Leading blockchain-focused VC incubator Morningstar Ventures shared details of its latest investment designed to change narrative in Dubai’s NFT landscape
Renowned VC investors strengthened the positions of Morningstar Ventures on the global NFT art scene. The new Dubai-based venue is set to be a meeting point for digital art enthusiasts, creators and commissioners from various regions of the globe.
Morningstar Ventures pours $5 million in 37xDubai NFT project
According to the official statement by Morningstar Ventures, its pioneering interactive digital art gallery in Burj Daman Tower (Dubai, DIFC area) dubbed 37xDubai, inches closer to its grand opening.
The new gallery is set to onboard a new generation of enthusiasts to the red-hot segments of the NFT revolution, including Web3 education, traditional art, digital art, entertainment and community management.
A number of renowned featured NFT artists will leverage Morningstar Ventures’ and 37x’s network resources to keep the creative space fresh and accomplish ambitious new milestones.
Clemence Cazeau, 37xDubai CEO, is fascinated by the positionining of the new project and the prospects it unlocks for newbies and pros of the NFT segment:
The design and architecture of our gallery are highly sophisticated, filled with state-of-the-art equipment, interior, sound, and lighting infrastructure. We’ve hand-picked and meticulously selected every element of the space to ensure that the 37xDubai gallery and its exhibitions are presented in an unforgettable fashion to every one of our visitors.
It is worth noting that UAE is a crucial industry hub for metaverses and NFTs: 23% of people own at least one non-fungible token in their portfolios.
Public launch to take place in Q1, 2023
The new initiative has already gained traction: partnerships are scored with flagship products in the luxury, art, fashion and lifestyle sectors across different continents.
It is expected that the new gallery will open its doors just before the Art Dubai global meeting in early March 2023. More details about the upcoming launch will be shared in January. The net amout of funding allocated to this project exceeded $5 million.
As covered by U.Today previously, Morningstar Ventures supercharges numerous blockchain projects with MultiversX (previously Elrond) ecosystem in focus.