According to the Q2 2022 NFT Survey, NFT industry in Africa & Middle East is expected to grow by 48.3% on an annual basis to reach US$3420.4 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 34.3% during 2022-2028. The NFT Spend Value in the country will increase from US$3420.4 million in 2022 to reach US$18215.7 million by 2028.
In the Middle East and Africa region, particularly in the UAE, there has been an uptake in NFT-related activities. In 2022, Art Dubai - the largest contemporary art fair in the MENA region - welcomed nearly 100 international and local art dealers and a digital collection of 17 platforms and galleries dedicated to showcasing and selling NFTs. While more and more countries are seeking to impose strict regulatory measures on NFTs, there has been a notable surge in the buying, selling, and creation of the NFTs in the UAE.
Over the last 12 months, several innovative NFT marketplaces have also emerged in the country, which has made it relatively simpler for the general public to buy, sell, and trade in NFTs. From NFT-based startups to cryptocurrency exchanges, several players are entering the UAE NFT market; the presence of several NFT marketplaces has also supported the rise in NFT trading transaction value and volume, the trend expected to gain further momentum over the next three to four years in the UAE.
The rise of blockchain-based gaming is expected to drive NFT market growth in the UAE
With blockchain-based gaming, people are frequently awarded cryptocurrencies or NFTs for participating in gaming tournaments.
The United Arab Emirates has always welcomed new and emerging technology. For NFTs as well, the UAE has adopted the NFT technology. For the UAE's 50th birthday celebration, the postal operator in the country issued NFT stamps to celebrate the federation's National Day.
Dubai Culture also ventured into the NFT space with the NFT curatorial platform MORROW. Therefore, the growing adoption of NFTs has resulted in a thriving NFT scene in the UAE, and the trend is expected to further accelerate over the next three to four years as global players look to capitalize on the growing UAE market.
With Dubai and Abu Dhabi announcing that crypto-related activities and businesses are legal in the UAE, big firms are entering the NFT sector to capitalize on the growing global market and boost their growth. For instance,
In Saudi Arabia, the NFT market has recorded strong growth over the last 12 months and is expected to gain further momentum over the next three to four years as the country looks to become a creative hub in the Middle East the publisher expects NFTs to play a very important part as the country seeks to become a creative hub in the Middle East. With several regional and global players entering the NFT market in the country, the market is expected to record strong growth over the next three to four quarters.
The government's efforts in promoting the NFTs are also expected to drive the popularity of the digital asset among the general public, which will further assist the market growth in Saudi Arabia. Moreover, amid the strong demand for NFTs among Saudi Arabians, NFT marketplaces raise funding rounds to further accelerate their growth.
While there are no specific regulations relating to the buying, selling, and trading of NFTs in Saudi Arabia, the government support in favor of the NFTs is expected to drive the market's growth from the short to medium-term perspective.
To further promote the NFT market and drive awareness among collectors, artists, and curators, the Ministry of Culture in Saudi Arabia launched an NFT digital art forum in partnership with Sotheby's and the Visual Arts Commission.
In Egypt, non-fungible tokens (NFTs) are becoming increasingly popular among digital artists. While the NFT market is still in its early stages of development and not as mature as some other markets, the industry is growing as more and more artists launch their innovative art collections as an NFT.
As the hype and interest in the market continue to develop well, the country's NFT sales volume and value are also increasing. Several thousands of digital artworks created by digital artists in the country are planning to trade on NFT platforms. In Egypt, digital assets tokenized as NFTs are mostly limited to digital real estate, games, and artwork. However, as the market continues to mature over the next four to eight quarters, the publisher expects more innovation in the Egyptian NFT industry.
Over the last 12 months, many projects have been launched inspired by ancient Egypt's history and monuments. For instance,
Similarly, prominent South African figures launching NFTs drive market growth and awareness. All film stars, singers, and sports players have entered the NFT space globally; similar trends are visible in South Africa, where many prominent figures are launching NFTs.
