Africa & Middle East NFT Market Intelligence Report 2022: An $18.21 Billion Market by 2028

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Africa & Middle East NFT Market Intelligence Report 2022: An $18.21 Billion Market by 2028

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Dublin, Dec. 06, 2022 (GLOBE NEWSWIRE) — The “Africa & Middle East NFT Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs on NFT Investments by Key Assets, Currency, Sales Channels – Q2 2022” report has been added to ResearchAndMarkets.com’s sacrifice.

The NFT industry in Africa and the Middle East is expected to grow by 48.3% YoY to reach US$3420.4 million in 2022.

The NFT industry is expected to grow steadily over the forecast period, with a CAGR of 34.3% during 2022-2028. The NFT spending value in the country will increase from US$3420.4 million in 2022 to reach US$18215.7 million by 2028.

In the Middle East and Africa region, particularly in the UAE, there has been a surge in NFT-related activities. In 2022, Art Dubai – the largest contemporary art fair in the MENA region – welcomed nearly 100 international and local art dealers and a digital collection of 17 platforms and galleries dedicated to exhibiting and selling NFTs. As more and more countries seek to impose strict regulatory measures on NFTs, there has been a notable increase in the buying, selling and creation of the NFTs in the UAE.

Over the past 12 months, several innovative NFT marketplaces have also sprung up in the country, making it relatively easier for the general public to buy, sell and trade NFTs. From NFT-based startups to cryptocurrency exchanges, various players are entering the UAE NFT market; the presence of various NFT marketplaces has also supported the rise in NFT trading transaction value and volume, a trend that is expected to gain further momentum over the next three to four years in the UAE.

The rise of blockchain-based gaming is expected to drive NFT market growth in the UAE

With blockchain-based games, people are often awarded cryptocurrencies or NFTs for participating in game tournaments.

The United Arab Emirates has always welcomed new and emerging technology. Also for NFTs, the UAE has adopted the NFT technology. For the UAE’s 50th birthday celebration, the postal operator in the country has issued NFT stamps to celebrate the federation’s national day.

Dubai Culture has also ventured into the NFT space with the NFT curatorial platform MORROW. Therefore, the growing adoption of NFTs has led to a thriving NFT scene in the UAE, and the trend is expected to further accelerate over the next three to four years as global players seek to capitalize on the growing UAE market.

Large firms entering the NFT sector to capitalize on the growing market and boost their growth

With Dubai and Abu Dhabi announcing that crypto-related activities and businesses are legal in the UAE, major firms are entering the NFT sector to capitalize on the growing global market and boost their growth.

In April 2022, Emirates Airlines announced its entry into the metaverse and NFT sector. The firm is expected to bring services and a range of digital collectibles to enhance flyers’ metaverse experiences. The firm also announced that the NFT and the metaverse projects are already underway and expected to launch in the coming months.

The firm has also repurposed its Emirates Pavilion at the Expo 2020 site as a point of contact for people who can contribute to the firm’s forward-looking projects, including those related to NFTs and metaverse.

In December 2021, Falcon Society also announced the launch of the UAE-based NFT line. The Falcon Society is a collection of 4,000 unique Falcon Humanoid NFTs that reside on the Ethereum blockchain. Each NFT serves as the user association membership card and provides access to members-only benefits.

These emerging technologies have revolutionized the art and pop culture world, creating a dynamic market for creators and fans in the Middle East and Africa region.

In Saudi Arabia, the NFT market has recorded strong growth over the past 12 months and is expected to gain further momentum over the next three to four years as the country looks to become a creative hub in the Middle East, and the publisher expect NFTs to play a very important part as the country seeks to become a creative hub in the Middle East. With several regional and global players entering the NFT market in the country, the market is expected to witness strong growth over the next three to four quarters.

The government’s efforts to promote the NFTs are also expected to drive the popularity of the digital asset among the general public, further aiding market growth in Saudi Arabia. Additionally, amid strong demand for NFTs among Saudi Arabians, NFT marketplaces are raising funding rounds to further accelerate their growth.

