December 10, 2022

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



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, according to ITP Website.

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.

Regarding NFTs, 23% of Gulf countries’ 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’ 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: “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.”

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