CNBC Arabia’s ‘On the Chain’ show showcases Dubai’s cutting-edge crypto influence

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Published: Wed 28 Sep 2022, 10:38 AM

Adorned with towering, record-breaking skyscrapers, Dubai is often heralded as pioneering the birth of the modern, cosmopolitan city. Already deemed as a ‘city of the future’ due to the abundance of innovation, technology, luxury, and ambition, Dubai’s also powering forward as a global leader in the cryptocurrency scene.

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In fact, both Dubai and nearby Abu Dhabi have set their sights on being a global virtual currency hub as many regulators in Western nations continue to cast a wary eye on digital assets. Crypto exchange FTX has set up shop in Dubai. Changpeng Zhao, CEO at Binance bought a home in a world-class city.

Speculation is that locales like Dubai and Abu Dhabi, which have both approved new crypto-focused laws and issued numerous operating licenses for crypto exchanges in 2022, are riding the crypto momentum to architect a regulatory framework around the asset itself.

Crypto’s influence within Middle Eastern media grows through new partnership

CNBC Arabia is also expanding crypto’s influence within the Middle East with the launch of its first-ever crypto show, called ‘On the Chain.’ The show is sponsored by Wemade, a well-known South Korean video game developer now with extensive roots within the blockchain gaming and Web3 worlds.

Interestingly, as Dubai helps usher in a crypto renaissance to the Middle East (and the wider world), Wemade has been doing the same, pioneering the blockchain gaming industry in South Korea, across Asia, and even reaching global fans in Latin America, Europe and the Middle East. Henry Chang, CEO is focused on transforming Wemade, already massively influential through its long-standing MMOPRG ‘Legend of Mir’ series, into the ‘steam of blockchain games.’

Wemade’s own Wemix platform is the result of over four years of intense investment in blockchain technology and human capital. The platform utilises blockchain technology to enhance the user experience through additional advantages like creating and trading NFTs, staking programmes, earning in-game tokens, and using them in other games onboard the platform, and more.

From a game developer’s standpoint, it allows them without much Web3 knowledge to launch blockchain games. Chang asserts the platform will host 100 games by the end of 2022. He’s also announced plans to launch a 100 per cent fully-reserved stablecoin (WEMIX$).

MIR4 Global, the 4th installment of the ‘Legend of Mir’ series which has been running for over 20 years, has been deemed as one of the most successful and sustainable blockchain games to date, only one year after its launch. The Play and Earn (P&E) game has already amassed more than 20 million accumulated users and $160 million in in-game revenue.

The gaming company’s support of the ‘On the Chain’ programme is significant. It exemplifies how the South Korean entity is focused on bringing its innovation and dynamic nature to the wider blockchain community to spread awareness about Web3.

Wemade worked closely with traditional media to bring ‘On the Chain’ to life. This is notable as positive crypto coverage within legacy media outlets drives positive attention to the industry.

South Korea has long been an influential exporter of its unique culture, music, and artistic endeavours, so Wemade’s moves in the Middle East are another historical moment for the Asian nation’s global tech influence.

Wemade’s partnership with CNBC Arabia, coupled with Dubai’s ascension in the crypto world, has led some to hope both moves can only boost virtual currency adoption in a region with vast potential.

As The Middle East comes around to crypto, destinations like Dubai look to keep leading the way

Undoubtedly, the UAE has been paving the way for the adoption of crypto from the get-go. According to a Gemini survey, the UAE is the third biggest country in the world in terms of crypto adoption with 35 per cent already owning some form of cryptocurrency.

Now as more Middle Eastern nations shift towards digital transactions, many believe crypto could become a part of everyday life for millions, especially as Sharia-compliant crypto platforms launch.

An April 2022 poll from Gemini underscores these hopes. In a survey of about 30,000 people, 56 per cent of Middle Eastern crypto owners signaled they were regularly buying and selling crypto to try and make a profit. 32 per cent in the same region assert they would buy digital assets in the next year. Nearly 50 per cent of respondents in the UAE believe crypto is the future of money.

Governments are also taking note. In July 2022, the Crown Prince of Dubai announced the launch of the 'Dubai Metaverse Strategy' to foster technological innovation. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said: ‘Dubai is home to over 1,000 companies operating in the metaverse and blockchain sector, which contributes $500 million to our national economy."

Bahrain’s Central Bank launched FinHub 973, a fintech solution allowing companies to connect to gain access to funding opportunities through a regulatory sandbox.

CNBC Arabia’s ‘On the Chain’ crypto show is the latest page in the story of Dubai’s unique and dynamic crypto innovation. The world keeps paying attention as exchanges and crypto companies relocate to the ultramodern Gulf city. Wemade’s partnership with CNBC Arabia comes at a strategic time for the blockchain gaming company as it strengthens its presence in the Middle East.

It’s also a milestone for South Korea, as Wemade follows in a long line of innovative companies from the Asian nation looking to empower global technology, culture, and ingenuity beyond borders.

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