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.

“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.