Last Updated on January 14, 2024 by newseditor
2021 was a huge year for NFTs, with the NFT market growth value totalling a whopping $15.6 billion in the year alone. It has sparked a cultural revolution in the creative scene where many digital artists are getting rich overnight. One of many examples is Beeple, a famous digital artist who made $69 million from his art collection titled “The First 5000 Days.” In fact, there is a projection that the NFT industry in the Middle East and Africa would likely grow 34.3% from 2022 to 2028. The report also projects that the NFT spend value for Middle East and Africa alone will hit $18.2 billion by 2028.
Perhaps you’re also thinking of joining the NFT community, giving plenty of opportunities for young creatives. This article will examine the NFT Market growth as it stands now and whether or not newcomers are welcome in the space. You’ll also learn more about NFTs and how you can get more appreciation for your art.
What Makes NFT Market Growth Likely in the Middle East?
NFTs are Non-Fungible Tokens, which typically include digital assets in music, in-game items, art, videos, and other creative products. NFTs are becoming increasingly popular as a way to buy and sell digital art. Arry Yu, chair of the Washington Technology Industry Association Cascadia Blockchain Council and managing director of Yellow Umbrella Ventures, said, “NFTs create digital scarcity.”
It comprises one-of-a-kind, limited digital creations with special identifying codes. When someone purchases an NFT, they have bragging rights to the original piece even if there are thousands of copies all over the internet. NFTs collectors also look out for built-in authentication to give proof of ownership.
Meanwhile, NFTs are supported on the Ethereum blockchain, allowing artists and creatives to monetize their creations. The blockchain network gives everyone the tools and access to upload their work to a decentralized system. It removed third parties such as art dealers and galleries, giving artists full copyright control.
Another significant benefit is that NFTs are said to promote transparency since all the transactions are recorded in a public ledger. Apart from the increased earnings, many artists join NFT platforms to protect their intellectual property. NFT creators also gain royalties from their work whenever someone purchases an NFT, allowing them to benefit from it in perpetuity.
Is It Too Late To Hit The NFT Market?
The straightforward answer is no! Although NFTs were first created in 2014, it’s still in the early stages, having just come into the limelight in 2021. But the truth is that it may take a while for you to catch up with the pioneers and big players in the Middle East industry. Critics have also argued against the NFT market growth because the market getting too congested. Hence, it will be hard for anyone else to just come in.
Nevertheless, more buyers are entering the NFT ecosystem, and demand is gradually increasing, which signals hope for newcomers. In 2022 alone, Art Dubai had 17 galleries and 100 global and national art dealers displaying and selling NFTs.
It’s natural to be sceptical about joining the market at this time, but like many other investments, several factors will determine whether you succeed. Ultimately, you can join NFT blockchain startups ready to offer the necessary resources to support new creators.
