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Eros Investments and Dubai World Trade Centre Authority to Develop the Web 3 Ecosystem

Eros Investments has announced a strategic partnership with the Dubai World Trade Centre Authority (DWTCA) to operate under the world’s only specialist Virtual Asset Regulatory Authority (VARA). This according to the companies will enable the growth of the worldwide Web 3.0 industry and associated blockchain businesses from Dubai as the Hub.

Foundational cornerstones of the partnership include:

  1. Eros Investments to launch a specialised mega-accelerator fund to enable 100+ startups and SMEs across Blockchain and Web 3.0 by 2025 in DWTCA,with global industry-shapers and home-grown anchors in ICT and Content distribution.
  2. Eros’ investee portfolio and all affliates to seek to be VARA licensed and operate the first-of-its kind ‘fully regulated, decentralised DLT platform’ for the global Media, Art and Entertainment industry, from Dubai.
  3. Xfinite is a flagship ‘watch-to-earn’ closed loop platform with XET and NFT Marketplace to join a rigourously vetted shortlist of international participants in the VARA MVP programme, and build towards the mass market Virtual Asset Exchange (VAX) License.
  4. VARA to engage Eros in building secure IP guardrails to foster fair creative industry participation, scaling direct connectivity between global talent, content aggregators, and the audience.

Blockchain and Crypto have seen an exponential growth specifically through the pandemic, estimated to be at over 300 Million users globally (source Triple-A) at the end of 2021. However, this phenomenon remains relatively nascent due to undefined global standards for operations and risk controls. Continued regulatory uncertainty, with limited legal clarity and rights protection assurance, presents a significant untapped opportunity to scale economic freedom, and enable safe mainstream access to/interaction with content.

“The Emirate of Dubai’s enablement of the VARA was the first step towards pioneering a Global wave of Web 3.0 and Virtual Asset adoption that is designed to offer global interoperability in alignment with international best-in-class industry regulatory standards. Licensing Eros to participate in the VARA ecosystem is particularly reflective of the city’s objective to build an ecosystem that supports decentralised and autonomous new economy growth – across creative, technology, media, art, and entertainment. Eros Investment’s founding vision to deliver opportunities for quality startups to connect with the industry participants and take their content direct to market will be enabled through a network of strategic global leaders that are equally invested in co-creating such a benchmark model for the world. It also allows for the mass adoption of crypto into everyday use and grows to billions of users globally,” the companies said in a statement.

His Excellency Helal Saeed Almarri, Director General of DWTCA commented, “For any industry to be a sustainable contributor to the new economy, it is imperative that governments provide robust guard rails in a legitimate environment so that businesses can innovate ‘responsibly’, and consumers can experience with ‘confidence’. To this end, Dubai’s VARA is committed to building a secure and progressive market environment that can deliver a ‘technology and sector agnostic’ future economy. We are already witnessing the mass proliferation of Blockchain, and the accelerated migration to Web 3.0 – one that we are here to nurture, strengthen and sustain. We find in Eros, strong alignment in objectives to create a decentralised empowerment framework for the creative, lifestyle, and media industries, and are looking forward to partnering with their global value chain partners to design scalable models for the metaverse”.

“Innovation is entrenched in the DNA of Eros Investments in much the same way as it is in Dubai, and we are humbled by the opportunity offered to us by H.E. Helal to participate in this incubation ecosystem that the VARA has established to accelerate the global blockchain and web3 revolution from the very heart of Dubai. Eros is in advanced stages of readiness to launch a revolutionary multi-verse experience that bridges the physical and virtual world in a uniquely relatable way, for all ages and cultures. I am excited by the prospect of creating an open stage for the world to witness ‘first-hand’ the same multi-cultural dynamism of the Metaverse through the lens of the city of Dubai in the real world. Last week’s opening of the VARA MetaHQ has already seen growing interest from our industry partners to participate in this environment with us, so we collectively build the future of our industry together with Dubai,” said Kishore Lulla, Chairman, Eros Investments.

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Chris Fernando

Chris N. Fernando is an experienced media professional with over two decades of journalistic experience. He is the Editor of Arabian Reseller magazine, the authoritative guide to the regional IT industry. Follow him on Twitter (@chris508) and Instagram (@chris2508).

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