Developer Salvatore Leggiero has asked architect Simone Micheli to inspire the building’s design in a virtual world. Micheli commented:

“I will use a logic and concept completely different from traditional constructions. It involves creating virtual environments that allow for experiences never imagined before.”

Leggiero hopes Bitcoin Tower will bridge the physical and virtual worlds. Artists can submit non-fungible tokens (NFTs) for inclusion in an exclusive collection detailing the building’s design or internal spaces.

Guests can stake cryptocurrencies to earn rewards and redeem NFTs incorporating special privileges.

The developer is the founder of Dubai-headquartered real-estate firm DCREW. He is also the CEO of Metaverse Investments LLC.

Bitcoin Tower will be presented on Wednesday at the Bella Restaurant Lounge in Dubai.

The project could complement the Department of the Future’s Web3 and metaverse initiatives that will open in Q2 2023.

United Arab Emirates Supreme Council Member Sheikh Saud bin Saqr Al Qasimi recently established a digital assets economic free zone under the department.

The region will welcome metaverse, blockchain, NFTs, decentralized autonomous organizations, and other Web3 companies.

The UAE recently implemented a new crypto exchange licensing program in April. Firms wishing to do business must comply with anti-money laundering and minimum capital requirements.

The new regulation applies to crypto businesses in areas excluding economic free zones and Dubai.