DUBLIN–(BUSINESS WIRE)–The “Saudi Arabia NFT Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs on NFT Investments by Key Assets, Currency, Sales Channels – Q2 2022” report has been added to ResearchAndMarkets.com’s offering.
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.
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.
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.
Such NFT exhibitions drive the awareness and popularity of digital assets among the general public. Over the next three to four years, the publisher expects more such NFT exhibitions in high frequency across the Middle East region. This will drive the overall industry growth and the digital asset’s popularity.
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.
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.
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
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
Saudi Arabia NFT Market Size and Forecast by Key NFT Collectible Assets, 2019-2028
Saudi Arabia NFT Market Size and Forecast by Currency, 2019-2028
Saudi Arabia NFT Market Size and Forecast by Sales Channels, 2019-2028
Saudi Arabia User Statistics, 2019-2028
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ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
