Press Release

GCC Non-Fungible Tokens Market to Surge at a CAGR of Around 7.82% During the Forecast Period

The GCC Non-Fungible Tokens Market is projected to grow at a CAGR of around 7.82% during the forecast period of 2024–30, cites MarkNtel Advisors in the recent research report. GCC countries such as Saudi Arabia, the UAE, and Qatar are increasingly directing their attention towards emerging technologies such as Web3 and blockchain to foster innovative gaming industries across the region. This shift reflects their commitment to reducing dependence on revenue from oil sources. By embracing blockchain technology in the gaming sector, the region enables the creation and exchange of NFTs within virtual gaming environments. Players in the GCC have the opportunity to possess, trade, and leverage NFTs representing in-game assets, thereby fueling the market size of the Non-Fungible Tokens across the GCC region.

Additionally, the GCC region has witnessed an increasing attraction towards cryptocurrencies and blockchain technology due to the proliferation of fintech firms and investments in cryptocurrency. With a deeper comprehension of these technologies, more individuals and businesses are venturing into NFTs as a means to harness blockchain for diverse purposes, such as digital asset ownership and provenance, in the years ahead.

Furthermore, GCC nations, such as Saudi Arabia, Oman, etc., are progressively recognizing the significance of digital art and cultural conservation, propelled by rapid technological advancements and ambitious digital transformation endeavors like Saudi Arabia Vision 2030 and Qatar Vision 2030. This heightened appreciation for digital art may prompt the tokenization of these artworks into NFTs. Through the conversion of digital art into distinctive blockchain-based tokens, artists and creators can establish verifiable ownership and scarcity. Consequently, the increasing recognition of digital art in the region is poised to bolster the Non-Fungible Tokens Market throughout the forecast period, further states the research report, “GCC Non-Fungible Tokens Market Analysis, 2024.”

Segmentation Analysis

Digital Asset to Hold Major Market Share

Based on the type, the market is further bifurcated into digital asset and physical asset segments. The digital asset segment emerged as the predominant force in the GCC Non-Fungible Tokens Market. In the GCC region, there is a growing trend toward embracing Non-Fungible Tokens (NFTs) as digital assets, spanning various sectors such as art, collectibles, and virtual real estate. Enabled by blockchain technology, NFTs offer a decentralized and distributed ledger system, eliminating the need for intermediaries while enhancing security and transparency in transactions. This decentralized nature has become increasingly appealing to individuals seeking efficient and trustworthy digital transactions.

Moreover, the popularity of NFTs has surged, particularly within the realm of digital art and collectibles. Artists and creators can now tokenize their creations, providing them with a novel avenue to monetize and share their digital works. Simultaneously, collectors are drawn to NFTs for their ability to own digital assets with verified scarcity and authenticity. This growing trend is expected to augment the market size of NFTs in the region during the forecast period.

The UAE to Dominate the Non-Fungible Tokens Industry

The advanced infrastructure and connectivity in the UAE position it as an optimal environment for the flourishing of NFT marketplaces and platforms in the years to come. With its robust internet infrastructure, extensive smartphone usage, and tech-savvy populace, the UAE provides an ideal setting for the adoption and proliferation of NFTs. Moreover, the collaborative efforts between local startups, international investors, and blockchain platforms are driving the growth of NFT ecosystems and platforms across the country. These partnerships and investments are instrumental in enhancing the capabilities and offerings of the NFT market, thus contributing to the overall expansion of the UAE Non-Fungible Tokens Industry in the coming years.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Ozone Networks, Inc. (OpenSea), Nifty Gateway, The Sandbox (Animoca Brands), Nuqta, Mintable, UPYO, Cloudflare Inc., Bitget, OKX (Beden), Solsea, and Others (FTX, Coinscope, etc.), are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping up across various countries?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-2030?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?