Big names include cricketer AB de Villiers, influencer Diipa Khosla, musician Goldfish and the Kiffness, and filmmaker Dan Mace. The entry of these big names in South Africa has propelled the popularity of NFT among the general public, thereby driving the market growth over the last 12 months.
This report provides in-depth, data-centric analysis of NFT Market and below is the summary of key market segments:
The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 34.3% during 2022-2028. The NFT Spend Value in the country will increase from US$3420.4 million in 2022 to reach US$18215.7 million by 2028.
In the Middle East and Africa region, particularly in the UAE, there has been an uptake in NFT-related activities. In 2022, Art Dubai - the largest contemporary art fair in the MENA region - welcomed nearly 100 international and local art dealers and a digital collection of 17 platforms and galleries dedicated to showcasing and selling NFTs. While more and more countries are seeking to impose strict regulatory measures on NFTs, there has been a notable surge in the buying, selling, and creation of the NFTs in the UAE.
Over the last 12 months, several innovative NFT marketplaces have also emerged in the country, which has made it relatively simpler for the general public to buy, sell, and trade in NFTs. From NFT-based startups to cryptocurrency exchanges, several players are entering the UAE NFT market; the presence of several NFT marketplaces has also supported the rise in NFT trading transaction value and volume, the trend expected to gain further momentum over the next three to four years in the UAE.
The rise of blockchain-based gaming is expected to drive NFT market growth in the UAE
With blockchain-based gaming, people are frequently awarded cryptocurrencies or NFTs for participating in gaming tournaments.
The United Arab Emirates has always welcomed new and emerging technology. For NFTs as well, the UAE has adopted the NFT technology. For the UAE's 50th birthday celebration, the postal operator in the country issued NFT stamps to celebrate the federation's National Day.
Dubai Culture also ventured into the NFT space with the NFT curatorial platform MORROW. Therefore, the growing adoption of NFTs has resulted in a thriving NFT scene in the UAE, and the trend is expected to further accelerate over the next three to four years as global players look to capitalize on the growing UAE market.
Big firms entering the NFT sector to capitalize on the growing market and boost their growth
With Dubai and Abu Dhabi announcing that crypto-related activities and businesses are legal in the UAE, big firms are entering the NFT sector to capitalize on the growing global market and boost their growth. For instance,
- In April 2022, Emirates Airlines announced its entry into the metaverse and NFT sectors. The firm is expected to bring services and a series of digital collectibles to enhance the flyers' metaverse experiences. The firm also announced that the NFT and the metaverse projects are already underway and expected to launch in the coming months.
- The firm has also repurposed its Emirates Pavilion at the Expo 2020 site as a contact point for people who can contribute to the firm's future-focused projects, including those related to NFTs and metaverse.
- In December 2021, Falcon Society also announced the launch of the UAE-based NFT line. The Falcon Society is a collection of 4,000 unique Falcon Humanoid NFTs living on the Ethereum blockchain. Each NFT serves as the users' Society membership card and provides access to members-only benefits.
In Saudi Arabia, the NFT market has recorded strong growth over the last 12 months and is expected to gain further momentum over the next three to four years as the country looks to become a creative hub in the Middle East the publisher expects NFTs to play a very important part as the country seeks to become a creative hub in the Middle East. With several regional and global players entering the NFT market in the country, the market is expected to record strong growth over the next three to four quarters.
The government's efforts in promoting the NFTs are also expected to drive the popularity of the digital asset among the general public, which will further assist the market growth in Saudi Arabia. Moreover, amid the strong demand for NFTs among Saudi Arabians, NFT marketplaces raise funding rounds to further accelerate their growth.
While there are no specific regulations relating to the buying, selling, and trading of NFTs in Saudi Arabia, the government support in favor of the NFTs is expected to drive the market's growth from the short to medium-term perspective.
To further promote the NFT market and drive awareness among collectors, artists, and curators, the Ministry of Culture in Saudi Arabia launched an NFT digital art forum in partnership with Sotheby's and the Visual Arts Commission.
