Metaverse firm RFOX enters Dubai’s virtual asset market with new office

RFOX, a Vietnam-based fast-growing metaverse company building the future of the Internet, has established a new regional office in Dubai.

The company has carved out a reputation as one of the hottest blockchain companies. Its uniqueness is backed by the RFOX VALT metaverse, a virtual world that the company is building in virtual reality (VR), and its integration with the multiple other businesses has already built to create a vibrant ecosystem.

The RFOX VALT is focused on shopping, retail, and entertainment experiences, offering users the ability to have new and immersive experiences with their favorite brands and celebrities in VR. It established a roadmap to build a metaverse two years ago.

The company’s plans accelerated when Facebook announced that it was pivoting to become a metaverse-focused company called Meta. Fortunately for RFOX, its plans to build a metaverse were fairly advanced, targeting both retail and entertainment sectors. Analysts Emergen Research have identified both sectors to dominate the metaverse market, estimated at $1.6 trillion by 2030.

“We looked at multiple jurisdictions, and after careful review, we decided that Dubai was making great progress in giving users confidence in virtual assets. Dubai’s adoption of the Virtual Asset Regulation Law, the first law governing virtual assets, and the establishment of a regulator to oversee the sector will help facilitate the mainstream adoption of virtual assets. We also looked at the ecosystem in Dubai and found we were in good company with organizations such as Binance and Meta also taking up strategic positions in Dubai. We are optimistic about our future in the region.”

Mr. Fairbank praised the Dubai government, especially its ruler Sheikh Mohammed Bin Rashid Al Maktoum, for the foresight and vision for virtual assets and the crypto industry.

Related: Binance wins 1st crypto-asset service provider license in GCC from Bahrain