NFTs look forward to brighter days in UAE

NFTs look forward to brighter days in UAE

Consumers are buying into experiences, and companies are tapping this potential

Visitors are looking at the digital artwork displayed at an NFT art exhibition in Sharjah last year. - KT file

Published: Fri 20 Jan 2023, 6:55 PM Last updated: Fri 20 Jan 2023, 6:59 PM

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