Saudi Arabia is currently experiencing the worldwide NFT growth that has drawn so much attention. The spread of NFTs in the region has been pioneered through the efforts of Saudi Arabia and the United Arab Emirates. The Art Dubai expo in March had a new digital art category that featured artworks from the quickly developing digital art industry. The awareness of NFTs on the regional level was increased as a result of this NFT exhibition. In addition, the most appropriate standards for using NFTs were developed with the input of influential voices.
Saudi Arabia has introduced its first-ever art forum devoted to NFTs. KSA is leading the Middle East’s debate on non-fungible tokens. In Saudi Arabia, the NFT expo was held in collaboration with Sotheby’s for three days, starting from February 25 to 27. NFT artists, collectors, and designers were asked to participate in this unique exhibition, which walked guests through the evolution and background of non-fungible tokens.
Digital Innovation In The Arab World Has Sparked By The Event
The NFT exhibition turned out to be crucial for the growth of the Arab digital industry. It also attracted the attention of people towards NFT art in Arab. Statista reported that 23,700 NFTs were sold in the art segment in one month as of April 12, 2021. However, the one-month sale of NFT broke the records and reached 35,500 as of February 15, 2022. In addition, Sotheby’s has sold 100 non-fungible tokens in the art sector since April 2021 for an average of almost $100 million.
A Series Of Talks Took Place During The Exhibition
The exhibition presented the most recent developments in the NFTs sector. The forum served as a medium for international discussion and dialogue exchange. During the event, professionals from the fields of art, blockchain technology, and non-fungible tokens presented their ideas. The rich tradition of Sotheby’s sponsoring creative cultural events has continued with its educational emphasis on NFTs. On the other hand, the occasion reflects Saudi Arabia’s groundbreaking Vision 2030 and serves as a testament to its continuing commitment to the Kingdom. It proved to be an effective forum to explore NFT developments in Saudi Arabia.
Concerns About NFTs In Recent Years
Although NFTs have become more popular, difficulties have still emerged with the digital art expansion. Investors have been scammed by developers who promise digital collectibles in exchange for money, then disappear and cut off communication. The features of NFTs make it simple for illegal cash to be transferred to scammers. Digital art is vulnerable to theft since some NFTs may be sent through the internet almost instantly even without consideration of distance or location. It is possible for criminals to use NFT as a source of laundering money. These problems are conspicuous when trading non-fungible tokens from obscure or dubious firms. It is now less likely that NFTs would democratize the art market as predicted.
