.
People may think that Microsoft is deeply engaging in the Web3 sector, but this is not true as in February, the company decided to close its Industrial Metaverse Core group, one of its most remarkable groups dedicated to the development and promotion of the industrial metaverse.
According to Bitcoin News, the US-based company laid off 100 employees, who were at the group and part of the 10,000 staff layoff rounds announced in January. The team was created in October to generate virtual environments for different industries by bridging software to this initiative.
Metaverse
View allThe volume of NFT trading has skyrocketed over the first quarter of this year, a report issued by DappRadar showed, reaching $311 million so far.
DappRadar pointed out that $417.5 million was invested into blockchain gaming and metaverse projects in Q1 2023 in light of the increasing popularity of virtual worlds and NFTs, according to Coindesk.
Virtual land trading reached record levels in the past quarter, hitting 147,000 trades. This increase occurred because of the growing virtual land trading on platforms such as Yuga Labs’ Otherside and MG Land.
As for the NFTs, Otherdeed NFTs, which are linked to the Otherside metaverse, saw an unprecedented boom in trading volume as they went up 237% compared to the previous quarter, recording $222 million. An Otherdeed NFT was the highest recorded sale for virtual land in the last quarter as it was sold for 186 ETH (about $2.85 million at the time).
Yuga Labs’s announcement of details for the second test of its gamified Otherside metaverse platform could be a reason for this hike, Sara Gherghelas, a blockchain analyst at DappRadar, suggested. Gherghelas pointed out that NFT marketplace Blur’s “airdrop seasons and farming” could be another reason for this increase in the trading volume.
Other virtual worlds, such as The Sandbox, Decentraland, and Axie Infinity, were also among the top decentralized apps (dapps) last quarter. However, outlandish Createra Genesis Land became one of the top virtual world dapp in terms of trading volume that hit $14 million. In January 2023, Createra Genesis Land raised $10 million in funding and focuses on enabling user-generated metaverse creations.
Moreover, the number of unique active wallets on Decentraland grew over the last week due to Decentraland’s upcoming Metaverse Fashion Week. The expected event also bolstered the trading volume on the platform by 63%.
It is worth mentioning that NFT sales in 2022 hit 101 million last year, an increase of 67.57% from the year before.
Hakim, one of the biggest icons in modern Egyptian pop music, became the first Egyptian and Arab singer to join the metaverse through Livaat Verse, according to Al Watan Newspaper.
Livaat Verse is a Dubai-based company that aims to provide an immersive experience in the virtual space. According to the company, it is the first Arabic metaverse equipped with fully digital marketplaces and transactions.
Hakim’s appearance in the metaverse comes within a framework of his keenness to cope with the latest technologies, which can make him closer to his fans, including the metaverse.
Hakim expressed his enthusiasm toward entering the virtual space, saying: “I am looking for the future and this will be a new way which the humans will use. Educational entities will be able to provide virtual practical experiences that address reality, which is difficult to do in the real world.”
The renowned Egyptian singer noted that shopping in all fields will be more entertaining and better as the shoppers can check the products they are searching for in 3D forms before buying, adding the audience can also see their favorite stars in a different and new way.
According to him, watching the archaeological sites and tourist destinations virtually is the most thing that caught his attention. “Many areas will benefit from this development, including the artistic field, entertainment, business, exhibitions, and tourism, in addition to governments, so I was keen to take this step,” he added.
Hakim is considered the second Egyptian actor and singer who joined the Web3 world. Days ago, Egyptian actor Ahmed El Sakka released his first NFT collection exclusively on UPYO. Named Al-Fares, the NFT collection consists of 5,555 digital collectibles, which are divided into four tiers (Bronze, Silver, Gold, and Diamond).
Sakka will attempt to document his art career through several activities in the virtual space, topped by releasing his first NFT collection after UPYO’s partnership with Arab Utopia.
The Egyptian actor will release more than five Arab action virtual games in which his cinematic characters will be shown, in addition to a virtual museum that will include his history in cinema and television, his personal belongings, and interviews in addition to belongings that appeared in his movies and series. His fans will be able to take part in his virtual games with their avatars to play with him in the metaverse.
The Sandbox, a pioneering decentralized virtual gaming world based on blockchain and a subsidiary of major metaverse developer Animoca Brands, partnered with GCEX, a leading digital prime brokerage, to develop an education and client engagement platform within the DubaiVerse.
DubaiVerse is a virtual project by the Sandbox that will host some of Dubai’s major partners and brands, according to Fintech Finance website.
