News

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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Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

24 hours ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

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Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.