Emirates launches airline NFTs as part of metaverse plans

The metaverse is becoming increasingly attractive for brands that want to boost their presence in the virtual world. The latest company to venture into the metaverse is Emirates, with the airline company announcing a “significant investment” into the virtual world.

Emirates is a leading national carrier in the United Arab Emirates. The air carrier has announced plans to create digital collectibles and non-fungible tokens (NFTs). The first project related to this is already under development.

Emirates moves to the metaverse

The Emirates released an announcement on April 14 revealing the launch of NFTs and saying how this would create “exciting experiences in the metaverse.” The target audience for Emirates’ metaverse plans are the customers and employees of the airline.

The Chairman and Chief Executive of the Emirates, Sheikh Ahmed Al Maktoum, said that the Emirates was already a global leader in the digital sector, and the shifting regulatory framework was proof of this.

“Dubai and the UAE are blazing the way in the digital economy, having a clear vision supported by practical policies and regulatory frameworks in areas such as virtual assets, artificial intelligence, and data protection,” Al Maktoum said.

The company has also announced further plans to venture into the digital asset sector. It plans to convert the Emirates Pavilion situated at the Expo 2020 Dubai into a centre for innovation. The objective is to attract a global talent base to meet its objectives. The new talent will “bring to life the airline’s future-focused projects, including those relating to the metaverse, NFTs and Web3.”

Emirates is also adopting innovative technologies to achieve its objectives. The company has adopted virtual reality technology on its app and website. The adoption happened over five years ago, and it allows travellers to experience engaging 3D views of the aircraft interiors and other flying experiences.

Emirates also emerged as the first airline to unveil a virtual reality application on Octopus. The app highlighted immersive experiences on the A380 aircraft. The CEO said that the company was also planning to move into the metaverse to experience high-tech services.

“It is fitting that our future-themed Emirates Pavilion at Expo is being repurposed as a hub to develop cutting-edge future experiences aligned with the UAE’s vision for the digital economy,” the executive said. He also added that Emirates was happy with the “opportunities in the digital space of the future and are committing a significant investment in financial and resourcing terms.”

Growth of the NFT market

The NFT market has witnessed significant growth over the past year, and the level of adoption globally has increased significantly. Line, a leading social media company based in Japan, has already revealed its NFT plans with the launch of a new NFT marketplace.

Amazon’s Chief Executive has also announced plans to support the sale of NFTs in the future. NFT daily volume sales have also remained significantly high. According to data from Nonfungible.com, these volumes have come in at around $35M according to data from Nonfungible.com. The Bored Ape Yacht Club (BAYC) NFT collection has also remained popular, with its weekly sales totalling around $47M.