The Sandbox and GCEX will offer an immersive experience to companies and games that are interested in entering the metaverse by educating them on decentralized finance (DeFi). Institutional and professional clients will get GCEX’s digital prime brokerage offering.
Therefore, this partnership will provide gamers and GCEX’s clients, who include brokers, professional traders, hedge funds, and family offices, an opportunity to build and publish captivating experiences in DubaiVerse.
In this regard, Founder and CEO of GCEX Lars Holst said this partnership allows GCEX to join the Web3 world with a gaming experience and engagement platform within the DubaiVerse ecosystem.
“As a financial institution, acquiring LAND to secure and store the assets that will be part of the GCEX experience puts us at the forefront of this innovative new world. We are excited to be part of the developments of The Sandbox and to join other top players in the region, including our regulator, Dubai’s Virtual Asset Regulatory Authority (VARA), as part of the DubaiVerse. This is a great opportunity to bridge the gap between Web3 early adopters and GCEX clients, building a community around Web3 and digital assets,” Holst noted.
Meanwhile, COO and Co-Founder of The Sandbox Sebastien Borget said he looks forward to making GCEX a financial ambassador in the DubaiVerse ecosystem. Also, Vice President of The Sandbox Bertrand Levy expressed his happiness for teaming up with GCEX on this virtual project in the Middle East region, which is considered a growing Web3 hub.
DubaiVerse is a Dubai-themed metaverse where visitors can enjoy immersive experiences, including participation from a set of local firms from the music, film, entertainment, gaming industries, finance, and real estate.
Egypt’s ELRadio 9090 station made its first footprint in the Web3 world by announcing that it will operate in the metaverse on March 21.
ELRadio 9090 will stimulate its real-world studio in the virtual space with its details to be the first Egyptian radio station to operate the virtual space. The radio station’s move is a result of its cooperation with TUTERA, the Egyptian company which built the first Ancient Egyptian in the metaverse, named METATUT.
The metaverse-based radio station will be launched during the “Lessa El Sobh” program. Listeners can join the ELRadio 9090’s studio in the metaverse through a mobile app and watch the programs live. After the end of the program, the listeners can enter the studio virtually to enjoy the immersive experience.
It took about two months for establishing the radio station’s studio in the metaverse.
The program hosted Somaya Bahey El Din, the vice chairman of TUTERA’s board of directors, who spoke about the importance of metaverse in the daily life and the uses of artificial intelligence.
The first Egyptian city in the metaverse, METATUT, was launched on Wednesday, November 30, and established in cooperation with Cube Consultants, a Cairo-based architectural visionary studio.
The idea of METATUT is to bring King Tutankhamun, who ruled from 1333 B.C. until he died in 1323 B.C, to life again to continue his dreams for Egypt but in virtual space. TUTERA aims to bring the spirit and beauty of Ancient Egypt to be relevant to today’s trends in a modern and futuristic theme using the metaverse.
According to Sherif Shaaban, the scientific adviser of the project, METATUT’s Avenue of the Kings symbolizes the Valley of the Kings and Queens. The Royal Road ends with the Great Pyramid, inside which there is another pyramid that represents Khufu Pyramid. The second phase of the project included the opening of the Aten Hall (Hall of the Sun) and the Palace of King Akhenaten.
The metaverse could be used as a tool to speed up global diplomatic efforts, Accenture and the Anwar Gargash Diplomatic Academy (AGDA) were quoted as saying by WAM News Agency.
Accenture and AGDA issued a new report titled “Amplifying Diplomacy with the Metaverse,” highlighting the metaverse’s role in bolstering cooperation among countries, launching inclusive, efficient, and environment-friendly dialogues, and facilitating the cross-border movement of talent. The report explores how the metaverse can support consular tasks, negotiations, reporting, and training.
By using Web3 technologies, like blockchain, diplomatic communications in the metaverse will allow officials of various countries to hold interactive and immersive talks, the report pointed out, highlighting the importance of facilitating administrative tasks and sharpening strategic skills in the metaverse.
But the report shed light on remarkable challenges which the interaction in the metaverse can face, such as infrastructure readiness, privacy concerns, security, and technical barriers.
Commenting on the report, Director-General of AGDA Nickolay Mladenov said: “AGDA’s partnership with Accenture on this timely topic showcases how collaboration across different sectors and fields can benefit the private and public sector. The report deploys a use-case approach and explores how the metaverse has the potential to transform the diplomatic practice, making diplomacy more interactive, immersive, and imaginative.”
