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The UAE market is adapting NFTs at a high rate just like the rest of the world. This article explains the recent NFT developments in the UAE area.
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There has been a lot of crypto-activity recently in the MENA region, especially in the UAE. For instance, this year’s Art Dubai (the MENA Region’s largest Contemporary Art Fair) – the 3-day event hosted nearly 100 local and foreign art dealers, with an entire digital collection of 17 galleries and platforms dedicated to displaying and selling NFTs. But what’s more interesting is the ascent of blockchain-based gaming in the UAE and all the rules coming out to facilitate the sector.
The world of digital art and 3D collectibles is being swept by NFTs. Massive sales to a new crypto-audience have changed the life of digital artists. Celebrities are hopping on board as well, seeing it as a new method to engage with their fans. However, digital art is just one use of NFTs. They may indicate ownership of any one-of-a-kind object, such as a deed for a digital or physical item. You can also be part of investing in NFT friendly blockchains like Ethereum in UAE.
NFTs and Gaming
With blockchain-based gaming, people are often rewarded in Cryptocurrency or with NFTs for participating in gaming tournaments. This could be why Abu Dhabi-government-supported program AD Gaming has signed partnership agreements with local crypto platforms like Attarius Network. Which aims to boost the prospect of blockchain-based gaming. The agreement plans to build a collaborative, interactive NFT ecosystem for gamers. Also digital artists by consolidating blockchain, crypto, and NFTs into the gaming industry.
NFT games have generated over $2 billion in revenue for the industry, with a spellbinding increase in the wallets ratios acquired for gaming incentives. DappRadar reports that blockchain games are responsible for half of all blockchain usage in the UAE…which could open up an endless route of possibilities for young creatives and competitive e-gaming.
While living in the MENA region, there aren’t a lot of efficient crypto platforms that enable you to effectively partake in crypto activities related to NFT friendly blockchains without a lot of hindrances.
How to Invest in NFT friendly Blockchains in UAE?
As diverse and culturally innovative as the crypto space in the UAE is, the thing that a lot of crypto investors struggle with is the availability of a platform that is fast, easy to use, and has a stable amount of liquidity (as this helps the crypto investors find a larger market to interact with in terms of their cryptocurrencies and assets).
Purchasing a blockchain’s native currency also entails investing in that blockchain’s platform. As a result of their new creative Digital assets infrastructure, buying native Cryptocurrency of those blockchain platforms is simple in the UAE. Local crypto exchanges in the UAE also offer solid infrastructure for investing directly in NFT friendly blockchains.
Friendly Blockchains for NFTs in the UAE include Ethereum, Polygon, Solana, etc. Their native cryptocurrencies are the most widely known for selling and purchasing NFTs. You can use your Cryptocurrency to mint a particular NFT. Blockchains like Ethereum and Polygon provide fast and better blockchain infrastructure for NFTs.
NFTs and Ethereum are solutions to some of the internet’s existing problems. As the world becomes increasingly digital, physical characteristics like scarcity, uniqueness, and proof of ownership must be duplicated. Not to add that digital items are usually only useful when combined with their physical counterparts.
Conclusion
People, particularly artists, are increasingly eager to diversify and grow their digital financial portfolios through crypto-activity since they’ve discovered a means to sell their work while keeping creative integrity.
With the UAE quickly adjusting to the NFT arena, we may expect to see some interesting developments in the next months, with many NFTs circulating in the crypto area. You may participate in this progress by investing in the NFT blockchains’ native cryptocurrencies. Endeavor to be innovative and a part of the UAE’s crypto growth.
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