Explore the innovative Bitcoin structure in Dubai, designed by real estate developer Salvatore Leggiero, to exist simultaneously in the physical world and the metaverse, combining cryptocurrency and virtual reality in a groundbreaking concept.
The Bitcoin structure in Dubai’s preliminary design has been made public by real estate developer Salvatore Leggiero, who also revealed that the structure will exist in the metaverse both physically and virtually.
Unveiling of the Bitcoin Tower project in Dubai
The forthcoming Bitcoin Tower was formally introduced on May 24th evening by Salvatore Leggiero, the project’s creator, during a prestigious gathering showcasing Simone Micheli’s architectural designs.
In Dubai, United Arab Emirates, inside the Bella Restaurant Lounge, a private event was hosted. Leggiero and Micheli presented their joint project for the Bitcoin Tower, which will exist as both a physical structure and an avatar in the metaverse, at the event.
Leggiero claimed in an interview that the idea brought together two of his interests. The executive actually has years of real estate development experience and became passionate about Web3 during the pandemic:
I’ve talked to many cryptocurrency experts, but with all due respect, they don’t understand much about real estate. And, I’ve talked to many, many major developers in town as well but with all due respect, they don’t understand cryptocurrencies.
The developer claimed that after having this experience, he came up with the concept for the Bitcoin Tower in Dubai, a project that would combine his real estate expertise and his love of cryptocurrency.
Leggiero mentioned the potential for establishing a Decentralized Autonomous Organization (DAO) in his wish for the project to be open.
Specifically, he said the following:
We will get many, many inputs from the community because Bitcoin Tower must be an open project, like what Satoshi Nakamoto teaches us. Having a DAO will come very naturally to the project as decentralizing the decision-making process helps create an eclectic experience for the future.
How is the Bitcoin Tower being developed by Leggiero?
The tower will feature a physical counterpart that will be erected in Dubai and a virtual version that will be released in the metaverse. Leggiero intends to secure authority to build the tower close to Sheikh Zayed Road, where Dubai’s renowned skyline is located, even if the location is not yet set in stone.
Leggiero added that the area would benefit from having a landmark like the Bitcoin Tower. In fact, the project’s creator thinks it might reinforce the UAE’s status as the industry’s top nation for cryptocurrencies.
The developer added that it might serve as a center for the cryptocurrency industry for both locals of Dubai and tourists attending the many regional events:
I have something that I think gives the idea of this real estate evolution and hospitality market revolution. Bitcoin Tower will be the first in a chain. This is what I dream about.
UAE is excellent for crypto
Saqr Ereiqat, co-founder of the venture capital firm Crypto Oasis, spoke about the infrastructure in the UAE and how it would be excellent for cryptocurrencies at the recent Dubai FinTech Summit event.
Ereiqat actually made the point that there are a number of things that businesses should take into account when deciding where to set up shop. He claims that this includes the nation’s regulatory system, digital infrastructure, and its capacity to draw in a large pool of international talent.
Of course, the UAE has each and every one of these characteristics. Ereiqat additionally contrasted the UAE and the US in terms of regulatory framework.
Ereiqat admitted that the United States and the United Arab Emirates both have “strengths and weaknesses” in the cryptocurrency sector, but he asserted that the UAE has adopted a more pro-active stance toward cryptocurrency regulation.
As he put it
The UAE’s regulatory framework is more streamlined and business-friendly than the complex and fragmented regulatory environment in the United States.
The CEO added that the area has a sizable quantity of capital, which might be helpful to crypto companies when they are attempting to raise money for their initiatives.