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NFT Industry in Africa and Middle-East Poised for Rapid Growth

The African and Middle Eastern NFT industries are expected to grow by 48.3% annually to reach $3.42 billion in 2022, according to a report from ResearchAndMarkets.

According to the report, the NFT industry is expected to grow steadily over the forecast period, with a Compound Annual Growth Rate (CAGR) of 34.3% during 2022-2028. Furthermore, the report said that the NFT spend value in the region will increase from $3.42 billion in 2022 to $18.22 billion by 2028.

The United Arab Emirates (UAE) has seen an increase in NFT-related activities, with the Art Dubai contemporary art fair showcasing NFTs. Alongside the rise of blockchain-based gaming, the UAE NFT market is expected to continue growing rapidly, according to the report, as evidenced over the last 12 months when numerous innovative NFT marketplaces have emerged in the country. This innovation has made it easier for the UAE general public to buy, sell, and trade NFTs.

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