Africa and Middle East NFT Market Intelligence Report 2022: Market Expected to Grow 48.3% to Reach $3,420.4 Million in 2022

by James · December 16, 2022

DUBLIN, 16 December 2022 /PRNewswire/ — The “Africa & Middle East NFT Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs on NFT Investments by Key Asset, Currency, Sales Channels – Q2 2022″ report added ResearchAndMarkets.com’s Offering.

The NFT industry i Africa & Middle East expected to grow by 48.3% year-on-year to reach USD 3420.4 million in 2022.

The NFT industry is expected to grow steadily over the forecast period, registering a CAGR of 34.3% during 2022-2028. The NFT use value in the country will increase from USD 3420.4 million in 2022 to now USD 18215.7 million by 2028.

IN Middle East and Africa region, particularly in the United Arab Emirates, there has been an upswing 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. As more and more countries seek to impose strict regulatory measures on NFTs, there has been a noticeable increase in the buying, selling and creation of NFTs in the UAE.

Over the past 12 months, several innovative NFT marketplaces have also emerged in the country, making it relatively easier for the general public to buy, sell and trade NFTs. From NFT-based startups to cryptocurrency exchanges, more players enter the UAE NFT market; The presence of more NFT marketplaces has also supported the rise in NFT trade transaction value and volume, a 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 often awarded cryptocurrencies or NFTs to participate in gaming tournaments.

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 anniversary celebrations, 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 curation platform MORROW. Hence, the growing use of NFTs has resulted in a booming NFT scene in the UAE and the trend is expected to accelerate further over the next three to four years as global players look to tap into the growing UAE market.

Large firms entering the NFT sector to tap into the growing market and boost growth

With Dubai and Abu Dhabi announce it crypto-related activities and businesses are legal in the UAE, large firms are entering the NFT sector to capitalize on the growing global market and boost their growth.

IN April 2022, Emirates Airlines announced its entry into the metaverse and NFT sectors. The firm is expected to bring services and a series of digital collectibles to enhance flyers’ metaverse experiences. The firm also announced that the NFT and metaverse projects are already underway and expected to launch in the coming months.

The firm has also repurposed the Emirates Pavilion at the Expo 2020 grounds as a focal point for people to contribute to the firm’s future-focused projects, including those related to NFTs and the metaverse.

IN December 2021, the 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 that reside on Ethereum blockchain. Each NFT acts as the users’ Society membership card and provides access to membership benefits.

These new technologies have revolutionized the world of art and pop culture, creating a dynamic market for creators and fans in the Middle East and Africa region.

IN Saudi Arabiathe NFT market has recorded strong growth over the past 12 months and is expected to gain further momentum over the next three to four years as the country looks set to become a creative hub in Middle East the publisher expects NFTs to play a very important role 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 register strong growth over the next three to four quarters.

The government’s efforts to promote the NFTs are also expected to drive the popularity of the digital asset among the general public, which will further aid the market growth in Saudi Arabia. Additionally, amid strong demand for NFTs among Saudis, NFT marketplaces are raising funding rounds to further accelerate growth.

Although there are no specific regulations related to buying, selling and trading of NFTs Saudi Arabiagovernment support in favor of the NFTs is expected to drive the market’s growth from the short to medium term.

To further promote the NFT market and raise awareness among collectors, artists and curators, the Ministry of Culture has i Saudi Arabia launched an NFT digital art forum in collaboration with Sotheby’s and the Visual Arts Commission.

IN Egyptnot-fungible tokens (NFT) are becoming increasingly popular among digital artists. While the NFT market is still in its early stages of development and not as mature as some other markets, the industry is growing as more and more artists launch their innovative art collections as an NFT.

As the hype and interest in the market continues to develop well, so does the country’s NFT sales volume and value. Several thousand digital artworks created by digital artists in the country plan to trade on NFT platforms. IN Egypt, digital assets tokenized as NFTs are largely limited to digital real estate, games, and artwork. However, as the market continues to mature over the next four to eight quarters, the publisher expects more innovation in the Egyptian NFT industry.

Several NFT project launches inspired by Egypt’s history and monuments that drive the industry’s growth

Over the past 12 months, many projects have been launched inspired by antiquity Egypt’s history and monuments. For example,

Sphynx Cats, the NFT project inspired by ancient Egyptian history, is a collection of 9,099 NFTs, each with different characteristics than the other.

These project launches in the country drive industry growth and awareness among the general public Egypt. The publisher expects the trend to continue in the short to medium term, further supporting market growth over the next four to eight quarters

Likewise, prominent South African figures launching NFTs are driving market growth and awareness. All movie stars, singers and sports players have entered the NFT space globally; similar trends are visible in South Africawhere many prominent figures launch NFTs.

Big names include cricketer AB de Villiers, influencer Diipa Khosla, musician Goldfish and the Kiffness, and filmmaker Dan Mace. The entry of these big names in South Africa has driven the popularity of NFTs among the general public, thereby driving market growth over the past 12 months.

Art galleries in South Africa looking to capitalize on the global trend in the NFT market

IN March 2021Worldart, the South African art gallery, became the first in the country to auction the artwork as an NFT.

Companies raise funding rounds to further accelerate growth South Africa

IN November 2021NFTfi, the firm that allows users to use the NFTs as collateral for loans, announced that it had taken up 5 million dollars to further accelerate growth in the country.

Auksjonshus collaborates with wine producers to offer wine NFT in South Africa

IN April 2022Strauss & Co, the main South African auction house, announced that it had entered into a strategic partnership with five of the most respected wine producers in South Africa. Under the strategic partnership, the auction house offered fine wine NFTs.

Key topics covered:

This is an overall offer, which combines 6 reports, which cover regional insight together with data-centric analysis at regional and country level:
1. Africa and Middle East NFT Market Insight Brief
2. Africa and Middle East NFT Market Intelligence and Future Growth Dynamics Databook
3. South Africa NFT Market Intelligence and Future Growth Dynamics Databook
4.United Arab Emirates NFT Market Intelligence and Future Growth Dynamics Databook
5.Saudi Arabia NFT Market Intelligence and Future Growth Dynamics Databook
6.Turkey NFT Market Intelligence and Future Growth Dynamics Databook

scope

This report provides an in-depth, data-centric analysis of the NFT Market and below is the summary of key market segments:

NFT Market Size and Forecast by Key Asset, 2019-2028