The 15th annual Art Dubai fair included the launch of ‘Art Dubai Digital’, a live marketplace for non-fungible tokens and digital art.
The UAE’s largest art fair, World Art Dubai, ran from March 16-19 and, hosting its inaugural NFT exhibition platform this year, saw record attendance and sales throughout the event.
30,000 visitors attended Art Dubai 2022, and many tourists traveled to the United Arab Emirates to see more than 120 artistic presentations in 104 galleries and other platforms representing 44 countries.
Real NFT Market
Most NFTs are bought and sold on online NFT marketplaces like Opensea or occasionally at physical auction houses like Sotheby’s or Christie’s.
Actual NFT exhibitions in terms of a gallery where the public can walk around and view digital art and NFTs represented in physical form are relatively rare and increasingly in demand.
Arabic news channel based in Dubai Al Arabiya interviewed Pablo del Val, artistic director at Art Dubai:
The response from the public and collectors to the first edition of Art Dubai Digital has been truly amazing. Art Dubai prides itself on being a fair of innovation and avant-garde, and there was real freshness and energy in the 2022 edition across the entire programme. It was undoubtedly one of the most successful editions of Art Dubai, in terms of visitors and reported sales, reflecting Dubai’s position as an engine of global growth.
Cryptocurrency exchange per bit was involved in setting up the physical NFT market for Art Dubai and helped it to be a success.
Communications Manager at Bybit Exchange, Igneus Terrenus, also spoke with Al Arabiya:
The new section dedicated to digital art gave voice to emerging artists and market players, many of whom are first-timers at an international art fair.
The integration of NFTs offers artists another way to reach their audience and be recognized and rewarded for their creations.
It offers verifiable ownership validated on the blockchain – a way for NFT holders to truly own a piece of culture they feel connected to and support an artist without navigating the complexities of the conventional art trading market.
This is a new supply chain that helps build the world in the metaverse. We consider NFT solutions to be part of the infrastructure layer of Web 3.
Many crypto traders, NFT investors, and other digital nomads call Dubai home because personal income tax is currently zero percent.
Several crypto platforms have launched dedicated NFT marketplaces – per bit has one and we looked at the Crypto.com market – and recently an NFT Patron Program was announced by eToro.
Crypto-assets are a highly volatile unregulated investment product.