Find out how NFTs are being received in UAE with our regularly updated UAE NFT news and stay informed on its developments.

UAE NFT News

Director of Sharjah Digital Office Sheikh Saud bin Sultan Al Qasimi has taken a significant step towards digital innovation by introducing the &#8216;Sharjah NFT Platform.&#8217;



This initiative aims to revolutionize the issuance and verification of certificates in the United Arab Emirates through blockchain technology-based soulbound tokens, providing a secure and efficient method for government and private entities to issue authenticated digital certificates.



This breakthrough is a major milestone in Sharjah&#8217;s digital transformation journey and demonstrates the emirate&#8217;s dedication to a sustainable and technologically advanced future.



The Sharjah NFT Platform has introduced a user-friendly system that enables various entities, including government authorities, educational institutions, private enterprises, and event organizers, to issue verified certificates. These certificates are stored as non-fungible codes within a digital record and can be easily authenticated using soulbound technology, which utilizes blockchain ledgers and QR codes to securely store and track documents.



Sheikh Saud emphasized the importance of integrating cutting-edge technologies into Sharjah&#8217;s landscape to enhance the community&#8217;s quality of life.



Sheikh Saud added: &#8220;The introduction of the Sharjah NFT Platform represents a shift from traditional paper certificates to secure and dependable digital certificates. These digital certificates are not only easy to issue but also offer high reliability and security. The platform serves as a firewall against tampering and fraud, ensuring the authenticity and credibility of certificates through blockchain technology.&#8221;



Creating an account on the platform is a breeze. No need for technical expertise. The registration process is user-friendly and easy to navigate. Thanks to the platform&#8217;s agile and blockchain-based infrastructure, users can conveniently design and customize certificates to meet their unique requirements. This infrastructure streamlines the creation of certificate records and provides a central hub for their efficient distribution, with minimal manual intervention.



The Sharjah NFT Platform offers numerous benefits to certificate issuers and recipients. Besides being efficient and speedy, it allows certificate customization to align with an organization&#8217;s identity, brand, or the essence of a specific event, thereby enhancing its credibility. Moreover, the transition to digital certificates removes geographical constraints, making them accessible for international events and occasions.

Sharjah Digital Office

Sharjah Digital Office Launches Sharjah NFT Platform

UAE national airline Etihad Airways collaborated with Arcube, a Web3 onboarding company, to launch an NFT staking loyalty program called “Horizon Club” and release more NFTs.&nbsp;



Etihad Airways is set to add 300 Polygon-based EY-ZERO1 NFTs to its NFT collection with benefits, Holders of these NFTs will enjoy 12-month Etihad Silver Tier promotion, including priority check-in, lounge access in Abu Dhabi, and the ability to stake the NFT to earn flight miles, according to Cointelegraph. The new 300 NFTs come under a new theme of collaboration between the Abu Dhabi-based airlines and Mission: Impossible Dead Reckoning Part One.



Moreover, buyers of these NFTs can enjoy membership at the Etihad: Virtual Club, which provides a fast-track promotion from Silver to Gold Tier for six months, an additional 10% extra miles, and a customized Etihad membership card for online and app use.



The new 300<a href="https://upyo.com/en/news/tags/uae-nft" target="_blank" rel="noreferrer noopener"> NFTs</a> are available for sale on <a rel="noreferrer noopener" href="https://etihad.arcube.io/" target="_blank">etihad.arcube.io</a>.



It is worth mentioning that Etihad Airways released the first collection of EY-ZERO1 NFTs in July 2022 with benefits, including Etihad Silver Tier status for 12 months, taking part in Etihad&#8217;s exclusive online community discussion forums, and access to an NFT holders&#8217; event at the Formula 1 at Yas Marina Circuit. The first collection included 2,003 digital collectibles, showcasing Etihad Airways Boeing 787 Dreamliner planes and each one is under a unique livery.&nbsp;



Holders will also get more benefits from the Etihad &#8220;Staking-for-miles&#8221; program, branded the Etihad &#8220;Horizon Club&#8221;. This innovative NFT loyalty program was created in partnership with Arcube and is set to launch in September 2021. It is the first program of its kind that utilizes NFTs to customize the digital journey of Etihad travelers.



