Morningstar Ventures Invests $5M to Open 37xDubai, a Novel NFT Art Gallery in Central Dubai
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Dubai, UAE, 13th December, 2022, Chainwire — Morningstar Ventures, an investment firm specializing in digital assets and blockchain technology, is opening its first interactive digital art gallery in the heart of Dubai. Located in the Burj Daman Tower (DIFC area), ‘37xDubai’ is positioned amidst Dubai’s business and lifestyle center.
37xDubai aims to bridge art and technology through focusing on web3 education, traditional art, digital art, entertainment, and community. A carefully curated collection of art mixed with digital experiences will make 37xDubai much more than just a gallery. Via educational programs, private events, and monthly gatherings, 37xDubai will cultivate 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 influx of web3 enthusiasts. The modular technology behind the 37xDubai gallery allows for frequent changes in exhibited collections, keeping the creative space fresh and adaptable to diverse concepts.
Clemence Cazeau, 37xDubai CEO, said: “The design and architecture of our gallery are highly sophisticated, filled with state-of-the-art equipment, interior, sound, and lighting infrastructure. We’ve hand-picked and meticulously selected every element of the space to ensure that the 37xDubai gallery and its exhibitions are presented in an unforgettable fashion to every one of our visitors.”
The co-founders of Morningstar Ventures, Danilo S. Carlucci and Arut Nazaryan, are two young Dubai-based entrepreneurs who were early investors in web3 and are affiliated with the entertainment and luxury industries. Early in 2021, the pair got together with Clemence Cazeau who brings years of experience from art, galleries, and auction houses.
The global NFT market is projected to reach 23.9% between 2022 and 2028. In the UAE, 23% of people own at least one NFT, ranking the region first compared to Europe (8%) and the U.S. (2.8%). 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 recently.
The 37xDubai team is in the later stages of the development process and has already gathered interest from a range of exclusive partners from the luxury, art, fashion, and lifestyle sectors. 37xDubai will open its doors just before Art Dubai which is to take place in early March 2023. Details around the grand opening will be released in January.