Crypto collectibles and art, colloquially known as non-fungible tokens (NFTs) could unlock the future of the sector and help Bahraini art gain a wider global audience, according to National Arts Council chairman Shaikh Rashid bin Khalifa bin Hamad Al Khalifa.
This comes as it was announced that Bahrain will be hosting the first-ever NFT Middle East Expo 2022 from March 16 to 19, with more details to be announced during a Press Conference today.
Art minted into blockchain-based tokens has taken off online, attracting users with its huge financial returns and promise of authenticated artworks.
“This is a very important avenue for art that the world is following right now, and I believe it could be massive,” Shaikh Rashid told the GDN. “Of course, it’s a new technology and many of us are not aware of how exactly it works. I think we should remain open-minded.”
For the uninitiated, NFTs are unique computer-generated codes that are embedded into assets, like art pieces, enabling them to be traded and verified for authenticity.
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