SNEAK PEEK
- The NFT market in the United Arab Emirates could grow by 45.5%.
- The UAE’s spending value has been increased to one million US dollars.
- Gamers are participating in the UAE’s NFT sector.
The United Arab Emirates has embraced NFT technology. The NFT sector accounts for many of the UAE’s economic activities. By 2022, the UAE’s NFT market is estimated to grow by 45.5% per year, reaching US$982.1 million.
The country’s NFT Spend value would increase from US $982.1 million in 2022 to US $4.7 billion by 2028. The NFT industry is anticipated to grow steadily over the expected time period, with a CAGR of roughly 32.1% between 2022 and 2028.
As more and more countries attempt to put strong restrictions and regulations on NFTs, the UAE has seen a significant increase in the buying, selling, and development of NFTs. NFT-related activity has increased across the Middle East and Africa area, especially in the UAE.
Art Dubai is the most extensive art exhibition in the Mideast area. In 2022, they hosted approximately 100 local and international art merchants and a digital collection of 17 platforms and galleries dedicated to showing and trading NFTs.
The rise of blockchain-based gaming is likely to boost growth in the UAE NFT business. People who participate in blockchain-based gaming competitions are commonly given bitcoins or NFTs.
This is why the Abu Dhabi government-supported AD Gaming endeavour has formed a strategic coalition with local crypto plans like Attarius Network to boost the prospects of blockchain-based gaming. The cooperation intends to develop a collaborative and participatory NFT ecosystem for gamers.
The United Arab Emirates (UAE) market is quickly embracing NFTs, like the rest of the planet. With the country long recognised as a good location for doing business, the UAE looks to be transforming into a worldwide powerhouse in the thriving sector of NFTs. The NFT market is expanding progressively as more companies, corporations, and celebrities join it.
As part of Dubai Culture’s NFT initiative, the MORROW curatorial platform has also been launched. The increasing acceptance of NFTs has resulted in a robust NFT marketplace in the UAE. This trend is projected to continue over the next three to four years as global businesses seek to benefit from the expanding UAE market.
