Cryptogaming is on the rise in Africa and the Middle East

Representatives of the ResearchAndMarkets service, which helps users conduct research in the right areas, reported on their research conducted in the sector of non-fungible tokens and cryptocurrency gaming. According to them, the market in Africa and the Middle East will see significant growth in the next 5 years.

ResearchAndMarkets report a tangible growth of the non-fungible token sector in Africa and the Middle East by 48.3%. At the end of December 2022, the market will reach a capitalization of $3,420,000,000. According to the researchers, over the next few years, the development trend is likely to continue, and the annual growth may average about 34.3%. Thus, by 2028, ResearchAndMarkets predicts an increase in the market capitalization of NFT tokens in Africa and the Middle East from $3,420,000,000 to $18,220,000,000.

In the United Arab Emirates, there is a particularly noticeable increase in non-fungible token activity right now, thanks to the Art Dubai contemporary art fair, which hosts the NFT exhibition.

ResearchAndMarkets is extremely optimistic about cryptogaming developing in the United Arab Emirates. According to them, the last year shows that many marketplaces related to NFT games have appeared in the country, and their innovations are truly amazing. Such innovations in the UAE helped the people of the country to simplify the process of getting to know non-fungible tokens and adopting cryptocurrency gaming.

Several major players are entering the UAE market at once, both in the sectors of cryptogaming and NFT tokens, and in classic cryptocurrency platforms that provide access to trading. All this contributes to the increase in the market value and the volume of trading transactions in the NFT sector.

In this regard, the expectations of ResearchAndMarkets analysts are built around the growth of the NFT market and cryptogaming and the continuation of this trend for at least a few years. They also noted the openness of the UAE authorities to the study of new technologies. Notably, the United Arab Emirates has been promoting the adoption of non-fungible tokens for some time now. For example, a postal operator issued stamps in the form of NFTs for the country's 50th anniversary on National Federation Day.

Earlier, the authorities of Dubai and Abu Dhabi announced the legitimacy of activities and businesses related to cryptocurrencies in the UAE. This has attracted many firms to explore the NFT sector to capitalize on the growing global market.

Emirati airline Emirates has also previously announced its entry into the metaverse and cryptogaming sector with NFT tokens. In addition to providing services, the airline wants to release digital collectibles to bring the worlds of flight and the metaverse closer together. At the same time, pilots will be able to get new impressions. At the moment, Emirates has already begun the implementation stage of its project, but the preparations have not yet come to an end. According to some assumptions, we can see the fruits of the airline's results in the next few months.