Arcube plans to expand this blockchain-based program to other airlines and travel companies to revolutionize the travel industry in integration with the NFTs.&nbsp;

Etihad Airways NFTs

Etihad Airways Releases More 300 NFTs with Exclusive Benefits

Race Kingdom, a racing gaming platform based in the metaverse, announced the release of the second batch of its camel NFTs, ZyCrypto reported.



Founded by Dubai-based blockchain entrepreneur Omar Gull, the second batch of Race Kingdom NFTs consists of 999 digital collectibles with numerous characteristics and features, including genetic profiles and 3D visuals that will be helpful during breeding and game races.



The new NFTs mix four genera and four rarities from the performance attribute they fall under within the game. Owners of camel NFTs will benefit from them during the gaming experience such as participating in racing championships, access to game rewards, breeding, sweepstakes, and renting opportunities.



The camel NFTs will be available for the users on OpenSea on March 2. The floor price of these NFTs in the primary market will access users for owning a mystery box, which contains an ultra-rare camel with the highest values from the four performance attributes.



Commenting on the new NFTs, Gull said Race Kingdom managed to launch its native token, $ATOZ, and camel NFTs, which represent two key milestones on their roadmap, pointing out Race Kingdom is set to roll out its alpha gameplay in the first quarter of 2023.



Gull noted: &#8220;We are thrilled to offer fans and collectors the chance to own a piece of the exciting world of Race Kingdom. We have accomplished the two key milestones per our roadmap – the launch of a native token, $ATOZ, and now the launch of camel NFTs. We look forward to rolling out the alpha gameplay this quarter. Our tech team has been working hard developing the game and different race tracks. I believe blockchain gaming has a huge potential and will play a tremendous role in wider web3 and crypto adoption.&#8221;

Race Kingdom

Race Kingdom Releases 2nd Batch of NFTs

The Transport Authority in Ajman, UAE, announced the launch of its first NFT collection during the UAE Innovation Month, where all government bodies in the country showcase their major innovations in the field of providing services to the citizens.



The NFT collection, which includes 50 digital collectibles, was launched in the presence of Director General of the Transport Authority in Ajman, Omar Muhammad Lootah, and a number of the authority&#8217;s officials.



In this regard, Director of the Institutional Support Department Abdul Rahman Al-Nuaimi said the 50 NFTs were granted to those who participated in the authority&#8217;s activities during Innovation Month to promote innovative thinking in the domain of government services, adding releasing such a collection is a new achievement added to the UAE emirate in the field of technology.



Government bodies in Ajman got a record in the Web 3.0 world by launching NFT collections or services in the metaverse.



Earlier in January, the Ajman Police announced the launch of its first set of non-fungible tokens within a framework of the UAE’s institutions’ keenness to tap into the metaverse and its related technologies.



The Ajman Police’s NFT collection consists of 200 digital collectibles, which are dedicated to employees, consumers, and partners.



Moreover, Ajman’s Department of Finance announced the launch of a unified government payment platform on the metaverse. Through the Ajman Payment Platform (AjmanPay), the first government payment platform on the Metaverse, all fees for the local government agencies&#8217; services in Ajman will be collected in the virtual world.



The move comes within a framework of the ADF’s strategy to shift to digital transformation in Ajman through providing new payment methods, which are appropriate for the customers and giving distinguished user experience in line with the highest levels of ease, comfort, and safety.

Ajman’s Transport Authority Releases 1st NFT Collection

The Ajman Police of the UAE announced the launch of its first set of non-fungible tokens within a framework of the UAE&#8217;s institutions&#8217; keenness to tap into the metaverse and its related technologies.



The Ajman Police&#8217;s NFT collection consists of 200 digital collectibles, which are dedicated to employees, consumers, and partners.



The announcement came during a meeting, chaired by Commander-in-Chief of Ajman Police Sheikh Sultan bin Abdullah Al Nuaimi with Director of the Strategy and Performance Development Department Ali Obaid Al Shamsi, Head of the Innovation Team Muhammad Shaiban Suwaidan, and a number of members of the innovation team in the police, in addition to CEO of the company Faisal Financial Technologies Faisal Obaid Buafra. The meeting discussed deploying and using NFTs in government work in line with the UAE strategy for innovation.



