Dubai Police Embrace The NFT Trend With The Release Of The Digital Token Collection
NFTs have shown an unpredictable growth curve by paving the way from the art world to the music industry and are now expanding to the police organization. Local media reported that Dubai Police is the first UAE governing body to develop its very own virtual currencies. Dubai’s decision to issue 150 NFTs is in accordance with its attempts to establish itself as a prominent participant in developing digital marketplaces.
In April 2022, the Vice President and Prime Minister of the UAE, Sheikh Mohammed bin Rashid Al Maktoum, announced the Dubai Virtual Asset Regulation Law. The law has been regulated to build a legislative framework for securing investors’ investments and ensuring the alignment of industry governance with international standards. Here is how the Dubai Police Department is jumping toward adopting a new digital technology trend by releasing a free set of 150 NFTs.
NFTs are one-of-a-kind assets that cannot be traded for anything else. Blockchain technology is used to store and verify them. The uniqueness of NFTs pushes up their value. NFTs have enabled people to buy products that carry a unique identity code to be viewed as an ownership code. Dubai Police also launched its first-ever Airdrop collection of 150 non-fungible tokens to leverage the growing digital market. To process NFTs, rules, and laws have been enacted. All areas in the emirate are governed by this law, except for Dubai International Financial Centre (DIFC). Investors and collectors of NFTs are increasingly attracted to the expanding industry. Although it has become a sign of the world’s quick transition to digital, it still holds some principles to follow.
Brig Khalid Al Razooqi said new NFT collections from Dubai Police are now available to the public for free inside and outside the country. This move will entice interested people to adopt the digital trend. People must have to follow a few steps set out by Dubai Police to be eligible for obtaining their NFTs.
Before contacting Dubai Police through social sites, people are required to tweet the Dubai Police NFT announcement. They have to send their personal details like their name, NFT wallet addresses, and email addresses through their Twitter account to Dubai Police. Dubai Police is the world’s first force to launch its own NFTs, Brig Al Razooqi said.
Dubai’s proactive attitude to the expanding digital society is reflected in the initiative of Dubai Police NFTs. Dubai passed the first law for regulating digital assets last month. The law has aimed at protecting the interests of investors and will provide international standards for governing virtual currencies and assets. All types of crypto investments including NFTs and BTC are incorporated into the virtual assets. UAE government data show that the digital economy generates roughly 4.3% of the UAE’s GDP, or Dh 100 billion ($27.2 billion). Last month, Sharjah held the first exhibition of the NFT, entitled Gateway to the Metaverse. Dubai’s ambition is to establish an innovative constitutional mechanism to govern the development of the world’s greatest virtual asset business environment.