Morningstar Ventures, a Dubai-based investment firm specialising in digital assets and blockchain technology, has invested +$5 million in its first interactive and immersive digital art gallery, called ‘37xDubai’. Located in the Burj Daman Tower (DIFC area), 37xDubai will be at the heart of Dubai’s business and lifestyle centre as it opens its doors in Q1 of 2023.
The global NFT market is projected to reach 23.9 per cent between 2022 and 2028. In the UAE, 23 per cent of people own at least one NFT, ranking the region first compared to Europe (8 per cent) and the US (2.8 per cent). MoMa, Sotheby’s, and other institutional players in the art scene have also opened NFT or Metaverse-related initiatives or shown interest in the space over the past years.
37xDubai aims to be a bridge across art and technology, thereby bringing a new concept to the market focused on web3 education, traditional art, digital art, entertainment, and community.
With a focus on showcasing a carefully curated collection of art mixed with digital experiences, 37xDubai is more than just a gallery. Via educational programmes, activations, private events, and monthly gatherings, 37xDubai aims to create a global community of digital art enthusiasts. Featured artists will be able to leverage Morningstar Ventures’ and 37x’s network and expand their reach by engaging with a new trip of web3 enthusiasts. Furthermore, the modular technology behind the 37xDubai gallery allows for frequent changes in exhibited collections, keeping the creative space ever-changing and adaptable to various concepts.
Clemence Cazeau, CEO at 37xDubai, said: "The design and architecture of our gallery are highly sophisticated, filled with state-of-the-art equipment, interior, sound, and lighting infrastructure. 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."
Danilo S Carlucci and Arut Nazaryan, co-founders at Morningstar Ventures are two young Dubai-based entrepreneurs, who were early investors in the web3 ecosystem, and are strongly affiliated with the entertainment and luxury industries. Early last year, the two investors got together with Cazeau, who brings years of experience from art galleries, and auction houses.
The team is in the later stages of their development process and already gathered interest from a range of exclusive partners from the luxury, art, fashion, and lifestyle industries. The new concept of 37xDubai will be released right before Art Dubai, which is to take place in early March. Details around the grand opening will be released in January.
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