According to the Q2 2022 NFT Survey, NFT industry in United Arab Emirates is expected to grow by 45.5% on an annual basis to reach US$982.1 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 32.1% during 2022-2028. The NFT Spend Value in the country will increase from US$982.1 million in 2022 to reach US$4746.3 million by 2028.
The non-fungible token (NFT) scene is growing as more and more entrepreneurs, businesses, and celebrities enter the fast-growing industry. Like the rest of the world, the United Arab Emirates (UAE) market is also rapidly adopting NFTs. With the country being long considered a desirable destination for doing business, the UAE appears to become a global hub in the flourishing field of NFTs.
While more and more countries are seeking to impose strict regulatory measures on NFTs, there has been a notable surge in the buying, selling, and creation of the NFTs in the UAE. In the Middle East and Africa region, particularly in the UAE, there has been an uptake 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 showcasing and selling NFTs.
Over the last 12 months, several innovative NFT marketplaces have also emerged in the country, which has made it relatively simpler for the general public to buy, sell, and trade in NFTs. From NFT-based startups to cryptocurrency exchanges, several players are entering the UAE NFT market; the presence of several NFT marketplaces has also supported the rise in NFT trading transaction value and volume, the trend 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 gaming, people are frequently awarded cryptocurrencies or NFTs for participating in gaming tournaments. This explains why the Abu Dhabi government-backed AD Gaming program has entered into a strategic collaboration with local crypto platforms such as Attarius Network, which attempts to increase the chances of blockchain-based gaming. The collaboration aims to create a participatory and collaborative NFT ecosystem for gamers.
The adoption of new technology driving the NFT market growth in the UAE
The United Arab Emirates has always welcomed new and emerging technology. For NFTs as well, the UAE has adopted the NFT technology. For the UAE’s 50th birthday celebration, the postal operator in the country issued NFT stamps to celebrate the federation's National Day.
Dubai Culture also ventured into the NFT space with the NFT curatorial platform MORROW. Titled 50/50 to mark the 50th anniversary, the Dubai Culture exhibition included works by Khalid Al Banna, Gigi Gorlova, Alia Al Gaoud, Marwan Shakarchi, and Dalal Ahmed. Also jumping on the growing NFT bandwagon, Art Dubai launched a digital art section - for the art fair’s 15th edition in March 2022 - examining the context from which NFTs, crypto, virtual reality, and video art developed since the beginnings of digital art in the 1980s.
Therefore, the growing adoption of NFTs has resulted in 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 look to capitalize on the growing UAE market.
With Dubai and Abu Dhabi announcing that crypto-related activities and businesses are legal in the UAE, big firms are entering the NFT sector to capitalize on the growing global market and boost their growth. For instance,
This report provides in-depth, data-centric analysis of NFT Market in United Arab Emirates and below is the summary of key market segments:
The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 32.1% during 2022-2028. The NFT Spend Value in the country will increase from US$982.1 million in 2022 to reach US$4746.3 million by 2028.
The non-fungible token (NFT) scene is growing as more and more entrepreneurs, businesses, and celebrities enter the fast-growing industry. Like the rest of the world, the United Arab Emirates (UAE) market is also rapidly adopting NFTs. With the country being long considered a desirable destination for doing business, the UAE appears to become a global hub in the flourishing field of NFTs.
While more and more countries are seeking to impose strict regulatory measures on NFTs, there has been a notable surge in the buying, selling, and creation of the NFTs in the UAE. In the Middle East and Africa region, particularly in the UAE, there has been an uptake 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 showcasing and selling NFTs.
Over the last 12 months, several innovative NFT marketplaces have also emerged in the country, which has made it relatively simpler for the general public to buy, sell, and trade in NFTs. From NFT-based startups to cryptocurrency exchanges, several players are entering the UAE NFT market; the presence of several NFT marketplaces has also supported the rise in NFT trading transaction value and volume, the trend 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 gaming, people are frequently awarded cryptocurrencies or NFTs for participating in gaming tournaments. This explains why the Abu Dhabi government-backed AD Gaming program has entered into a strategic collaboration with local crypto platforms such as Attarius Network, which attempts to increase the chances of blockchain-based gaming. The collaboration aims to create a participatory and collaborative NFT ecosystem for gamers.
