According to the Q2 2022 NFT Survey, NFT industry in Saudi Arabia is expected to grow by 45.2% on an annual basis to reach US$323.7 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 32.4% during 2022-2028. The NFT Spend Value in the country will increase from US$323.7 million in 2022 to reach US$1590.5 million by 2028.
Blockchain technology and Non-Fungible Token (NFTs) have propelled unprecedented growth over the last few years. These emerging technologies have revolutionized the art and pop culture world, thereby creating a dynamic market for both creators and fans globally. In Saudi Arabia, the NFT market has recorded strong growth over the last 12 months and is expected to gain further momentum over the next three to four years as the country looks to become a creative hub in the Middle East the publisher expects NFTs to play a very important part as the country seeks to become a creative hub in the Middle East. With several regional and global players entering the NFT market in the country, the market is expected to record strong growth over the next three to four quarters.
The market is also expected to get growth support from the government in Saudi Arabia.
The government's efforts in promoting the NFTs are also expected to drive the popularity of the digital asset among the general public, which will further assist the market growth in Saudi Arabia. Moreover, amid the strong demand for NFTs among Saudi Arabians, NFT marketplaces raise funding rounds to further accelerate their growth.
While there are no specific regulations relating to the buying, selling, and trading of NFTs in Saudi Arabia, the government support in favor of the NFTs is expected to drive the market's growth from the short to medium-term perspective. To promote the NFT market further and drive awareness among collectors, artists, and curators, the Ministry of Culture in Saudi Arabia launched an NFT digital art forum in the country in partnership with Sotheby's and the Visual Arts Commission. The publisher expects the Saudi government to take more such supportive and awareness initiatives, which will help boost the market's growth from the short to medium-term perspective.
With the popularity of the NFT market growing in the Kingdom, the number of marketplaces allowing Saudi Arabians to buy, sell, and trade in NFTs has also increased over the last 12 months. Notably, this has resulted in a surge in NFT transaction value and volume in Saudi Arabia.
NFT exhibitions have increased significantly over the last two years globally. Notably, these exhibitions have been one of the primary drivers of the NFT market worldwide. Auction houses such as Sotheby's and Christie's are increasingly organizing the NFT exhibition, and these exhibitions are driving the awareness and popularity of NFTs among the general public. In Saudi Arabia as well, auction houses are conducting exhibitions. For instance,
In the growing NFT market, NFT marketplaces are looking to capitalize on the high growth potential of the market in Saudi Arabia, where the industry is expected to record strong growth over the next few years. Consequently, firms are raising funding rounds to further accelerate their growth in the country. For instance,
As the popularity of NFTs continues to grow across the MENA region, NFT marketplaces are entering into strategic partnerships with online gifting platforms to expand their market share and boost the awareness of digital assets. For instance,
This report provides in-depth, data-centric analysis of NFT Market in Saudi Arabia 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 32.4% during 2022-2028. The NFT Spend Value in the country will increase from US$323.7 million in 2022 to reach US$1590.5 million by 2028.
Blockchain technology and Non-Fungible Token (NFTs) have propelled unprecedented growth over the last few years. These emerging technologies have revolutionized the art and pop culture world, thereby creating a dynamic market for both creators and fans globally. In Saudi Arabia, the NFT market has recorded strong growth over the last 12 months and is expected to gain further momentum over the next three to four years as the country looks to become a creative hub in the Middle East the publisher expects NFTs to play a very important part as the country seeks to become a creative hub in the Middle East. With several regional and global players entering the NFT market in the country, the market is expected to record strong growth over the next three to four quarters.
The market is also expected to get growth support from the government in Saudi Arabia.
The government's efforts in promoting the NFTs are also expected to drive the popularity of the digital asset among the general public, which will further assist the market growth in Saudi Arabia. Moreover, amid the strong demand for NFTs among Saudi Arabians, NFT marketplaces raise funding rounds to further accelerate their growth.
Government support is expected to drive the NFT market in Saudi Arabia
While there are no specific regulations relating to the buying, selling, and trading of NFTs in Saudi Arabia, the government support in favor of the NFTs is expected to drive the market's growth from the short to medium-term perspective. To promote the NFT market further and drive awareness among collectors, artists, and curators, the Ministry of Culture in Saudi Arabia launched an NFT digital art forum in the country in partnership with Sotheby's and the Visual Arts Commission. The publisher expects the Saudi government to take more such supportive and awareness initiatives, which will help boost the market's growth from the short to medium-term perspective.
