Dublin–(business wire)– “United Arab Emirates NFT Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs for NFT Investments by Key Assets, Currencies and Distribution Channels – Q2 2022” report added of ResearchAndMarkets.com Recruitment.
The UAE NFT industry is expected to grow by 45.5% on an annual basis to reach USD 982.1 million in 2022.
The NFT industry is anticipated to grow steadily over the forecast period, registering a CAGR of 32.1% from 2022 to 2028. Her NFT spending in the country will increase from US$982.1 million in 2022 to US$474.63 million by 2028.
The Non-Fungible Token (NFT) scene is growing as more and more entrepreneurs, companies and celebrities enter the rapidly growing industry. Like the rest of the world, the United Arab Emirates (UAE) market is also rapidly adopting NFTs. The United Arab Emirates has long been viewed as a desirable destination to do business, so it looks set to become a global hub in the thriving NFT sector.
As more and more countries seek to impose stringent regulatory measures on NFTs, the UAE has seen a significant surge in the purchase, sale and production of NFTs. NFT-related activities are increasing in the Middle East and Africa region, especially in the UAE. In 2022, Art Dubai, the largest contemporary art fair in the MENA region, welcomed nearly 100 national and international art dealers and a digital collection of 17 platforms and galleries dedicated to exhibiting and selling NFTs.
Over the past 12 months, several innovative NFT marketplaces have also emerged in the country, making it relatively easy for ordinary people to buy, sell and trade NFTs. Several players are entering his NFT market in the UAE, from NFT-based startups to cryptocurrency exchanges. The existence of several NFT marketplaces is also driving an increase in the value and volume of NFT transactions, a trend that is expected to gain even more momentum in the UAE over the next three to four years.
The rise of blockchain-based games is expected to boost the growth of the NFT market in the UAE. Blockchain-based games frequently award virtual currency or NFTs for participating in gaming tournaments. This explains why the Abu Dhabi government-backed AD Gaming program has entered into strategic cooperation with local crypto platforms such as Attarius Network, which are looking to boost the possibilities of blockchain-based gaming. The collaboration aims to create a participatory and collaborative NFT ecosystem for gamers.
Adoption of new technologies to drive growth of UAE NFT market
The United Arab Emirates has always welcomed new technologies. As for NFTs, the UAE has also adopted her NFT technology. To celebrate her 50th birthday in the United Arab Emirates, the country’s postal operator issued her NFT stamps to celebrate the Commonwealth’s National Day.
Dubai Culture has also made its foray into the NFT space with NFT curator platform MORROW. His Dubai Culture exhibition titled 50/50 to mark its 50th anniversary included works by Khalid Albanna, Gigi Gorova, Alia Al Gaud, Marwan Shakarchi and Dalal Ahmed. Also on board with his growing NFT bandwagon, Art Dubai has launched a digital art section for the 15th edition of the art fair in March 2022. 1980s.
Therefore, the increasing adoption of NFTs has fueled the UAE NFT scene, and the trend is expected to further accelerate over the next 3-4 years as global players seek to capitalize on the growing UAE market.
Big players entering the NFT sector will take advantage of the growing market to boost their growth
With Dubai and Abu Dhabi announcing that crypto-related activities and businesses are legal in the UAE, big players are entering the NFT sector and taking advantage of the growing global market to boost their growth.
In April 2022, Emirates announced its entry into the Metaverse and NFT sectors. The company will unveil services and a series of digital collections that will enhance the Flyer’s Metaverse experience. The company also announced that the NFT and Metaverse projects are already underway and will be launched in the coming months.
The company has also reused the Emirates Pavilion on its Expo 2020 site as a point of contact for people who can contribute to the company’s future-focused projects, including those related to NFTs and the Metaverse.
In December 2021, Falcon Society also announced the launch of a UAE-based NFT line. The Falcon Society is a collection of 4,000 unique Falcon Humanoid NFTs residing on the Ethereum blockchain. Each NFT acts as a user’s society membership card, providing access to member-only benefits.
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United Arab Emirates NFT Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
United Arab Emirates NFT Market Size and Forecast by Key Assets, 2019-2028
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Goods and art
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real estate
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sports
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game
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utility
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fashion & luxury
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other
United Arab Emirates NFT Market Size and Forecast by Major NFT Collecting Assets, 2019-2028
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digital art
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music and sound clips
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movie
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memes and gifs
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other
United Arab Emirates NFT Market Size and Forecast by Currency, 2019-2028
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ethereum
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Solana
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avalanche
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polygon
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BSCMore
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flow
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wax
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Ronin
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other
United Arab Emirates NFT Market Size and Forecast by Sales Channel, 2019-2028
United Arab Emirates User Statistics, 2019-2028
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