Last Updated on January 11, 2024 by Editor
In the Gulf, a trend of NFT art is emerging, encouraging artists to explore methods to participate in the booming crypto art market. NFTs have dominated the art world, changing the way of verifying the authenticity of original art pieces. NFT art, also known as digital art, is bought using cryptocurrency and tokenized on blockchain technology. It gained attention in March after an NFT artwork sold for a whopping $69.4 million by artist Beeple at a Christie’s auction.
In recent months, different brands and celebrities have debuted their NFT collections. Non-fungible tokens are virtual certificates that use blockchain technology to verify ownership of specific digitized assets. On the other hand, since the prosperous Gulf emirate aims to promote itself as a digital-assets hotspot, Art Dubai has showcased digital artwork for the first time. NFTs are sweeping the digital world. Continue reading to explore how.
Getting Traction in The Gulf: NFT Art is the Next Big Thing
The world has entirely been captured by cryptocurrency and blockchain technology. With huge corporations investing in technology, NFTs are becoming increasingly popular. The airline Emirates has announced both collectibles, and utility-based NFTs will be available soon. By embracing the metaverse, the company will be able to provide unique experiences to its consumers and workers. Similarly, several people in the region, like Bandar Al-Wazzan, the founder of Gallery Bawa, have spotted the possibility to be pioneers in the field of digital art. Bawa, a digital art gallery located in Kuwait, opened its latest show, Suadi Old Man Calling The Camels In The Desert, on Thursday. The exhibition was the first NFT exhibition in the Gulf presented by a Gulf gallery, and it was a solo exhibition with Saudi artist Ahaad Alamoudi.
NFT Art Puts the Artist First
NFTs are pushing for an artistic transformation, altering the way artists market their work. NFT art’s key advantage is that it prioritizes the artist. Digital art gives artists control over the distribution of their work while also providing a level of transparency. Usually, NFTs are crypto tokens that are connected to a piece of digital assets, such as a song, digital artwork, or royalties. As a result, artists have an easier time selling their work to art collectors. The way artists get compensated has changed rapidly because of NFT art. By registering their work on the blockchain, NFTs enable artists to create unique digital assets.
Exponentially Growing NFT Trends
The crypto market and NFT trends are expanding at a rapid pace. Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai, stated that the virtual asset law establishes the UAE’s leadership in this sector. It strives to provide maximum transparency and security for investors. The initiative has been hailed as excellent for business by local NFT platforms, with crypto investors growing interested in digital art as a form of investment. Artists may be able to earn more money by entering the digital art collector community.
