US-based web3 technology leader, Cosmic Wire has acquired Dubai-based ArtsGalore for $31.5 million, with an aim to bolster its global network.
Founded by Mr. Mohamedali Rashid, ArtsGalore specializes in fine art and one-of-a-kind custom automotive and develops non-fungible tokens (NFT) focused on their renowned collection to the Metaverse.
ArtsGalore became Dubai’s first street art and NFT gallery with over 25 artists including The Conner Brothers, Vesa, and Pure Evil. The store kick-started its operations by introducing Web3 technologies to Dubai and it helped to create the local market.
As part of the acquisition, Mr. Rashid will join Cosmic Wire as its Chief Revenue Officer and will lead the newly added Dubai offices of the American firm.
“This acquisition, and its stewardship by Cosmic Wire, will enable ArsGalore to fully realize its potential which will also include additional locations in Miami, Las Vegas, Seoul, Shanghai, Tokyo, and London. I look forward to contributing to the continued growth of both ArtsGalore and CosmicWire,” said Mr. Rashid.
In line with the deal, Cosmic Wire assets will include ArtsGalore owned and licensed content for use in the creation, launch, distribution, marketing and promotion, and additional licensing of NFTs. Cosmic Wire will bring the entire ArtsGalore collection to the Metaverse so collectors can view and purchase it via exclusive NFTs.
“Bringing Mr. Mohamedali Rashid to the Cosmic Wire team and acquiring ArtsGalore further paves the way for global cosmic wire success. Expanding into Dubai provides tremendous opportunity and leadership advantages,” Mr. Jerad Finck, CEO of Cosmic Wire, added.
