• Dubai Free Trade Zone DMCC has collaborated with South Korean Web3 companies to promote itself as a global center for decentralized technology.
• The agreements were made after roadshows in several cities throughout Korea, and the zone will facilitate the formation of Korean Web3 and metaverse enterprises inside its borders.
• Dubai established a metaverse task committee in May 2022, and it expects the industry to contribute $4 billion to its economy by 2030.

Dubai Free Trade Zone DMCC Collaborates With South Korean Web3 Firms

The Dubai Multi Commodities Centre (DMCC), one of the largest free trade zones in the area, has formed a number of collaborations with organizations based in South Korea. The emirate-owned zone signed these agreements after holding roadshows in several cities throughout Korea, such as with the Korea Blockchain Industry Promotion Association (KBIPA) and Seongnam City.

Facilitating Formation of Enterprises

As part of these agreements, DMCC will facilitate the formation of Korean Web3 and metaverse enterprises inside its borders. This is part of Dubai’s efforts to expand its presence in the Web3 sector and become a global center for decentralized technology.

Creating Metaverse Plan for Economic Growth

In order to encourage development of a metaverse-based local economy, Dubai established a metaverse task committee in May 2022. In July 2021, they created their own metaverse plan which anticipates that this industry will contribute $4 billion to their economy by 2030 and generate 40,000 new employment opportunities by 2025.

Moving Administrative Operations To Metaverse

It was reported last July that Dubai’s government was looking at moving some of its administrative operations to the metaverse; where agencies and departments might carry out their work more efficiently within a digital environment.

Physical NFT Store Opens At Extravagant Mall

Recently opening at one of Dubai’s most extravagant malls is physical NFT store ftNFT; this further emphasizes how serious they are about becoming a global hub for decentralized technology businesses and services.

• The second largest stablecoin USD Coin (USDC) depegged from its $1 parity owing to the shutdown of the US banking giant Silicon Valley Bank.
• The U.S. government’s coordinated plan to asphyxiate the digital asset ecosystem continues apace, leading exchanges such as Binance and Coinbase have temporarily suspended USDC conversions.
• This ongoing USDC turmoil alarms investors about the hidden threats that might follow and according to CoinMarketCap, at the time of writing, USDC traded at $0.9139.

USDC Depegging From Its $1 Parity

The second largest stablecoin USD Coin (USDC) has depegged from its $1 parity owing to the shutdown of the US banking giant Silicon Valley Bank on Friday. The failure of this largest bank is registered as the worst banking crash since the 2008 financial crisis. The custom of crypto firms depositing their asset reserves in regulated banking systems is entitled to hidden threats which was evidently proven via recent bank-related crypto crashes where several crypto firms were exposed to preceding Silvergate collapse and tagged with corresponding losses. Markedly, Silicon Valley Bank’s failure has trapped Circle and its stablecoin USDC in a terrible torpedo. A lawyer cum crypto-enthusiast MetaLawMan scrutinized US regulators for being the collapse’s initiator in shadow and pointed out Signature Bank as next target.

Deja Vu To USTC Crash?

This ongoing USDC turmoil alarms investors about hidden threats that might follow after depegging slows down relief would be generated amid crypto space but both cases share zero to minimal similarities while it’s pegged to centralized dollar (USD), whereas Terra’s algo-stablecoin USTC was pegged to its sister token LUNC according to CoinMarketCap at time of writing, USDC traded at $0.9139 & hit all-time low of $0.8774 & other stablecoins such as Binance USD (BUSD), Dai (DAI), and USDD have sunk below $1 due to depegging of USDC, leading exchanges such as Binance & Coinbase have temporarily suspended conversions creating domino effect in market cap crashing down over 14% in last 24 hours also Tether (USDT) hovers & clings onto its 1 peg signalling no threat yet!

U.S Government Asphyxiating Digital Asset Ecosystem?

The U.S government’s coordinated plan is said by MetaLawMan on Twitter may be responsible for this chaos trying asphyxiate digital asset ecosystem continuing apace with SilverGate Bank & SVB failure trapping Circle & its stablecoin Usdc with many major players in crypto like exchanges, miners, hedge funds etc shifting liquidity over signature bank being targeted by U.S govt next if proved correct could cause further ripples across industry due lack regulation making process uncertain for participants causing more harm than good sparking fears among investors about what else can come up ahead!

Precautionary Remedies Taken By Exchanges

As precautionary remedy few exchanges such as Binance & Coinbase are taking preventive steps suspending Usdc conversion until situation normalizes restoring trust among users although suspension period not declared yet it’s expected won’t take long before going live again ensuring safety measures taken so far help stabilize market soon enough!

Conclusion

Crypto winter has already taken toll on entire sector with banks failing one after another scaring off investors who fear hidden risks associated involving deposits made into them thus hindering growth prospects even more however still some light seen end tunnel when us govt overseeing situation trying regulate things better with exchanges taking proactive measures survive through this economic downturn soon enough!

• Bitcoin NFTs may reach an estimated market cap of $4.5 billion by the year 2025.
• Ethereum and Solana have been leading the field of NFTs with the launch of Ordinal at the start of this year.
• A comparison between Bitcoin and Ethereum NFTs has been made in order to understand their differences better.

Bitcoin NFTs to Gain an Average $4.5 Billion Market Cap

Current Market State

The recent talks about Bitcoin NFTs have gained massive attention post-launch of Ordinal at the start of this year, resulting in customers migrating from existing marketplaces to new ones such as Opensea. Moreover, more than 200K inscriptions have already been minted on NFT blockchains like Ethereum and Solana within just 3 months. The recent announcement from Yuga Labs named “TwelveFold” is also a major hit for the NFT marketplaces.

Bitcoin vs Ethereum NFTs

The introduction of Non-Fungible Tokens (NFT) on Bitcoin goes way back to 2012 when Namecoin was minted first on Bitcoin blockchain followed by many other projects that started offering similar services ever since then. According to Galaxy Research, if the market remains in a bull phase, it is estimated that Bitcoin NFTs can reach up to a maximum market cap value worth 10 billion dollars while if it reaches its worst case scenario then it will be valued 1.5 billion dollars only by March 2025 – making 4.5 billion dollars as neutral estimation for its future market state till March 2025.

Arguments Regarding Network Stability & Transaction Fees

The crypto community is divided into two opinions regarding this matter; one group believes that an increase in activities would maintain network stability but others are concerned that too many transactions would cause gas fees to rise which could make it difficult for small scale transactors to handle them efficiently due to overheads costs involved in each transaction fee payment .

Conclusion

Overall, with increasing popularity and usage of bitcoin based tokens and inscriptions, we can expect its reachable potential value reaching up to 10 billion dollars by bull phase or even 1.5 billion dollars during bearish markets eventually leading towards 4.5 billion dollar worth market cap soon enough before mid-2025 according to Galaxy research findings .