Metaverse company RFOX announced it has established a new regional office in Dubai, which it will utilise to accelerate its expansion plans in the region.
“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,” said Ben Fairbank, co-founder and CEO of ROFX.
“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. We are optimistic about our future in the region,” he added.
RFOX VALT metaverse, the company’s virtual world, is focused on shopping, retail, and entertainment experiences, offering users the ability to have new and immersive experiences with brands and celebrities in VR.
RFOX is one of the few companies that have specifically targeted both retail and entertainment sectors for its metaverse focus, with both sectors being projected to dominate the metaverse market, estimated at $1.6 trillion by 2030, according to Emergen Research.
RFOX established a roadmap to build its metaverse two years ago, with its plans being accelerated following Mark Zuckerberg’s announcement that Meta was now ‘a metaverse company’.
