Dubai to Abu Dhabi: How NFTs are used in the UAE

Non-fungible tokens are becoming increasingly popular in the United Arab Emirates, with companies and projects in industries ranging from music to gaming utilizing them for various use cases. Cointelegraph caught up with projects at the recent AIBC Dubai event to discuss their views on the burgeoning NFT space.

At the event, Cointelegraph attended an electronic dance music concert featuring the likes of Scooter and R Wizz. The promoters of the event revealed that since the venue and asset owners inside the venue were using NFTs, all of the tickets had been sold in under four hours.

The projects themselves also shared their thoughts on how NFTs were being utilized in the region. Abu Dhabi-based e-commerce chain Caviar demonstrated how NFTs had enabled them to offer their customers exclusive deals on items within their catalog. Moreover, they pointed to the advantages that NFTs offer for the retail industry, such as greater security, improved transaction transparency, and the elimination of fraud.

“NFTs are extremely useful in many ways,” said Caviar CEO, Zafar Khan. “They help us track our customers’ purchase histories, as well as increase brand loyalty. As a result, more customers are now turning to Caviar to gain access to exclusive deals they would not have been able to access otherwise.”

Meanwhile, Abu Dhabi-based NFT marketplace NFTs Exchange explained how their platform could be used as a bridge between buyers, sellers and creators in the global NFT market. The exchange, which launched in 2019, allows investors to securely and conveniently purchase, trade and store non-fungible tokens.

“When we started, we wanted to create a space where investors could purchase, trade and store NFTs in a space that was both secure and reliable,” said NFTs Exchange founder, Ahmed Al Ali. “By serving as a middleman, we have helped create a more fluid and efficient NFT market that allows creators and investors to achieve their goals.”

These conversations helped explain that, despite the region’s restricted financial infrastructure, the UAE is becoming increasingly involved in the NFT space. Projects such as Caviar and NFTs Exchange are helping to promote the growth of the local NFT market, and bringing more projects to the region.

With the increasing popularity of NFTs, the UAE is well on its way to becoming a major player in the global NFT space. As more projects enter the market, these will help to further advance the growth of the local NFT market.

This article was originally published on Cointelegraph.