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Dubai Establishes $272 Million Future District Fund To Attract Tech Companies

Digital companies relocating to Dubai’s Future District get to enjoy a number of benefits, including access to a large pool of entrepreneurial talent and hyper-connected infrastructure.

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dubai establishes $272 million future district fund to attract tech companies
Dubai Future District

To establish 1,000 digital companies in the Dubai Future District (DFD) over the next five years, Dubai has recently launched a AED 1 billion fund ($272.3 million), called the Dubai Future District Fund, encouraging companies to list in the Dubai Financial Markets and stock exchange.

The fund is an initiative of the Dubai Securities and Exchange Higher Committee, and it reflects the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai.

“The Dubai Future District Fund supports national efforts and strategies aimed at enabling entrepreneurs to reach new horizons, realize Dubai’s aspirations for the new economy, and contribute to enhancing the emirate’s status as a preferred destination for investment environment and exceptional facilities,” stated Sheikh Maktoum bin Mohammed Deputy Ruler, Dubai Deputy Prime Minister Minister of Finance.

One half of the fund is dedicated to investments into venture capital funds with a local focus, while the other half is supposed to support startups directly or through Future District affiliated programs.

Also Read: Oracle Opens A New Cloud Region In Abu Dhabi

Digital companies that decide to base their operations in the Dubai Future District get to enjoy a number of benefits, including access to a large pool of entrepreneurial talent and hyper-connected infrastructure. Dubai has also very recently demonstrated its ability to quickly react to rapidly changing conditions when it became one of the first cities in the world to recover from the pandemic and reopen its economy.

All this makes it a very attractive place for startups and venture capital, and the UAE Centennial 2071 plan, whose goal is nothing less than to make the UAE the best country in the world by 2071, only reaffirms Dubai’s ongoing commitment to serve as a global hub for business.

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Spotify Is Experimenting With Artist NFT Collections

According to a recent survey, it seems that the currently tested NFT collections are just the first step toward a much broader implementation of NFTs into the platform.

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spotify is experimenting with artist nft collections

NFT sales may have declined by 92 percent since September 2021, but that’s not stopping Spotify from experimenting with a new feature that lets artists display their non-fungible token (NFT) collections on the music streaming platform.

At the moment, only a small group of artists are taking part in the experiment, including Steve Aoki and The Wombats. What’s more, only select US users of the Spotify app for Android can see NFTs when they visit the profile pages of the aforementioned artists.

spotify artist nft collections

“Spotify is running a test in which it will help a small group of artists promote their existing third-party NFT offerings via their artist profiles,” said Spotify spokesperson. “We routinely conduct a number of tests in an effort to improve artist and fan experiences.”

It’s important to point out that not all Spotify experiments result in new features. It all depends on the feedback the music streaming platform receives from users.

According to a survey some Spotify users have recently received, it seems that the currently tested NFT collections are just the first step toward a much broader implementation of NFTs into the platform. More specifically, Spotify seems to be thinking about allowing its users to directly purchase NFT art to support their favorite artists.

Also Read: 3 Best Cold Storage Wallets For Crypto In 2022

Considering how polarizing NFTs have been since their inception in 2014, it shouldn’t come as a surprise that many Spotify users have immediately expressed their dissatisfaction with the idea of NFTs becoming part of the Spotify music listening experience.

Other large tech companies are also experimenting with NFTs. Instagram, for example, started testing NFT integration last week, allowing NFT creators and collectors to display their tokens on the platform. Mark Zuckerberg himself believes that NFTs and digital collectibles in general will play an integral role in the metaverse, the new iteration of the internet.

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