NFT
The world’s largest market research site, Research And Markets has recently released the “UAE’s NFT Market Intelligence and Future Growth Dynamics Databook” for the second quarter of 2022. According to the report, the UAE NFT industry will grow exponentially by 45.5% annually and reach $982.1 million in 2022.
The NFT industry is forecast to continue growing slowly throughout the forecast period. Between 2022 and 2028, the compound annual growth rate (CAGR), will be 32.1%. NFT spend value in the MENA will rise from $982.1 to $4746.3 million by 2028.
With more businesses, entrepreneurs, and celebrities joining the fast-developing market, the UAE has seen its NFT landscape expand. The UAE is becoming a global powerhouse in the NFTs sector.
While NFTs are being restricted by more countries, the UAE has witnessed a substantial increase in NFT sales, development, and buying.
NFT activity has increased in Africa and the Middle East. Art Dubai, the largest contemporary art exhibition in the Middle East, North Africa and Asia, will host over 100 art dealers from around the world. In addition, there will be a digital collection consisting of 17 galleries and platforms dedicated to selling and showing NFTs.
There are many NFT platforms that make it easy to buy, sell, trade and transact in the region. Crypto Arabs is an example of such a platform. Many players are entering UAE’s NFT market, ranging from NFT-based startups to cryptocurrency exchanges. NFT marketplaces also contributed to the UAE’s growth in NFT trading volume and value, which is expected to continue for some time.
Emirates Airlines has also announced its entry into the metaverse sector and NFT sector in April 2022. Emirates Airlines also announced that NFT and metaverse projects were already in development and will be launched within a few months.
Moreover, Emirates Post, UAE’s postal operator issued NFT stamps to commemorate the UAE’s 50th National Day. As UAE’s market thrives, global players are leveraging to capitalize on its NFT boom.