In Egypt, non-fungible tokens (NFTs) are becoming increasingly popular among digital artists. While the NFT market is still in its early stages of development and not as mature as some other markets, the industry is growing as more and more artists launch their innovative art collections as an NFT.
As the hype and interest in the market continue to develop well, the country's NFT sales volume and value are also increasing. Several thousands of digital artworks created by digital artists in the country are planning to trade on NFT platforms. In Egypt, digital assets tokenized as NFTs are mostly limited to digital real estate, games, and artwork. However, as the market continues to mature over the next four to eight quarters, the publisher expects more innovation in the Egyptian NFT industry.
Several NFT project launches inspired by Egypt's history and monuments driving industry growth
Over the last 12 months, many projects have been launched inspired by ancient Egypt's history and monuments. For instance,
- Sphynx Cats, the NFT project inspired by ancient Egyptian history, is a collection of 9,099 NFTs, with one having different traits than the other.
These project launches in the country are driving industry growth and awareness among the general public in Egypt. The publisher expects the trend to continue from the short to medium-term perspective, further supporting market growth over the next four to eight quarters
Similarly, prominent South African figures launching NFTs drive market growth and awareness. All film stars, singers, and sports players have entered the NFT space globally; similar trends are visible in South Africa, where many prominent figures are launching NFTs.
Big names include cricketer AB de Villiers, influencer Diipa Khosla, musician Goldfish and the Kiffness, and filmmaker Dan Mace. The entry of these big names in South Africa has propelled the popularity of NFT among the general public, thereby driving the market growth over the last 12 months.
Art galleries in South Africa look to capitalize on the global trend in the NFT market
- In March 2021, Worldart, the South African art gallery, became the first in the country to auction the artwork as NFT.
Firms are raising funding rounds to further accelerate their growth in South Africa
- In November 2021, NFTfi, the firm that allows users to use their NFTs as collateral for loans, announced that it had raised US$5 million to further accelerate its growth in the country.
Auction houses are partnering with wine producers to offer wine NFT in South Africa
- In April 2022, Strauss & Co, the principal South African auction house, announced that it had entered into a strategic collaboration with five of the most respected wine producers in South Africa. Under the strategic partnership, the auction house offered fine wine NFTs.
This is a bundled offering, combining 6 reports, covering regional insights along with data centric analysis at regional and country level:
1. Africa & Middle East NFT Market Insight Brief
2. Africa & Middle East NFT Market Intelligence and Future Growth Dynamics Databook
3. South Africa NFT Market Intelligence and Future Growth Dynamics Databook
4. United Arab Emirates NFT Market Intelligence and Future Growth Dynamics Databook
5. Saudi Arabia NFT Market Intelligence and Future Growth Dynamics Databook
6. Turkey NFT Market Intelligence and Future Growth Dynamics Databook
Scope
This report provides in-depth, data-centric analysis of NFT Market and below is the summary of key market segments:
NFT Market Size and Forecast by Key Assets, 2019-2028
- Collectibles and Art
- Real Estate
- Sports
- Gaming
- Utility
- Fashion & Luxury
- Other
NFT Market Size and Forecast by Key NFT Collectible Assets, 2019-2028
- Digital Art
- Music & Sound Clip
- Videos
- Memes & Gif
- Other
NFT Market Size and Forecast by Currency, 2019-2028
- Ethereum
- Solana
- Avalanche
- Polygon
- BSC
- Flow
- Wax
- Ronin
- Other
NFT Market Size and Forecast by Sales Channels, 2019-2028
- Primary
- Secondary
User Statistics, 2019-2028
Reasons to buy
- With the most comprehensive study on this industry, including 4 geographies.
- Based on data and analysis, develop strategies with a global perspective.
- Identify investment opportunities in growth segments.
- Exceed competition by incorporating forecast data as well as market trends.
- Use the relationships between major data sets with valuable insights to improve strategy.
- Appropriate for providing accurate, high-quality data and analysis to support internal and external presentations.
