Non-fungible token (NFT) initiatives continue to make headlines worldwide, contributing to a growing awareness of the digital asset class. According to DappRadar, NFT sales volumes surged to $10.7 billion in the third quarter of 2021, up from $3.1 billion in the second quarter. As this momentum builds, celebrities and large corporations have begun to notice.
Due to their unique infrastructure, NFTs are highly adaptable, especially in the realm of creative works. Like traditional art, NFTs can be bought and sold for money or cryptocurrency. However, because NFTs exist on blockchain technology, each transaction generates an immutable record. Using this record, anyone can confirm the authenticity and ownership of an asset, introducing another layer of security. Although digital art dominates the NFT narrative, famous tweets, Facebook posts, and Instagram pictures have been subject to tokenization.
As these digital applications continue at the forefront, real-world integrations have begun to emerge. Events like NFT BAZL are now facilitating NFT exchanges tied to modern art, jewelry, and other rare collectibles. Earlier this year, NFT BAZL Miami attendees saw an NFT art collection that included over 100 unique physical and digital works. There were also two exclusive Floyd Mayweather Jr. NFTs up for bid. Since then, NFT BAZL has continued to transform from a standalone exhibition to a fully realized global brand.
NFT BAZL Dubai has kickstarted the Gulf Blockchain Week at the JW Marriott Marquis by uniting enthusiasts, investors, collectors, and artists at the next real-world exhibition. Digital assets firm GDA Capital and blockchain-based wealth management company Elitium have joined forces with art curator EO Art Concierge. Over two days, NFT BAZL attendees will experience a collection of multi-million dollar assets, including jewelry, memorabilia, and artworks by prominent artists.
In partnership with the Dubai International Financial Centre (DIFC), NFT BAZL will also allow attendees to bid on one of the world’s first mural NFTs. The Future NFT Dubai mural by Amrita Sethi combines storytelling, art, and technology “to achieve her aesthetic.” Other artists include Kilmany-Joe Liversage, Gavin Rain, Mario Henrique,Hijack, Alea Pinar Du Pre, and Warbb, among others.
EO Art Concierge Founder Estelle Ohayon plans to curate a physical NFT gallery to convey the impact of NFTs and how they can bring an immersive art experience to real-world galleries and exhibitions. Building on the concept of digital and physical connections, Ohayon reiterates that her company is looking for opportunities to authenticate physical assets using blockchain technology.
Each physical piece at the Dubai event will use SmartSeal’s secure NFC tagging system to enable proof of authenticity, ownership, and possession. This integration ensures that NFT BAZL creators receive royalties on their digital and physical assets well into the future.
Elitium stresses that all exhibition works will be available on its in-app NFT marketplace, which accepts credit card payments, bank transfers, or cryptocurrency. Digital exhibition pieces will be displayed on high-performance screens, creating an immersive NFT gallery. Expressing confidence in what’s to come, Elitium Founder and CEO Raoul Milhado says that NFT BAZL is poised to become a staple in the NFT art market.
He asserts that while NFT technology is part of the process, curating the work of world-class artists is the key to success. Echoing this positive sentiment, GDA Group Co-Founder and CEO Michael Gord suggests that by pushing the boundaries of what’s possible, the event will continue to broaden the mainstream appeal of NFTs.