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The African and Middle Eastern NFT industries are expected to grow by 48.3% annually to reach $3.42 billion in 2022, according to a report from ResearchAndMarkets.
According to the report, the NFT industry is expected to grow steadily over the forecast period, with a Compound Annual Growth Rate (CAGR) of 34.3% during 2022-2028. Furthermore, the report said that the NFT spend value in the region will increase from $3.42 billion in 2022 to $18.22 billion by 2028.
The United Arab Emirates (UAE) has seen an increase in NFT-related activities, with the Art Dubai contemporary art fair showcasing NFTs. Alongside the rise of blockchain-based gaming, the UAE NFT market is expected to continue growing rapidly, according to the report, as evidenced over the last 12 months when numerous innovative NFT marketplaces have emerged in the country. This innovation has made it easier for the UAE general public to buy, sell, and trade NFTs.
From NFT-based startups to cryptocurrency exchanges, several players are entering the UAE NFT market, contributing to the rise in NFT trading transaction value and volume. The trend is expected to continue gaining momentum over the next few years. The UAE has always been open to emerging technologies and embraced NFT technology. For its 50th birthday, the country’s postal operator issued NFT stamps to celebrate the federation’s National Day.
As Dubai and Abu Dhabi announce that crypto-related activities and businesses are legal in the UAE, big firms are entering the NFT sector to capitalize on the growing global market and boost their growth.
For example, in April, Emirates Airlines announced its entry into the metaverse and NFT sectors. The firm plans to bring services and digital collectibles to enhance flyers’ metaverse experiences. The NFT and metaverse projects are already underway and are expected to launch in the coming months.