In this regard, Suwaidan pointed out that the Ajman Police is committed to increasingly involve in the Web 3.0 world and its relevant technologies after the debut of its metaverse.



The Ajman Police has become the first police force in the world to offer its services through virtual avatars in the metaverse. Named &#8220;Request for Sponsorship&#8221;, the Ajman Police launched its version of metaverse during the Gitex Global 2022 event which took place in Dubai’s World Trade Center. Through the metaverse, users can communicate with Ajman police officers via avatars in the virtual world.



Moreover, the Ajman’s Department of Finance announced the launch of a unified government payment platform on the metaverse. Through the Ajman Payment Platform (AjmanPay), the first government payment platform on the Metaverse, all fees for the local government agencies’ services in Ajman will be collected in the virtual world.



The move comes within a framework of the ADF’s strategy to shift to digital transformation in Ajman through providing new payment methods, which are appropriate for the customers and giving distinguished user experience in line with the highest levels of ease, comfort, and safety.

Ajman Police

Ajman Police Release 1st Set of NFTs

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 last month 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.



In an interview with<a href="https://www.khaleejtimes.com/business/nfts-look-forward-to-brighter-days-in-uae?_refresh=true" target="_blank" rel="noreferrer noopener"> Khaleej Times</a>, Senior Partner at YAAP Arshad Zaheer lauded NFTs&#8217; advantages as their ownership is tracked on the blockchain, adding the content creator knows that his work cannot be copied. He believed that the NFTs would have bigger communities in the next years similar to the emergence of social media almost a decade and a half ago.



Zaheer noted: &#8220;Consumers are interested in buying into stories, in buying into experiences. When you’re buying a product you’re just buying the physical product. But when you are buying an NFT you’re buying a whole lot of things that are linked with it.&#8221;



The report pointed to a flourishing in the NFT industry in the Middle East and Africa region, especially in the UAE, at a time when some countries impose restrictions on buying and selling NFTs, citing Art Dubai&#8217;s host of around 100 international and local art dealers and a digital collection of 17 platforms and galleries dedicated to showcasing and selling NFTs in 2022.



It also referred to several players who entered the NFT market in the UAE, varying between NFT-based start-ups and cryptocurrency exchanges, predicting that NFT trading would gain more momentum in the coming three or four years in the Middle Eastern country.

NFTs in UAE

UAE NFT Industry Expected to Reach $4.75 Bln by 2028

Today, Dubai witnesses the opening of the first physical NFT shop at the Mall of the Emirates.&nbsp;



Operated by the international tech giant SoftConstruct and part of the&nbsp;<a target="_blank" href="https://fastex.com/" rel="noreferrer noopener">Fastex Web3 ecosystem</a>, ftNFT will let its visitors browse, purchase and sell NFTs in person and create 3D avatars for themselves through a professional 3D NFT scanner.



On the opening day, ftNFT visitors can meet NFT artists and exhibitors, who will give more information about their artworks. Amrita Sethi, the first NFT artist in the UAE, is expected to attend the opening. The shop will display the NFT <a href="https://web.facebook.com/people/AknEye/100086693501323/?paipv=0&amp;eav=AfbPt_dM2i-1LsdnG6SzV762qH1qHVjjQU49Jqs41CGwS5pqOWhigjMZyckqhs_nU8A&amp;_rdc=1&amp;_rdr" target="_blank" rel="noreferrer noopener">collection of AKNEYE</a> and Chiko &amp; Roko.&nbsp;



SoftConstruct intends to open the second physical NFT shop at Dubai Mall, saying that its shops come within a framework to be a gateway to digital art, music, and other ways of creating, utilizing, and monetizing NFTs, <a href="https://www.ftnft.com/physical-nft-store" target="_blank" rel="noreferrer noopener">according to ftnft website</a>. 



