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UAE NFT Sector Expected To Grow By Over 45% Per Year

Consumers are increasingly interested in the technology, and businesses are taking notice.

Published

2 years ago

January 24, 2023

uae nft sector expected to grow by over 45% per year

The UAE has long been considered a desirable destination for doing business and is now becoming a global hub in the field of NFTs. The non-fungible token market in the United Arab Emirates is expected to grow by 45.5% annually, having already reached an estimated US$982.1 million by the end of last year. By 2028, the sector could reach a staggering $4.75 billion as the new technology continues to be championed by entrepreneurs, businesses, and celebrities.

arshad zaheer senior partner at yaap

“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 a whole lot of things that are linked with it,” says Arshad Zaheer, Senior Partner at YAAP.

NFTs sit on the blockchain network, meaning ownership and originality can be confirmed, making the technology ideal for artwork, but also relevant for the legal industry and other sectors where authenticity is required.

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The Middle East and Africa region have seen a surge in NFT-related activities. Several innovative NFT marketplaces have also emerged in MENA countries, including the UAE, making it easier for the general public to buy, sell, and trade digital assets.

“From NFT-based startups to cryptocurrency exchanges, several players are entering the UAE NFT market; the presence of several NFT marketplaces has also supported the rise in NFT trading transaction value and volume, the trend expected to gain further momentum over the next three to four years in the UAE,” says Business Wire in a recent report.

As NFTs begin to hit the mainstream, the opportunities presented by the technology are immense and could even rival the explosive rise of Bitcoin and other cryptocurrencies.

Related Topics:NFTs United Arab Emirates

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News

1,000 Drones Light The Dubai Sky For AC Milan Celebration

Cyberdrone’s groundbreaking display marked 125 years of AC Milan football club and the 1st-year anniversary of Casa Milan Dubai.

Published

9 hours ago

November 21, 2024

Nour Nasir

Cyberdrone, a leading UAV display company based in Dubai, put on a breathtaking drone light show on Monday to honor two significant football milestones: AC Milan’s 125th anniversary and the one-year anniversary of Casa Milan Dubai.

The spectacle involved 1,000 drones working in perfect harmony to project AC Milan’s iconic imagery against the city’s night sky. Highlights included the UAVs synchronizing to form the club’s iconic crest, the signature red and black jersey, and a special emblem marking its 125th year. The intricate performance demanded meticulous planning, not just in terms of choreography, but also in dealing with the necessary permits and logistics.

cyberdrone ac milan dubai

“Our goal was to spotlight AC Milan’s legacy through a stunning visual narrative,” explained Mohamed Munjed Abdulla, Director of Sales at Cyberdrone. “We celebrated the club’s history, its Dubai milestone, and the universal love for football. The show also enhanced AC Milan’s regional presence, growing its fanbase through a cutting-edge, memorable experience. Drone shows are unparalleled in leaving lasting impressions, making them perfect for driving partnerships and growth”.

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Greta Nardeschi, AC Milan’s Regional Director for MENA, echoed the sentiment, adding: “Collaborating with Cyberdrone for this 1,000-drone performance allowed us to connect with our fans in innovative ways. It gave us a unique opportunity to surprise and inspire audiences while elevating our Club’s visibility and that of our partners. Cyberdrone truly helped us take AC Milan to new heights”.

This groundbreaking drone display sets a new benchmark for the Middle East’s sports sector, which already contributes around $2.4 billion annually to Dubai’s GDP alone. Sporting events also generate $1.76 billion in revenues across the region, while the MENA’s entertainment sector, valued at $41.13 billion, is growing at 9.41% annually, driven by rapid technological advancements.