The NFT market in Africa and the Middle East is anticipated to increase by 48.3% annually to reach US$3420.4 million in 2022. This is excellent news for this new art medium as it finds a more stable foothold in the creative world. The national NFT spend value is expected to have increased from US$ 3420.4 million to US$ 18215.7 million by 2028.
There has been an increase in NFT-related operations throughout the Middle East and Africa region, particularly in the UAE. The largest contemporary art expo in the MENA region, Art Dubai, welcomed more than 100 local and international art dealers in 2022, as well as a digital network of 17 platforms and galleries devoted to showing and selling NFTs. Although there has been a noticeable increase in the buying, selling, and creation of NFTs in the UAE, more and more nations are attempting to impose strict regulatory measures on NFTs.
Numerous cutting-edge NFT marketplaces have also appeared in the nation over the past 12 months, making it relatively easier for the general public to buy, sell, and trade in NFTs. Numerous players are entering the UAE NFT market, ranging from NFT-based startups to cryptocurrency exchanges. Numerous NFT marketplaces have also supported the increase in NFT trading transaction value and volume, and the trend is anticipated to continue for the following three to four years in the UAE.
The rise of blockchain-based gaming is expected to drive NFT market growth in the UAE. With blockchain-based gaming, people are frequently awarded cryptocurrencies or NFTs for participating in gaming tournaments.
The United Arab Emirates has always welcomed new and emerging technology. For NFTs as well, the UAE has adopted NFT technology. For the UAE’s 50th birthday celebration, the postal operator in the country issued NFT stamps to celebrate the federation’s National Day.
MORROW, an NFT curatorial platform, was also launched by Dubai Culture. Therefore, the growing adoption of NFTs has resulted in a thriving NFT scene in the UAE. The trend is expected to accelerate further over the next three to four years as global players look to capitalize on the growing UAE market.
Large companies are entering the NFT sector to take advantage of the expanding market and accelerate their expansion. Big enterprises are entering the NFT industry to take advantage of the expanding global market and accelerate their expansion now that Dubai and Abu Dhabi have announced that crypto-related activities and businesses are legal in the UAE.
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 work on the NFT and metaverse projects has already begun and is scheduled to go live soon.
The Middle East and Africa region now have a vibrant market for artists and fans thanks to these cutting-edge technologies that have revolutionized pop culture and art.
In collaboration with Sotheby’s and the Visual Arts Commission, the Saudi Arabian Ministry of Culture launched an NFT digital art forum to further promote the NFT market and raise awareness among collectors, artists, and curators.
Digital artists in Egypt are increasingly using non-fungible tokens (NFTs). Although the NFT market is still in its infancy and is not as developed as some other markets, the industry is expanding as more and more artists choose to release their ground-breaking art collections as NFTs. Similar patterns are evident in South Africa, where many well-known people are launching NFTs.
The world’s movie stars, musicians, and athletes have also entered the NFT space. A few well-known individuals are actor Dan Mace, musician Goldfish and the Kiffness, influencer Diipa Khosla, and cricketer AB de Villiers. The popularity of NFT among the general public has soared since these well-known brands began operating in South Africa, fueling the market’s expansion over the previous 12 months.