The adoption of new technology driving the NFT market growth in the UAE
The United Arab Emirates has always welcomed new and emerging technology. For NFTs as well, the UAE has adopted the NFT technology. For the UAE’s 50th birthday celebration, the postal operator in the country issued NFT stamps to celebrate the federation's National Day.
Dubai Culture also ventured into the NFT space with the NFT curatorial platform MORROW. Titled 50/50 to mark the 50th anniversary, the Dubai Culture exhibition included works by Khalid Al Banna, Gigi Gorlova, Alia Al Gaoud, Marwan Shakarchi, and Dalal Ahmed. Also jumping on the growing NFT bandwagon, Art Dubai launched a digital art section - for the art fair’s 15th edition in March 2022 - examining the context from which NFTs, crypto, virtual reality, and video art developed since the beginnings of digital art in the 1980s.
Therefore, the growing adoption of NFTs has resulted in 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 look to capitalize on the growing UAE market.
Big 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, big firms are entering the NFT sector to capitalize on the growing global market and boost their growth. For instance,
- In April 2022, Emirates Airlines announced its entry into the metaverse and NFT sectors. The firm is expected to bring out services and a series of digital collectibles that will enhance the 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 contact point for people who can contribute to the firm's future-focused 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 living on the Ethereum blockchain. Each NFT serves as the users' Society membership card and provides access to members-only benefits.
Scope
This report provides in-depth, data-centric analysis of NFT Market in United Arab Emirates and below is the summary of key market segments:
United Arab Emirates NFT Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
United Arab Emirates NFT Market Size and Forecast by Key Assets, 2019-2028
- Collectibles and Art
- Real Estate
- Sports
- Gaming
- Utility
- Fashion & Luxury
- Other
United Arab Emirates NFT Market Size and Forecast by Key NFT Collectible Assets, 2019-2028
- Digital Art
- Music & Sound Clip
- Videos
- Memes & Gif
- Other
United Arab Emirates NFT Market Size and Forecast by Currency, 2019-2028
- Ethereum
- Solana
- Avalanche
- Polygon
- BSC
- Flow
- Wax
- Ronin
- Other
United Arab Emirates NFT Market Size and Forecast by Sales Channels, 2019-2028
- Primary
- Secondary
United Arab Emirates User Statistics, 2019-2028
Reasons to buy
- Based on data and analysis, develop country-level strategies.
- Identify investment opportunities in growth segments.
- Exceed competition by incorporating forecast data as well as market trends.
- Use the relationships between major data sets with valuable insights to improve strategy.
- Appropriate for providing accurate, high-quality data and analysis to support internal and external presentations.
Table of Contents
1 About this Report1.1 Summary
1.2 Methodology
1.3 NFT Definitions
1.4 Disclaimer
2 United Arab Emirates NFT Market Size and Future Growth Dynamics by Key Performance Indicators
2.1 United Arab Emirates NFT - Total Sales Spend Value Trend Analysis, 2019 - 2028
2.2 United Arab Emirates NFT - Total Sales Spend Volume Trend Analysis, 2019 - 2028
2.3 United Arab Emirates NFT - Average Value Per Transaction Trend Analysis, 2019 - 2028
3 United Arab Emirates NFT Key Market Insight and Innovation
3.1 Consumer Behavior
3.2 Competitive Landscape and Growth Strategies
3.3 Regulation Trends
