UAE MorningStar Ventures Invests $5 million in Dubai based NFT art gallery

 

UAE investment firm specializing in digital assets and blockchain technology, MorningStar has invested 5 million to open its first interactive and immersive digital art gallery, called ‘37xDubai.

The NFT digital art gallery is located in the Burj Daman Tower (DIFC area), 37xDubai will be at the heart of Dubai’s business and lifestyle center as it opens its doors in Q1 of 2023.

As per the press release, the global NFT market is projected to reach 23.9% between 2022 and 2028. In the UAE, 23% of people own at least one NFT, ranking the region first compared to Europe (8%) and the U.S. (2.8%). MoMa, Sotheby’s, and other institutional players in the art scene have also opened NFT or Metaverse-related initiatives or shown interest in the space over the past years.

37xDubai aims to be a bridge across Art and Technology, thereby bringing a new concept to the market focused on web3 education, traditional art, digital art, entertainment, and community.

Featured artists will be able to leverage Morningstar Ventures’ and 37x’s network and expand their reach by engaging with a new trip of web3 enthusiasts. Furthermore, the modular technology behind the 37xDubai gallery allows for frequent changes in exhibited collections, keeping the creative space ever-changing and adaptable to various concepts.

Clemence Cazeau, CEO 37xDubai stated, “The design and architecture of our gallery are highly sophisticated, filled with state-of-the-art equipment, interior, sound, and lighting infrastructure. We hand-picked and meticulously selected every element of the space to ensure that the 37xDubai gallery and its exhibitions could be presented in an unforgettable fashion to every one of our visitors” 

In January 2022, MorningStar  launched its first project out of its Elrond Dubai incubator. The Open Metaverse data platform, Itheum seeks to transform personal data into tradable asset. UAE Morning Star will be leading Itheum’s 1.5 million USD seed fund round and help to built the team for the project on Elrond Blockchain.

Then in February 2022 the investment firm  partnered with Deep-tech startup Humans.ai . As per the press release, the move will deepen Humans.ai’s presence in the Middle East region and advance the company’s mission to establish the first framework for ethical AI with blockchain technology. Humans.ai also partnered with UAE Deca4 consultancy. 

In 2021 MorningStar acquired porfolio tracking application CoinFy.