Bybit Sponsors the Art Dubai Digital Section in Art Dubai 2022
Bybit, one of the world's largest cryptocurrency exchanges, is the Lead Partner of Art Dubai Digital, a new section of the iconic art fair to bridge digital assets and the international art market. The digital art chapter of Art Dubai 2022 at Madinat Jumeirah, Dubai, is a platform for artistic expressions from the Middle East and Global South to empower the digital dimension.
Art Dubai and digital assets meet at the crossroads of digital art forms and human creativity in the middle of our current paradigm change. With roots in digital creativity dating back to the 1980s, artists and creative people are no strangers to digital advancements and the blurring of barriers between dreams and realities. The worldwide pandemic has sped up the creation of new worlds and the formation of new creative communities in the digital realm.
The new Art Dubai Digital department brings art forms that defy traditional boundaries to life. The digital sector, which has 17 presentations from both conventional and digitally native galleries, offers a voice to new artists and market players, many of whom attend their first international art show.
Igneus Terrenus, Head of Communications at Bybit, said:
Art Dubai’s admirable work in elevating talent to the global stage, particularly with artists from underrepresented regions, echoes Bybit's endeavor to democratize next level trading for the broader public. NFTs are one of the new tools to reinvent and rewire the art market, and a new generation of artists and art patrons are drawn to a new parallel world that rewards authenticity and the imaginative minds.
Art enthusiasts who want to see the art or support an artist may participate in the event via the Bybit NFT Marketplace, which presently has 15 artworks from Art Dubai's participating galleries.
Bybit Talks, a new addition to Art Dubai 2022, will encourage discussions between the crypto and art worlds, making crypto, web3 digital practices and NFTs ideas and possibilities more accessible to the general public. Established in March 2018, Bybit is also the partner of Formula One racing team Oracle Red Bull Racing, esports teams like NAVI, Alliance, Astralis, and Virtus.pro.
The Rise of Digital Assets Framework and Art in Dubai
Art Dubai, founded in 2007, is the leading platform for viewing and purchasing modern and contemporary art from the Global South. Art Dubai champions art and artists from across the Global South, providing a relevant and increasingly important alternative to mainstream, largely Western-led narratives. It features Contemporary, Modern, and Digital gallery sections, annual artist commissions, and year-round collector and education programmes.
Further, to make Dubai a hot destination for digital asset companies - Sheikh Mohammed bin Rashid Al Maktoum issued the Dubai Virtual Asset Regulation Law to establish a legal framework to protect investors and implement international standards for the virtual asset (VA) industry governance.
Except for the Dubai International Financial Centre, the rule applies across the emirate, including special development zones and free zones (DIFC).
A Dubai Virtual Asset Regulatory Authority (VARA) will be constituted by legislation. VARA will also be in charge of licencing and regulating the industry on the Dubai mainland and in the free zones (excluding DIFC). According to the official news agency WAM, the body would have legal personality and financial autonomy and be tied to the Dubai World Trade Centre Authority (DWTCA).
Any individual in Dubai who engages in connected operations without VARA authorization is illegal under the new legislation. Those intending to engage in any of the VA activities must also establish a company presence in Dubai. Due to this regulatory clarity provided by the new regulations, Dubai is increasingly becoming the top destination for crypto startups.
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Image credits: Darya Tryfanava and Jessica Pamp.
Disclaimer: The purpose of this article is to remove informational asymmetry existing today in our digital markets by performing due diligence, asking the right questions, and equipping readers with better opinions to make informed decisions. The writer holds Bitcoin, Ethereum, Cardano, Solana and Cosmos. The writer has been commissioned to write this story and thus has a vested interest in the companies/products mentioned above.