Gazeta Riad | Qualified national capabilities for global competition in encryption technologies (NFT)

“Digital art” is estimated at 23% of the total world art market

Qualified national capabilities for global competition in encryption technologies (NFT)

Experts in digital economics and information systems expected next year (2022) to see an increase in economic sales, subject to cryptographic technology known as “NFT” operating under the complex “Blockchain” encryption technology on which digital currencies are based. around the world, assuring Al-Riyadh that Saudi youth have golden opportunities in this sector in the field of selling digital artwork, or encoded intangible assets, understanding its mechanism and technology based on digital economy . The experts stressed that the Kingdom is one of the leading countries investing in the field of digitalization, appreciating the directives of Crown Prince Mohammed bin Salman bin Abdulaziz, who stressed: “We live in a time of scientific innovation, unprecedented technologies and unlimited growth “Perspectives and these new technologies can, such as artificial intelligence and the Internet of Things, if used optimally, will avoid much harm to the world and bring great benefits to the world.” The experts noted that the Kingdom is investing in digitalisation through the Saudi Central Bank (Sama), the National Cyber ​​Security Authority and other relevant bodies, noting that this has become globally available and that Saudi technical energy can be to this sector, which has achieved increasing growth, especially with the closure phase witnessed by the world at the beginning of the spread of the Covid 19 virus worldwide, emphasizing that the Kingdom vision focuses on what is economically innovative, especially in confirms that digital art attendance currently exceeds 23% of the total physical art markets of the world selling painting auctions, noting that the Saudi artist can move towards these new horizons in the world of coded sales, which has achieved an increase of its presence in the world art market.

said M. Ali Sheikh Ahmed, an expert in blockchain technology: “This sector is growing at a tremendous rate and is known as a digital asset and everything in the virtual world is worth it, like a painting, a piece of music, an article, and NFT technology is considered one of the blockchain products and this technology is experiencing gigantic developments and we expect that, in the coming years, the entire Internet will turn into a blockchain technology, within what is known as Web 3, which will to achieve a major revolution in digital assets that are experiencing great global demand in the present time. ” He continued, “The Saudi innovator must be at the level of the new global economic challenge in the context of digital access to the digital asset sector, and we expect the global virtual market to witness the deepening of Metapers, which are markets and stores.” in the virtual world, and will cause a massive explosion in the digital coded economy, and you will be able to Roaming in large markets fully by integrating with virtual reality with betaber and blockchain, which will achieve a major economic revolution , including opening sales on virtual domains on a large scale, such as selling land within slots, shops and virtual space advertising within a virtual life in a game, and the credibility of this will be in the impossibility of falsifying it through Blockchain technology. , and we will witness, according to widespread technology, a growing demand in the movement of virtual shopping and sales to exchange profits, for shop opening and financial exchange will be through digital currencies for electronic gaming and access to the merger. between the three technologies (VR, Blockchain Metapers), the world will not return as we know it now, ”noting that there are currently companies operating in full motion based on the transcontinental and contract-governed blockchain. smart d.

Regarding the Kingdom’s current orientation, he said: “To the best of my knowledge, there is a strong tendency for the Kingdom to invest digitally through the Saudi Central Bank, Sama, and newly established bodies, such as the National Cyber ​​Security Authority. , The Saudi Authority for Data and Artificial Intelligence, all investing in this direction to improve the Kingdom’s position in the digital economy. Noting that there are initial tests to test blockchain technology and field trials to test this technology and its impact on the economy and within trade and the extent of its impact on banks and financial institutions, supervision and control, and the risks that related to counterfeiting and coins. It has an impact on the domestic perspective, it will be supported by the Saudi Rial and it will have a very big impact and it will boost our domestic economy.

crypto sales

said M. Muhammad Al-Awami, an expert in the field of information security: “Business coded according to this technology has become popular globally and the market has been tested by selling models according to these complex and new approaches”, noting that there was deals that were sold at various prices, including the sale of an item in digital format amounting to $ 560. For an American journalist, the founder of the social networking site Twitter sold the first tweet using “NFT” technology for about $ 2.9 million. and a work of art with the same encryption technology was sold for about $ 96.3 million by American digital artist Pebble at an auction for one of the leading American homes.

He stated that the world is changing and that the Kingdom seeks, through its 2030 vision in economic terms, to diversify its economy and that creative young people with drawing talent should combine their talents and enhance their information and culture. . so that they can achieve economic returns from the new economy, whose presence will grow globally in the medium term He expected global markets during 2022 to witness a strong demand for digital works of art to be sold for millions of dollars worldwide, calling for serious consideration of setting up the first coded digital exhibition in the Kingdom, which is one of the strongest countries in the world in the field of encryption and technical systems referred to as.

M. Muhamed Al-Awami

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