Business

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UAE’s NFT market witnesses rapid growth

By TRENDS Desk
June 27, 2022 11:05 am
  • Many NFT investors are making Dubai their new home every day because of its zero percent personal income tax regime, amongst other big favourable factors.
  • Several crypto platforms have recently launched dedicated NFT marketplaces. TRENDS tries to find out which sectors have been covered by NFTs in the UAE.

The non-fungible token  (NFT) market in the UAE has been growing rapidly. The sale of NFTs, which play an important part in Web 3.0 and MetaVerse, is up by over 700 percent this year.

Many NFT investors are making Dubai their new home every day because of its zero percent personal income tax regime, amongst other big favourable factors. Several crypto platforms have recently launched dedicated NFT marketplaces.

In March this year, the annual Art Dubai fair saw the debut of ‘Art Dubai Digital’, a real-life marketplace for non-fungible tokens and digital art.

TRENDS tries to find out the sectors covered by NFTs in the UAE.

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