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SIBF 2022: NFTs open a world of opportunity for Arab artists, say experts

Visitors learn about value of digital assets during panel discussion

With NFTs (Non-fungible tokens) transforming every facet of modern society, from finance and art to even real estate, experts and digital artists at the ongoing 41st Sharjah International Book Fair (SIBF) led an illuminating panel discussion titled 'Let's talk about NFTs' to educate visitors on one of the most significant innovations of contemporary society.

Digital artist Puja Tiwari, said: “Today, homeowners and real estate companies are creating NFTs representing ownership of their physical homes, and whoever buys the NFT now owns the house as well. Others have started using NFTs instead of wedding rings - the application of these digital assets has no limits!"

Speaking on the value of digital arts, blockchain and NFTs, Lebanese artist Magda Malkoun said that transforming her portraits to digital animation helped bring life to her creations that aptly delivered the feelings and emotions behind her artwork.

She said NFTs protect artists' artworks and provide a source of income, in addition to connecting them to international galleries and exhibitions and creating a global virtual community that brings them much-needed exposure.

"NFTs have Smart Contracts containing all the necessary information that validate the authenticity and transactions occurring on that particular digital artwork, and at the same time protect our work from being copied or pirated,” said Magda at the fully-occupied Social Media Station at Expo Centre Sharjah.

She noted that every time her digital artwork exchanges hands online through sales transactions, she gets a 10 per cent royalty.

"Aside from revenues and protecting our digital assets, NFTs give us so much exposure and connect us to a network of international artists and galleries in no time."

For her part, Tiwari said that the pandemic had fast-tracked the advancement and adoption of AI, VR, and AR technologies. "Today, you can join a virtual reality exhibition, watch, bid, and buy art," she said, adding that the rapid advancements of technologies are redefining the art world in the modern era.