Dubai Developer Plans Bitcoin Tower to Promote Web3 Movement

A prominent developer in Dubai aims to construct a groundbreaking 40-story tower, known as the Bitcoin Tower, to showcase Dubai’s commitment to the digital asset industry.

Salvatore Leggiero, the developer behind the project, has enlisted the expertise of architect Simone Micheli to create a design that incorporates elements from the virtual world. Micheli expressed his intention to depart from conventional construction approaches, stating that the plan would revolve around virtual environments that offer unprecedented experiences. Leggiero’s vision for the Bitcoin Tower is to bridge the physical and virtual realms, offering a unique blend of art and technology.

To encourage participation and engagement, artists can submit non-fungible tokens (NFTs) for consideration in an exclusive collection that will document the tower’s design and internal spaces. Guests visiting the Bitcoin Tower can stake cryptocurrencies, earn rewards, and redeem NFTs that grant special privileges.

Salvatore Leggiero is the founder of DCREW, a real estate firm headquartered in Dubai, and also serves as the CEO of Metaverse Investments LLC. The official unveiling of the Bitcoin Tower took place at the Bella Restaurant Lounge in Dubai.

This project aligns with the Department of the Future’s Web3 and metaverse initiatives scheduled to launch in the second quarter of 2023. United Arab Emirates Supreme Council Member Sheikh Saud bin Saqr Al Qasimi recently established a digital assets economic free zone under the department’s purview. The region aims to attract companies involved in the metaverse, blockchain technology, NFTs, decentralized autonomous organizations, and other Web3 ventures.

The success of the Bitcoin Tower, in the long run, will likely depend on the sustained popularity of cryptocurrencies in Dubai. Chainalysis ranked the Middle East and North Africa regions as the top adopters of cryptocurrencies in 2022. Moreover, the region has a favorable environment for crypto banking, which bodes well for the project’s prospects.

However, the project may need help garnering support from government departments that have historically been skeptical of cryptocurrencies merging with the physical world. A recent example is El Salvador, where the Ministry of Public Works claimed to need to be made aware of the plans for a geothermal Bitcoin City, despite President Nayib Bukele sharing architectural drawings.

Dubai’s Virtual Assets Regulatory Authority has recently tightened crypto regulations and requested more information from Binance regarding its ownership structure and financials.