Non-fungible tokens (NFTs) are permanent digital assets that live on a blockchain and represent works of art, musical compositions, and other tangible artifacts. The NFT market is strong and expanding steadily, which has led to a growth in the number of NFT users and transactions in the Middle East. According to a survey from ResearchAndMarkets, the NFT industries in Africa and the Middle East are predicted to increase by 48.3% yearly to reach $3.42 billion in 2022.
NFT future applications in the Middle East
Here are five NFT future applications in the Middle East.
Video Game stakeholders are using non-fungible tokens (NFTs) and other digital assets to encourage players to spend more time playing the game by rewarding them with money as the global gaming market continues to grow.
Vorto Games, based in Saudi Arabia, is an example of gaming where players mine for cryptos and digital goods. Although players can cash out their NFTs through conventional digital asset exchanges, doing so on the Vorto network will be encouraged. In addition, the network, which charges a small fee for each transaction made on its platform, is negotiating to add more game developers and franchises to the Vorto Network.
NTFs will be crucial to the growth of the metaverse. NFTs and the metaverse will get more complicated as they strive to imitate actual life as they grow. The goal of the digital ecosystem is to create virtual environments where users may use augmented reality and virtual reality to experience infrastructure using an avatar before the actual infrastructure is built.
Initiatives involving Non Fungible Tokens (NFTs) and the metaverse are flourishing in the Middle East, and companies like ColossalBit are driving this growth and expansion by collaborating with the government.
NFTs in healthcare provide extraordinary potential since people, not businesses, own their health data. As a result, NFTs are revolutionizing the sector, from tracking DNA records to tokenizing blood donations. They may even enable individuals to benefit from transactions involving their healthcare data instead of letting businesses profit from their data as in the past.
Aimedis, based in UAE, is an example of a blockchain-enabled healthcare platform that started in 2021.
NFTs significantly influence digital ownership, online communities, tradeable game assets, and metaverse asset ownership by enabling artists to sell digital originals to the general public directly. Artists will have more influence over the material they generate through NFTs since they won’t be reliant on corporate pressures or middlemen. These artists can market their products directly to consumers and establish rapport with them.
Arts DAO, based in Dubai, is a group of top futurists, developers, collectors, project founders, and artists who have joined together to assemble the best and “blue-chip” blockchain-based NFT projects or artists, assist builders and creators in developing into well-known Web3 Brands, collaborate with them and provide grants to them and host private NFT drop auctions inside their ecosystem and neighbourhood.
One of the most recent applications of NFTs is in the field of sports. They provide new opportunities for fans to communicate with and support their preferred teams. Sports NFTs can be compared to conventional football or basketball player trading cards. However, through blockchain technology, these physical cards are transformed into a range of NFTs that sports fans can purchase, such as souvenirs, gifs, video highlights, game badges, and much more.
EX Sports, a digital collection platform with its headquarters in Dubai, has introduced its new NFT sports market. Fans may purchase and sell NFTs of their favourite sportsmen from a variety of sports on the EX Sports website, which specializes in sports memorabilia.
NFTs are going to be game-changers. The new technology will benefit many people in the healthcare field and those in architecture, design, education, and other areas. NFT future applications are poised for innovative and fascinating uses that we may not even be able to foresee now.