Why supporting Arab NFTs is more than a token gesture
Even if you spend a reasonable amount of time online, you may have heard of non-fungible tokens, or NFTs. These assets have swept the Internet over the last five years, creating countless column inches and stunning levels of investment.
The anger surrounding NFTs is especially noticeable in the Middle East. From strong sales of token collections such as the Bored Ape Yacht Club to Monkey Kingdom, and even occasional non-monkey-themed projects, our local crypto community has proved to be actively involved.
Given the potential benefits, this is not surprising. The boring Ape Yacht Club NFT, which sold for about $ 250 each a year ago, now boasts a price of about $ 325,000. NFTs have also shook the world of traditional art, with auction house Christie’s selling digital artist Beeple’s “Everydays: The First 5,000 Days” for $ 69.3 million last March.
Top-line financial forecasts provide further evidence that digital art has become mainstream. According to an analysis by Emergen Research, the global NFT market, which reached $ 50.1 billion in 2021, is projected to record a combined annual growth rate of 10.7% in revenue from 2019 to 2030.
Encouragingly, new trends are emerging. This seems to solidify the Middle East’s position at the forefront of Web3. It is touted as a new iteration of the Internet based on blockchain technology, incorporating concepts such as decentralization and token-based. Economy.
Investing abroad is no longer enough, and local creatives and innovators are building their own projects.
Welcome to the strange and wonderful world of Arab-led NFTs.
In February, CryptoBearWatch, a project backed by DAMAC property general manager Ali Sajwani and YouTube star Rashed Belhasa, plans to create 10,000 NFTs with a variety of post-purchase perks, including $ 1 million worth of watch giveaways. Revealed.
In February, UAE-based marketing agency Boredpuma said it had partnered with Dubai-based retailer Splash Fashions to blend fashion with environmental protection. Also in March, Egyptian artist Aya Tarek drew attention with the announcement of Egypt’s first art collection for the NFT marketplace.
CryptoCamels Club, the first women-owned NFT collection in the Middle East and North Africa, will sell up to 10,000 CryptoCamels stored on the Ethereum blockchain.
The main advantage of leading an Arab-based project is the ability to reflect local values and culture.
But what makes digital assets so popular? Looking back at the technological nature of tokenization, we can see that its upward trajectory is driven by old-fashioned needs. NFTs are an attractive investment for those looking to diversify their portfolio.
This is a sector full of opportunities, but like any other investment, it costs money to do your homework.
Nasreen Faqihi
why? Because Web3 stays here, whether you like it or not. Last month, a report from Grand View Research reported that the global market for Metaverse is expected to reach $ 678.8 billion by 2030. As our lives continue to move online, blockchain-backed assets such as NFTs will become increasingly important products.
Local policy makers are keenly aware of this. As a result, regulatory activity has surged recently.
Bahrain Central Bank was one of the first companies to act in 2019 by issuing regulations to manage crypto asset services. At the UAE last month, Dubai’s virtual asset regulator set standards for NFT governance and investors. Also last month, the Abu Dhabi Comprehensive Market issued a draft recommendation for NFT trading in the Emirate.
These moves are in line with some notable crypto exchange success stories from the Gulf. For example, Bahrain-based Rain has processed more than $ 1.9 billion in transactions by the beginning of this year, making it one of the largest investment transactions in history for regional start-ups, through a Series B loan in January of 110 thousand. Raised $ 10,000.
The aggressive regulatory stance of the Gulf countries also seems to be drawing the attention of the international blockchain sector. Last month, Binance, the world’s largest cryptocurrency exchange, announced that it has secured crypto asset licenses from Dubai and Bahrain. UAE-based BitOasis is also on the market.
In short, this is a sector full of opportunities, but like any other investment, it costs money to do your homework.
In terms of strategy, don’t get caught up in hype. Invest in a project that talks about your interests and values. Looking for a network? Many NFTs serve as a membership path to a thriving crypto community. Interested in fringe benefits? We help projects identify projects that feature a roadmap and make promises that match their priorities.
Finally, if you are based in the Middle East, consider investing in a local project. Our region has all the ingenuity, expertise and passion needed to play a leading role in the ongoing evolution of the Metaverse, but to realize this potential, creators today. Must be supported.
Therefore, supporting Arab-led NFTs is more than just a token gesture.
• Nasreen Faqihi is the CEO of the NFT platform CryptoCamels Club.
Disclaimer: The views expressed by the authors in this section are their own and do not necessarily reflect the views of Arab News.
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