4 United Arab Emirates NFT Market Size and Forecast by Key Assets
4.1 United Arab Emirates NFT Market Share by Key Assets (%), 2021 Vs. 2028
4.2 United Arab Emirates NFT Collectibles and Art Trend Analysis, 2019 - 2028
4.3 United Arab Emirates NFT Real Estate Trend Analysis, 2019 - 2028
4.4 United Arab Emirates NFT Sports Trend Analysis, 2019 - 2028
4.5 United Arab Emirates NFT Gaming Trend Analysis, 2019 - 2028
4.6 United Arab Emirates NFT Utility Trend Analysis, 2019 - 2028
4.7 United Arab Emirates NFT Fashion and Luxury Trend Analysis, 2019 - 2028
4.8 United Arab Emirates NFT Other Assets Trend Analysis, 2019 - 2028
5 United Arab Emirates NFT Collectibles and Art Market Size and Forecast by Key Assets
5.1 United Arab Emirates NFT Collectibles and Art Market Share by Key Assets (%), 2021 Vs. 2028
5.2 United Arab Emirates NFT Collectibles and Art - Digital Art Spend Value Trend Analysis, 2019 - 2028
5.3 United Arab Emirates NFT Collectibles and Art - Music & Sound Clip Spend Value Trend Analysis, 2019 - 2028
5.4 United Arab Emirates NFT Collectibles and Art - Videos Spend Value Trend Analysis, 2019 - 2028
5.5 United Arab Emirates NFT Collectibles and Art - Memes & GIF Spend Value Trend Analysis, 2019 - 2028
5.6 United Arab Emirates NFT Collectibles and Art - Other Assets Spend Value Trend Analysis, 2019 - 2028
6 United Arab Emirates NFT Market Size and Forecast by Currency
6.1 United Arab Emirates NFT Market Share by Currency (%), 2021 Vs. 2028
6.2 United Arab Emirates NFT Currency Ethereum - Spend Value Trend Analysis, 2019 - 2028
6.3 United Arab Emirates NFT Currency Solana - Spend Value Trend Analysis, 2019 - 2028
6.4 United Arab Emirates NFT Currency Avalanche - Spend Value Trend Analysis, 2019 - 2028
6.5 United Arab Emirates NFT Currency Polygon - Spend Value Trend Analysis, 2019 - 2028
6.6 United Arab Emirates NFT Currency BSC - Spend Value Trend Analysis, 2019 - 2028
6.7 United Arab Emirates NFT Currency Flow - Spend Value Trend Analysis, 2019 - 2028
6.8 United Arab Emirates NFT Currency WAX - Spend Value Trend Analysis, 2019 - 2028
6.9 United Arab Emirates NFT Currency Ronin - Spend Value Trend Analysis, 2019 - 2028
6.10 United Arab Emirates NFT Other Currencies - Spend Value Trend Analysis, 2019 - 2028
7 United Arab Emirates NFT Market Size and Forecast by Key Sales Channels
7.1 United Arab Emirates NFT Market Share by Key Sales Channels (%), 2021 Vs. 2028
7.2 United Arab Emirates NFT Primary Market - Spend Value Trend Analysis, 2019 - 2028
7.3 United Arab Emirates NFT Secondary Market - Spend Value Trend Analysis, 2019 - 2028
8 United Arab Emirates User Statistics of Internet and Population, 2019 - 2028
8.1 United Arab Emirates Internet Users Trend Analysis, 2019 - 2028
8.2 United Arab Emirates Internet Penetration Rate, 2019 - 2028
8.3 United Arab Emirates Adult Population Trend Analysis, 2019 - 2028
9 Further Reading
9.1 About the Publisher
List of FiguresFigure 1: Methodology Framework
Figure 2: United Arab Emirates NFT - Total Sales Spend Value (US$ Million), 2019 - 2028
Figure 3: United Arab Emirates NFT - Total Sales Spend Volume (Thousands), 2019 - 2028
Figure 4: United Arab Emirates NFT - Average Value Per Transaction (US$), 2019 - 2028
Figure 5: United Arab Emirates NFT Market Share by Key Assets (%), 2021 Vs. 2028
Figure 6: United Arab Emirates NFT Collectibles and Art - Spend Value (US$ Million), 2019 - 2028
Figure 7: United Arab Emirates NFT Collectibles and Art - Spend Volume (Thousands), 2019 - 2028
Figure 8: United Arab Emirates NFT Collectibles and Art - Average Value Per Transaction (US$), 2019 - 2028
