According to a report by ResearchAndMarkets, the NFT industry in Africa and the Middle East is expected to grow 48.3% annually to reach $3.42 billion by 2022.
according to report, the NFT industry is expected to grow steadily over the forecast period, at a compound annual growth rate (CAGR) of 34.3% from 2022 to 2028. Additionally, the report states that NFT spending in the region will grow from $3.42 billion in 2022 to $18.22 billion by 2028.
The United Arab Emirates (UAE) has seen an increase in NFT-related activity, with NFTs being exhibited at the Art Dubai Contemporary Art Fair. Alongside the rise of blockchain-based games, the UAE’s NFT market is expected to continue growing rapidly, according to the report, which has seen a number of innovative NFT markets emerge in the country over the past 12 months. It is clear from this. This innovation has made it easier for the UAE public to buy, sell and trade his NFTs.
Several players, from NFT-based startups to cryptocurrency exchanges, have entered the UAE’s NFT market, contributing to the increase in NFT trading value and volume. This trend is expected to continue to gain momentum in the coming years. The UAE has always been open to emerging technologies and has embraced NFT technology. To mark its 50th anniversary, the country’s postal operator issued her NFT stamps to celebrate the Commonwealth’s National Day.
After Dubai and Abu Dhabi announced that crypto-related activities and businesses were legal in the UAE, big players are entering the NFT sector to take advantage of the growing global market and boost their growth.
Emirates, for example, announced its entry into the Metaverse and NFT sectors in April. The company will offer services and digital collections that enhance the flyer’s metaverse experience. NFT and Metaverse projects are already underway and will be launched in the coming months.
