March 20, 2023

72% of UAE Residents Say NFTs’ Popularity To Grow in Business Sectors

72% of UAE Residents Say NFTs’ Popularity To Grow in Business Sectors Featured Image

A new survey showed that 72% of UAE residents believe the popularity and importance of NFTs will grow in various business sectors, Cointelegraph reported.

A survey conducted by Kaspersky, a pioneering cybersecurity and digital privacy company, found that 77% of the surveyed think the NFTs can provide a new and advanced way to trade digital assets, whereas 72% believe it can guarantee the uniqueness of digital assets and contribute to the promotion of the concept of intellectual property.

Given that most of the participants have positive sentiments toward possessing NFTs, 42% believe that the NFT space witnesses its technical momentum and this will not be around for long. This result can be attributed to the mainstream’s lack of awareness and knowledge about digital collectibles, according to the survey.

The survey pointed out that although 82% of respondents in the UAE had heard of NFTs, 21% said they knew nothing or lacked practical knowledge. It noted 67% of people who say they have heard of NFTs consider investing in this area to be high risk but at the same time high returns, whereas 35% said the NFTs are tools being used by malevolent people to deceive people.

The NFT industry in the UAE is predicted to increase by 45.5% on an annual basis to hit $982.1 million in 2022, a BusinessWire report issued in December 2022 revealed.

According to data, the NFT industry in the UAE is anticipated to record a compounded annual growth rate (CAGR) of 32.1% from 2022 to 2028. The report expected that the NFT value in the Gulf country would grow from $982.1 million to $4.75 billion by 2028.

The report pointed out that the UAE is emerging as a promising hub for digital collectibles, saying the growth of the NFT market is driven by the mass adoption of NFTs by businesses, entrepreneurs, and celebrities.

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