NFT Adoption in the Middle East :
Rarely a day goes by without news of a brand-new non-fungible token (NFT) initiative, piece of art, or digital asset. Other Middle Eastern artists are contributing by producing content and promoting the NFT medium on various TV programs and podcasts in the region. Check out this brief insight into the growth of the Middle East NFT market!
The Middle East NFT Market
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. Based on this report, the NFT sector is anticipated to expand steadily over the projection period, with a Compound Annual Growth Rate (CAGR) of 34.3% between 2022 and 2028.
In addition, the NFT expenditure value in the region, according to the analysis, will rise from $3.42 billion in 2022 to $18.22 billion by 2028. For instance, the largest contemporary art expo in the MENA region, Art Dubai, welcomed more than 100 local and international art dealers in 2022. It also delegated a digital network of 17 platforms and galleries devoted to showing and selling NFTs.
Furthermore, three NFT marketplaces with bases in the Middle East raised roughly $10 million last year. Odiggo, a Y Combinator alumnus, began as an Egyptian marketplace for car components before changing its focus in the past few months to become an NFT marketplace.
Meanwhile, the report also predicts that the UAE NFT market will continue expanding quickly with the growth of blockchain-based gaming, as seen by the emergence of multiple cutting-edge NFT marketplaces over the last year. The general population in the UAE now finds it simpler to acquire, sell, and trade NFTs due to this innovation.
With the NFT curatorial platform MORROW, Dubai Culture also entered the NFT market. As a result, the UAE has a booming NFT scene. This trend will likely continue over the next three to four years as international companies try to take advantage of the expanding UAE market.
The Middle Eastern Government and Private Firms Participating In The NFT Sector to Capitalize On The Market Growth
Although there aren’t any explicit guidelines regulating the purchase, sale, or trading of NFTs in Saudi Arabia, the government’s support of the technology is anticipated to spur the market’s growth in the short-to-medium term.
In collaboration with Sotheby’s and the Visual Arts Commission, the Saudi Arabian Ministry of Culture developed an NFT digital art forum to promote the NFT market and raise awareness among collectors, artists, and curators. This has also encouraged big firms to enter the NFT scene and take advantage of the growth.
Emirates Airlines declared its entry into the metaverse and NFT sectors in April 2022. To improve the flyers’ metaverse experiences, the business is anticipated to provide services and several digital collectibles. The company also disclosed that its Emirate Pavilion at the Expo 2020 site had been repurposed as a station for people who can help with its future projects relating to NFTs and metaverse.
Additionally, Falcon Society announced the beginning of its UAE-based NFT line in December 2021. On the Ethereum blockchain, 4,000 different Falcon Humanoid NFTs make up The Falcon Society. Each NFT gives users access to members-only advantages and acts as their card of membership in Society. The Middle East and Africa region now has a vibrant market for artists and fans because of these cutting-edge technologies that have altered pop culture and art.