NFTs, or non-fungible tokens, that have captured global interest is now on the rise in Saudi Arabia. From February 25-27, Sotheby’s will host a three-day digital art forum at the Diriyah Biennial in Riyadh, in partnership with the Visual Arts Committee of the Saudi Ministry of Culture.
At the upcoming Art Dubai fair in March, for example, a new digital art department will showcase artworks from the rapidly expanding world of digital art.
The exhibit covers the recent history of NFTs, which can be described as a one-time-existing, immutable and irreplaceable certificate, from early NFTs a few years ago to the Pop Digital type and collectibles.
The show is also interactive, with visitors able to leave with a personalized Proof of Attendance Protocol, a digital collectible token in the form of an NFT that records their attendance on the blockchain.
According to Statista, as of April 12, 2021 “roughly 23,700 NFTs were sold in the art segment during the previous 30 days.” As of Feb. 15 this year the aggregated number of sales recorded on the Ethereum blockchain over 30 days reached approximately 35,500.