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UAE Next Country To Favour NFTs

First came crypto, and now follows NFTs. Many were confused (and still are) about cryptocurrency when it first started to gain traction as the technology behind the concept involves many complicated terms that are difficult for most people to understand. NFTs are like a kind of spiritual successor to crypto in the sense that it is another digital technology that has arisen that many people are struggling to understand. Again, the technology is somewhat complicated but it is fortunately much easier to comprehend compared to cryptocurrency. If the latter was hailed as an alternative form of currency used for purchases, then NFTs can be another way of acquiring collectables, digitally.

The buzz behind NFTs is that they are one of a kind, meaning that those who purchase one will be either the only person or among a select number of people who have access to that one thing. The collectable can be anything, from art to music to models. A great example that has circulated recently is the original photo of ‘side-eyeing Chloe’, a famous meme that is being sold as an NFT. Blockchain technology is also used with NFTs in the same way it is used with crypto in that those who purchase NFTs will have a record of their ownership on a public ledger, meaning that is impossible to forge. Given this, it is easy to see why some people may be getting so excited about NFTs.

The UAE is just one country that has shown its willingness to adopt this new technology. As already aforementioned, NFTs can be anything, and the UAE’s postal operator has issued NFTs to celebrate National Day. For the uninitiated, National Day is celebrated every year and it commemorates the unification of seven states, resulting in a spectacle across the Emirates. The UAE’s adoption of NFTs is unsurprising considering that they have also shown a favourable approach to crypto, which contrasts with other countries like China.

Many people like to spend their money on activities that excite them, such as gambling. Those who play on these sites like this one here do so because they enjoy the chance of winning money. With NFTs, it is a direct exchange. People pay money to gain the NFT, and then they simply own it and can do whatever they want with it. For example, those who live in the UAE might want to purchase some of the NFT stamps that are being issued out, either to keep as a collectable item or sell later when it has accrued value.

The UAE’s adoption of both crypto and NFTs sets a precedent that many other countries might begin to follow. The advantages of owning such items are clear, but there are also certain disadvantages that people will need to be aware of, especially if they are environmentally conscious.

It is clear that the NFTs are here to stay, something that is indicated by the same hype that crypto received when it first came into the public sphere. After the UAE’s issuing of NFT postal stamps, the world will likely see more countries readily adopt the technology.

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