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

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Sharjah : 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 41 st Sharjah
International Book Fair 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 percent 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.

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