Dubai’s exponential growth in the blockchain industry was on full display at Token2049, with Fastex showcasing its innovative Web3 services, including the Fastexverse and ftNFT platform.
As the most populous city in the United Arab Emirates, Dubai is known for hosting a wide range of tech events. It comes as no surprise that Token2049, a dynamic crypto conference that attracted over 4,000 companies, chose Dubai as the venue for its April 2024 gathering. Taking place on April 18-19, Token2049 Dubai brought together the brightest minds in the crypto ecosystem to discuss the future of Web3.
One of the standout participants at Token2049 was Fastex, a rapidly growing Web3 ecosystem that is renowned for its comprehensive range of services and its commitment to blockchain development. Fastex is a prime example of a successful Web3 ecosystem built on its preferred blockchain, Bahamut.
During Token2049, Fastex showcased its impressive lineup of Web3 products and applications, including the Fastex Exchange, Fastex Wallet, Fastex Card, Fastexverse, and ftNFT platforms. Additionally, Fastex highlighted its services such as white-label centralized exchange, white-label nonfungible token (NFT) marketplace, and Fan Token Development Services tailored specifically for the iGaming industry.
Fastex’s Web3 innovation in the metaverse vertical is centered around Fastexverse, a dedicated virtual world that allows users to create their own metaverse spaces and launch virtual businesses. Within Fastexverse, users can showcase their products and services, display their artwork, and host various events using a wide range of tools and integrations.
This accessibility enables users to easily buy and sell NFTs within the metaverse with just a few clicks. Users can also access various offerings from Fastex, including the Fastex Exchange crypto trading platform and the FastexPay crypto payment gateway.
As part of its Cerebrum Virtual City initiative, Fastex aims to create virtual replicas of real-world cities within virtual reality. Cerebrum provides a platform for businesses to establish a virtual version of their physical office or store, enabling them to communicate with customers, partners, and friends in new and innovative ways. This platform also offers 24/7 customer support through avatar employees and artificial intelligence (AI). Fastex utilizes its in-house product Hoory AI, which is integrated with Fastex products and automated support processes. After completing the digital twin of Yerevan, the team is now working on bringing Dubai and other major cities into the metaverse.
A prominent topic of discussion for Fastex at Token2049 was the Bahamut Chain, a blockchain network based in the United Arab Emirates that utilizes the proof-of-stake-and-activity (PoSA) consensus mechanism to power the Fastex ecosystem. Bahamut Chain enhances the popular PoS consensus by adding an extra layer of security and addressing the specific needs of Web3 businesses and users.
Launched in 2023, Bahamut Chain opens up opportunities for developers to create decentralized applications (DApps) that contribute to the growth of the Fastex ecosystem. The Sahara mainnet of Bahamut Chain features an execution layer called Caravan and a consensus layer called Bedouin. The emphasis of Bahamut Chain is on scalability, security, and user engagement, supporting a wide range of applications from DeFi platforms to NFT marketplaces. The PoSA mechanism ensures efficient transaction processing and encourages active participation from network validators, enhancing the overall robustness of the network.
Furthermore, Bahamut Chain focuses on delivering an enhanced user experience and increased incentives for developers by offering attractive rewards. The PoSA mechanism builds upon the strengths of PoS and provides an alternative revenue stream for businesses, creating new financial opportunities for enterprises.
One of the unique highlights of Fastex’s Web3 efforts is ftNFT, a series of physical NFT experience centers located in Dubai, Venice, and Yerevan. These centers are designed to merge the digital and physical worlds, creating a “phygital” store where visitors can physically experience the NFT gallery and create avatars in the metaverse using the in-store 3D scanner.
During the conference, Fastex organized informative meetings in the ftNFT phygital space, which were well-received by attendees. These sessions provided valuable insights into the technical features of the Bahamut blockchain, the Bahamut Grants program for supporting new decentralized applications, and the broader legal and regulatory issues in the crypto world.
In addition to its activities at Token2049, Fastex is hosting the second edition of the ftNFT International Awards to showcase Dubai’s emerging role as an innovation center for Web3 and NFTs.
Vardan Khachatryan, the Chief Legal Officer at Fastex, expressed his belief that Fastex will become one of the industry leaders in the coming years, offering a platform where everyone can find the services they need, from cryptocurrency exchange to other decentralized services. He emphasized the growth of the Web3 company and the significance of events like Token2049 in solidifying Dubai’s position as a global blockchain and Web3 innovation center. Such global gatherings also provide Dubai-based companies with opportunities to showcase their technology to a wider audience. As the digital and physical spaces continue to converge, Web3-native ecosystems like Fastex have the potential to shape the future of both worlds.
To learn more about Fastex, visit their website.
Disclaimer: Cointelegraph does not endorse any content or product mentioned in this article. Readers should conduct their own research before making any decisions related to the company mentioned and bear full responsibility for their actions. This article should not be considered as investment advice.