A Non-Fungible Token (NFT) is essentially a digital asset that is verifiable on blockchain technology. NFTs have been around for more than 5 years but have gained a lot of traction in the last two years. Due to its non-fungible nature, every NFT is one of a kind, making them sought after collectible items but because of its unique authentication feature. In the recent times, NFTs are going well beyond a collectible’s item and is paving its way in real life use-cases including authentication, record-keeping and tokenization of government backed infrastructure projects.
The road towards digitalizing the economy for the GCC countries crosses path with the development of DeFi (decentralized finance) which is an emerging financial technology based on the blockchain. While the other parts of the world grow on skepticism around private digital assets, all eyes are turning to the GCC region for blockchain and digital asset innovation. The report captures the recent trends and developing scope of NFTs, with special emphasis on the GCC region.
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