The company’s RFOX Valt metaverse is a virtual world focused on retail and entertainment experiences. Analyst Emergen Research has identified both sectors as being likely to dominate the metaverse market, estimated to be worth $1.6trn by 2030.
Chief executive officer Ben Fairbank noted that Dubai was an ideal location to establish the new office due to the government’s focus on virtual assets and the crypto industry.
He commented: “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 organisations such as Binance and Meta also taking up strategic positions in Dubai.”