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This week’s feature takes you behind the scenes of Blockchain Week in Dubai.
As Dubai’s streets were soaked by heavy rains during the Token2049 event of Blockchain Week, the city was not only flooded with water but also with a surge of announcements, collaborations, and commitments from the crypto community. Despite the initial chaos caused by the rain earlier in the week, the global spotlight turned to the desert city to catch a glimpse of the future of finance. Amidst the influencers, business development professionals, and the presence of Hasbullah promoting his newly established Web3 and memecoin launchpad hasbiland.io, our reliable columnist felt overwhelmed, isolated, and nearly swept away by the rain.
Upon arriving in Dubai at the beginning of the week, I immersed myself in familiar territory: art. At the Blockchain Life conference on April 15, I discovered the 10101.art booth, a novel platform selling NFT tokens/shares of original works by renowned artists like Andy Warhol, Dali, Picasso, and Banksy. During their launch event at Monada Gallery in Dubai’s financial hub (DIFC), a limited number of presale tokens were made available. The business model, somewhat similar to masterworks.io but with an added touch of cryptocurrency NFTs, aims to democratize access to art by offering shares in prestigious artworks as an investment option for individuals who cannot afford to own the entire piece. Can’t afford a million-dollar Picasso? Just purchase a $100 slice!
The biblical flood of Dubai in 2024 unexpectedly inundated day 2 of the Blockchain Life conference and much of the Gulf petro state. Within a span of 12 hours, Dubai, accustomed to dry weather, experienced rainfall equivalent to a year’s worth, resulting in homes and businesses grappling with the lack of essential services like water and electricity. Trapped downtown, I had to walk 17km back to my hotel, mostly barefoot due to my soaked shoes causing blisters on my feet.
While the rain disrupted the event, Token2049 continued, albeit with delays for out-of-town attendees. Pavel Durov, the mysterious founder of Telegram, made waves at Token2049 with various initiatives aimed at enhancing Telegram’s crypto capabilities. Durov disclosed plans for ordinary Telegram users to engage with the TON ecosystem, introducing payments in TON for advertising to channel administrators and enabling tipping in TON for content creators. Additionally, Durov proposed trading stickers as NFTs in TON, with artists receiving a significant portion of the profits. Durov also welcomed Tether’s CEO, Paolo Ardoino, on stage to announce the integration of USDT into the TON blockchain. With USDT facing challenges regarding auditing and transparency, the introduction of a native TON stablecoin could have a substantial impact on the industry.
Furthermore, Singapore-based QCP and Further Ventures disclosed their joint venture in Abu Dhabi to foster digital asset innovation in the MENA region. While details are scarce, QCP intends to establish an office in the Emirate, while Further Ventures will leverage its broker-dealer license and custodial products to facilitate transactions.
Abra made headlines with the announcement of SEC-approved offerings, Abra Prime and Abra Private, tailored for institutional and private clients. With SEC approval for its subsidiary, Abra Capital Management LP, to operate as a registered investment advisor, Abra aims to bridge on-chain and off-chain ecosystems for private clients and institutions. This venture delves into the realm of yield-bearing opportunities and borrowing against cryptocurrencies, aiming to avoid the pitfalls seen in similar high-yield ventures in the past.
In other developments, Drift unveiled a DAO and an airdrop of a new governance token, rewarding Solana DEX traders. As the rain subsided in Dubai, Drift users experienced a deluge of newly minted governance tokens, marking a new chapter for the platform.
The Data Ownership Protocol (DOP) made a significant impact this week with a partnership with Bitcoin.com. By integrating their 48 million wallets and 1 million monthly active users with Bitcoin.com’s 4 million monthly readers, DOP aims to tap into the potential growth among Bitcoin enthusiasts who prioritize privacy and decentralized financial systems.
Lastly, the much-anticipated party of the century turned out to be a disappointment. Despite promises of yacht dinners and extravagant afterparties during Blockchain Life and Token 2049 from Will Heckman of TheStreet.com and Roundtable Media, my inbox remained devoid of invites. The prospect of mingling with industry leaders vanished, leaving me stranded. Perhaps next year, I’ll have better luck.
As Token2049 concluded at Madinat Jumeriah in Dubai on April 19, 2024, I found myself enjoying a drink during the closing event.
For more information:
Token2049: Binance COO discusses challenges posed by US monitoring deal.