The Growth of NFTs in the UAE: Stats & Facts

Non-Fungible Tokens statistics suggest NFTs are one of the most exciting trends to hit the Web 3.0 landscape. Last year, NFT sales reached $25 billion, with enthusiasts and art collectors purchasing everything from unique bored ape cartoons to video clips and music.

A day doesn't seem to go by without a new NFT project being launched and the creative world across the globe has embraced these tokens because there is money (a lot of money) to be made. For example, artist Beeple, launched an NFT project of 5000 digital artworks, and this sold for $69 million while the Bored Ape Yacht Club series of digital aviators sell for $300 000 each.

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As per above, artists have seen great value in NFTs and brands, and celebrities and influencers have also started to get involved as the demand for NFTs rises. Globally, NFTs are taking centre stage, and the global stats speak for themselves:

Global NFT Statistics 2022

£30 billion spent on NFTs already with these investments are set to surpass the 2021 total.
950,000 Wallets were acquired and sold As NFTs in Q1 of 2022.
The NFT market was worth $41 billion in 2021.
“The Merge” is the most expensive NFT ever sold – it went for $91.8 million.
There are $10-$20 million worth of NFT sold in the blockchain every week.
250,000 people trade NFTs every month on OpenSea.

But, what are the NFT statistics in the UAE?

UAE NFT Stats

NFT momentum has taken off in the Middle East, and artists such as Kristel Bechara and Aya Tarek have launched their own successful NFT projects. In fact, 3 Middle East NFT marketplaces raised $10 million in 2021 but it is the UAE that is leading the way in NFT innovation, entrepreneurship, and enthusiasm.

According to a recent survey by Finder.com, the percentage of the UAEs population with NFT ownership is more than double the global average. Finder.com conducted a study across 20 countries, among the UAE participants, 43% knew about NFTs and 11.5% of the UAE participants were planning on purchasing them in the future.

Another interesting stat is that NFT ownership is actually higher in lower economies, which makes UAE the exception. In fact, the UAE ranks 4th in terms of the world's NFT ownership.

The other top contenders include Thailand (32%), the Philippines (32%), and Malaysia (24%). A shocking fact is that only 2.8% of Americans actually own NFTs.

NFTs and Dubai

The ferocious rise of NFTs in the UAE and Dubai, in particular, is inspiring and in May 2022 it was announced that Dubai’s Museum of the Future will be launching its very first NFT collection aptly called “The most beautiful NFTs in the Metaverse.”

Omar Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work applications stated, “Museum of the Future’s partnership with the world’s largest cryptocurrency and blockchain ecosystem player makes a significant contribution towards Dubai’s plans to establish a new international digital asset ecosystem.”

But the growth of NFTs in the region doesn't end there, as the UAE is quickly set to become a global crypto-asset hub.

This year, Dubai's annual Art Dubai fair featured NFTs. The three-day fair hosted over 100 local and international art dealers and one full wing of the gallery was dedicated to showcasing and selling NFTs at the fair.

The UAE is in a unique position as it is quickly becoming the world's go-to crypto hub - and it is only going to gain even more momentum.

Dubai's Leading Web 3.0 Agency

Nexa understands and appreciates the magnitude of this evolution and Web 3.0 offers businesses the opportunity to thrive in the new digital space. We are at the forefront of Web 3.0 commercial opportunities and provide a variety of services for leading brands as they make the transition into the Web 3.0 revolution. The Nexa team has fully immersed itself into the Web 3.0 arena and continues to pave the way for digital transformation in this space.

Since Web 3.0 came onto our radar, we have invested our time and resources in studying the space and learning about the enormous opportunities that exist within this arena, and how these opportunities can benefit our clients and their business goals.

Web 3.0 is revolutionizing the way businesses operate by providing a more personalized web, greater data searchability, and the elimination of third-party intermediaries. This means Web 3.0 will help businesses save time and resources while developing stronger relationships with customers.

This is the perfect primer for businesses who want to stay ahead of their competitors and NFTs are leading the way in brand development in the Web 3.0 space.

There's a lot of buzz around NFTs right now as these virtual assets are creating opportunities for brands who are looking to engage their audiences in a new, virtual medium.

In the digital world, first-mover advantage is a very real concept, and those who embrace this will stand to benefit faster than others - and Nexa is here to give its clients the opportunity to get ahead of their competitors in this new and exciting space.