DUBLIN–(BUSINESS WIRE)–the report “United Arab Emirates 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 the UAE is expected to grow by 45.5% YoY to reach $982.1 million by 2022.
The NFT industry is expected to grow steadily over the forecast period, registering a CAGR of 32.1% during 2022-2028. The NFT use value in the country will increase from USD 982.1 million in 2022 to reach USD 4746.3 million by 2028.
The non-fungible token (NFT) scene is growing as more and more entrepreneurs, businesses and celebrities enter the fast-growing industry. Like the rest of the world, the United Arab Emirates (UAE) market is also rapidly adopting NFTs. Since the country has long been considered a desirable destination for doing business, the UAE looks set to become a global hub in the booming field of NFTs.
As more and more countries seek to impose strict regulatory measures on NFTs, there has been a noticeable increase in the buying, selling and creation of NFTs in the UAE. In the Middle East and Africa region, particularly in the United Arab Emirates, there has been an increase in NFT-related activities. In 2022, Art Dubai – the largest contemporary art fair in the MENA region – welcomed nearly 100 international and local art dealers and a digital collection of 17 platforms and galleries dedicated to showcasing and selling NFTs.
Over the past 12 months, several innovative NFT marketplaces have also emerged in the country, making it relatively easier for the general public to buy, sell and trade NFTs. From NFT-based startups to cryptocurrency exchanges, several players are entering the UAE NFT market; The presence of more NFT marketplaces has also supported the rise in NFT trade transaction value and volume, a trend expected to gain further momentum over the next 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 often awarded cryptocurrencies or NFTs to participate in gaming tournaments. This explains why the government-backed AD Gaming program in Abu Dhabi has entered into a strategic partnership with local crypto platforms such as the Attarius Network, which seeks to increase the chances of blockchain-based gaming. The collaboration aims to create a participatory and collaborative NFT ecosystem for players.
Adoption of new technology driving NFT market growth in the UAE
The UAE has always welcomed new and emerging technologies. For NFTs as well, the UAE has adopted the NFT technology. For the UAE’s 50th anniversary celebrations, the postal operator in the country issued NFT stamps to celebrate the Federation’s National Day.
Dubai Culture also ventured into the NFT space with the NFT curation platform MORROW. The Dubai Culture exhibition, titled 50/50 to mark its 50th anniversary, included works by Khalid Al Banna, Gigi Gorlova, Alia Al Gaoud, Marwan Shakarchi and Dalal Ahmed. Art Dubai, which also jumped on the growing NFT bandwagon, launched a digital art section – for the art fair’s 15th edition in March 2022 – which explored the context in which NFT, crypto, virtual reality and video art developed since the beginning of digital art in the 1980s- the number.
Hence, the growing use of NFTs has resulted in a booming NFT scene in the UAE and the trend is expected to accelerate further over the next three to four years as global players look to tap into the growing UAE market.
Large firms entering the NFT sector to tap into the growing market and boost growth
With Dubai and Abu Dhabi announcing that crypto-related activities and businesses are legal in the UAE, major firms are entering the NFT sector to capitalize on the growing global market and boost their growth.
In April 2022, Emirates Airlines announced its entry into the metaverse and NFT sectors. The firm is expected to bring out services and a series of digital collectibles that will enhance flyers’ metaverse experiences. The firm also announced that the NFT and metaverse projects are already underway and expected to launch in the coming months.
The firm has also repurposed the Emirates Pavilion at the Expo 2020 grounds as a focal point for people to contribute to the firm’s future-focused projects, including those related to NFTs and the metaverse.
In December 2021, Falcon Society also announced the launch of the UAE-based NFT line. The Falcon Society is a collection of 4,000 unique Falcon Humanoid NFTs that live on the Ethereum blockchain. Each NFT acts as the users’ Society membership card and provides access to membership 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 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
United Arab Emirates 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
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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BSC
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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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