Dubai’s Ambitious Plan to Accelerate NFT Adoption Through Educating Artists on Web3 Technologies

The art scene in the United Arab Emirates is experiencing a vibrant surge, characterized by a flourishing array of galleries and auction houses in Dubai and ambitious museum projects taking shape in Abu Dhabi.

From the exquisite masterpieces on display at the Louvre Abu Dhabi to the innovative contemporary installations that adorn the Emirates’ landscape, it’s evident that the country is at the forefront of the region’s rapidly growing art scene.

In a region where many countries are channeling their investments into museums and entertainment facilities to attract tourism, Dubai stands out for its pioneering approach to embracing technological advancements.

As one explores the vast expanse of the world’s largest shopping destination, the Dubai Mall, a fascinating glimpse into the future of Web3 technology is on display, where the physical realm seamlessly intersects with the digital art space. A pioneering venture known as ftNFT is spearheading this transformative experience within Dubai Mall, presenting an innovative fusion of physical and digital galleries.

Within this cutting-edge phygital retail space, a novel approach to the world of Non-Fungible Tokens (NFTs) comes to life. Shoppers have the opportunity to interact with NFT terminals, allowing for the effortless acquisition of NFTs using conventional credit card payments. This immersive journey takes patrons on a captivating tour of the phygital art world, replete with diverse experiences, including full-body 3D scanning and a plethora of engaging encounters.

Source: 37xDubai

Dubai, renowned for its boundless extravagance and unceasing spirit of innovation, is on the brink of another awe-inspiring venture. Set to unveil later this October, the city’s upcoming artistic sensation, 37xDubai, under the visionary leadership of Danilo Carlucci from Morningstar Ventures, promises to be more than a mere art gallery. It aims to emerge as a harmonious blend of art, technology, and education.

In the Dubai International Financial Center (DIFC), a globally recognized financial hub at the forefront of embracing web3 technologies and digital asset regulation, 37xDubai is envisioned as an immersive experience. This unique establishment seamlessly weaves traditional digital art forms with the cutting-edge world of non-fungible tokens (NFTs). However, there’s a twist to this narrative.

Beyond serving as a mere exhibition space for exquisite digital assets, 37xDubai has a broader mission – to enlighten its visitors about the enthralling realm of NFTs and the expansive Web3 ecosystem. In a world where technology often overshadows art, 37xDubai stands as a sanctuary where both coexist, flourish, and, most importantly, educate.

Morningstar Ventures, an established name in the venture capital world, perceives this gallery as its gateway to the dynamic domain of digital art and Non-Fungible Tokens (NFTs). Danilo Carlucci, the visionary behind this venture, emphasized that their displays are more than just artworks. They serve as informative windows into the ever-evolving digital landscape, enlightening visitors about the significance and potential of NFTs.

Among the standout features of this trailblazing gallery is its pioneering membership token, taking inspiration from the ‘Tree of Life’ art installation. It’s more than just a token; it’s an emblematic symbol of the fusion of art and technology. In harmony with the gallery’s vision, 37xDubai offers collaborative events and workshops focused on Web3 technology. These gatherings allow attendees to glean insights and expertise from advisors associated with prominent entities such as Binance NFT and Binance Charity.

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Altcoin Rebound on the Horizon: Worst May Be Behind us, But the Best Is Yet to Come

In the world of cryptocurrency, there’s a common desire shared by many: a full-blown altcoin season. Altseason refers to a brief period during which altcoins outperform Bitcoin.

Since the peak of 2021, most altcoins have bled against Bitcoin and reached new lows. So, in this article, we will discuss the factors related to altcoins to understand whether we have witnessed a genuine capitulation or if another significant crash is looming.

Altseason index plummets to multi-year lows: What’s next for altcoins?

The Altseason index indicates whether we are in a Bitcoin season or an Altseason. Currently, this index stands at ten on a yearly timeframe, suggesting that we are presently in a Bitcoin season, with BTC outperforming the majority of altcoins. The last time this index was this low was during the C-19 crash in 2020. In the months following that crash, the crypto market entered an Altseasonfueled by DeFi.

Historically, it bottomed out when $BTC’s price hit its lowest point. However, this time, due to the SEC clampdown on altcoins and severe selling by Robinhood, several altcoins reached new lows despite BTC’s bullish price action in 2023. If history is any indication, most altcoins have likely found their bottom, and in the coming months, we may witness an increase in this index.

Image courtesy by Sumit Kapoor, Source: TradingView

Investor’s dilemma: Decoding crypto market cheat cycle

During the FTX collapse, Bitcoin and several other cryptocurrencies hit new lows, prompting traditional media to discuss the demise of the crypto market. FTX was the second-largest crypto exchange at the time, and its collapse marked a capitulation event for the majority of the crypto market. Following the collapse, the crypto market began to recover, much like it did after a genuine capitulation. However, something unthinkable occurred.

The SEC started labeling top altcoins as securities, leading many of them to reach new lows. Shortly after this, reports emerged that Robinhood had started selling these altcoins identified as securities by the SEC, causing the market to crash further, resembling a true capitulation. Following the XRP victory, all of these altcoins experienced substantial price increases, but they have still not reached new lows. This suggests that the SEC news marked the real capitulation event, and most of the altcoins have discovered their true bottom.

Image courtesy by Sumit Kapoor, Source: TradingView

BTC dominance soars, yet altcoin opportunities persist

After reaching its peak in June 2023, BTC dominance has been steadily declining, which is a positive development for the altcoin market. The decrease in BTC dominance suggests that new funds flowing into altcoins are experiencing more minor losses than Bitcoin. Despite the news related to Grayscale, BTC dominance has not shown any significant increase.

This trend is likely to persist, given the upcoming distribution of BTC from Mt. Gox and BTC sales by the US government, both of which will make it challenging for BTC dominance to rise. The one factor that could potentially boost BTC dominance is FTX’s plan to sell its assets, as announced a few weeks ago. FTX holds a substantial amount of SOL, ETH, and other top altcoins. Considering that the overall crypto market volume is at multi-year lows, such a sell-off could inflict significant damage on the altcoin space.

altcoin season
Image courtesy by Sumit Kapoor, Source: TradingView

Navigating altcoin capitulation: Timing, strategy, and risk awareness

Numerous factors indicate altcoin capitulation, and it’s likely that we’ve already witnessed the depression phase. This doesn’t necessarily imply that altcoins will begin to surge tomorrow or next month, but it does suggest that many altcoins have reached a price level where one might consider dollar-cost averaging (DCA) if they plan to hold for the long term.

Keep in mind that there are still many unknowns, such as an upcoming recession or any other unforeseen black swan event that a chart cannot predict, so always incorporate these factors into your plan.

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