MENA Artists’ Top Use Cases for Nfts:
The Middle East and North Africa (MENA) is undoubtedly a globally-recognized creative hub. The region hosts some of the world’s most innovative and famous artists. NFTs seem to have amplified the popularity of MENA artists in recent years. However, when people think of NFTs, image NFTs are often the central focus. This is far from the case.
Since the launch of NFTs years ago, many use cases have evolved from the tokens. Most of these use cases have been beneficial for artists seeking to showcase their work to a global audience. MENA artists have also jumped on the NFT wave through these use cases. The NFT spend value in the MENA region is expected to reach $18 billion by 2028.
MENA Artists’ Top Use Cases for NFTs
Fashion NFTs are becoming increasingly popular in the NFT ecosystem. NFTs have been deployed for different uses in fashion. For instance, NFTs have been used as proof of ownership to reduce counterfeiting in the fashion industry. Since NFTs are originally tokens that represent asset ownership, it is no surprise that they have been successfully used as an authentication tool to protect fashion entrepreneurs from counterfeiting. On the flip side, NFTs have also been used to represent statement pieces in the fashion world. For instance, Gucci recently sold an NFT bag for over $4000. Many MENA artists have leveraged NFTs to increase the visibility of their creations. An example is Ilja Visser, who has made a name by releasing an Abaya NFT collection centered around digital Arab fashion.
Music is engrained in respective cultures across the MENA region. There are many benefits artists can gain with music NFTs. First, these NFTs ensure that musical artists make direct profits from their works without the presence of intermediaries. Some music NFTs also provide collectors with a share of the royalties received on the musical work. Today, many MENA musical artists have migrated to the NFT ecosystem. For instance, MENA blockchain digital music platform, AudioSwim, recently released Rym’s “Dime Porque remix” as a Royalty-powered NFT.
This is undoubtedly the most popular NFT use case. Many NFT collectors primarily invest in NFT art. Moreso, the world’s most expensive NFTs have been art NFTs. Beeple’s “Everyday” art NFT sold for $69 million, and the BAYC art NFT collection has equally sold for millions of dollars. Since the popularity of NFTs exploded, MENA artists have delved into the art NFT ecosystem. Many have emerged as NFT illustrators or creators. An example is Amrita Sethi, the first NFT artist in the UAE. Amrita specializes in fractionalized NFT art. This means her NFTs are similar to “pieces in a puzzle” that can be joined to form a single image.
NFTs are undoubtedly beneficial for artists seeking to expand their visibility. As more MENA artists delve into the NFT ecosystem, the global recognition of MENA art will likely increase.