Moreover, as the country looks to become a creative hub in the Middle East, the publisher also expects a more favorable regulatory NFT environment in Saudi Arabia. An increasing number of NFT marketplaces is driving the industry growth in Saudi Arabia
With the popularity of the NFT market growing in the Kingdom, the number of marketplaces allowing Saudi Arabians to buy, sell, and trade in NFTs has also increased over the last 12 months. Notably, this has resulted in a surge in NFT transaction value and volume in Saudi Arabia.
Sotheby's NFT exhibition has driven the NFT awareness in Saudi Arabia
NFT exhibitions have increased significantly over the last two years globally. Notably, these exhibitions have been one of the primary drivers of the NFT market worldwide. Auction houses such as Sotheby's and Christie's are increasingly organizing the NFT exhibition, and these exhibitions are driving the awareness and popularity of NFTs among the general public. In Saudi Arabia as well, auction houses are conducting exhibitions. For instance,
- In February 2022, Sotheby's auction house conducted a three-day digital art forum in Riyadh. Notably, the auction house conducted the exhibition in strategic partnership with the Ministry of Culture in Saudi Arabia. The NFT exhibition conducted by the auction house covered the recent history of NFTs.
NFT marketplaces are raising funding rounds to further accelerate their growth in Saudi Arabia
In the growing NFT market, NFT marketplaces are looking to capitalize on the high growth potential of the market in Saudi Arabia, where the industry is expected to record strong growth over the next few years. Consequently, firms are raising funding rounds to further accelerate their growth in the country. For instance,
- In November 2021, Nuqtah, the first Saudi Arabian NFT marketplace, announced that the first had closed its pre-seed funding round. While the firm did not disclose the amount raised, it plans to create a global platform where creative in the Kingdom and around the world can sell their masterpieces. Founded in 2021, the NFT marketplace enables artists to register and trace their work.
NFT marketplaces are entering into strategic partnerships with online gifting platforms to expand market share
As the popularity of NFTs continues to grow across the MENA region, NFT marketplaces are entering into strategic partnerships with online gifting platforms to expand their market share and boost the awareness of digital assets. For instance,
- In February 2022, NIFTY Souq, one of the leading NFT marketplaces in the MENA region, announced that the firm had entered into a strategic partnership with Joi, a full-service online platform for gifts. Under the strategic partnership, NIFTY Souq and Joi introduce NFT gifts, allowing people in the region to gift artwork as NFT. This strategic partnership will also help people introduce their loved ones to the growing world of digital assets such as NFTs.
Scope
This report provides in-depth, data-centric analysis of NFT Market in Saudi Arabia and below is the summary of key market segments:
Saudi Arabia NFT Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
Saudi Arabia NFT Market Size and Forecast by Key Assets, 2019-2028
- Collectibles and Art
- Real Estate
- Sports
- Gaming
- Utility
- Fashion & Luxury
- Other
Saudi Arabia NFT Market Size and Forecast by Key NFT Collectible Assets, 2019-2028
- Digital Art
- Music & Sound Clip
- Videos
- Memes & Gif
- Other
Saudi Arabia NFT Market Size and Forecast by Currency, 2019-2028