Meantime, Managing Director at Accenture Middle East Bashar Kilani pointed out that the metaverse, as a platform, will transform the way through which the diplomatic community works, affirming the importance of making a shift in mindsets such as progressive government initiatives to gain the full benefits this new technology, citing the launch of Dubai’s Metaverse Strategy.
In November 2022, Crown Prince of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum approved the new stage of the Dubai Metaverse Strategy, which aims to promote its digital economy and implement measures that boost the usage of the metaverse and future technology in the emirate.
Crypto
View allThe Group of Seven is expected to address imposing tougher regulations on cryptocurrencies, officials familiar with the plan were quoted by Kyodo News Agency as saying.
Leaders from the United States, Italy, Japan, the United Kingdom, Canada, France, and Germany will outline a collaborative strategy for crypto to promote business transparency and consumer protections and address related potential risks to the global financial system. The G7 summit is scheduled to be held in Hiroshima in May.
The officials pointed out that the leaders of G7 look forward to declaring their cooperative efforts. They will speed up the pace of related discussions toward a meeting of finance ministers and central bankers in mid-May.
The plan comes following the collapse of FTX cryptocurrency in November last year and the instability in the banking sector in the US after the closure of Silicon Valley Bank and Signature Bank, which served Web3 startups and crypto clients.
Although the regulations of virtual and digital assets could vary from one country to another, the G7 leaders seek to formulate global standards.
Earlier this month, the International Monetary Fund (IMF) warned the G20 countries of the risks posed by the growing adaption of cryptocurrencies by their citizens.
The warning came in a report titled “Macrofinancial Implications of Crypto Assets,” in which the IMF presented countless risks to the G20 countries’ economies of the impacts of crypto adaption on their external and internal stability.
The report showed the IMF’s concern about the people’s shift from fiat to digital currencies denominated in foreign currencies, saying this could challenge the effectiveness of the monetary policies. It also pointed out that the growing adaption may affect the Global Financial Safety Net (GFSN) and capital flow stability, which badly affects the efficiency of the payment system.
“A widespread proliferation of crypto assets comes with substantial risks to the effectiveness of the monetary policy. Moreover, changes may be required to central bank reserve holdings and the global financial safety net, yielding potential instability,” the report noted.
The White House opened fire at the cryptocurrencies, saying they have no fundamental value, according to Decrypt.
The 513-page economic report, named “The 2023 Economic Report of the President,” which focused on the negative aspects of digital assets, said they do not act as an effective alternative to fiat money, improve financial inclusion, or make payments more efficient.
The report attributed the non-fundamental value of crypto assets to the securities because of the lack of disclosure surrounding crypto assets.
“Indeed, crypto assets to date do not appear to offer investments with any fundamental value, nor do they act as an effective alternative to fiat money, improve financial inclusion, or make payments more efficient. Instead, their innovation has been mostly about creating artificial scarcity in order to support crypto assets’ prices,” the White House noted.
The report pointed out that crypto assets lack basic economic principles, which have been learned in economics and centuries over centuries, unlike what their advocates claim that crypto assets are a revolutionary innovation, underlining that their inadequate design is destructive for investors and consumers.
It also criticized the crypto costs, claiming that they badly affected consumers, the financial system, and even the physical environment, adding: “Their innovation has been mostly about creating artificial scarcity in order to support crypto assets’ prices.”
For the blockchain, the White House noted that blockchain technology highly contributed to the growth of digital assets financially which had proven later that it is highly volatile and subject to fraud.
The report consists of several chapters coverings sectors related to the US economy like the rise of women in the labor force, foreign investment, climate change, education, and imported goods but the authors dedicated Chapter 8 to digital assets.
Crypto.com cryptocurrency exchange announced that it had received its Minimal Viable Product (MVP) Preparatory license from Dubai’s Virtual Assets Regulatory Authority (VARA), the world’s pioneering regulator of digital assets.
The announcement was made by the crypto exchange on Twitter, saying: “We’re proud to announce our latest milestone in global regulatory compliance and licensure. Crypto.com has secured its MVP Preparatory License from the Virtual Asset Regulatory Authority in Dubai.”
Under the MVP Preparatory license, Crypto.com is allowed to all pre-conditions required to operate within the VARA regime. It is worth noting that the cryptocurrency exchange obtained provisional approval from Dubai’s regulator last year.