Figure 9: United Arab Emirates NFT Real Estate - Spend Value (US$ Million), 2019 - 2028
Figure 10: United Arab Emirates NFT Real Estate - Spend Volume (Thousands), 2019 - 2028
Figure 11: United Arab Emirates NFT Real Estate - Average Value Per Transaction (US$), 2019 - 2028
Figure 12: United Arab Emirates NFT Sports - Spend Value (US$ Million), 2019 - 2028
Figure 13: United Arab Emirates NFT Sports - Spend Volume (Thousands), 2019 - 2028
Figure 14: United Arab Emirates NFT Sports - Average Value Per Transaction (US$), 2019 - 2028
Figure 15: United Arab Emirates NFT Gaming - Spend Value (US$ Million), 2019 - 2028
Figure 16: United Arab Emirates NFT Gaming - Spend Volume (Thousands), 2019 - 2028
Figure 17: United Arab Emirates NFT Gaming - Average Value Per Transaction (US$), 2019 - 2028
Figure 18: United Arab Emirates NFT Utility - Spend Value (US$ Million), 2019 - 2028
Figure 19: United Arab Emirates NFT Utility - Spend Volume (Thousands), 2019 - 2028
Figure 20: United Arab Emirates NFT Utility - Average Value Per Transaction (US$), 2019 - 2028
Figure 21: United Arab Emirates NFT Fashion and Luxury - Spend Value (US$ Million), 2019 - 2028
Figure 22: United Arab Emirates NFT Fashion and Luxury - Spend Volume (Thousands), 2019 - 2028
Figure 23: United Arab Emirates NFT Fashion and Luxury - Average Value Per Transaction (US$), 2019 - 2028
Figure 24: United Arab Emirates NFT Other Assets - Spend Value (US$ Million), 2019 - 2028
Figure 25: United Arab Emirates NFT Other Assets - Spend Volume (Thousands), 2019 - 2028
Figure 26: United Arab Emirates NFT Other Assets - Average Value Per Transaction (US$), 2019 - 2028
Figure 27: United Arab Emirates NFT Collectibles and Art Market Share by Key Assets (%), 2021 Vs. 2028
Figure 28: United Arab Emirates NFT Collectibles and Art - Digital Art Spend Value (US$ Million), 2019 - 2028
Figure 29: United Arab Emirates NFT Collectibles and Art - Music & Sound Clip Spend Value (US$ Million), 2019 - 2028
Figure 30: United Arab Emirates NFT Collectibles and Art - Videos Spend Value (US$ Million), 2019 - 2028
Figure 31: United Arab Emirates NFT Collectibles and Art - Memes & GIF Spend Value (US$ Million), 2019 - 2028
Figure 32: United Arab Emirates NFT Collectibles and Art - Other Assets Spend Value (US$ Million), 2019 - 2028
Figure 33: United Arab Emirates NFT Market Share by Currency (%), 2021 Vs. 2028
Figure 34: United Arab Emirates NFT Currency Ethereum - Spend Value (US$ Million), 2019 - 2028
Figure 35: United Arab Emirates NFT Currency Solana - Spend Value (US$ Million), 2019 - 2028
Figure 36: United Arab Emirates NFT Currency Avalanche - Spend Value (US$ Million), 2019 - 2028
Figure 37: United Arab Emirates NFT Currency Polygon - Spend Value (US$ Million), 2019 - 2028
Figure 38: United Arab Emirates NFT Currency BSC - Spend Value (US$ Million), 2019 - 2028
Figure 39: United Arab Emirates NFT Currency Flow - Spend Value (US$ Million), 2019 - 2028
Figure 40: United Arab Emirates NFT Currency WAX - Spend Value (US$ Million), 2019 - 2028
Figure 41: United Arab Emirates NFT Currency Ronin - Spend Value (US$ Million), 2019 - 2028
Figure 42: United Arab Emirates NFT Other Currencies - Spend Value (US$ Million), 2019 - 2028
Figure 43: United Arab Emirates NFT Market Share by Key Sales Channels (%), 2021 Vs. 2028
Figure 44: United Arab Emirates NFT Primary Market - Spend Value (US$ Million), 2019 - 2028
Figure 45: United Arab Emirates NFT Secondary Market - Spend Value (US$ Million), 2019 - 2028
Figure 46: United Arab Emirates Internet Users Trend Analysis (Million), 2019 - 2028
