the Dubai Commercial Bank (CBD) is hosting a non-fungible token (NFT) art exhibition in its digital lab at the Dubai International Financial Center in partnership with UAE-based NFT artist Amrita Sethi, who chronicles the evolution of the bank over the past half-century, Gulf News reported on Monday (Dec. 27).
The story traces the history of Deira’s clock tower and its connection to the bank’s headquarters, with a focus on how the bank will remain an innovation leader in the region, according to the report.
Visitors to the exhibition can scan the QR code embedded in the artwork to trigger the augmented reality feature that allows them to enjoy and âsee soundâ through Sehti’s art. Each limited edition piece comes with an NFT digital twin.
âWe are delighted to celebrate the UAE’s historic Golden Jubilee by hosting a unique NFT art exhibition that talks about the country’s remarkable rise and achievements in just half a century,â said the CEO of CBD. Bernd van Linder.
âIn addition, I am proud to be able to showcase the parallel growth of CBD during this same period. The UAE has made great strides in becoming a global hub of technology and innovation. CBD has supported and will continue to support the United Arab Emirates on this journey â, he said.
Commercial Bank of Dubai is “proud to be able to provide a platform to showcase one of UAE’s top artists in our digital lab and to provide art lovers, tech enthusiasts and the community at large a unique chance to discover NFT Technology, âhe added.
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PYMNTS reported that most of NFT’s purchases in the first 10 months of 2021 were under $ 10,000, and cryptocurrency holders spent over $ 27 billion on NFT-related Ethereum contracts. Still, NFT purchases between $ 10,000 and $ 100,000 represent 20% of NFT transactions, and this percentage is expected to continue to increase.
To narrow this down, consumers paid $ 65 million for NFTs at Sotheby’s and $ 100 million at Christie’s this year.