Table of Contents
This is a bundled offering, combining 6 reports, covering regional insights along with data centric analysis at regional and country level:1.Africa & Middle East NFT Market Insight Brief
2.Africa & Middle East NFT Market Intelligence and Future Growth Dynamics Databook
3.South Africa NFT Market Intelligence and Future Growth Dynamics Databook
4.United Arab Emirates NFT Market Intelligence and Future Growth Dynamics Databook
5.Saudi Arabia NFT Market Intelligence and Future Growth Dynamics Databook
6.Turkey NFT Market Intelligence and Future Growth Dynamics Databook
All the regional and country sections above follow the following table of contents covering 45 charts and 40 tables for each country/region:
1 About this Report
1.1 Summary
1.2 Methodology
1.3 NFT Definitions
1.4 Disclaimer
2 NFT Market Size and Future Growth Dynamics by Key Performance Indicators
2.1 NFT - Total Sales Spend Value Trend Analysis, 2019 - 2028
2.2 NFT - Total Sales Spend Volume Trend Analysis, 2019 - 2028
2.3 NFT - Average Value Per Transaction Trend Analysis, 2019 - 2028
3 NFT Market Size and Forecast by Key Assets
3.1 NFT Market Share by Key Assets (%), 2021 Vs. 2028
3.2 NFT Collectibles and Art Trend Analysis, 2019 - 2028
3.3 NFT Real Estate Trend Analysis, 2019 - 2028
3.4 NFT Sports Trend Analysis, 2019 - 2028
3.5 NFT Gaming Trend Analysis, 2019 - 2028
3.6 NFT Utility Trend Analysis, 2019 - 2028
3.7 NFT Fashion and Luxury Trend Analysis, 2019 - 2028
3.8 NFT Other Assets Trend Analysis, 2019 - 2028
4 NFT Collectibles and Art Market Size and Forecast by Key Assets
4.1 NFT Collectibles and Art Market Share by Key Assets (%), 2021 Vs. 2028
4.2 NFT Collectibles and Art - Digital Art Spend Value Trend Analysis, 2019 - 2028
4.3 NFT Collectibles and Art - Music & Sound Clip Spend Value Trend Analysis, 2019 - 2028
4.4 NFT Collectibles and Art - Videos Spend Value Trend Analysis, 2019 - 2028
4.5 NFT Collectibles and Art - Memes & GIF Spend Value Trend Analysis, 2019 - 2028
4.6 NFT Collectibles and Art - Other Assets Spend Value Trend Analysis, 2019 - 2028
5 NFT Market Size and Forecast by Currency
5.1 NFT Market Share by Currency (%), 2021 Vs. 2028
5.2 NFT Currency Ethereum - Spend Value Trend Analysis, 2019 - 2028
5.3 NFT Currency Solana - Spend Value Trend Analysis, 2019 - 2028
5.4 NFT Currency Avalanche - Spend Value Trend Analysis, 2019 - 2028
5.5 NFT Currency Polygon - Spend Value Trend Analysis, 2019 - 2028
5.6 NFT Currency BSC - Spend Value Trend Analysis, 2019 - 2028
5.7 NFT Currency Flow - Spend Value Trend Analysis, 2019 - 2028
5.8 NFT Currency WAX - Spend Value Trend Analysis, 2019 - 2028
5.9 NFT Currency Ronin - Spend Value Trend Analysis, 2019 - 2028
5.10 NFT Other Currencies - Spend Value Trend Analysis, 2019 - 2028
6 NFT Market Size and Forecast by Key Sales Channels
6.1 NFT Market Share by Key Sales Channels (%), 2021 Vs. 2028
6.2 NFT Primary Market - Spend Value Trend Analysis, 2019 - 2028
6.3 NFT Secondary Market - Spend Value Trend Analysis, 2019 - 2028
7 Further Reading
7.1 About the Publisher
