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The 37xDubai art gallery, set to open to the public later in October, seeks to inform artists and art enthusiasts about nonfungible tokens (NFTs) and the wider Web3 ecosystem through workshops conducted in the gallery following its official inauguration.
Cointelegraph engaged in a discussion with Danilo Carlucci, the founder of investment firm Morningstar Ventures and 37xDubai, located in the Dubai International Financial Centre (DIFC). Carlucci elaborated on the objectives of the new art gallery and the rationale behind its focus on NFTs and Web3 despite the current market conditions.
First look at where NFTs will be displayed at the 37xDubai gallery. Source: 37xDubai
Carlucci stated that the gallery represents “an effort to bridge art and technology in one place.” As a more traditional venture capital fund, he noted that the art gallery serves as Morningstar Venture’s approach to diversify into the creative digital art and NFT sector. He mentioned:
“We have various different types of digital arts, but we also have NFTs displayed. We don’t just sell these specifically handpicked NFTs, but we also educate the people who are visiting our gallery about what NFTs are.”
In addition to showcasing NFTs within the gallery, the 37xDubai founder emphasized that it is utilizing NFTs inspired by its Tree of Life art installation as a membership token.
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Carlucci in conversation with Cointelegraph’s Ezra Requerra. Source: Cointelegraph
The executive mentioned that it will also host events and various workshops focused on the adoption of Web3 technology. He indicated that the project has advisers from Binance NFT and Binance Charity who will assist in these initiatives.
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When questioned about the decision to venture into NFTs, considering the prevailing sentiments and data indicating that NFT market prices have declined, Carlucci conveyed his confidence in the technology and clarified why the NFTs in the gallery would stand out. He stated that while it is not exclusively an NFT gallery, it does “believe in NFTs.” He also pointed out that the NFTs featured in the gallery have a distinct purpose compared to those produced by tech companies.
The Tree of Life art installment at the 37xDubai art gallery. Source: 37xDubai
“For the artists that we work with and we handpick. The incentive is creative. They want to make something creative, and they just happen to use blockchain technology for authentication purposes and for maybe sometimes the creative purpose, but the incentive is always creative,” he explained.
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