Emirates Airline has announced its intention to take its customers into the virtual realm by offering its own NFT collection.
NFTs, or non-fungible tokens, have exploded in popularity since the outbreak of the COVID-19 pandemic, with the most successful collections selling for millions of dollars.
By providing immutable proof of ownership, NFTs have transformed the digital art scene, and they’re expected to form a crucial part of the metaverse, a network of 3D virtual worlds that some of the world’s largest tech companies are trying to create.
“Emirates has always embraced advanced technologies to improve our business processes, enhance our customer offering, and enrich our employees’ skills and experiences,” said Emirates CEO HH Sheikh Ahmed bin Saeed Al Maktoum.
As the first step on its journey to the virtual realm, the main purpose of the NFT collection is to increase the digital appeal of Emirates Airline. The collection includes virtual replicas of collectibles, so its utility is limited. It can, however, generate profit for those who purchase it if it becomes popular.
“We are excited about the opportunities in the digital space of the future and are committing a significant investment in financial and resourcing terms, to develop products and services using advanced technologies that will deliver on revenue, brand experience, and business efficiencies,” added Sheikh Ahmed bin Saeed Al Maktoum.
In addition to the NFT collection, Emirates Airline is also repurposing its Emirates Pavillion at the Dubai Expo 2020 site to create a center for innovation, where it wants to work on various future-focused projects related to NFTs, the metaverse, and Web3.
Other airlines have used NFTs for similar purposes as well. For example, Air Europa has recently released the first NFT flight ticket series in collaboration with the blockchain firm TravelX, fusing travel with technology and art.
If these and other applications of NFT technology gain traction, we can expect other companies in the travel industry and beyond to experiment with the technology as well.
World’s Largest Metaverse Developer Opens Dubai Office
LandVault, the largest metaverse creator, is expanding its presence into the MENA region.
LandVault, the world’s largest metaverse developer, will expand operations to Dubai later this month as part of an ongoing strategy to boost its presence in the MENA region. The company aims to help local businesses gain a foothold in the expanding web 3.0 universe and sees exciting opportunities to bolster its client portfolio.
So far, metaverse developer LandVault has lived up to its name, creating and curating over 100 square feet of virtual space for a diverse range of organizations, including the nearby Yas Marina Circuit, Aldar, Mastercard, Standard Chartered, World of Women, Hershey’s, and many more.
The Dubai government’s Metaverse Strategy is one of the key reasons LandVault has been inspired to move to the region, as leaders plan to transform the Emirate into one of the world’s top 10 metaverse economies by 2030. Eventually, it’s hoped that in excess of 1,000 companies in the blockchain and web 3.0 spaces will be inspired to set up entities in the region, creating around 40,000 new jobs in the process.
“We are excited to open our office in Dubai and to be a part of the vibrant tech community in the UAE. The MENA region is a key market for us, and we believe that our presence in Dubai will allow us to assist the region and explore new opportunities. We are also excited about the potential for the metaverse in the real estate industry in the UAE. We look forward to working with developers and real estate companies to showcase their properties in a new and innovative way,” says Sam Huber, CEO of LandVault.
Alongside developing the metaverse from its new Dubai office, LandVault will also deploy its technology to assist the UAE’s real estate sector. Developers will soon be able to showcase their projects in a way that was never previously possible, reaching a much wider audience with immersive and interactive property tours and even virtual showrooms.