According to the Armenian company, ftNFT aims to collaborate with artists, creators, brands, interested partners, and peers who want to showcase their artwork in form of NFTs, opening the door for artists to create their pieces of art to show them at its shops in addition to bringing NFT and crypto enthusiasts to a physical platform making them interact with each other.&nbsp;



It also pointed out that the NFT shops target educating people on digital collectibles rather than selling them by offering face-to-face support for customers from professionals.&nbsp;



There are eight brands under SoftConstruct that offer IT solutions to various industries, with over 300 partners and over 16 offices worldwide. It has its unique NFT marketplace, ftNFT, operating under the Fastex ecosystem that also includes Fastex Exchange, FastexVerse, Fastex Pay, Fastex Chain, FastToken and FirstTicket.



It is obvious that the UAE, especially Dubai, attracts IT companies to showcase their latest innovations in the Web3 world and its products in light of the country&#8217;s keenness to ease the crypto regulation. In addition, reports said that the UAE is one of the fastest-growing destinations for Web3 projects, thanks to the initiatives taken by its government.

ftNFT Shop

First Physical NFT Shop Opens in Dubai

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.



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="824" height="1024" src="https://adminblog.upyo.io/wp-content/uploads/2022/12/GCC-State-of-the-Metaverse-data-3-824x1024-1.jpg" alt="" class="wp-image-3065" srcset="https://3.111.63.208/wp-content/uploads/2022/12/GCC-State-of-the-Metaverse-data-3-824x1024-1.jpg 824w, https://3.111.63.208/wp-content/uploads/2022/12/GCC-State-of-the-Metaverse-data-3-824x1024-1-241x300.jpg 241w, https://3.111.63.208/wp-content/uploads/2022/12/GCC-State-of-the-Metaverse-data-3-824x1024-1-768x954.jpg 768w" sizes="(max-width: 824px) 100vw, 824px" /></figure>



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

Over the past period, NFTs played a big role in the real estate sector. The NFT influence extended and reached the Arab region as several officials at Arab real estate firms begin to realize the importance of this technology.&nbsp;



Among the most prominent figures who realized the important role that this technology can play in the real estate field is Amira Sijwani, the managing director of sales and development at DAMAC Properties.&nbsp;



Who Is Amira Sijwani?&nbsp;



Sijwani is an Emirati entrepreneur, who graduated from the London School of Economics and Political Science, and specialized in project management for construction. She received a master&#8217;s degree from LSE.&nbsp;



The daughter of Hussain Sajwani, the CEO of DAMAC Properties, paid attention to the real estate sector at a very young age. She assumed many posts at her father&#8217;s company until she became the managing director of sales and development at DAMAC.&nbsp;



Sijwani and NFTs&nbsp;



In light of the ongoing developments that the NFTs witnessed, Sijwani paid great attention to the NFTs when they largely begin to spread in the past year. She made use of her information about NFTs and invested in a number of interesting NFT projects.&nbsp;



She believes that this technology has many benefits in many fields, from art to entertainment to real estate.



How Do NFTs Impact Real Estate Sector?&nbsp;



Sijwani sees that blockchain technology, on which the NFTs depend, would revolutionize the real estate field. On more than one occasion, she asserted that by working in a decentralized environment, no single entity would have the power. Blockchain transactions eliminate the need for intermediaries, allowing faster access to key data, improving customer experience, increasing productivity, and lowering overall costs.



Briefly, this technology has the potential to make real estate transactions more visible and transparent to sellers and buyers alike, according to her.&nbsp;



Practical Application&nbsp;



In light of Sijwani&#8217;s positive vision of the role which could be played by blockchain-based applications, her company announced its intention to invest $100 million in the metaverse.&nbsp;



This investment comes within a framework of DAMAC officials to achieve their goals, represented in becoming a leading digital brand not only in the Arab world but in the whole world.



Futuristic Vision&nbsp;



Sijwani expects that people could purchase properties using cryptocurrencies with few buttons on their smartphones. She believes that the process of handling real estate would be faster and simpler due to blockchain technology and its many advantages, related to security, decentralization, speed of performance, and others.



You can follow Sijwani&#8217;s official accounts on social media via these links:&nbsp;



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UAE NFT News

Latest UAE NFT News