- Ethereum
- Solana
- Avalanche
- Polygon
- BSC
- Flow
- Wax
- Ronin
- Other
Saudi Arabia NFT Market Size and Forecast by Sales Channels, 2019-2028
- Primary
- Secondary
Saudi Arabia 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 Saudi Arabia NFT Market Size and Future Growth Dynamics by Key Performance Indicators
2.1 Saudi Arabia NFT - Total Sales Spend Value Trend Analysis, 2019 - 2028
2.2 Saudi Arabia NFT - Total Sales Spend Volume Trend Analysis, 2019 - 2028
2.3 Saudi Arabia NFT - Average Value Per Transaction Trend Analysis, 2019 - 2028
3 Saudi Arabia NFT Key Market Insight and Innovation
3.1 Consumer Behavior
3.2 Competitive Landscape and Growth Strategies
3.3 Regulation Trends
4 Saudi Arabia NFT Market Size and Forecast by Key Assets
4.1 Saudi Arabia NFT Market Share by Key Assets (%), 2021 Vs. 2028
4.2 Saudi Arabia NFT Collectibles and Art Trend Analysis, 2019 - 2028
4.3 Saudi Arabia NFT Real Estate Trend Analysis, 2019 - 2028
4.4 Saudi Arabia NFT Sports Trend Analysis, 2019 - 2028
4.5 Saudi Arabia NFT Gaming Trend Analysis, 2019 - 2028
4.6 Saudi Arabia NFT Utility Trend Analysis, 2019 - 2028
4.7 Saudi Arabia NFT Fashion and Luxury Trend Analysis, 2019 - 2028
4.8 Saudi Arabia NFT Other Assets Trend Analysis, 2019 - 2028
5 Saudi Arabia NFT Collectibles and Art Market Size and Forecast by Key Assets
5.1 Saudi Arabia NFT Collectibles and Art Market Share by Key Assets (%), 2021 Vs. 2028
5.2 Saudi Arabia NFT Collectibles and Art - Digital Art Spend Value Trend Analysis, 2019 - 2028
5.3 Saudi Arabia NFT Collectibles and Art - Music & Sound Clip Spend Value Trend Analysis, 2019 - 2028
5.4 Saudi Arabia NFT Collectibles and Art - Videos Spend Value Trend Analysis, 2019 - 2028
5.5 Saudi Arabia NFT Collectibles and Art - Memes & GIF Spend Value Trend Analysis, 2019 - 2028
5.6 Saudi Arabia NFT Collectibles and Art - Other Assets Spend Value Trend Analysis, 2019 - 2028
6 Saudi Arabia NFT Market Size and Forecast by Currency
6.1 Saudi Arabia NFT Market Share by Currency (%), 2021 Vs. 2028
6.2 Saudi Arabia NFT Currency Ethereum - Spend Value Trend Analysis, 2019 - 2028
6.3 Saudi Arabia NFT Currency Solana - Spend Value Trend Analysis, 2019 - 2028
6.4 Saudi Arabia NFT Currency Avalanche - Spend Value Trend Analysis, 2019 - 2028
6.5 Saudi Arabia NFT Currency Polygon - Spend Value Trend Analysis, 2019 - 2028
6.6 Saudi Arabia NFT Currency BSC - Spend Value Trend Analysis, 2019 - 2028
6.7 Saudi Arabia NFT Currency Flow - Spend Value Trend Analysis, 2019 - 2028
6.8 Saudi Arabia NFT Currency WAX - Spend Value Trend Analysis, 2019 - 2028
6.9 Saudi Arabia NFT Currency Ronin - Spend Value Trend Analysis, 2019 - 2028
6.10 Saudi Arabia NFT Other Currencies - Spend Value Trend Analysis, 2019 - 2028
7 Saudi Arabia NFT Market Size and Forecast by Key Sales Channels
7.1 Saudi Arabia NFT Market Share by Key Sales Channels (%), 2021 Vs. 2028
7.2 Saudi Arabia NFT Primary Market - Spend Value Trend Analysis, 2019 - 2028
7.3 Saudi Arabia NFT Secondary Market - Spend Value Trend Analysis, 2019 - 2028
8 Saudi Arabia User Statistics of Internet and Population, 2019 - 2028
8.1 Saudi Arabia Internet Users Trend Analysis, 2019 - 2028
8.2 Saudi Arabia Internet Penetration Rate, 2019 - 2028
8.3 Saudi Arabia Adult Population Trend Analysis, 2019 - 2028
9 Further Reading
9.1 About the Publisher
List of FiguresFigure 1: Methodology Framework
Figure 2: Saudi Arabia NFT - Total Sales Spend Value (US$ Million), 2019 - 2028
Figure 3: Saudi Arabia NFT - Total Sales Spend Volume (Thousands), 2019 - 2028
