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Report: UAE NFT market to grow 45.5% to $982.1 million in 2022
- Leading research firm Research and Markets has published “The UAE’s NFT Market Future Growth Databook”.
- The NFT market in the UAE is thriving by embracing new technologies.
- By 2028, the value of NFTs in the UAE will increase from $982.1 million to $4,746.3 million.
Research And Markets, the world’s largest market research website, recently released the “UAE NFT Market Intelligence and Future Growth Dynamics Databook” for the second quarter of 2022. The report predicts that the NFT field in the UAE will grow exponentially by 45.5% per year, reaching US$982.1 million in 2022.
The NFT industry is projected to grow gradually throughout the forecast period, with a compound annual growth rate (CAGR) of 32.1% from 2022 to 2028. The value of NFT spending in the MENA region is expected to increase from $982.1 million to $4,746.3 million by 2028.
The NFT landscape in the UAE has expanded as more companies, entrepreneurs, and celebrities join the fast-growing market. In the booming NFT space, the UAE is transforming into a global powerhouse.
While a growing number of countries are attempting to impose strict regulatory restrictions on NFTs, the UAE has seen a significant increase in the purchase, sale and development of NFTs.
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