As the Middle East and North African region begins their first steps into the vast, uncertain, and unstable realm of the metaverse. One company, Eikonikos, hopes to be the driving force in a young industry where very few players have been able to figure out what to do with it.
Eikonikos has managed to secure a $2 million pre-seed round fundraiser to further its objective of launching an open, community-owned metaverse platform, with learning simulation models, technical support, and interactive video chat as some of the main features in an area that is presumably boundless. Web3 futurists, developers, and other metaverse aficionados are apparently among the startup’s investors, along with unknown angel investors.
The startup is now in the process of launching digital assets for investment in preparation for its planned commercial debut in May 2022, when its market value is predicted to skyrocket. The regulation is essential to the development of Eikonikos and its creator and CEO, Vasif Mohamed, and his team’s goals to make it a worldwide marketplace.
Vineeth SV, the CMO and co-founder of Eikonikos said during an interview that “we are very determined to create a platform that directly competes and rivals metaverse giants like Decentraland and Sandbox. We will be able to interact with other Metaverse economies in the future and build a dedicated and crypto-native audience that likes our dope Non-Fungible Token (NFT) designs, and intense gameplay.”
He also argued that it’s nearly difficult to predict what will happen when Eikonikos starts its metaverse in May.
UAE’s Legislation Provides a Sustainable Growth for Blockchain Technology and Related Assets
A new development has occurred following Dubai’s announcement of new rules covering NFTs, cryptos, and other virtual assets. The Dubai Virtual Asset Regulation Law now aims to offer a legislative foundation to protect shareholders while also establishing worldwide benchmarks to support long-term commercial growth among businesses dealing with virtual assets in the UAE and their relationships with the government.
The Dubai Virtual Asset Regulatory Authority (VARA) will be established as a result of this legislation, and it will be responsible for providing regulation and licensing to various enterprises. It will also monitor special development zones and free zones, except for the Dubai International Financial Centre. With the digital economy accounting for 4.3 per cent of the UAE’s GDP, the government is hoping to capitalise on Web3’s potential.
Last Updated on August 20, 2022 by Safiya K