Although there are no specific regulations regarding the buying, selling and trading of NFTs in Saudi Arabia, the government’s support in favor of the NFTs is expected to drive the market’s growth from the short to medium term perspective.

To further promote the NFT market and raise awareness among collectors, artists and curators, the Ministry of Culture in Saudi Arabia has launched an NFT Digital Art Forum in partnership with Sotheby’s and the Visual Arts Commission.

In Egypt, non-fungible tokens (NFTs) are becoming increasingly popular among digital artists. While the NFT market is still in its early stages of development and not as mature as some other markets, the industry is growing as more and more artists introduce their innovative art collections as an NFT.

As the hype and interest in the market continues to develop well, the country’s NFT sales volume and value are also increasing. Several thousand digital artworks created by digital artists in the country plan to trade on NFT platforms. In Egypt, digital assets referred to as NFTs are mostly limited to digital real estate, games and works of art. However, as the market matures over the next four to eight quarters, the publisher expects more innovation in the Egyptian NFT industry.

Various NFT project launches inspired by Egypt’s history and monuments drive industry growth

Over the past 12 months, many projects inspired by ancient Egypt’s history and monuments have been launched. For example,

Sphynx Cats, the NFT project inspired by ancient Egyptian history, is a collection of 9,099 NFTs, with one having different characteristics than the others.

These project launches in the country drive industry growth and awareness among the general public in Egypt. The publisher expects the trend to continue from the short to medium term perspective, further supporting market growth over the next four to eight quarters

Similarly, prominent South African figures introducing NFTs drive market growth and awareness. All movie stars, singers and sports players have entered the NFT space worldwide; similar trends are visible in South Africa, where many prominent figures are launching NFTs.

Big names include cricketer AB de Villiers, influencer Diipa Khosla, musician Goldfish and the Kiffness, and filmmaker Dan Mace. The entry of these big names in South Africa has driven the popularity of NFT among the general public and thus driven the market growth over the past 12 months.

Art galleries in South Africa are trying to capitalize on the global trend in the NFT market

  • In March 2021, Worldart, the South African art gallery, became the first in the country to auction the artwork as NFT.

Firms are raising funding rounds to further accelerate their growth in South Africa

  • In November 2021, NFTfi, the firm that allows users to use their NFTs as collateral for loans, announced that it had raised US$5 million to further accelerate its growth in the country.

Auction houses work with wine producers to offer wine NFT in South Africa

  • In April 2022, Strauss & Kie, the most important South African auction house, announced that it had entered into a strategic collaboration with five of the most respected wine producers in South Africa. Under the strategic partnership, the auction house offered fine wine NFTs.

Key topics covered:

This is a bundle offering that combines 6 reports, covering regional insights along with data-centric analysis at regional and country level:
1.Africa & Middle East NFT Market Insight Assignment
2. Africa & Middle East NFT Market Intelligence and Future Growth Dynamics Databook
3. South Africa NFT Market Intelligence and Future Growth Dynamics Databook
4.United Arab Emirates NFT Market Intelligence and Future Growth Dynamics Databook
5.Saudi Arabia NFT Market Intelligence and Future Growth Dynamics Data Book
6.Turkey NFT Market Intelligence and Future Growth Dynamics Data Book

Extent

This report provides an in-depth, data-centric analysis of NFT Market and below is the summary of key market segments:

NFT Market Size and Forecast by Key Assets, 2019-2028

  • Collectibles and Art

  • Property

  • Sport

  • Games

  • Utility

  • Fashion & Luxury

  • Other

NFT Market Size and Forecast by Key NFT Collectible Assets, 2019-2028

  • Digital art

  • Music & Soundtrack

  • Videos

  • Memes and Poison

  • Other

NFT Market Size and Forecast by Currency, 2019-2028

  • Ethereum

  • Solana

  • Avalanche

  • polygon

  • BSC

  • Flow

  • Wash

  • Ronin

  • Other

NFT Market Size and Forecast by Sales Channels, 2019-2028

User statistics, 2019-2028

For more information on this report visit https://www.researchandmarkets.com/r/8feifq

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