NFT industry in Africa & Middle East is expected to grow by 48.3% on an annual basis to reach US$3420.4 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 34.3% during 2022-2028. The NFT Spend Value in the country will increase from US$3420.4 million in 2022 to reach US$18215.7 million by 2028.
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. 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.
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.