Sandbox’s parent company, Animoca Brands Corp. Ltd, has confirmed Sandbox plans to launch a metaverse in Dubai dubbed Dubaiverse. It added that the company seeks to apply its Hong Kong metaverse strategy to run the newfound market.
The announcement came on Thursday during the True Global Ventures Conference. Animoca Brands Corp is a game software and venture capital company with its headquarters in Hong Kong. Its new metaverse project, ‘Dubaiverse,’ will be based on Sandbox’s Mega City.
The city is a gaming metaverse inclusive of a virtual cultural hub focused on the Asian financial capital of Hong Kong.
Sandbox Looks to Create Metaverses in Several Major Cities
Sebastien Borget, co-founder and chief operating officer of Sandbox, revealed that the company had plans to develop more location-based metaverses. He added that major cities in the country like; Korea, Turkey, and Singapore were currently under consideration.
Sandbox to Collaborate With Dubai’s Local Partners for Its New Project
In a statement, Animoca Brands stated that Sandbox seeks to design the Dubaiverse through local collaborations as it did in Hong Kong. The Hong Kong-based blockchain game expert intends to collaborate with various businesses in the banking, entertainment, real estate, gaming, and acting sectors.
So far, Dubaiverse has attracted significant interest in Dubai. Animoca Brands confirmed that the Virtual Asset Regulatory Authority, Dubai’s crypto regulator, became the first purchaser of real estate on the Dubaiverse.
The move signals the start of a good working alliance between the crypto regulator and Sandbox’s new project. Animoca Brands has praised the Virtual Asset Regulatory Authority for its good gesture as it had instilled confidence in other valuable local partners.
For instance, GCEX, a digital trading company, through its managing director Mehtap Onder, expressed its commitment to be part of Dubaiverse by offering virtual asset education to Dubai’s residents.
In addition, True Global Ventures, the host of the Thursday event, revealed its $38 million worth of investment in Animoca Brands. Also, Khaleej Times, a local news outlet in Dubai, has been confirmed to be the official Dubaiverse news partner. It is a similar collaboration between South China Morning Post and Hong kong’s Sandbox.