UAE NFT industry expected to grow by over 45% every year: report

UAE NFT industry expected to grow by over 45% every year: report

UAE - The non-fungible token (NFT) industry in the UAE is expected to grow by 45.5 per cent on an annual basis to reach US$982.1 million in 2022, according to a businesswire report last month.

The NFT industry is expected to at a compounded annual growth rate (CAGR) of 32.1 per cent during 2022-2028. The NFT spend value in the country will increase from $982.1 million in 2022 to reach $4.75 billion by 2028, the data showed.

The adoption of new technology driving the NFT market growth in the UAE. More and more entrepreneurs, businesses, and celebrities are entering the fast-growing industry. With the country being long considered a desirable destination for doing business, the UAE appears to become a global hub in the flourishing field of NFTs, the report showed.

“Consumers are interested in buying into stories, in buying into experiences. When you’re buying a product you’re just buying the physical product. But when you are buying an NFT you’re buying a whole lot of things that are linked with it,” Arshad Zaheer, Senior Partner at YAAP, told Khaleej Times in an interview.

The biggest advantage of NFTs is the fact that they sit on blockchain. “Thus every ownership can be tracked. The