UAE Business: Firms ‘leveraging NFTs to grow online communities’ – Gulf Digital News

UAE Business: Firms ‘leveraging NFTs to grow online communities’ – Gulf Digital News

Non-fungible tokens (NFTs) represent a golden opportunity for organisations looking to take back control of their brands and grow their online communities, said a top official.

“I’m seeing a trend where savvy brands are thinking outside the box and realising that NFTs can help create digital communities,” added Ali Sajwani, Chief Executive Officer of D-Labs and General Manager – Operations at UAE-headquartered Damac Properties.

“These tokens are making it easier for companies of all types and sizes to build loyal fanbases, which are eager to interact with the organisations and invest in limited edition items, such as product images and collectibles.”

The unique tokens, which enable digital denizens to invest via the blockchain, often take the form of unique artworks, providing undisputable ownership for buyers. In 2021, NFT trading hit $17.6 billion, with sellers making $5.4 billion in profits – a year-on-year increase of approximately 21,000%, according to analysis conducted by Nonfungible.com.

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