Figure 47: United Arab Emirates Internet Penetration Rate (%), 2019 - 2028
Figure 48: United Arab Emirates Adult Population Trend Analysis (Million), 2019 - 2028
List of TablesTable 1: United Arab Emirates NFT - Total Sales Spend Value (US$ Million), 2019 - 2028
Table 2: United Arab Emirates NFT - Total Sales Spend Volume (Thousands), 2019 - 2028
Table 3: United Arab Emirates NFT - Average Value Per Transaction (US$), 2019 - 2028
Table 4: United Arab Emirates NFT Collectibles and Art - Spend Value (US$ Million), 2019 - 2028
Table 5: United Arab Emirates NFT Collectibles and Art - Spend Volume (Thousands), 2019 - 2028
Table 6: United Arab Emirates NFT Collectibles and Art - Average Value Per Transaction (US$), 2019 - 2028
Table 7: United Arab Emirates NFT Real Estate - Spend Value (US$ Million), 2019 - 2028
Table 8: United Arab Emirates NFT Real Estate - Spend Volume (Thousands), 2019 - 2028
Table 9: United Arab Emirates NFT Real Estate - Average Value Per Transaction (US$), 2019 - 2028
Table 10: United Arab Emirates NFT Sports - Spend Value (US$ Million), 2019 - 2028
Table 11: United Arab Emirates NFT Sports - Spend Volume (Thousands), 2019 - 2028
Table 12: United Arab Emirates NFT Sports - Average Value Per Transaction (US$), 2019 - 2028
Table 13: United Arab Emirates NFT Gaming - Spend Value (US$ Million), 2019 - 2028
Table 14: United Arab Emirates NFT Gaming - Spend Volume (Thousands), 2019 - 2028
Table 15: United Arab Emirates NFT Gaming - Average Value Per Transaction (US$), 2019 - 2028
Table 16: United Arab Emirates NFT Utility - Spend Value (US$ Million), 2019 - 2028
Table 17: United Arab Emirates NFT Utility - Spend Volume (Thousands), 2019 - 2028
Table 18: United Arab Emirates NFT Utility - Average Value Per Transaction (US$), 2019 - 2028
Table 19: United Arab Emirates NFT Fashion and Luxury - Spend Value (US$ Million), 2019 - 2028
Table 20: United Arab Emirates NFT Fashion and Luxury - Spend Volume (Thousands), 2019 - 2028
Table 21: United Arab Emirates NFT Fashion and Luxury - Average Value Per Transaction (US$), 2019 - 2028
Table 22: United Arab Emirates NFT Other Assets - Spend Value (US$ Million), 2019 - 2028
Table 23: United Arab Emirates NFT Other Assets - Spend Volume (Thousands), 2019 - 2028
Table 24: United Arab Emirates NFT Other Assets - Average Value Per Transaction (US$), 2019 - 2028
Table 25: United Arab Emirates NFT Collectibles and Art - Digital Art Spend Value (US$ Million), 2019 - 2028
Table 26: United Arab Emirates NFT Collectibles and Art - Music & Sound Clip Spend Value (US$ Million), 2019 - 2028
Table 27: United Arab Emirates NFT Collectibles and Art - Videos Spend Value (US$ Million), 2019 - 2028
Table 28: United Arab Emirates NFT Collectibles and Art - Memes & GIF Spend Value (US$ Million), 2019 - 2028
Table 29: United Arab Emirates NFT Collectibles and Art - Other Assets Spend Value (US$ Million), 2019 - 2028
Table 30: United Arab Emirates NFT Currency Ethereum - Spend Value (US$ Million), 2019 - 2028
Table 31: United Arab Emirates NFT Currency Solana - Spend Value (US$ Million), 2019 - 2028
Table 32: United Arab Emirates NFT Currency Avalanche - Spend Value (US$ Million), 2019 - 2028
Table 33: United Arab Emirates NFT Currency Polygon - Spend Value (US$ Million), 2019 - 2028
Table 34: United Arab Emirates NFT Currency BSC - Spend Value (US$ Million), 2019 - 2028
Table 35: United Arab Emirates NFT Currency Flow - Spend Value (US$ Million), 2019 - 2028
Table 36: United Arab Emirates NFT Currency WAX - Spend Value (US$ Million), 2019 - 2028
Table 37: United Arab Emirates NFT Currency Ronin - Spend Value (US$ Million), 2019 - 2028