Once the license became operational, Crypto.com, which is founded in 2016, will expand its digital asset-related activities by offering a series of crypto exchange services (spot and derivatives), brokerage, margin/leverage trading, and OTC offerings around settlements for institutional investors.
In this regard, Henson Orser, the chief executive officer of VARA, welcomed Crypto.com’s obtaining of the MVP Programme preparatory license, saying: “VARA’s regulatory framework will be instrumental in creating and managing a unique, resilient, and securely future-proofed ecosystem that delivers a sustainable and thriving global best-in-class VA market with secure cross-border interoperability. As such, participation from credible players like Crypto.com will further our mission of delivering a progressive and future-focused regulatory framework.”
Meanwhile, Crypto.com CEO Kris Marszalek hailed his company’s receipt of the license, noting such a license is a significant step for his company in the crypto industry, adding he looks forward to offering the most comprehensive and secure crypto experience to consumers.
Earlier in February, VARA issued new guidelines for virtual asset service providers to ensure economic sustainability and cross-border financial security.
According to a press release by the Government of Dubai, the Virtual Assets and Related Activities Regulations 2023 seeks to reach greater clarity on the expected level of operator responsibility by offering gold-standard risk assurance and Anti-Money Laundering (AML) standards, which all licensed entities in Dubai are expected to adhere.
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The UAE is taking steps forward to launch its digital currency, the digital dirham, for domestic and cross-border payments as soon as possible.
The Central Bank of UAE (CBUAE) inked an agreement with Abu Dhabi-based G42 Cloud and financial innovation firm R3 to accelerate the implementation of the UAE’s central bank’s Central Bank Digital Currency (CBDC) Strategy, according to WAM News Agency.
According to the agreement with the CBUAE, G24 Cloud and R3 will be the infrastructure and technology providers, respectively, for its CBDC implementation.
The Emirati central bank said that the CBDCs would help to address the weak points of domestic and cross-border payments, enhance financial inclusion and promote the transformation to a cashless society.
The CBDC’s first strategy, which is predicted to complete over the next 12 to 15 months, includes three major pillars, the soft launch of mBridge to facilitate real-value cross-border CBDC transactions for international trade settlement, proof-of-concept work for bilateral CBDC bridges with India, and finally, proof-of-concept work for domestic CBDC issuance covering wholesale and retail usage.
Earlier, CBUAE Governor Khaled Mohamed Balama said: “CBDC is one of the initiatives as part of the CBUAE’s Financial Infrastructure Transformation (FIT) program, which will further position and solidify the UAE as a leading global financial hub. The launch of our CBDC strategy marks a key step in the evolution of money and payments in the country.”
“CBDC will accelerate our digitalization journey and promote financial inclusion. We look forward to exploring the opportunities that CBDC will bring to the wider economy and society,” Balama added.
CBDC’s total value of payments is expected to grow 260,000% in the coming decade to record $213 billion annually by 2030, compared to $100 million in 2023, a new study revealed.
According to Juniper Research, the radical change will occur because of the increasing world governments’ adaption of the CBDCs to bolster financial inclusion and tighten control over how digital payments are made.
The value of transactions of eNaira, the Nigerian central bank digital currency (CBDC), has spiked 63% to record $44 million (22 billion nairas), Cointelegraph quoted a Bloomberg report as saying.
This increasing adoption of CBDC in Nigeria comes due to a shortage in fiat currency because the Nigerian central decided to replace older bank notes with bigger denominations because of rising inflation, therefore the lack of the banknotes forced the Nigerians to head for eNaira.
According to Godwin Emefiele, the Central Bank of Nigeria’s governor, nearly 13 million CBDC e-wallets have been opened an increase of 12 times compared to October in a country whose 90% of its transactions are being made through cash accounts.
What made the CBDC adaption in Nigeria increase is eNaira payouts in government initiatives and social schemes in addition to the government’s move to pay poor Nigerians money under a welfare program.
“The eNaira has emerged as the electronic payment channel of choice for financial inclusion and executing social interventions,” Emefiele noted, adding: “Of the more than 10 billion naira of the digital currency minted so far, about 3.4 billion naira is already in circulation.”
Earlier in October 2021, Nigerian President Muhammadu Buhari officially introduced the country’s digital currency after the Nigerian Federal High Court approved the rollout of a CBDC as a legal tender on October 2 of the same year.
CBDC’s total value of payments is expected to grow 260,000% in the coming decade to record $213 billion annually by 2030, compared to $100 million in 2023, a new study revealed.