Figure 4: Saudi Arabia NFT - Average Value Per Transaction (US$), 2019 - 2028
Figure 5: Saudi Arabia NFT Market Share by Key Assets (%), 2021 Vs. 2028
Figure 6: Saudi Arabia NFT Collectibles and Art - Spend Value (US$ Million), 2019 - 2028
Figure 7: Saudi Arabia NFT Collectibles and Art - Spend Volume (Thousands), 2019 - 2028
Figure 8: Saudi Arabia NFT Collectibles and Art - Average Value Per Transaction (US$), 2019 - 2028
Figure 9: Saudi Arabia NFT Real Estate - Spend Value (US$ Million), 2019 - 2028
Figure 10: Saudi Arabia NFT Real Estate - Spend Volume (Thousands), 2019 - 2028
Figure 11: Saudi Arabia NFT Real Estate - Average Value Per Transaction (US$), 2019 - 2028
Figure 12: Saudi Arabia NFT Sports - Spend Value (US$ Million), 2019 - 2028
Figure 13: Saudi Arabia NFT Sports - Spend Volume (Thousands), 2019 - 2028
Figure 14: Saudi Arabia NFT Sports - Average Value Per Transaction (US$), 2019 - 2028
Figure 15: Saudi Arabia NFT Gaming - Spend Value (US$ Million), 2019 - 2028
Figure 16: Saudi Arabia NFT Gaming - Spend Volume (Thousands), 2019 - 2028
Figure 17: Saudi Arabia NFT Gaming - Average Value Per Transaction (US$), 2019 - 2028
Figure 18: Saudi Arabia NFT Utility - Spend Value (US$ Million), 2019 - 2028
Figure 19: Saudi Arabia NFT Utility - Spend Volume (Thousands), 2019 - 2028
Figure 20: Saudi Arabia NFT Utility - Average Value Per Transaction (US$), 2019 - 2028
Figure 21: Saudi Arabia NFT Fashion and Luxury - Spend Value (US$ Million), 2019 - 2028
Figure 22: Saudi Arabia NFT Fashion and Luxury - Spend Volume (Thousands), 2019 - 2028
Figure 23: Saudi Arabia NFT Fashion and Luxury - Average Value Per Transaction (US$), 2019 - 2028
Figure 24: Saudi Arabia NFT Other Assets - Spend Value (US$ Million), 2019 - 2028
Figure 25: Saudi Arabia NFT Other Assets - Spend Volume (Thousands), 2019 - 2028
Figure 26: Saudi Arabia NFT Other Assets - Average Value Per Transaction (US$), 2019 - 2028
Figure 27: Saudi Arabia NFT Collectibles and Art Market Share by Key Assets (%), 2021 Vs. 2028
Figure 28: Saudi Arabia NFT Collectibles and Art - Digital Art Spend Value (US$ Million), 2019 - 2028
Figure 29: Saudi Arabia NFT Collectibles and Art - Music & Sound Clip Spend Value (US$ Million), 2019 - 2028
Figure 30: Saudi Arabia NFT Collectibles and Art - Videos Spend Value (US$ Million), 2019 - 2028
Figure 31: Saudi Arabia NFT Collectibles and Art - Memes & GIF Spend Value (US$ Million), 2019 - 2028
Figure 32: Saudi Arabia NFT Collectibles and Art - Other Assets Spend Value (US$ Million), 2019 - 2028
Figure 33: Saudi Arabia NFT Market Share by Currency (%), 2021 Vs. 2028
Figure 34: Saudi Arabia NFT Currency Ethereum - Spend Value (US$ Million), 2019 - 2028
Figure 35: Saudi Arabia NFT Currency Solana - Spend Value (US$ Million), 2019 - 2028
Figure 36: Saudi Arabia NFT Currency Avalanche - Spend Value (US$ Million), 2019 - 2028
Figure 37: Saudi Arabia NFT Currency Polygon - Spend Value (US$ Million), 2019 - 2028
Figure 38: Saudi Arabia NFT Currency BSC - Spend Value (US$ Million), 2019 - 2028
Figure 39: Saudi Arabia NFT Currency Flow - Spend Value (US$ Million), 2019 - 2028
Figure 40: Saudi Arabia NFT Currency WAX - Spend Value (US$ Million), 2019 - 2028
Figure 41: Saudi Arabia NFT Currency Ronin - Spend Value (US$ Million), 2019 - 2028
Figure 42: Saudi Arabia NFT Other Currencies - Spend Value (US$ Million), 2019 - 2028
Figure 43: Saudi Arabia NFT Market Share by Key Sales Channels (%), 2021 Vs. 2028
