05/11/2022
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One of the most prominent financial hubs in gulf countries, Dubai, has shown keen interest in web 3 and metaverse technology. The country’s moves also spurred innovative development and the establishment of regulatory frameworks in neighboring states like Saudia Arabia. But UAE remains ahead of the curve with its latest announcement revealed on Wednesday in a so-called Dubai Metaverse Assembly.
Dubai Ministry of Economy, at the event, unveiled its headquarters in Metaverse space, which will welcome incorporations, institutions, and individuals to sign bilateral contracts from anywhere around the world by joining technology. It skips the need for physical existence and to wait in line to just signature. In this Metaverse system for legal proceedings, three-dimensional actors or Avatars represents the participating entities willing to interact with the system.
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Popular NFT collection Azuki has introduced a new Physical Backed Token (PBT) that links physical goods to a digital token on the Ethereum blockchain. The PBTs will enable brands and creators to create next-generation storytelling and experiences for their communities.
In an October 17 press release, Chiru Labs, the creator of Azuki, confirmed the launching of the Physical Backed Tokens, an open-source token seamlessly connecting a physical item to a digital token exclusively on the Ethereum blockchain.
