Stock Blockchain
The event showcased new project leaders and experts in the field with art projects using NFTs. Image Credit: Shutterstock

Dubai: Crypto Oasis, a Middle East-focused blockchain network based out of the Dubai Multi Commodities Centre (DMCC), highlighted at an event on Thursday that the free-trade zone now hosts more than 230 blockchain-specific organisations.

The network, which has around 500-plus organisations including investors, start-ups, companies, researchers, governments, service providers and new entrepreneurial or enterprise projects as of December 2021, aims to double the number of organisations it has under its purview this year.

The event, which provided insights about the blockchain landscape in the region, showcased new project leaders and experts in the field with art projects using NFTs and leading to the Metaverse.

The conference, which also released its blockchain ecosystem report, highlighted the region’s latest cartoon NFTs.

This was alongside 100 paintings dedicated to Expo 2020 Dubai, as part of the ‘Global Pillars Project’ by Dubai-based British visual artist Sacha Jafri, who is known for creating the world’s largest painting on canvas.

“We have decided to bring our Crypto Valley experience and expertise to the Middle East because we believe in the region’s potential,” said Ralf Glabischnig, initiator of the Crypto Oasis.

“We have witnessed how regulators in the region are welcoming innovation and disruption, making it simpler for blockchain-related companies to secure licences and operate.”

“The growth in the sector will be further supported by forward-looking regulations like the Dubai Virtual Asset Regulation Law which was announced on March 9 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai.

“The first-of-its-kind law to regulate virtual assets in Dubai will present an advanced legal framework to protect investors and promote responsible business growth within a virtual asset (VA) Industry governance.”

Glabischnig added that as of March 2021, this fast-growing ecosystem reached over 700 organisations operating out of the UAE. Crypto Oasis is eyeing more than 1,000 blockchain organisations in its network by the second quarter of 2022.

During the last 18 months, local and international investments have fuelled the upcoming blockchain industry with venture capitalists such as Draper Goren Holm and the Woodstock Fund from Silicon Valley, Crypto Oasis wrote in a statement.

“Local players like Cypher Capital and GHAF Capital Partners amongst others have also started to deploy capital in the industry.”