News

UAE NFT Sector Expected To Grow By Over 45% Per Year

Consumers are increasingly interested in the technology, and businesses are taking notice.

Published

2 years ago

January 24, 2023

uae nft sector expected to grow by over 45% per year

The UAE has long been considered a desirable destination for doing business and is now becoming a global hub in the field of NFTs. The non-fungible token market in the United Arab Emirates is expected to grow by 45.5% annually, having already reached an estimated US$982.1 million by the end of last year. By 2028, the sector could reach a staggering $4.75 billion as the new technology continues to be championed by entrepreneurs, businesses, and celebrities.

arshad zaheer senior partner at yaap

“Consumers are interested in buying into stories, in buying into experiences. When you’re buying a product, you’re just buying the physical product. But when you are buying an NFT, you’re buying a whole lot of things that are linked with it,” says Arshad Zaheer, Senior Partner at YAAP.

NFTs sit on the blockchain network, meaning ownership and originality can be confirmed, making the technology ideal for artwork, but also relevant for the legal industry and other sectors where authenticity is required.

Also Read: New Tech Allows Faster Breast Cancer Detection In Middle East

The Middle East and Africa region have seen a surge in NFT-related activities. Several innovative NFT marketplaces have also emerged in MENA countries, including the UAE, making it easier for the general public to buy, sell, and trade digital assets.

“From NFT-based startups to cryptocurrency exchanges, several players are entering the UAE NFT market; the presence of several NFT marketplaces has also supported the rise in NFT trading transaction value and volume, the trend expected to gain further momentum over the next three to four years in the UAE,” says Business Wire in a recent report.

As NFTs begin to hit the mainstream, the opportunities presented by the technology are immense and could even rival the explosive rise of Bitcoin and other cryptocurrencies.

Related Topics:NFTs United Arab Emirates

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News

Samsung Smart Glasses Teased For January, Software Reveal Imminent

According to Korean sources, the new wearable will launch alongside the Galaxy S25, with the accompanying software platform unveiled this December.

Published

2 days ago

December 4, 2024

Nour Nasir

samsung smart glasses teased for january software reveal imminent

Samsung appears poised to introduce its highly anticipated smart glasses in January 2025, alongside the launch of the Galaxy S25. According to sources in Korea, the company will first reveal the accompanying software platform later this month.

As per a report from Yonhap News, Samsung’s unveiling strategy for the smart glasses echoes its approach with the Galaxy Ring earlier this year. The January showcase won’t constitute a full product launch but will likely feature teaser visuals at the Galaxy S25 event. A more detailed rollout could follow in subsequent months.

Just in: Samsung is set to unveil a prototype of its augmented reality (AR) glasses, currently in development, during the Galaxy S25 Unpacked event early next year, likely in the form of videos or images.

Additionally, prior to revealing the prototype, Samsung plans to introduce…

— Jukanlosreve (@Jukanlosreve) December 3, 2024

The Galaxy Ring, for example, debuted in January via a short presentation during Samsung’s Unpacked event. The full product unveiling came later at MWC in February, and the final release followed in July. Samsung seems to be adopting a similar phased approach with its smart glasses, which are expected to hit the market in the third quarter of 2025.

A Collaborative Software Effort

Samsung’s partnership with Google has played a key role in developing the smart glasses’ software. This collaboration was first announced in February 2023, with the device set to run on an Android-based platform. In July, the companies reiterated their plans to deliver an extended reality (XR) platform by the end of the year. The software specifics for the XR device are expected to be unveiled before the end of December.

Reports suggest that the smart glasses will resemble Ray-Ban Meta smart glasses in functionality. They won’t include a display but will weigh approximately 50 grams, emphasizing a lightweight, user-friendly design.

Feature Set And Compatibility

The glasses are rumored to integrate Google’s Gemini technology, alongside features like gesture recognition and potential payment capabilities. Samsung aims to create a seamless user experience by integrating the glasses with its broader Galaxy ecosystem, starting with the Galaxy S25, slated for release on January 22.