According to Juniper Research, the radical change will occur because of the increasing world governments’ adaption of the CBDCs to bolster financial inclusion and tighten control over how digital payments are made.
CBDC is a digital coin issued by a central bank and pegged to the country’s fiat currency. It is not a cryptocurrency, whose value is determined by market supply and demand.
The research found that domestic payments would account for more than 90% of the total value transacted via CBDCs. Because they are issued by central banks, CBDCs will be targeted by domestic payments. The report suggested that the cross-border payments will happen later following stronger links and ties among entities in terms of CBDCs in the individual country.
Dubai Multi Commodities Centre (DMCC), the largest free-trade zone in the UAE, inked two memorandums of understanding with key South Korean entities specializing in the metaverse and blockchain on the sidelines of the DMCC’s Made for Trade Live roadshows in South Korea.
The two deals aim to enhance the presence of South Korean firms in DMCC and strengthen Dubai’s position as a leading hub for Web3 businesses from across the world, according to a statement released by the UAE center.
The two South Korean entities are the Korea Blockchain Industry Promotion Association (KBIPA) and Seongnam City. The MoUs aim to bring the two South Korean entities to the DMCC Crypto Center and its new Gaming Center to expand the development of Web3 applications.
During the event, senior officials of the DMCC highlighted that the South Korean Web3 sector represents a key target for DMCC.
DMCC Executive Chairman and Chief Executive Officer Ahmed Bin Sulayem noted that South Korean firms would greatly benefit from expanding their operations in Dubai, saying: “DMCC is committed to supporting high-growth sectors such as the Web3 space. The signing of these MoUs with KBIPA and Seongnam City comes at a perfect time as we continue to accelerate our strategy of supporting businesses in these sectors. We are proud to contribute to the strong and resilient economic relations between the UAE and South Korea, which reflect the warm and friendly ties that our countries have always shared.”
Meanwhile, officials from KBIPA and Seongnam City lauded Dubai as a leading position globally in Web3 technologies, noting the partnership with DMCC will create an amazing opportunity for many South Korean businesses operating in the area of metaverse technologies.
It is worth noting that about 80 South Korean companies are operating in DMCC, located in the Jumeirah Lake Towers district of Dubai, which hosts more than 20,000 members.
The Central Bank of the United Arab Emirates (UAE) and the Reserve Bank of India (RBI), the Indian central bank, inked a memorandum of understanding on cooperating on cross-border central bank digital currency (CBDC) transactions of remittances and trade, according to Bitcoin News.
In a statement by RBI, by enabling innovation in financial products and services, the agreement is predicted to enhance the efficiency of cross-border transactions, reduce costs, and bolster the economic ties between the UAE and India.
“Under the MoU, the two central banks will collaborate on various emerging areas of fintech, especially central bank digital currencies (CBDCs) and explore interoperability between the CBDCs of CBUAE and RBI. CBUAE [UAE’s central bank digital currency] and RBI [Indian central bank digital currency] will jointly conduct proof-of-concept (PoC) and pilot(s) of bilateral CBDC bridge to facilitate cross-border CBDC transactions of remittances and trade,” the statement read.
The Indian central bank underlined that the deal offers knowledge-sharing and technical collaboration on issues related to fintech and financial products and services.
Last year in November, India began its pilot phase for the digital rupee for the wholesale sector and the retail sector in December. According to February data from RBI, 50,000 users, and 5,000 merchants are using digital rupees. Earlier this month, RBI Executive Director Ajay Kumar Choudhary pointed out that the digital rupees would be an alternative to cryptocurrency.
The Central Bank Digital Currencies (CBDC)’s total value of payments is expected to grow 260,000% in the coming decade to record $213 billion annually by 2030, compared to $100 million in 2023, a new study revealed.
According to Juniper Research, the radical change will occur because of the increasing world governments’ adaption of the CBDCs to bolster financial inclusion and tighten control over how digital payments are made.
CBDC is a digital coin issued by a central bank and pegged to the country’s fiat currency. It is not a cryptocurrency, whose value is determined by market supply and demand.
The Central Bank Digital Currencies (CBDC)’s total value of payments is expected to grow 260,000% in the coming decade to record $213 billion annually by 2030, compared to $100 million in 2023, a new study revealed.
According to Juniper Research, the radical change will occur because of the increasing world governments’ adaption of the CBDCs to bolster financial inclusion and tighten control over how digital payments are made.