All country reports mentioned above will have the following tables:Figure 1: Methodology Framework
Figure 2: NFT - Total Sales Spend Value (US$ Million), 2019 - 2028
Figure 3: NFT - Total Sales Spend Volume (Thousands), 2019 - 2028
Figure 4: NFT - Average Value Per Transaction (US$), 2019 - 2028
Figure 5: NFT Market Share by Key Assets (%), 2021 Vs. 2028
Figure 6: NFT Collectibles and Art - Spend Value (US$ Million), 2019 - 2028
Figure 7: NFT Collectibles and Art - Spend Volume (Thousands), 2019 - 2028
Figure 8: NFT Collectibles and Art - Average Value Per Transaction (US$), 2019 - 2028
Figure 9: NFT Real Estate - Spend Value (US$ Million), 2019 - 2028
Figure 10: NFT Real Estate - Spend Volume (Thousands), 2019 - 2028
Figure 11: NFT Real Estate - Average Value Per Transaction (US$), 2019 - 2028
Figure 12: NFT Sports - Spend Value (US$ Million), 2019 - 2028
Figure 13: NFT Sports - Spend Volume (Thousands), 2019 - 2028
Figure 14: NFT Sports - Average Value Per Transaction (US$), 2019 - 2028
Figure 15: NFT Gaming - Spend Value (US$ Million), 2019 - 2028
Figure 16: NFT Gaming - Spend Volume (Thousands), 2019 - 2028
Figure 17: NFT Gaming - Average Value Per Transaction (US$), 2019 - 2028
Figure 18: NFT Utility - Spend Value (US$ Million), 2019 - 2028
Figure 19: NFT Utility - Spend Volume (Thousands), 2019 - 2028
Figure 20: NFT Utility - Average Value Per Transaction (US$), 2019 - 2028
Figure 21: NFT Fashion and Luxury - Spend Value (US$ Million), 2019 - 2028
Figure 22: NFT Fashion and Luxury - Spend Volume (Thousands), 2019 - 2028
Figure 23: NFT Fashion and Luxury - Average Value Per Transaction (US$), 2019 - 2028
Figure 24: NFT Other Assets - Spend Value (US$ Million), 2019 - 2028
Figure 25: NFT Other Assets - Spend Volume (Thousands), 2019 - 2028
Figure 26: NFT Other Assets - Average Value Per Transaction (US$), 2019 - 2028
Figure 27: NFT Collectibles and Art Market Share by Key Assets (%), 2021 Vs. 2028
Figure 28: NFT Collectibles and Art - Digital Art Spend Value (US$ Million), 2019 - 2028
Figure 29: NFT Collectibles and Art - Music & Sound Clip Spend Value (US$ Million), 2019 - 2028
Figure 30: NFT Collectibles and Art - Videos Spend Value (US$ Million), 2019 - 2028
Figure 31: NFT Collectibles and Art - Memes & GIF Spend Value (US$ Million), 2019 - 2028
Figure 32: NFT Collectibles and Art - Other Assets Spend Value (US$ Million), 2019 - 2028
Figure 33: NFT Market Share by Currency (%), 2021 Vs. 2028
Figure 34: NFT Currency Ethereum - Spend Value (US$ Million), 2019 - 2028
Figure 35: NFT Currency Solana - Spend Value (US$ Million), 2019 - 2028
Figure 36: NFT Currency Avalanche - Spend Value (US$ Million), 2019 - 2028
Figure 37: NFT Currency Polygon - Spend Value (US$ Million), 2019 - 2028
Figure 38: NFT Currency BSC - Spend Value (US$ Million), 2019 - 2028
Figure 39: NFT Currency Flow - Spend Value (US$ Million), 2019 - 2028
Figure 40: NFT Currency WAX - Spend Value (US$ Million), 2019 - 2028
Figure 41: NFT Currency Ronin - Spend Value (US$ Million), 2019 - 2028
Figure 42: NFT Other Currencies - Spend Value (US$ Million), 2019 - 2028
Figure 43: NFT Market Share by Key Sales Channels (%), 2021 Vs. 2028
