DUBLIN–(BUSINESS WIRE)–the report “Saudi Arabia NFT Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs on NFT Investments by Key Assets, Currency, Sales Channels – Q2 2022” has been added ResearchAndMarkets.com’s Offering.
The NFT industry in Saudi Arabia is expected to grow by 45.2% YoY to reach USD 323.7 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, registering a CAGR of 32.4% during 2022-2028. The NFT use value in the country will increase from USD 323.7 million in 2022 to reach USD 1590.5 million by 2028.
Blockchain technology and Non-Fungible Token (NFT) have driven unprecedented growth in recent years. These new technologies have revolutionized the world of art and pop culture, creating a dynamic market for both creators and fans globally.
In Saudi Arabia, the NFT market has recorded strong growth over the past 12 months and is expected to gain further momentum over the next three to four years as the country looks set to become a creative hub in the Middle East, and the publisher expects NFTs plays a very important part as the country seeks to become a creative hub in the Middle East. With several regional and global players entering the NFT market in the country, the market is expected to register strong growth over the next three to four quarters.
The market is also expected to receive growth support from the government of Saudi Arabia.
The government’s efforts to promote the NFTs are also expected to drive the popularity of the digital asset among the general public, which will further aid market growth in Saudi Arabia. Additionally, amid strong demand for NFTs among Saudis, NFT marketplaces are raising funding rounds to further accelerate growth.
Government support is expected to drive the NFT market in Saudi Arabia
Although there are no specific regulations related to the buying, selling and trading of NFTs in Saudi Arabia, government support in favor of the NFTs is expected to drive the market’s growth in the short to medium term. To further promote the NFT market and raise awareness among collectors, artists and curators, the Ministry of Culture in Saudi Arabia launched an NFT digital art forum in the country in collaboration with Sotheby’s and the Visual Arts Commission. The publisher expects the Saudi government to take more such support and awareness initiatives, which will help boost the market’s growth in the short to medium term.
As the country looks set to become a creative hub in the Middle East, the publisher also expects a more favorable NFT regulatory environment in Saudi Arabia. An increasing number of NFT marketplaces is driving industry growth in Saudi Arabia
With the popularity of the NFT market growing in the Kingdom, the number of marketplaces that allow Saudis to buy, sell and trade NFTs has also increased over the past 12 months. In particular, this has resulted in an increase in NFT transaction value and volume in Saudi Arabia.
Sotheby’s NFT exhibition has driven NFT awareness in Saudi Arabia
NFT exhibitions have increased significantly in the last two years globally. In particular, these exhibitions have been one of the main drivers of the NFT market worldwide. Auction houses such as Sotheby’s and Christie’s increasingly organize the NFT exhibition, and these exhibitions drive the awareness and popularity of NFTs among the general public. Auction houses also hold exhibitions in Saudi Arabia.
In February 2022, Sotheby’s auction house conducted a three-day digital art forum in Riyadh. In particular, the auction house carried out the exhibition in strategic collaboration with the Ministry of Culture in Saudi Arabia. The NFT exhibition conducted by the auction house covered the recent history of NFTs.
Such NFT exhibitions drive the awareness and popularity of digital assets among the general public. Over the next three to four years, the publisher expects more such NFT exhibitions in high frequency throughout the Middle East region. This will drive the overall industry growth and the popularity of the digital resource.
NFT marketplaces raise funding rounds to further accelerate growth in Saudi Arabia
In the growing NFT market, NFT marketplaces are looking to tap the high growth potential of the market in Saudi Arabia, where the industry is expected to register strong growth in the coming years. Accordingly, companies are raising rounds of funding to further accelerate growth in the country.
In November 2021, Nuqtah, the first Saudi Arabian NFT marketplace, announced that it had closed its first pre-seed funding round. Although the firm did not disclose the amount raised, it plans to create a global platform where creatives in the Kingdom and around the world can sell their masterpieces. Founded in 2021, the NFT marketplace allows artists to register and track their work.
NFT marketplaces enter into strategic partnerships with online gifting platforms to expand market share
As the popularity of NFTs continues to grow across the MENA region, NFT marketplaces are forming strategic partnerships with online gifting platforms to expand market share and increase awareness of digital assets.
In February 2022, NIFTY Souq, one of the leading NFT marketplaces in the MENA region, announced that the firm had entered into a strategic partnership with Joi, a full-service online gifting platform. Under the strategic partnership, NIFTY Souq and Joi are introducing NFT gifts, allowing people in the region to gift artwork as NFT. This strategic partnership will also help people introduce their loved ones to the growing world of digital assets such as NFTs.
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Saudi Arabia NFT Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
Saudi Arabia NFT Market Size and Forecast by Key Asset, 2019-2028
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Collectables and art
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Property
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Sport
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Gaming
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Benefit
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Fashion and luxury
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Other
Saudi Arabia NFT Market Size and Forecast by NFT Key Collection Objects, 2019-2028
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Digital art
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Music and sound clips
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Videos
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Memes and Gifs
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Other
Saudi Arabia 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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BSC
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Flow
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Wax
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Ronin
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Other
Saudi Arabia NFT Market Size and Forecast by Sales Channel, 2019-2028
Saudi Arabia user statistics, 2019-2028
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