A new interactive and immersive digital art gallery, ‘37xDubai,’ is gearing up for its grand opening in Dubai during the first quarter of 2023.
Dubai-based investment firm specializing in digital assets and blockchain technology, Morningstar Ventures, invested over $5 million to open the gallery, which will be located in the Dubai International Financial Center area.
Fusing together art and technology, 37xDubai plans to hold a variety of digital art exhibitions, host educational programs, and set up monthly gatherings, Morningstar Ventures said in a statement on Tuesday.
Construction of the gallery began over the summer, said the firm’s co-founder and CEO Danilo S. Carlucci, adding that the idea was initially coined in December last year.
“It’s been 12 intense months of hard work, but we are just getting started, and the feedback so far has been amazing,” Carlucci told Al Arabiya English in an interview.
“We are lucky to have a great personal network, so we are already in talks with many different brands from various sectors, including lifestyle, luxury, jewelry, technology industries, as well as some local well known Dubai native brands.”
The new concept of 37xDubai will be released right before Art Dubai, a mega-art exhibition which is to take place in early March next years. Details around the grand opening will be released in January, the firm said.
The technology behind the 37xDubai gallery will allow for frequent changes in exhibited collections, keeping the creative space ever-changing and adaptable to various concepts.
“The design and architecture of our gallery are highly sophisticated, filled with state-of-the-art equipment, interior, sound, and lighting infrastructure,” said the gallery’s CEO Clemence Cazeau.
“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.”
The global market for non-fungible tokens (NFTs) is projected to reach 23.9 percent by 2028.
With 23 percent of residents owning at least one NFT, the market continues to grow rapidly in the United Arab Emirates. The Emirates now outranks others, surpassing Europe (8 percent) and the US (2.8 percent).
“Dubai is an ever-growing melting pot of ideas, entrepreneurs and creatives, and is generally a market that is very open to bold moves, which is what we at Morningstar Ventures – the investors of 37xDubai – are all about,” Carlucci added.
“Of course, the fact that all the core team members live in Dubai and love the UAE also was a factor for this decision.
“While we have already been offered opportunities for expansion, for now our full focus is Dubai, as we want to bring our unique concept to our beloved city first, and do a great job here, then we will think about what destinations make sense next.”
Dubai’s burgeoning art scene has seen the likes of the Museum of Modern Art (MoMa) and global auction house Sotheby’s, among many others, become major players in the emirate’s NFT and metaverse space over the past couple of years.
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