CBDC is a digital coin issued by a central bank and pegged to the country’s fiat currency. It is not a cryptocurrency, whose value is determined by market supply and demand.
The research found that domestic payments would account for more than 90% of the total value transacted via CBDCs. Because they are issued by central banks, CBDCs will be targeted by domestic payments. The report suggested that the cross-border payments will happen later following stronger links and ties among entities in terms of CBDCs in the individual country.
In this regard, Nick Maynard, the report author, said: “While cross-border payments currently have high costs and slow transaction speeds, this area is not the focus of CBDC development. As CBDC adoption will be very country-specific, it will be incumbent on cross-border payment networks to link schemes together; allowing the wider payments industry to benefit from CBDCs.”
According to Atlantic Council, only 11 countries have launched their own CBDC to date. Nigeria is the largest country with an active central bank digital currency. The rest of them are small island states in the Caribbean region. While 114 countries, representing over 95% of global GDP, are currently exploring a CBDC, compared to 35 countries in May 2020. A total number of 60 countries are in an advanced exploration stage (development, pilot, or launch).
In 2023, more than 20 countries will take remarkable steps towards piloting a CBDC. Australia, Thailand, Brazil, India, South Korea and Russia plan to continue or begin pilot testing in 2023.
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Renowned American rapper and actor Snopp Dogg was revealed as one of the co-founders of a Web3-powered live streaming app, called Shiller, in cooperation with technology entrepreneur Sam Jones, Cointelegraph reported.
Shiller is a revolutionary live broadcast platform for creators that combines real-time live-streaming content with Web3 technology.
In this regard, Snoop Dogg said in a welcoming message: “I’m excited to partner with Sam to launch Shiller to the world. This app truly provides a platform for creators to reach their fans in unique ways and monetize their content. As you’ll know, I’m always about engaging my fans directly on my terms and Shiller is perfect for that.”
Based on blockchain technology, Shiller will provide a one-stop-shop for creators, including NFT projects, artists, brands, and key opinion leaders, to monetize their following and connect with their audiences. It has been three years in the making and was slated for January to be launched, but it had been delayed to April this year.
The application will allow content creators to token-gate their video and audio and share products from e-commerce websites.
This is the first time Snoop Dogg joined the Web3 world as he entered Web3 partnerships recently. In April 2022, he teamed up with Sandbox metaverse and launched an NFT collection, titled “Snoop Avatars,” followed by his NFT collection “A Hard Working Man” (AHWM).
He also collaborated with Yuga Labs to perform on a metaverse-based stage at MTV’s Video Music Awards on August 29.
He also allegedly reported that he had donated 22 NFTs to the Los Angeles County Museum of Art (LACMA), the first and biggest art collection minted on blockchain to enter an American art museum.
Saudi leading games production company Manga Productions inked a memorandum of understanding (MoU) with Hong Kong-based gaming giant Animoca Brands to build a strategic partnership through which they can develop Web3 initiatives and enhance the blockchain industry in the region.
Announced by CEO of Manga Productions Essam Bukhary, this partnership will showcase Mango’s content and characters in the Web3 ecosystem and develop Web3 pilot projects across Animoca’s extensive ecosystem with the aim to utilize Manga Productions’ high-quality content portfolio, according to Zawya.
Animoca Brands will offer educational and vocational opportunities to those who are interested in its relevant fields, therefore, Animoca Brands is in talks with educational institutions and universities in the region to provide introductory blockchain courses.
In this regard, Co-founder and Executive Chairman Yat Siu expressed his excitement for cooperation with Mango Productions, saying this partnership represents the company’s first remarkable steps in the Middle East, one of the fastest-growing Web3 ecosystems.
Yat Siu noted that the Middle East’s enriching cultural heritage will contribute to adopting different forms of virtual content, adding he looks forward to implementing several initiatives with Mango Productions in reality.
Meanwhile, Bukary noted: “We are delighted to announce our partnership with Animoca Brands and taking our IPs beyond content and into various applications and experiences. With this partnership, we believe that this will further develop the creative industry in the region through web3 applications as well as expand our portfolio within online and offline activations of IPs.”
Also, Animoca Brands will cooperate with local partners, including Manga Productions, to explore the possibility of a dedicated regional game-publishing platform to bring high-quality blockchain game titles to the region and support the global distribution of locally produced content.
According to a report by Chainalysis, the crypto market in MENA is the fastest growing in the world with transactions hitting $566 billion in crypto in the time frame of July 2021 to June 2022, with a 48% increase compared to the previous year.
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