Figure 44: NFT Primary Market - Spend Value (US$ Million), 2019 - 2028
Figure 45: NFT Secondary Market - Spend Value (US$ Million), 2019 - 2028
All country reports mentioned above will have the following tables:Table 1: NFT - Total Sales Spend Value (US$ Million), 2019 - 2028
Table 2: NFT - Total Sales Spend Volume (Thousands), 2019 - 2028
Table 3: NFT - Average Value Per Transaction (US$), 2019 - 2028
Table 4: NFT Collectibles and Art - Spend Value (US$ Million), 2019 - 2028
Table 5: NFT Collectibles and Art - Spend Volume (Thousands), 2019 - 2028
Table 6: NFT Collectibles and Art - Average Value Per Transaction (US$), 2019 - 2028
Table 7: NFT Real Estate - Spend Value (US$ Million), 2019 - 2028
Table 8: NFT Real Estate - Spend Volume (Thousands), 2019 - 2028
Table 9: NFT Real Estate - Average Value Per Transaction (US$), 2019 - 2028
Table 10: NFT Sports - Spend Value (US$ Million), 2019 - 2028
Table 11: NFT Sports - Spend Volume (Thousands), 2019 - 2028
Table 12: NFT Sports - Average Value Per Transaction (US$), 2019 - 2028
Table 13: NFT Gaming - Spend Value (US$ Million), 2019 - 2028
Table 14: NFT Gaming - Spend Volume (Thousands), 2019 - 2028
Table 15: NFT Gaming - Average Value Per Transaction (US$), 2019 - 2028
Table 16: NFT Utility - Spend Value (US$ Million), 2019 - 2028
Table 17: NFT Utility - Spend Volume (Thousands), 2019 - 2028
Table 18: NFT Utility - Average Value Per Transaction (US$), 2019 - 2028
Table 19: NFT Fashion and Luxury - Spend Value (US$ Million), 2019 - 2028
Table 20: NFT Fashion and Luxury - Spend Volume (Thousands), 2019 - 2028
Table 21: NFT Fashion and Luxury - Average Value Per Transaction (US$), 2019 - 2028
Table 22: NFT Other Assets - Spend Value (US$ Million), 2019 - 2028
Table 23: NFT Other Assets - Spend Volume (Thousands), 2019 - 2028
Table 24: NFT Other Assets - Average Value Per Transaction (US$), 2019 - 2028
Table 25: NFT Collectibles and Art - Digital Art Spend Value (US$ Million), 2019 - 2028
Table 26: NFT Collectibles and Art - Music & Sound Clip Spend Value (US$ Million), 2019 - 2028
Table 27: NFT Collectibles and Art - Videos Spend Value (US$ Million), 2019 - 2028
Table 28: NFT Collectibles and Art - Memes & GIF Spend Value (US$ Million), 2019 - 2028
Table 29: NFT Collectibles and Art - Other Assets Spend Value (US$ Million), 2019 - 2028
Table 30: NFT Currency Ethereum - Spend Value (US$ Million), 2019 - 2028
Table 31: NFT Currency Solana - Spend Value (US$ Million), 2019 - 2028
Table 32: NFT Currency Avalanche - Spend Value (US$ Million), 2019 - 2028
Table 33: NFT Currency Polygon - Spend Value (US$ Million), 2019 - 2028
Table 34: NFT Currency BSC - Spend Value (US$ Million), 2019 - 2028
Table 35: NFT Currency Flow - Spend Value (US$ Million), 2019 - 2028
Table 36: NFT Currency WAX - Spend Value (US$ Million), 2019 - 2028
Table 37: NFT Currency Ronin - Spend Value (US$ Million), 2019 - 2028
Table 38: NFT Other Currencies - Spend Value (US$ Million), 2019 - 2028
Table 39: NFT Primary Market - Spend Value (US$ Million), 2019 - 2028
Table 40: NFT Secondary Market - Spend Value (US$ Million), 2019 - 2028
