Two Saudi agencies – Access Abu Dhabi and the Abu Dhabi Investment Office (ADIO) – and Web3 identity and NFT domain name service provider Unstoppable Domains signed a partnership to give away free crypto domains to female residents in Abu Dhabi, aiming to incentivize them to participate in Web3.
Abu Dhabi is looking to attract more Web3 with its latest initiative. All women living in the Emirate of Abu Dhabi are to be given a free digital currency, NFT, and blockchain domain name when they sign up on the platform, as the press release said. The initiative aims to get more female participants in Web3, the next iteration of the internet.
To highlight as the initiative would greatly empower women, it was presented to delegates from “Women in Web 3,” a group of tech entrepreneurs from the United States.
“Abu Dhabi is ensuring the future of Web3 is built around a powerful infrastructure that appeals to all members of the community. By supporting initiatives that invite and uplift women, we can champion diversity early in the Web3 era,” Eng. Abdulla Abdul Aziz Al Shamsi, Acting Director-General of ADIO, said speaking at the event.
ADIO, the government hub responsible for attracting and facilitating investment in the Emirate, estimates that only about 5-7% of market participants in the digital currency market are women. Similarly, only 12% of blockchain industry participants are women.
Lately, Abu Dhabi has been looking to become a global digital currency hub. The city has been rolling out regulations and setting up oversight bodies to help achieve this. The financial free zone is also looking to provide regulatory clarity for other aspects of the digital asset market. In February, the Abu Dhabi Global Market (ADGM) proposed regulations for the blooming NFT market.
Abu Dhabi’s enthusiastic embrace of the crypto asset market is reflected in other member cities of the UAE, such as Dubai. The country’s digital assets firms licensing regime has seen the local digital currency market surge by 1500% in trading volume.