NFTs are Non-Fungible-Tokens, making them completely unique and a part of a blockchain. Their digital identity allows them to be traded safely between users on a public marketplace. Artwork, Game cards, books, soundtracks and other collectibles can be traded as NFTs. Primarily, NFTs have been utilized for artwork, but they can also be used creatively as we’ll see. A blockchain is nothing more than a highly-cryptic digital ledger of transactions; as mentioned above, it is the technology behind most digital assets including cryptocurrencies. The purpose of it is to make the history of any asset transaction unalterable and transparent. Once part of a blockchain, a token will exist forever.
In other words, blockchain is a system for storing information in a way that makes it difficult or impossible to manipulate, hack, or cheat it. Gulf News has become a partner of NFT marketplace Virtua, which also works with Paramount, Hero ISL, Williams Racing, and Legendary Entertainment. Gulf News is once again pushing forward into the future, embracing Web3 – a new version of the internet that integrates blockchain technologies and the Metaverse, according to Wallis.
Paul Wallis & Dubai Blockchain Center CEO, Marwan Al Zarouni Launch VR Gallery
Gulf News’ historical archives will be preserved as NFTs, so that readers will be able to collect moments from UAE’s history as compiled by Gulf News, said Paul Wallis, Virtua’s Head of Art, while adding that this will allow collectors to own a part of it. “As the Metaverse comes to life, it will enable the team at Gulf News to host gallery exhibitions and events,” Wallis further noted. “We have built a series of colors, sepia, black and white – all priced in a way that means everybody should be able to obtain a piece of this collection.”
Where can I purchase a piece of this collection?
An NFT artwork is not attached to utility – you buy NFT art in the same way you would in a gallery, Wallis said ahead of the launch of the VR gallery for Gulf News. On stage were Marwan Al Zarouni, CEO of Dubai Blockchain Center, and Abdul Hamid Ahmad, CEO, Editor-in-Chief, and Executive Director of Publishing at Gulf News.
Dubai’s Museum of the Future said in May that it would launch its first non-fungible token (NFT) collection – The Most Beautiful NFTs in the Metaverse – as it aims to develop a range of products using blockchain technology. According to the Museum of the Future, the first NFT drop will be announced soon “with the collection intrinsically linked to ‘The Most Beautiful Building on Earth’, aiming to set new standards for NFTs worldwide.”. His Highness Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE and Ruler of Dubai, inaugurated the museum in February.
UAE’s new Virtual Assets Law Affects Cryptos & NFTs
Dubai issued the Regulation of Virtual Assets law and created the Dubai Virtual Assets Regulatory Authority in March, creating a legal framework for businesses operating in this space. Virtual assets are digital representations of value that can be traded, transferred, or used as a form of payment. Cryptocurrencies and non-fungible tokens (NFTs) fall into this category.
Via this site Watch: Gulf News now has an NFT marketplace – Gulf News
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
