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Report: UAE’s NFT Market Grows 45.5% by $982.1 Million in 2022

source-logo  coinedition.com 09 December 2022 14:12, UTC

The world’s largest market research site, Research And Markets has recently released the “UAE’s NFT Market Intelligence and Future Growth Dynamics Databook” for the second quarter of 2022. The report predicts that the UAE NFT sector will exponentially increase by 45.5% per year, reaching$982.1 million in 2022.

The NFT industry is predicted to increase gradually throughout the forecast period, with a compound annual growth rate (CAGR) of 32.1% between 2022 and 2028. It is expected that the NFT Spend Value of the MENA region by 2028 will increase from$982.1 million to$4746.3 million.

The NFT landscape has expanded in the UAE, as more companies, entrepreneurs, and celebrities join the rapidly developing market. UAE is transforming into a worldwide powerhouse in the thriving sector of NFTs.

While more and more nations attempt to put severe regulatory restrictions on NFTs, the UAE has seen a significant increase in the buying, selling, and development of NFTs.

The Middle East and Africa have seen an increase in NFT activity. Art Dubai, the largest contemporary art expo in the Middle East and North Africa, will welcome over 100 global and local art dealers, and a digital collection of 17 platforms and galleries dedicated to showing and selling NFTs, in early 2023.

Several creative NFT platforms have formed in the region making it easier for users to purchase, sell, and trade. One such platform is Crypto Arabs. Several players are entering the UAE NFT market, from NFT-based startups to crypto exchanges. Moreover, NFT marketplaces contributed to the growth of NFT trading value and volume in the UAE, a trend expected to become prevalent for a while.

Additionally, Emirates Airlines announced its foray into the metaverse and NFT sectors in April 2022. The company also revealed that the NFT and metaverse projects are already in the works and will be launched in a few months.

Moreover, Emirates Post, UAE’s postal operator issued NFT stamps to commemorate the UAE’s 50th National Day. As UAE’s market thrives, global players are leveraging to capitalize on its NFT boom.