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A recent report showed that there is a high level of awareness across the Gulf countries about NFTs, metaverse, and cryptocurrencies, especially among younger and high-income males.



Chalhoub Group released a new report titled ‘GCC State of the Metaverse and its Potential for Luxury Retail’ in which it surveyed 1,600 consumers from Gulf countries to measure the actual adoption and future behavior towards metaverse, NFTs, and crypto, <a href="https://www.itp.net/emergent-tech/high-metaverse-awareness-in-the-gcc-presents-huge-opportunities-for-retail-sector-report" target="_blank" rel="noreferrer noopener">according to ITP Website</a>.



The report indicated a high level of awareness among residents in the UAE, Saudi Arabia, and Oman about crypto, NFTs, and metaverse, with a percentage of 77%, 49%, and 46%, respectively.



Chalhoup surveyed luxury consumers in the Gulf countries, showing that 89% would like to see products in the metaverse and 71% have already engaged with a branded virtual experience. Regarding the adoption rates, 48% of the surveyed said they have already invested in crypto, while 23% confirmed that they had engaged with NFTs and actively used metaverse platforms.



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Regarding NFTs, 23% of Gulf countries&#8217; luxury shoppers already own NFTs, while 57% are interested in purchasing NFTs. According to the report, 83% said they would consider NFTs if they could be redeemed for a physical product. The report found that the reason for purchasing NFTs is for investment purposes, with virtual art and sport being the most purchased types.



As for the metaverse, the report asserted that the Gulf countries have the right foundations to render their metaverse-based initiatives successful, driven by tech-savvy youth and enabled by a favorable regulatory environment. The high disposable income in the Gulf countries and regional firms&#8217; desire to experience the metaverse are factors that contribute to the metaverse development in the region.



In addition, their governments are prioritizing incorporating the metaverse into national strategies. Despite the optimistic figures, the report detected some concerns from the users. It reported that 34% of the users are afraid of crypto volatility, while 28% have a lack of trust in NFTs, in addition, 42% have a lack of understanding of the metaverse.



In this regard, Head of Corporate Innovation at Chalhoub Group Nick Vinckier said: &#8220;The GCC is known for its young and tech-savvy consumers who are very knowledgeable about the metaverse while being luxury enthusiasts. For us at Chalhoub Group, we recognize that leveraging the power of Web3 enables us to reinvent the entire customer journey, whether it’s building awareness, increasing brand engagement, enhancing conversion, nurturing loyalty, or launching new business models.&#8221;

Metaverse

Report Reveals High Level of Awareness in Gulf Countries about NFTs, Metaverse, Crypto

Checkout.com, an international financial technology company, issued the second part of <a href="/Users/xps/Downloads/Digital_transformation_in_MENA_2022_report_Part1.pdf" target="_blank" rel="noreferrer noopener">its report about digital transformation</a> in the MENA region in 2022.



The report drew on year-over-year data from 15,500 consumers, since 2020, in Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Bahrain, Jordan, Egypt, and Pakistan.



According to the report, 55% of 18-35-year-olds, who are living in the UAE and Saudi Arabia, would like to be able to pay for goods and services in crypto or stablecoins in the next 12 months. The report mentioned that 38% of 18-35-year-olds, who are living in the two countries, have held digital assets such as crypto, stablecoins and NFTs.



Nearly 40% (39%) of them accept that their salaries could be paid in cryptocurrencies. While over 50% (52%) of 18-35-year-olds would like to be paid some or all of their salary in stablecoins.



The report showed that 25% of the local merchants plan to offer crypto as a payment method by 2024. These figures were calculated from 4,000 consumers in Saudi Arabia and the UAE surveyed in February 2022.



In this regard, Head of Crypto &amp; Digital Assets Checkout.com Max Rothman said the UAE and Saudi Arabia pave a path to becoming vitally important leaders in crypto adoption, regulation, and innovation in light of their adoption and regulation of cryptocurrencies and virtual assets.



Rothman described the level of engagement of the 18-35-year-olds in the two countries as hardly surprising. &#8220;Some 54% of consumers we surveyed in the region believe that on-chain payments will make transactions significantly faster, and 49% believe transactions on-chain will be significantly safer. Meanwhile, 80% of merchant businesses in the region see faster payments as a significant benefit of crypto or stablecoin transactions,&#8221; he added.



He asserted that trust in digital payments and fintech seems to be seeing a steady increase.

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