NFT is a compact product, which acts as a kind of digital certificate, registered on the blockchain to ensure authenticity for their owners, thus making it impossible to copy in whole or in part. They can be used in several ways. Short for “Non-Fungible Token”, NFTs have been the subject of debates related to what we call Web 3 after millionaires’ money was used to buy this type of property online.
The concept of a high standard exploded in 2021 and usually made the NFT market follow this growth. With the adoption of a global cryptocurrency electronic system, the blockchain is increasingly attracting the attention of major players and investors.
In the Arab world, we have the city of Dubai, one of the most important in the United Arab Emirates, as one of the most friendly in the currency trading relationship with the NFTs, hosting important events such as Crypto Expo and Blockchain Week, all the time. . addressing the need for market control.
This is the result of an agreement between local authorities, which provides a controlled ecosystem for companies looking for local and international opportunities, and a better environment for startups to run their global expansion.
The percentage of people in the UAE who have NFTs is more than double the international average. The government itself has already accepted the idea, and in addition to buying land in The SandBox area for the creation of a mail office, it launched its own collection of physical stamps and in the form of NFTs in celebration of the 50th anniversary of the Nation. Day, which took place on 02 December 2021.
Four seals were launched, one of the main seals being called the “Golden Jubilee 2021”, has a gram of pure gold and a QR Code that has an integrated chip to confirm the uniqueness of the seal.
Additionally, Dubai Culture is showcasing its NFTs, which will feature 50 unique pieces of famous UAE artists, in partnership with Morrow Collective, an NFT conservation platform. The 50/50 program also celebrates the 50th anniversary of the UAE, and highlights the works of famous artists such as Khalid Al Banna, Alia Al Gaoud, Dalal Ahmed, Marwan Shakarchi and Gigi Gorlova, which can be viewed on the Open Market. at sea.
Saudi Arabia has announced it will invest more than $ 6.4 billion in metaverse and blockchain to reduce its dependence on oil. Although oil prices are high at the moment, oil trade is likely to decline after members of the Organization of the Petroleum Exporting Countries (OPEC) reach an agreement to reduce oil production.
Saudi Arabia’s Minister of Communications and Information Technology Abdullah Alswaha said that these investments should push the country towards digital growth. Of this investment, US $ 1 billion will go to NEOM Tech & Digital, a company that is expected to launch its upgrade.
The Arab states have a lot to gain from blockchain technology and this world of NFTs. But there are still several obstacles to be overcome.
Although blockchain investment is expected to grow by 400% over the next four years to combat fraud, increase security and improve public administration, governments are not yet ready for such radical digital reforms.
Although some nations are preventing financial institutions from doing business in secret currency and the currency exchange system to operate within their jurisdiction, I believe the desire to keep the UAE at the forefront of global digital transformation will initiate this major revolution where Arab states must win only.
Wallace Erick is a Tech Lead in Orbital, a company of innovative projects