UAE's Eikonikos Raises $2 Million to Bring MENA into the Metaverse

As the MENAP region takes its first baby steps into the big, scary and unpredictable world that is the ‘metaverse’, one startup is looking to be a first-mover in a nascent field that few, if any have, quite worked out what to do with it. 

UAE-based startup, Eikonikos, has raised a $2 million pre-seed round in pursuit of its goal to launch an open, community-owned metaverse platform, citing training simulations, technical assistance and immersive video chat as some of the possibilities, in a space that is potentially limitless. The startup is targeting Web3 futurisits, developers and other metaverse enthusiasts, who reportedly account for some of the pre-seed round, alongside unnamed angel investors.

The news comes off the back of Dubai announcing a new law that will regulate NFTs, cryptocurrencies and other virtual assets. The Dubai Virtual Asset Regulation Law aims to be a legal framework to help protect investors, while outlining international standards with a view to fostering responsible growth between businesses that deal with virtual assets in the emirate and their interactions with the government. With the digital economy making up 4.3% of the UAE's gross domestic product, authities hope to take advantage of the opportunities that Web3 can create and the law will see the establishment of the Dubai Virtual Asset Regulatory Authority (VARA), which will be responsible for regulation and licensing, and will oversee special development zones and free zones, with the exception of the Dubai International Financial Centre.

On the part of Eikoniko, the startup company is currently in the process of issuing digital assets for investment ahead of its proposed commercial launch in May, 2022, when its valuation is expected to jump. For founder and CEO, Vasif Mohamed, and his team, the law holds the key for the success of Eikonikos and his ambitions for it to be a global platform.

“We are very determined to create a platform that directly competes and rivals metaverse giants like Decentraland and Sandbox,” said Vineeth SV, CMO and co-founder of Eikonikos. “We will be able to interact with other Metaverse economies in the future, and build a dedicated and crypto-native audience that likes our dope Non-Fungible Token (NFT) designs, intense gameplay.”

Yes, he said dope. As of now, it’s near impossible to truly grasp what will happen come May, when Eikonikos launches its metaverse.