Figure 44: Saudi Arabia NFT Primary Market - Spend Value (US$ Million), 2019 - 2028
Figure 45: Saudi Arabia NFT Secondary Market - Spend Value (US$ Million), 2019 - 2028
Figure 46: Saudi Arabia Internet Users Trend Analysis (Million), 2019 - 2028
Figure 47: Saudi Arabia Internet Penetration Rate (%), 2019 - 2028
Figure 48: Saudi Arabia Adult Population Trend Analysis (Million), 2019 - 2028
List of TablesTable 1: Saudi Arabia NFT - Total Sales Spend Value (US$ Million), 2019 - 2028
Table 2: Saudi Arabia NFT - Total Sales Spend Volume (Thousands), 2019 - 2028
Table 3: Saudi Arabia NFT - Average Value Per Transaction (US$), 2019 - 2028
Table 4: Saudi Arabia NFT Collectibles and Art - Spend Value (US$ Million), 2019 - 2028
Table 5: Saudi Arabia NFT Collectibles and Art - Spend Volume (Thousands), 2019 - 2028
Table 6: Saudi Arabia NFT Collectibles and Art - Average Value Per Transaction (US$), 2019 - 2028
Table 7: Saudi Arabia NFT Real Estate - Spend Value (US$ Million), 2019 - 2028
Table 8: Saudi Arabia NFT Real Estate - Spend Volume (Thousands), 2019 - 2028
Table 9: Saudi Arabia NFT Real Estate - Average Value Per Transaction (US$), 2019 - 2028
Table 10: Saudi Arabia NFT Sports - Spend Value (US$ Million), 2019 - 2028
Table 11: Saudi Arabia NFT Sports - Spend Volume (Thousands), 2019 - 2028
Table 12: Saudi Arabia NFT Sports - Average Value Per Transaction (US$), 2019 - 2028
Table 13: Saudi Arabia NFT Gaming - Spend Value (US$ Million), 2019 - 2028
Table 14: Saudi Arabia NFT Gaming - Spend Volume (Thousands), 2019 - 2028
Table 15: Saudi Arabia NFT Gaming - Average Value Per Transaction (US$), 2019 - 2028
Table 16: Saudi Arabia NFT Utility - Spend Value (US$ Million), 2019 - 2028
Table 17: Saudi Arabia NFT Utility - Spend Volume (Thousands), 2019 - 2028
Table 18: Saudi Arabia NFT Utility - Average Value Per Transaction (US$), 2019 - 2028
Table 19: Saudi Arabia NFT Fashion and Luxury - Spend Value (US$ Million), 2019 - 2028
Table 20: Saudi Arabia NFT Fashion and Luxury - Spend Volume (Thousands), 2019 - 2028
Table 21: Saudi Arabia NFT Fashion and Luxury - Average Value Per Transaction (US$), 2019 - 2028
Table 22: Saudi Arabia NFT Other Assets - Spend Value (US$ Million), 2019 - 2028
Table 23: Saudi Arabia NFT Other Assets - Spend Volume (Thousands), 2019 - 2028
Table 24: Saudi Arabia NFT Other Assets - Average Value Per Transaction (US$), 2019 - 2028
Table 25: Saudi Arabia NFT Collectibles and Art - Digital Art Spend Value (US$ Million), 2019 - 2028
Table 26: Saudi Arabia NFT Collectibles and Art - Music & Sound Clip Spend Value (US$ Million), 2019 - 2028
Table 27: Saudi Arabia NFT Collectibles and Art - Videos Spend Value (US$ Million), 2019 - 2028
Table 28: Saudi Arabia NFT Collectibles and Art - Memes & GIF Spend Value (US$ Million), 2019 - 2028
Table 29: Saudi Arabia NFT Collectibles and Art - Other Assets Spend Value (US$ Million), 2019 - 2028
Table 30: Saudi Arabia NFT Currency Ethereum - Spend Value (US$ Million), 2019 - 2028
Table 31: Saudi Arabia NFT Currency Solana - Spend Value (US$ Million), 2019 - 2028
Table 32: Saudi Arabia NFT Currency Avalanche - Spend Value (US$ Million), 2019 - 2028
Table 33: Saudi Arabia NFT Currency Polygon - Spend Value (US$ Million), 2019 - 2028
Table 34: Saudi Arabia NFT Currency BSC - Spend Value (US$ Million), 2019 - 2028
Table 35: Saudi Arabia NFT Currency Flow - Spend Value (US$ Million), 2019 - 2028
Table 36: Saudi Arabia NFT Currency WAX - Spend Value (US$ Million), 2019 - 2028
Table 37: Saudi Arabia NFT Currency Ronin - Spend Value (US$ Million), 2019 - 2028
