Why support for Arab NFTs is more than a symbolic gesture

Why support for Arab NFTs is more than a symbolic gesture

Bored Ape Yacht Club NFT, which sold for about $ 250 each a year ago, cost about $ 325,000. (Reuters)

If you spend a moderate amount of time online, you may have heard of non-native tokens, or NFTs. These assets have invaded the internet over the past five years, creating countless inches of columns and making the investment stand out.

Anger is evident around NFTs, especially in the Middle East. From solid sales of token collections like Bored Ape Yacht Club to Monkey Kingdom – and even spin-off projects that do not belong to Simeon – our crypto community has proven more than ready to enter.

This is not surprising given the potential revenue. Bored Ape Yacht Club NFT, which sold for about $ 250 each a year ago, cost about $ 325,000. NFTs have made a splash in the traditional art world, with Christie’s selling digital People’s Artist “Everyday: The First 5000 Days” for $ 69.3 million in March last year.

High-level financial forecasts provide further evidence that digital art has entered the mainstream. The Emergency Research Analysis predicts that the global NFT market, which reached $ 50.1 billion in 2021, will record a complex annual growth rate of 10.7 percent of revenue from 2019 to 2030.

Encouragingly, a new trend is emerging that seems to confirm the Middle East country at the forefront of Web3 – a new web redesign based on blockchain technology that incorporates decentralization and land-based ideas. The economy.

There is no content to invest abroad, regional creators and innovators create their own projects.

Welcome to the unique and exciting world of Arab-led NFTs.

In February, CryptoBear Watch, a project backed by DAMAC Properties CEO Ali Sajwani and YouTube star Rashid Belhasa, unveiled plans to create a range of post-acquisition benefits, including $ 10,000 NFT and $ 1 million in gifts.

In February, Boredpuma, a UAE-based marketing agency, announced that it had partnered with Dubai-based company Splash Fashions in an effort to merge fashion with the environment. In March, Egyptian artist Aya Tarek caused a stir by launching the first collection of Egyptian art in the NFT market.

The Crypto Camels Club plans to sell 10,000 cryptocurrencies stored on the Ethereum blockchain, the first NFT pool owned by women in the Middle East and North Africa.

The main advantage of pursuing an Arab project is that it reflects the values ​​and culture of the region.

But what makes digital assets so popular? Well, apart from the technical nature of the coding, it can be seen that its growing trajectory is driven by the need of the good old days. NFTs represent attractive investments for those who want to diversify their investment portfolios.

This is a mature field with opportunities, but, like any investment, it rewards you with the task

Nisreen Fakihi

why? Because, like it or not, Web3 is here. Last month, Grand View Research predicted that the global market for Metawares would reach $ 678.8 billion by 2030. As our online life continues to change, blockchain-backed assets like NFTs will become increasingly products important.

Regional policymakers are well aware of this, which is why we have seen the latest wave of regulatory action.

The Central Bank of Bahrain issued rules governing crypto-asset services in 2019. In the United Arab Emirates last month, the Dubai Virtual Real Estate Regulatory Authority made clear its intention to set standards for NFT governance and to create a legal security framework. Investors. Also last month, Abu Dhabi Public Market, meanwhile, published draft recommendations for NFT trading in the UAE.

These moves coincide with several success stories of cryptocurrency transfers from the Gulf. Bahrain-based Rain, for example, executed more than $ 1.9 billion in transactions earlier this year, raising $ 110 million in Series B funds in January as part of one of the largest investment deals ever for any company. regional.

The effective Gulf regulatory stance has also attracted the attention of the international blockchain industry. Last month, Binance, the world’s largest cryptocurrency exchange, announced it had received licenses to own cryptocurrencies from Dubai, Bahrain and ours in the BitOasis market in the UAE.

In short, it is a mature field of opportunity, but, like any investment, it’s worth doing your homework.

When it comes to strategy, try not to overdo it. Invest in projects that speak to your interests and values. Are you looking for a network? Many NFTs send memberships to wealthy crypto communities. Are you interested in the benefits of margin? Find plans with guides and find plans that make promises that match your priorities.

Finally, if you are in the Middle East, invest in local projects. Our region has all the ingenuity, experience and passion needed to play a major role in the current development of meta software – but we need to support creators today if we are to realize this potential.

This is why support for Arab-led unions is more than just a symbolic gesture.

Reen Nisreen Fakihi is the CEO of Crypto Camels Club, an NFT platform.

Disclaimer: The views expressed by the authors in this section do not necessarily reflect their views and opinions on Arab News.

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