Uae Going All-in For Nfts And Cryptos

By Author: Yulia iCrypto
Total Articles: 5
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The UAE has snowballed onto the world’s social, economic, and cultural scene. It is one of the most influential countries in the world and now, it is fast establishing itself as a global crypto leader. The Gulf nation is showing keen interest in NFT crypto and metaverse projects. The UAE’s inclination towards cryptocurrencies will prove to be majorly beneficial for the crypto community. It is continuously launching programs and projects to further develop its economy.
Binance, the world’s first and largest cryptocurrency platform is one of the asset owners in DWTCA’s (Dubai World Trade Center Authority) new crypto center. The center is in the process of establishing an international virtual asset ecosystem, which can generate long-term economic growth through innovation and provider of related services. According to Bloomberg, Binance has further plans of setting up its headquarters in Dubai, this says a lot about the emerging importance of the Gulf nations in the digital finance scene. Binance views the UAE as a crypto and blockchain haven and has all the strategies in place to convert it to one.

March ...
... promises to be an important month for crypto business, especially NFTs and metaverse in Dubai. Le Meridien Dubai Hotel and Conference Centre, Dubai is hosting the ongoing ‘The MetaWeek’, which will allow the DeFi industry to come together for a week-long event, offering a full-scale networking experience.

The DMCC Crypto Center launched in May 2021, to promote digital finance technologies, has over 100 organizations operating in its crypto space and 900 waiting for licenses. Estimates say that almost 400 crypto businesses are operating all over the UAE.

Amongst all the crypto businesses, the NFT cryptos are fast gaining momentum. Though NFTs tokens or Non-Fungible Tokens have been around since 2014, the buying and selling of digital art is seeing new highs since November 2017. By 2021, 22 billion dollars was the amount of NFTs traded. NFTs are digital versions of actual collector’s artifacts that are acquired and traded digitally. They are fast gaining popularity in the UAE, so much so that, surveys show that 23% of UAE citizens own at least one NFT, this is more than double the global average. According to investigations, the average NFT ownership globally is approximately 11.7%.

The 50th anniversary of the United Arab Emirates’ emergence saw various programs that ventured into NFT art. A specially commissioned project showcased works of significant international NFT artists. Additionally, Dubai Culture collaborated with Morrow, an NFT curatorial platform to host its first NFT art exhibition titled 50/50. The exhibition featured NFTs that ranged from digital drawings, paintings, to 3D works, animations, collages, and photography.

In addition to this, the country’s postal operator issued NFT stamps to commemorate the National Day celebration. The EPG (Emirates Post Group), is the first postal organization in the Middle East and North Africa to issue digital-collectible stamps. The EPG issued 4 stamps and plans to launch more digital stamps in the future.

Not to be left behind, Art Dubai, for the 15th edition of the upcoming art fair, has launched a new digital art section. This section will feature international platforms that work with NFTs as well as those working with digital art since the 1980s. It will also include a space that will introduce visitors to important stakeholders of the digital world. Here, they will also explain about bitcoins, trading in NFT cryptos, how to buy NFT, iCW tokens, and such other concepts.

Additionally, a new project ‘Last Hopium” is on the anvil. “Last Hopium” will be a unique collection of 10,000 NFTs with real-world applications. The focus will be on rewarding the holders of the NFTs. The owners will get exclusive offers and discounts on 5-star hotels worldwide. Clubbing brand names like Ritz, Hilton, and Waldorf with NFTs is a step towards the strengthening of the digital finance systems in the UAE.

Conclusion:

The UAE is paving the way for a conducive digital landscape. It is setting a fine example for crypto and blockchain adoption. New regulatory frameworks supporting crypto activities ease both investors and market operators. Government support, easy access to capital, construction of crypto-friendly systems, and readiness to adapt to change are making UAE the cryptocurrency hotspot of the world.