Morningstar Ventures, an investment firm covering blockchain technology and digital assets, has invested over $5 million in its first interactive and immersive digital art gallery, called ‘37xDubai’, which is set to open at the Dubai International Financial Centre (DIFC), reported Khaleej Times on Wednesday.

The NFT art gallery will be located in the Burj Daman Tower and will open its doors in the first quarter of 2023, added Al Arabiya News.

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The gallery’s design and architecture will be “highly sophisticated,” boasting state-of-the-art interior, equipment, and light and sound infrastructure," CEO of 37xDubai Clemence Cazeau was quoted as saying by Arabian Business.

“We’ve hand-picked and meticulously selected every element of the space to ensure that the 37xDubai gallery and its exhibitions are presented in an unforgettable fashion to every one of our visitors,” Cazeau added.

“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 firm's co-founder and CEO Danilo S. Carlucci was quoted as saying by Al Arabiya.

“Dubai is an ever-growing melting pot of ideas, entrepreneurs and creatives, and is generally a market that is very open to bold moves,” he added.

The new concept of 37xDubai will be released right before Art Dubai, which is slated to take place March 1-5, 2023. An art exhibition to launch the gallery will take place in early March with more details to be released in January, the report added.

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The global NFT market is slated to reach 23.9% between 2022 and 2028, reported Khaleej Times. In the UAE, 23% of people own at least one NFT, compared to Europe (8%) and the US (2.8%).

37xDubai was established with the goal to promote Web3 technology and focus on Web-3-based entertainment education and digital as well as traditional art.

Aside from showcasing digital art, the gallery is also looking offer educational programmes and private monthly events, in an effort to make digital art more accessible.

Morningstar Ventures aims to broaden the scope of art by inviting Web3 enthusiasts who can leverage the company’s and the art gallery’s networks, the report added.

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